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2023-07-31-accounts

Charity number: 309679

HEADINGTON SCHOOL OXFORD LIMITED GENERAL PRARITARLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees’ report 2-5
Independent auditor's report on the financial statements 6-9
Statement offinancial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13-21

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

FORTHEYEARENDED 31 JULY2023
een
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Teterrpes MrsCSBevan, Chairman (Resigned 16Novemberel
Mr R Couzens1
Prof
C C
L Drummond
Dr J Jefferies
Mrs C L Jordan
Dr C Ringham (resigned 14 June 2023)1
Mrs K Stringer
Mrs C Oster-Warriner (Resigned 14 June 2023)
Mr R S Shipperley, Chairman (Appointed 16 November 2022)
Rev DW Mcfarland (Appointed 14 June 2023)
Mrs P J Gardner (Appointed 14 June 2023)
1
Investment sub-committee
Charity registered
number 309679
Principal office Headington School Oxford
OX3 OBL
Independent auditor Crowe U.K. LLP
Fourth Floor
St James House
St James' Square
Cheltenham
GL50 3PR
Bankers Barclays Bank plc
PO Box 333
Oxford
OX1 3HS
Solicitors Harrison Clark Rickerby's Ltd
Ellenborough House
Wellington Street
Cheltenham
Gloucestershire
GL50 2QJ
InvestmentAdvisers Sarasin & Partners
Juxon House
100 St. Paul's Churchyard
London
EC4M 8BU

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a HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2023 | ee The Trustees present their report together with financial statements for the year ended 31 July 2023. Structure, Governance and Management

Governing Document

The Trust was set up, under a Trust Deed dated ‘1st April 1971, to receive donations for the benefit of Headington School Oxford Limited, but as a separate charitable trust. The charity registration number is 309679 and the registration date was 27th May 1971.

Recruitment and Appointment of Trustees

The Trustees are identified through a combination of recommendations and research. They are selected for their experience, knowledge and skills, as well as their ability to contribute to the collective responsibilities of the Trustees. In selecting Trustees, due account is given to the requirement for a balance of independent Trustees and members of the School Governing Council. Trustees receive induction training on appointment in order to understand their responsibilities. Further training is provided when required.

Organisational pene The Trust should always have a minimum of 5 Trustees. Any number of additional Trustees can sdlacsotued by resolution of the Trustees and evidenced in the minute book. Trustees may determine their own quorum and may elect a chairman for such period as they decide. Unless otherwise determined 3 Trustees constitute a quorum. There are currently 9 Trustees. The Trustees meet twice a year; members of the Investments’ Subcommittee meet as often as is appropriate in between Trustees’ meetings. Subcommittee meetings are minuted. | Objectives and Activities

The Trust was established to receive donations for the benefit of Headington School Oxford Limited, but as a separate Charitable Trust. The Charitable Objectives are defined as:

“Income of the trust fund to be used for such charitable purposes connected with Headington School Oxford Limited as the Trustees from time to time shall determine; or such other charitable purposes, or charitable foundations (whether or not connected with the school) as the Trustees shall in a like manner determine”.

The role of the Trustees is confined to managing the Trust's assets held principally in investments. A restricted fund, the Peggy Arnold Dunn Fund, is used to hold restricted donations that have been made exclusively by donors to support scholarships and bursaries. An unrestricted fund, the Celia Marsh Fund holds all other unrestricted donations, including the Celia Marsh bequest, made to the Trust.

The Trustees’ current objectives are to:

  1. Preserve capital.

  2. Invest for growth.

  3. Pass all the income by way of grants to Headington School Oxford Limited

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Public Benefit

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In the furtherance of these aims, the Trustees have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public benefit requirement under the Act.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

| TRUSTEES' REPORT (CONTINUED) | FOR THE YEAR ENDED 31 JULY 2023

Achievements and Performance

The Trustees have continued to use the income generated from the Trust's investments to provide grants to Headington School Oxford Limited in order to fund scholarships and bursaries for pupils identified by the School of having need of financial assistance. The intent is to ensure that as many pupils as possible can access an education at Headington School regardless of their financial means.

Financial review

The Trustees continue to invest for the long term in order to preserve the capital whilst generating sufficient funds to enable grants to be made to Headington School Oxford Limited. As a result, the risk profile for both portfolios is low to medium. The impact of the war in Ukraine and the after-shocks of the Covid-19 pandemic have had a significant impact on the value of the portfolio over this reporting period. However, income received has exceeded expectations and the Trust was able to disburse £85,000 of grants during this period. Investment Portfolio No 1 is the Celia Marsh Fund and is valued at £2,240,921 (2022: £2,290,784). Investment Portfolio No 2, the Peggy Arnold Dunn Fund, which is restricted, and is valued at £801,293 (2022: £819,123). As the Trustees Hee the long term, it is anticipated that the value of the portfolio will recover over time.

| During the year £85,000 (2022: £88,000) was paid to Headington School Oxford Limited, to provide for bursaries and “protersns as noted above. The balance sheet as at 31 July 2023 shows that the Trust is in a sound frail position. There were unrealised losses in the fixed asset investments of £68,633 when compared with the market value of the investments as at 31 July 2023. The investments are stated at their market value as at 31 July 2023 in accordance with the Trustees’ accounting policy in this respect.

The Trustees confirm that the investments owned by the Charity have been acquired in accordance with the Trustees' powers. The investment management fees are regarded as a cost of generating funds, but are in effect charged to net cost of changes in funds rather than to investment income generated, as this would disproportionately impact on the monies transferred to the School for scholarships and upon which the School relies.

The Trustees confirm that these financial statements comply with current statutory requirements and with those of the trust deed.

Investment powers

Theproduceoveralla consistentinvestmentandobjectivesustainableset by amountthe GCTofisincometo preserveto supportcapitalexpenditurein real termsto overfund thescholarshipslong-term andand bursaries. The Trust's investments are held in the Sarasin Endowments Fund, the precise investment objective of which is as follows:-

The irlvestment objective of the Fund is to achieve long-term capital and income growth. This is achieved with a broadly diversified global portfolio covering the world's principal stock, bond and currency markets, together with investmentsby gebgraphyin and"alternative"by majorassetsinvestmentsuch themes.as propertyTheandFundhedgemayfunds.hold Thecashequitydepositscontentffomwilltimebetodiversified time wherebothit would be in the interests of efficient management of the Fund's assets. It is anticipated that this strategy will provide a conservative investment vehicle with potential for achieving attractive long-term total returns. Performance is assessed against the return of the bespoke benchmark used by the Sarasin Endowments Fund and over the longer term, compared to the range of returns of the ARC Steady Growth Charity Index.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

fu TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Risks | | The principal risk to the Trust is a reduction in the value of its assets and investments asa result of stock market volatility which impacts on the ability of the Trust to generate sufficient income to provide grants fo Headington School Oxford Limited for scholarships and bursaries. This risk materialised during this reporting period as a result of the war in Ukraine and the after-shocks of the Covid-19 pandemic. However, the Headington School Oxford Limited is'not reliant on the grants from the GCT and therefore there was no need to crystallise the investment losses at this time. Trustees seek to minimise exposure risk by appointing a professional Investment Manager and maintaining a diverse investment portfolio. Robust financial controls are employed by both the Trust and the Investment Management Company to minimise any exposure to fraud.

Reserves policy

It is the Trustees’ current policy to use the income of both the Celia Marsh Unrestricted Fund and the Peggy Arnold Dunn Restricted Fund to make grants, on a periodic basis, to Headington School Oxford Limited to fund scholarships and bursaries. This is in accordance with the Trust Deed which requires the Trustees to distribute their annual income. The level of reserves in the Funds at 31 July 2023 was £3,039,320 (2022: £3,108,495). It is the Trustees’ policy to reinvest realised gains on investments in their listed investments in order to maintain the underlying value of the investment portfolio and to invest for growth.

Funding

The Trustees are satisfied that the Charity's investments are available and adequate to fulfil its obligations.

Future plans

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For the Charitable Trust to continue to generate income in order to benefit Headington School Oxford Limited.

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Connected charities

The Trustees consider that this charity is connected with Headington School Oxford Limited. Trustees' responsibilities for the financial statements

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity 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 Charity and of its net outgoing resources for that period. In preparing these financial statements, the Trustees are required to:

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

A resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the charity will be put to the annual general meeting.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr R Couzens Trustee

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Date: (C N)ovcercbes 2072
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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

er INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

Opinion

We have audited the financial statements of Headington School Oxford Limited General Charitable Trust (the the‘charity’)Statementfor theof yarcash endedflows 31andJulythe 2023related whichnotes, compriseincluding the Statea su m maryent offinancialof significantactivities,accounting!the etpolicies.sheet,The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted out audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) dnd applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit ofrequirements the financialthatstatementsare relevantsectionto ofourourauditreport.of Wethe arefinancialindependentstatementsof theincharitythe Unitedin accordanceKingdom. includingwith the ethicalthe Financial Reporting Council'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 to provide a basis for our opinion. Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST (CONTINUED)

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Ourmateriallydot ioinconsistenis t owithreadthethefinancialother informationstatements and,or ourin knowledgedoing so, consobta i nd e dr whetherin the dudittheorother otherwiseinformationappearsis to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

| | As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustges determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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es | HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST eS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in fromaccordancefraud orwitherror IPASand(UK)arewillconsideredalways detectmateri a lmaterialif, individuallymisstatemeor i n tthewhenaggregate,it exists.theyMisstatementscould Lasonc a blyn arisb e expected to influence the economic decisions of users taken on the basis of these financial statements.

| | Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. | AReportingfurther descriptionCouncil’s ofwebsite our responsibilitiesat: www.frc.org.uk/auditorsresponsibilities.for the audit of the financial statementsThis descriptionis locatedformson thepartFinancialof our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

financialIn addition,statementswe cbnsideredbut complianceprovisionswithofwhichothermightlaws beandfundamentalregulationstothatthe charity'sdo not haveabilityatodirectjpitestoperate or toonavoidthe a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were Charity Commission regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations toWe enquiryidentified of thethe Trusteesgreatest andrisk otherof material managementimpact andon the inspectionfinancialofstatements regulatory andfrom legalirregularities, correspondence,includingiffraud, any. to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST (CONTINUED) |

auditOwingmateIntoaccordancemisstatementsthe inherentwithlimitationsinauditingthe financialofstandards.an audit,statements,thereFor example,isevenan thoughunavoidablethe further we haveriskremovedthatproperlywenon-compliancemay pine’not haveand performeddetectedwith lawssomeandour regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James’ Square Cheltgnham GL50 3PR

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Date:

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST )
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

|||||FORTHE YEAR ENDED 31 JULY 2023YEAR ENDED 31 JULY 2023|THE YEAR ENDED 31 JULY 2023YEAR ENDED 31 JULY 202331 JULY 2023JULY 2023|THE YEAR ENDED 31 JULY 2023YEAR ENDED 31 JULY 202331 JULY 2023JULY 20232023|||| |---|---|---|---|---|---|---|---|---| ||||Unrestricted|Restricted|Endowment|Total||Total| ||||funds|funds|funds|funds||funds| ||||2023|2023|2023|2023||2022| |||Note|£|£|£|£||£| |Income from:||||||||| |Investments||4|64,566|23,033|-|87,599||87,321| |Total income|||64,566|23,033|-|87,599||87,321| |Expenditure on:||||||||| |Raising funds:||5||||||| |Financing costs|||11|-|-|11||11| |Investment
management||||16,055|5,741|-|21,796|||23,190| |Charitable activities||6|53,005|36,183|-|89,188||91,642| |Total expenditure|||69,071|41,924|-|110,995||114,843| ||||a|||||| |Net expenditure||||||||| |before net losses on||||||||| |investments|||(4,505)|(18,891)|-|(23,396)||(27,522)| |Net losses on||||||||| |investments|||(33,722)|(12,057)|.|(45,779)||(144,489)| |Net movement in|||pe|ee||||| |funds|||(38,227)|(30,948)|-|(69,175)||(172,011)| |Reconciliation of||||||||| |funds:||||||||| |Total funds brought||||||||| |forward|||2,277,684|830,806|5|3,108,495||3,280,506| |Net movement in funds|||(38,227)|(30,948)|-|(69,175)||(172,011)| |Total funds carried|||Neen||EE|———EE—E——E———e||| |forward|||2,239,457|799,858|5|3,039,320||3,108,495| |||||||||||

The notes on pages 13 to 21 form part of these financial statements.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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||||||||| |---|---|---|---|---|---|---|---| ||| |BALANCE|SHEET| |AS|AT|31|JULY|2023| |2023|2022| |Note|£|£| |Fixed|assets| |Investments|9|3,042,214|3,109,907| |ee|—| |3,042,214|3,109,907| |Current assets| |Cash|at|bank|and|in|hand|6,745|7,798| |6,745|7,798| |Creditors:|amounts|falling|due|within|one| |year|10|(9,639)|(9,210)| |——____———_——-|we| |Net|current|liabilities|(2,894)|(1,412)| |Total net assets|3,039,320|3,108,495| |—=|—| ||!| |Charity funds||| |Endowment funds|12|5|5| |RestrictedUnrestricted fundsfunds|1212|2,239,457799,858|2,277,684830,806| |Total funds|3,039,320|3,108,495|

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The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr R Couzens Trustee Date:

The notes on pages 13 to 21 form part of these financial statements. | |

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |fu| |||FORSTATEMENTTHE|YEAR OFENDED CASH31 FLOWSJULY|2023||| |2023|||2022| |Note|£|£| |Cash|flows|from operating|activities| |Net cash used|in operating|activities|14|(65,905)|(67,182)||| |Cash|flows|from|investing|activities| |Income|from|investments|87,599|87,321| |Purchase|of investments|(260)|(1,054)| |Net|cash|provided|by|investing|activities|87,339|86,267| |Cash|flows|from|financing|activities| |Finance|costs|paid|(11)|(11)| |Investment|management|charges|(21,796)|(23,190)| |Net|cash|used|in|financing|activities|(21,807)|(23,201)| |Change|in|cash|and|cash|equivalents|in|the|year|(373)|(4,116)| |Cash|and cash equivalents|at the beginning|of the year|7,798|||11,914| |Cash|and|cash|equivalents|at|the|end|of the|year|15|7,425|7,798| |_———————————| |The|notes|on|pages|13|to|21|form|part|of these|financial|statements|

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a | HEADINGTON SCHOOL OXFORD LIMITED GENERAL crane TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

  1. General information

The Charity is a Public Benefit Entity registered as a charity in England and Wales (charity no: 309679). The principal office address is Headington School Oxford, OX3 OBL.

2. Accounting policies

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard | applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. | The financial statements have been prepared to give a ‘true and fair’ view and have departed from theand Charitiesfair’ view.(AccountsThis departureand Reports)has involvedRegulationsfollowing2008the onlyCharitiesto the SORPextent(ARsrequired102)topublishedprovide aon‘true16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Headington School Oxford Limited General Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

Having reviewed the funding facilities available to the Charity and the Charity's future projected cash flows, the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the Charity's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities on page 4.

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Donations and gifts

| All monetary donations and gifts are included in the Statement of Financial Activities (SOFA) when receivable, provided that there are no donor imposed restrictions as to the timing of any related expenditure, in which case recognition is deferred until the pre-condition has been met.

Legacies to which the Charity is entitled are included in the SOFA when they are capable of measurement.

Investment Income

Investment income, including associated income tax recoveries and transitional relief is recognised when receivable.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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aS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2. Accounting policies (continued)
2.4 eaverlaturs |
Expenditure, which is charged on an accruals basis, is allocated between: }
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading. |
- Expenditure incurred directly in the fulfilment of the Charity's objectives (direct charitable); |
- Expenditure incurred directly in managing the investment portfolio (investment management); and
- Expenditure incurred in the management and administration of the Charity (Support costs and
governance).
Grants payable
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Grant expenditure is treated as outgoing when it is payable provided payment conditions have been
met, unless it relates to a specific future period, in which case it is treated as prepaid.
2.5 Taxation
As a registered charity, Headington School Oxford General Charitable Trust, is entitled to tax
exemptions on all its income and gains, properly applied for its charitable purposes.
2.6 Investments |
Assets held for investment purposes are valued at market value at the Balance Sheet date. Traded
securities are valued at the mid-point quotation in the Stock Exchange Daily List. Other investment
assets are included at the Trustees’ best estimate of market value. All recognised gains and losses
on investments are included in the SOFA.
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2.7 Creditors
Short term creditors are measured at the transaction price.
2.8 Financial instruments
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Creditors |
Short term creditors are measured at the transaction price.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at
amortised cost with the exception of investments investments which are held at fair value. Financial assets held at
amortised cost comprise cash at bank and in hand, together with trade and other debtors. Cash at
bank and in hand is defined as all cash held in instant access bank accounts and used as working
capital. Financial liabilities held at amortised cost comprise creditors and accruals.
Fund accounting
Endowment funds represent the permanent endowment of the Charity.
Unrestricted funds are donations and other income received or generated for expenditure on the
alte objectives of the Charity. |
Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those
purposes is charged to the fund, together with a fair allocation of overheads and support costs.
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Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise creditors and accruals. 2.9 Fund accounting

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Critical accounting estimates and areas of judgement

In the application of the accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that |Period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting jassets or liabilities at the Balance Sheet date are likely to result in a material apestnent to their carrying amounts in the next financial year.

4. Investment income

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
= £ £ £
Income from listed investments 64,374 23,018 87,392 87,307
Bank interest 192 15 207 14
64,566 23,033 87,599 87,321
Total 2022 eeOS
64,362		 OSOSS
22,959
'		 87,321
Investment management costs
Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
£ £ £ £
Investment managementfees 16,055 5,741 21,796 23,190
Total2022 17,086 6,104 23,190

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5, Investment management costs

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

  1. Analysis of expenditure on charitable activities

Summary by fund type

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Unrestricted Restricted
| funds2023 funds2023 Total2023 | 2022Total
£ £ £ £
Charitable activities 53,005 36,183 89,188 | 91,642
Total 2022
) 74,642 17,000 91,642
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The Charity did not employ any staff during the current and prior year.

Ts Expenditure on charitable activities

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2023 2022
£ £
Charitable donations made to Headington School Oxford Limited 85,000 88,000
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During the year donations were made to Headington School Oxford Limited for the purpose of funding academic scholarships and bursaries.

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Governande costs |
2023 2022
£ | £
Auditor's remuneration
Audit services 2,438 1,986
Non-audit services 1,750 1,656 |
4,188 3,642
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  1. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year, no Trustee expenses have been incurred (2022 - £NIL).

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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9. Fixed asset investments
'
Other fixed
Listed
investments		 asset
investments
£ £ £
.
\costorvaluation
At 1 August2022 3,109,907 - 3,109,907
Additions 260 - 260
Revaluations (68,633) - (68,633)
Movement in cash deposits - 680 680
At31 July2023 3,041,534 680 3,042,214
Net book value
At31 July2023 3,041,534 680 3,042,214
At31July2022
3,109,907
-
——
Management fees were deducted from the cash generated in the portfolio of£22,854 (2022:
thisexplains thedifferencebetweenthe lossesshown hereandthe losses within theSOFA.		 3,109,907
£24,427) -
10. Creditors: Amounts falling due within one year

2023
£ £
Accruals 9,639 9,210
11. Financial instruments
2023 2022
£ £
Financial assets
Financial assets measured at fairvalue through income and expenditure 3,041,534 3,019,907
Financial assets measured at fair value through income and expenditure comprise assets held as
investments.
!
K
)

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

eeOe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

ae

  1. Statement of funds

Statement of funds - current year

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||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1|Gains/|Balance|at| |August|2022|Income|Expenditure|(Losses)|31|July|2023| |£|£|ra|£|£| |Unrestricted|funds| |Designated|Fund|2,277,684|64,566|(69,071)|(33,722)|2,239,457| |Endowment funds|||| |Endowment|Fund|5|-|-|e|5| |So?| ||| |Restricted|funds| |Restricted Fund|830,806|23,033|(41,924)|(12,057)|799,858| |Total|of funds|3,108,495|87,599|(110,995)|(45,779)|3,039,320|

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The Trustees have designated the bequest of the residue of the estates of the late Miss Celia Marsh as a designated fund known as the Celia Marsh Fund. The original fund was established during the year ended 31 March 1999. The Trustees regard this fund as providing a capital base, the income from which will be paid to Headington School Oxford Limited to fund Scholarships. The fund is represented by listed investments and the income from the investments is represented by cash at bank.

The Peggy Dunn Fund is held in a restricted fund whereby the income generated shall be used to provide Scholarships and Bursaries for pupils at Headington School Oxford Limited.

The permanent endowment was established in 1971 and is represented by cash at bank.

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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sssNOTES TO THE FINANCIAL STATEMENTS SS
FOR THE YEAR ENDED 31 JULY 2023
12. Statement of funds (continued)
\ sestantianit of funds - prior year |
Balance at
1 August Gains/ __ Balance at
2021 Income Expenditure (Losses) 31 July 2022
£ £ £ £ £
Unrestricted funds
Designated Fund 2,411,464 64,362 (91,739) (106,403) 2,277,684
Endowment funds
Endowment Fund 5 - - - 5
Restricted funds
Restricted Fund 869,037 22,959 (23,104) : (38,086) 830,806
ronal of funds 3,280,506 87,321 (114,843) (144,489) 3,108,495
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13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Endowment Total
funds funds funds funds
2023 2023 2023 2023
£ £ £ £
Fixed asset investments 2,240,921 801,293 - 3,042,214
Current assets 6,740 - 5 6,745
Creditors due within one year (8,204) (1,435) - (9,639)
Total 2,239,457 799,858 5 3,039,320
ee eS —-——— eee

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sa SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST |

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 31 JULY 2023

13. | Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total| |funds|funds|funds|funds| |2022|2022|2022|2022| |£|£|£|£| |Fixed|asset|investments|2,290, 784|819,123|-|3,109,907| |Current|assets|(5,357)|13,150|5|7,798| |Creditors|due|within|one|year|(7,743)|(1,467)|-|(9,210)| |Total|2,277,684|830,806|5|3,108,495| |14.|Reconciliation|of net movement|in funds to net cash flow from operating|activities||| |2023|||2022| |£|||£| |Net|expenditure|for the|year|(as|per|Statement|of|Financial|Activities)|(69,175)|(172,011)| |Adjustments|for:| |Losses|on|investments|68,633|168,916| |Income|from|investments|(87,599)|(87,321)| |Increase|in|creditors|429|33| |Finance|costs|11|11| |Investment|management|charges|21,796|23,190| |Net|cash|used|in|operating|activities|(65,905)|(67,182)| |15.|Analysis|of cash|and|cash|equivalents| |||2023|2022| |£|z£| |Cash|at|bank|and|in|hand|6,745|7,798| |Cash|held|in|investments|680|-| |Total|cash and|cash|equivalents|7,425|7,798|

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HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST

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NOTESFOR TOTHE THEYEAR FINANCIALENDED 31 STATEMENTSJULY 2023

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16. Analysis of changes in net debt

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At 1 August At 31 July
2022 Cash flows 2023
£ £ £
Cash at bank and in hand 7,798 (1,053) 6,745
Cash held in investments - 680 680
7,798 (373) 7,425
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17. Related party transactions

iThe Charity has not entered into any related party transaction during the year ended 31 July 2023 or the year ended 31 July 2022, nor are there any outstanding balances owing between related parties and the ney at 31 July 2023 or 31 July 2022. |

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