Charity number: 309679 HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Charlty. Its Trustees and advlsers Trustees. report Independent auditor's report on the financial staternents ststement of financlal activitles Balance sheet 11 statemant of cash flows 12 Notes to the finanGial statgmgnts 13-21
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees Mr R S Shipperley. Chairman Mr R Couzensl Prof C C L Drummond Dr J Jefferies M15 C L Jordan Mrs K Stringer Mrs N Newall Mrs P J Gardner Investment sub-committee Charity r•glstered number 309679 Principal office Headinglon School Oxford OX3 OBL Independent auditor Crowe U.K. LLP Fourth Floor Sl James House Sl James, Square Cheltenham GL50 3PR Bankers Bardays John Eccles House Robert Robinson Avenue Oxford Science Park Oxford OX4 4GP Sollcltors Harrison Clark Rickerbls Ltd Ellenborough House Wellinglon Slreel Cheltenham Gloucestershire GL50 2QJ Invgstment Advlsors Sarasin & Partners Juxon House 100 Sl. Paul's Churchydrd London EC4M 8BU Page 1
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The Twstees present their report together with financlal statements for the year ended 31 July 2025. Structure Governance and Mana ement GoveTnlng Documont The Trust was sel up, under a Trust Deed dated 1st Aprll 1971, to receive donations for the benefit of Headin9lon Rye Oxford Limited (previously known as. Headlnglon School Oxford Limiledl, but as a separate charitable trust. The Charity registration number is 309679 and the registration date was 27th May 1971. Recrultrnent and Appolntmont of Trustees The Trustees are identified through a wfflblnalion of recommendations and research. They are selected for their experience. knowledge and skills. as well as their ability to contribute to the collective fesponsibilities of the Trustees. In selecting TrLtslees. due account is given to the requirement for a balance of independent Trustees and members of the School Governing Council. Trustoes re1ve induction training on appointment in order to understand their responsibilities. Further training is provided when required. Or9anlsatlonal Structure The Trust should always have a minimum of 5 Trustees. Any nurnber of additional Trustees can be appointed by resolution of the Trustees and evidenced in the minute book. Trustees may determine their own quorum and may elect a chaiman for such period as they decide. Unless otherwise determined 3 Trustees conslilule a quorum. There are cuirenuy 8 Trustees. The Trustees meet tsvice a year,. members of the Investments. Subcommillee meet as often as is appropriate in between TNstees' meetings. Subcommillee meetings are minuted. Objectives and tIvitIeS The Trust was established lo receive donations for the benefit of Headington Rye Oxford Limited, but as a separate Charitable Tnjsl. The Charitable Objectives are defined as.. °Income of the trust fund to be used for such chantable PUfjKJses connected wrth Headington School Oxford Limifed as the Tnjslees fmm time to lime shall determine,. or such other charitable purposes, or charilable foundations (whether or not connected with the school) as the Trustees shall in 8 like m8nner detem7ine-. The role of the Trustees is confined to managing the Trust's assets held principally in investments. A restricted fund, the Peggy Amold Dunn Fund, is used to hold restricted donations that have been made exdusively by donors to support scholarships and bursaries. An unreslricled fund, the Celia Marsh Fund holds all other unrestricted donations, including the Celia Marsh bequest, made lo the TNSI. The Trustees. curr&nl objectives are to.. 1. Preserve capital. 2. Invest for growth. 3. Pass all the income by way of grants to Headington Rye Oxford Limited Publi¢ Benefit In the furtherance of these aims, the Trustees have complied with the (Suty in s.17 of the Charities Act 2011 tr) have due regard to the Charity Commission's published oeneral and relevant sub-seclor guidance concemillg the operation of the Public benefit requirement under the Act. Page 2
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Achlevements and Performance The Trustee5 have continued lo use the income generated from the Trust's investments lo provide grants lo Headington Rye 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 El Headington School regardless of their financial means. Financlal review The TrLEStees continue to invest for the long term in order to preserve the capital whilst generatin9 sufficient funds to enable grants lo be made lo Headington Rye Oxford Limited. As a result, the risk profile for both portfolios is low lo medium. Income received has exceeded expectslions and the Trust was able to disburse £87.000 of grants during this period. Investment Portfolio No 1 is Ihe Celia Marsh Fund 8nd is valued al £2,526.026 (2024.. £2,448.984J. Investment Portfolio No 2. the Peggy ArrKJld Dunn Fund, which is restricted. and is valued al £903,239 (2024.. £875.691). As the Trustees invest for the long term. il is antipated that the value of the portfolS0 will recover over time. During the year £87,000 (2024.. £92,OOOJ was paid to Headinglon Rye Oxford Limited, to provide for bursaries and scholarships as noted above. The balance sheet as at 31 Jijly 2025 Shows that the Trust is in a sound financial position. There were unrealised gains in the fixed asset investments of £108,500 when compared wtth the market value of the IVestments as at 31 July 2025. The investments are staled at their market value as at 31 July 2025 in accordance with the Trustees. accounting policy in this respect. The Tnjslees confirm that the investments owned by the Charity have been acquired in accordance with the rrustees, powers. The investment rnanagemenl fees are regarded as a cost of generating funds, bul are in effect charged lo nel cost of changes ir) funds rather than to investment income generated, as this would disproportionately impact on th8 monies transferred to the School for scholarships and upon which the School relies. The Trustees confirm that Ihese financial statements comply wilh current slalutory requirements and with those of the Trust deed. Investment powers The overall investment oblecllve set by the GCT is to preserve capital in real temis over the long-temi and produce a consistent and sustainable amount of income lo support expenditure lo fund scholarships and bursaries. The Tiust's investments arg held in the Sarasin Endowments Fund, the precise investment objective of which is as fdlows.. The investment 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 investments in "altemative" assets such as property and hedge funds. The equity content will bg diversified both by geography and by major investment themes. The Fund may hold cash deposits Irom lime lo lime where il WOLtld be in the interests of efficient management of the Fund's assets. 11 is anticipated that this strategy will Prowde a conservative investment vehicle wlh potential for achieving attfaclive long-temi total relums. Performance is assessed against the Telurn of the bespoke benchmark used by the Sarasin Endowments Fund 2nd over the longer term, compared lo the range of returns of the ARC Steady Growth Charity Index. Page 3
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Risks The principal risk to the Trust is a reduction in the value of ils assets and investfflents as a resull of stk market volatility which impacts on the ability ol the Trijst to generate sufficient income to provide grants to Headinglon Rye Oxford Limited for scholarships and bursaries. Tnjslees seek lo minimise exposure risk by appointing 8 professional Investment Manager and maintaining a diverse investment portfolio. Robust financial controls are employed by both the Trust and the Investment Manageent Company lo minimise any exposure lo fraud. Reserve5 poII¢y 11 is the Trustees. current policy lo use the income of both the Celia Marsh Unrestsicled Fund and the Peggy Arnold Dunn Reslricled Fund to make grants. on 8 periodic basis, lo Headinglon Rye Oxford Limited lo fund scholarships and buisaries. This is in accordance with the Trust Deed which requires the Trustees to distribute their annual income. The16vel of reserves in the Funds at 31 July 2025 was £3,425,905 (2024.. £3,317, 787). It is the Trustees. policy to reinvest realised gains on investments in their listed investments in order lo maintain the underlwng value of the investment portfolio and to invest for gr0h. Funding The Trustees are satisfied that the Charivs investment5 are available and adequate to fulfil its ¢)bligalions. Future plans For the Charitable Tiusl lo (x)ntinue lo generate income in order to benefit Headington Rye Oxlord Limited. Connected charities The Tnjstees consider that this Charity is connected with Headinglon Rye Oxford Limited. Trustees, res onsibilities for the flnancial $ atements The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and Tegulations. Charity law requires the TrLtstees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practtce (United Kingdom Accounting Starbdardsl 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 slate of affairs of the Charity and of ils net outgoing resources for that period. In preparing these financial slatemenls, the Trustees are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make judgemenls and eslimales that are reasonable and prudent-. slate whether applicable accounting standards have been followed. Subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that tho Chafitywlll continue in business. 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 al 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. Page 4
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Auditor A resolution proposing the re-appointrnenl of Crowe U.K. LLP as auditors to the Charity will be put lo the annual general meeting. App d by order of the members of the board of Trustees 2nd signed on their behalf by.. Mr R Couzens Trustee Date: ¥1,./2f Page 5
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST Opinion We have audited the finaricial statements of Headington School Oxfoid Limited General Charitable Trust Ilhe 'Charily'l for the year ended 31 July 2025 which comprise the Statement of f5nanaal activities, the Balance sheet. the Statement of cash flows and the related notes, including a summary of signifi¢anl accounting policies. The financial reporting framework that has be8n applied in their preparation is applicable law and United Kingdom Accounting Standards. ineludin9 Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Irèland, (United Kingdom Generally Accepted Accounting Praclicel- The fin8ncial slalemenls 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 lo in the exlanl regulations but has been withdrawn. This has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporbng periods beginning on or after 1 January 2015. In our opinion the financial slatemenls.. give a true and fair view of the state of the Charity's affairs as at 31 July 2025 and of ils incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been ppared In accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditin9 IUKI IISAS (UKII and applicable law. Our responsibilities under those standard5 are further described in the Auditor's Te5ponsibililies for the audit of the financial statements section of our report. We are independent of the Charity in accordafice wth the ethical requirement5 that are relevant lo our aL*dil of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance Mth these requiremenls. Vve believe that the audit evidence we have obtained is sufficient and appropri8le to provide a basis for our opinion. Concluslons relating to going eoncern In auditing the finaTrcial statements. we have conGluded that the Tfuslees, use of the going concern basis of accountitbg in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have nol identified any material uncertainties relating to events or conditions that. individually or collectively, may cast si9nifieant doubt on the ChaTItIs ability lo continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concern are described in the relevant sections of this report. Page 6
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST {CONTINUED) other Inforniation The other information comprises the infomialion included in the Annual report other than the financial statements and our Audilorfs report Ihereon. The Trustees are responsible for the other information contained within the Anllual report. Our opinion on the financial slalemenls does not cover the othei information and, except lo Ihe exlenl otheise explicitly slated in our report, we do not express any fotm of assurance conclusion Ihereon. Our responsibility is to read the other informauon and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge obtsined in the course of the audit, or otherwise appears to be materially misstated. 11 we idenlily such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise lo a material missl8temenl in the financial 5talemenls themselves. If. based ot7 the work we have perforffled. we conclude that there is a material misslalemenl of this other Information. we are required lo report that fad. We have nothing to report In this regard. Matters on whlch we ale required to report by exception We have nothlng to report In respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given In the Trustees, report is inconsislenl in any material respect wllh the financial stalemenls. or sufficient accounting records have not been kept.. or the financial statements are not In agreement with the accounting records and relums., or we have not received all the infomation and explanations we require for our audit. Responsibllllles of Trustees As explained more fully in the Truslees, responsibililios slalemenl, the Trustees are responsible for the preparation of the financial statements which give e true and fair view. and foi such inlemal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement. whether due to fraud or error. In preparing the financial slalemenls. the Trustees are responsible for assesslng the CharitS ability to continue 85 a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the Trustees either intend to liquidate the Charity or lo cease operations. or have no realistic alternative bul to do so. Page 7
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARrrABLE TRUST {CONTINUEDI Audltorfs responsibllities for the audit of thg financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assuraTr about whether the financial statements as a whole are free from material misstalemenl, whglher due to fraud or error. and to issue an Audilols report that includes oui opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accord?nce with ISAS {UKI will always detect a material misstalemenl when it exists. Misslalements can 8rise from fraud or error and are considered materi81 if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these ffinancial statements. Irregularities. including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregulaflties. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Extent to which the audtt wa$ considered capable of dete¢tlng Irregularities, including fraud Irregularilie5. including fraud, are instances of non-complian with laws and regulations. We identified and assessed the risks ol material rnisstatement of the financial statements from irregularities. whether due to fraud or error, and discussed these between our audil team members. We then designed and performed audit procedures responsive to those rlsks, including obtaining audit evidence SLrfficienl and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks wlhin which the Charity operdles, focusin9 on those laws and regulations that have a direct effect on the dalerminalion of material amount5 and disclosufes in the financial slatemenls. The laws and regu18tions we considered in this context were the Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed the requiied compliance with these laws and regulations as part of our audit proceclures on the related financial statement items. In èddilion. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental to the Charills ability to operate or lo aVod a material penalty. We also considered the opportunities and incentives that may exist within the Charity lo¥ fraud. ThÈ12ws and regulations we consSdered in this conlexl for the UK operations were Charity Commission regulab'ons. Auditing standards Ilmlt the required audit Procedures to identify non-compliance with these laws and re9ulalions to enquiry of the TTUSlees ano other management and inspection of regulatory and legal coriespondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud. to be the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management and the Trustees about their own identificatlQn 8nd assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounlirig estimates for biases, ieview¢ng regulatory correspondence with the Charfty Commission and reading mlnutes of meetings of Ihose charged wllh govemance. Page 8
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST (CONTINUED}
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or 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-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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 Cheltenham GL50 3PR
Date: 9 December 2025
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Unrestricted funds 2025 Restrlcted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Investments 67,060 23,829 90,889 92, 768 Total Income 67,060 23,829 90,889 92, T68 Expenditure on: Raising funds: Financing costs Investment anagement Charitable activities 15.027 67,439 5,373 23,829 20,400 91,268 22,669 96.308 Total expenditure 82.469 29,202 111,671 118,988 Net expenditure before net gains on Investments Net gaills on investments (15,409) {5,3731 120,7821 (26,220) 94,949 33,951 128.900 304,687 Net movement In funds 79,540 28.578 108,118 278.467 ReconcllSatSon of funds.. Total funds brought foTward 2,443,643 79,540 874.139 28,578 3.317,787 108,118 3.039,320 278.467 Nel movement in funds Total funds carried forward 2,523,183 902.717 3.425.905 3,317,787 The notes on pages 13 to 21 form part of these financi81 $18temenls. Page 10
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Fixed assets Investments 3,429,265 3,324,675 Current assets Cash at bank and in hand 2.823 3,314 Current Ilablllties Creditors: 8mour>ts falling due within one year 10 {6,183) (10,202) Net current liabiliti&s 13,360) (6.888) Total net assets 3.425.905 3,377,787 Charity funds Endowment funds Reslricled funds Unrestrieled funds 12 12 12 902,717 2.523.183 874. 139 2,443,643 Totsl funds 3.425,905 3,317,787 The financial statements were approved and aulhorised for issue by the Trustees and slgned on their behaK b. Mr R Couzens Chairman Date.. The notes on pages 13 to 21 form part of these financial statements. Page 11
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITA8LE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Note Cash flows frorn operating adivities Net cash used in operating activities 14 174,887) (72,732) Cash flows from investing activities Income from investmènts Proceeds from sale of Investments Purchase of investments 90,889 3.910 92. 768 (1,467) N?t cash provided by investing activities 94.799 91.301 Cash Ilovts from financing activities Finance cost5 paid Investment management charges 13) {20,400) (11) (22.669) Net cash used in financlng actlvltlos {20,403) {22,680} Change In cash and cash equlvalents in the year Cash and cash equivalents al the beginning of the year {491) 3,314 14,111} 7,425 Cash and Cash equSvalents at the end of the year 15 2,823 3,314 The notes on pages 13 10 21 form part of these financial ststements Page 12
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENt)ED 31 JULY 2025 General Informatlon The Charity is a Public Benefit Entity registered as a charity in England and Wales (charity no- 3096791. The prInpaI office address is Headington School Oxford. OX3 OBL. Accounting pollcles 2.1 Basls of preparatlon of flnanclal statements The financi81 statements have been prepared in accordance with the Charities SORP (FRS 1021- AccoLsnting and Reporting by Chaiities= Statement of Recommended Practice applic2ble lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and RepLtblic of Ireland {FRS 102) leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial slalemenls have been prepared lo gwe a 'lrue and fair, view and have departed from the Charilies IAccounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lnJe and fairf view. This departure has involved following the Charities SORP {FRS 1021 published on 16 July 2014 ralhor than the Accounting and Reporting by Charities: Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Headinglon 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 Golng concern Having reviewed the furpding 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 lo continue rts activities for the loreseeable future and consider that there are no fflalerial uncortainties over the Charitys financial viability. Accordingly, they also continue lo adopt the going concern basis in preparing the financial slalements. 2.3 Income Donatlons and gifts All monetsry donations anij gift5 are included in the Statement of Flnancial Activities ISOFAI when receivable, provided that there are no donor imposed restrictions as to the timirsg of any related expenditure. in which case recognition is deferred until the pre-condition has been mel. Legacies to whirh the Charity 15 enlilled are included in the SOFA when they are capable of measurement. Investment Income Investment income, including associated incorne tax recoveries and transib'onal religf is recognised when receivable. Page 13
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies {continued} 2,4 Expenditure Expenditure. which is charged on an accruals basis, is allocated between: Expenditure on raising funds includes all expenditure incurred by the Charity to raise fvnds for its charitable purposes and includes Costs of all ftjndraising activities events and non-charilable trading. Expenditure incurred directly in the fuifilment of the CharItS objectives {direct eharilablel.. Expenditure incurred directly in managing the investment portfolio (investment management)., and Expenditure incurred in the managernenl and adminislralion of the Charity (Support costs and governance). Grants payable Grant expendiluie 15 treated as outgoing when il is payable Provided payment conditions have been met, unless it relates to a specific future period, in which case rt is treated as prepaid. 2.5 Taxation registered charity, Headington School Oxford General Charitable Trust, is entitled to lax exemptions on all ils income and gains. propedy applied for its charitable purposes. 2.6 Investmerrts Assets held for investment purposes are valued al Maet value al the Balance Sheet date. Traded securities are valued al the mid-point quotslion in the Stock Exchange Daily List. Other investment assets are included at the Trustees. best estimate ol market value. All recogTrised gains and losses on investments are included in the SOFA. 2.7 Credltors Short term creditors are measured at the transaction price. 2.8 Financial instruments Baslc fir)ancial instruments are initially recognised at transaction value and subsequertrlty measured al amortised cost with the exception of 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 al bank and in hand is defined as all cash held in instant access bank accour)ts and used as working capital. Financial liabilities held at amortised cost comprise creditors and accruals. 2.9 Fund accounting Endowment funds represent the pemanenl endowment of the Charity. Unreslricled funds are donations and other income received or generated for expenditure on the general objectives of the Charity. Restricted funds are lo be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair alloealion of overheads and support costs. Page 14
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Critical accountlng estimates and areas of Judggment 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 eslimales and underlying assumptions are based on historical experience and other factors that are considered lo be Televant. Actual results may differ from these eslimales. The eslimales and underfying 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 cuirenl and future periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertainly affeeling assets or liabilities al the Balance Sheet date are likely lo result in a material adjustment lo their carrying amounts in the next financial year. Investment income Unrestrlcted Rèstrlcted funds funds 2025 2025 Total funds 2025 Tolal funds 2024 Income from listed investments Bank interest 66.562 498 23,807 28 90,363 526 92,200 568 Total 2025 67,060 23.829 90,889 92, 768 Tot812024 68,448 24,320 92.768 Investment managernent costs Unrestrlcted Restrlcted funds funds 2025 2025 Total funds 2025 rotal funds 2024 Investrnent management fees 15.027 5,373 20,400 22,669 Total 2024 16.698 5,911 22,669 Page 15
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Analysis of expenditure on charitable activities Summary by fund type Unrestrl¢ted Restricted funds funds 2025 2025 Total 2025 Total 2024 Charitable activities 67.439 23,829 91,268 96.308 Tolal 2024 71,988 24.320 96,308 The Charity did not employ any staff during the current and prior year. Expenditure on charltable activities 2025 2024 Charitable donalions made to Headinglon Rye Oxfi)rd Limited 87.000 92,000 During the year donations were made to Headington Rye Oxfotd Limited for the purpose of funding academic scholarships and bursaries. Governance costs 2025 2024 Audltor's remuneratlon Audit setvices Non-audil services 3,150 350 2,508 1.800 3.500 4,308 Trustees. remuneratlon and expenses During the year ended 31 July 2025. no Tnjslees received any iemuneralion or other benefits (2024 £NIL). During the year ended 31 July 2025, no Trustee expenses have been incurred {2024- £NIL)- Page 16
HEAOINGTON SCHOOL OXFORD LIMITED GENERAL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Fixed asset Investments Llsted investments Cost or valuatlon Al 1 August 2024 Disposals Revaluations 3.324.675 (3,9101 108,500 At 31 Juty 2025 3,429.265 Net book value At 31 July 2025 3.429,265 At 31 Juty 2024 3,324.675 Management fees were deducted from the cash generated in the portfolio of £20.400 (2024.. £23.013J - this explains the difference between Ihe losses shown here and the losses within the SOFA. 10. Creditors: Amounts falling due withln one year 2025 2024 Accru81s 6.183 10.202 11. FlnancSal Instruments 2025 2024 Financial assets Financial assets measured at fair value through income and expenditure 3.429.265 3,324,675 Financial assets measured al falr value through income and expenditure comprise assets h81d as inveslmenls. Page 17
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12. Statement of fund$ statemont of funds - current year Balance at 1 August 2024 Galnsl Balance at (Losses) 31 July 2025 Income Expendlture Unrestrlcted funds Designated Fulld 2,443,643 67.060 (82.4691 94.949 2.523.183 Endowment funds Endowment Fund Restricteil funds Reslricled Fund 874,139 23,829 129.202) 33.951 902.717 Total of fund5 3,317,787 90.889 (111.671} 128,900 3,425.905 The Trustees have designated the bequest of the iesidue of the eslales of Ihe late Miss Celia Marsh as a designated fvnd known as the Celia Marsh Fund. The original fund was established during the year ended 31 March 1999. The Trustees regard this fvnd as providing a capital b2se. the income from which wlll be paid lo Headington Rye Oxford Limited to fund Scholarships. The fund is represented by listed inveslmenls and the income from the investments is rgpresented by cash at bank. The Peggy Dunn Fund is held in a reslricled fund whereby the income generated shall be used to provKle Scholarships and Bursaries for pupils at Headinglon Rye Oxford Limited. The permanent endowment was established in 1971 and is represented by Gash at bank. Page 18
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 12. Statement of funds (Continued) statement of funds - prlor year Balance a l August 2023 Gainsl Balance al (Losses) 37 July 2024 Income Expendilure Unrestricted funds Designated Fund 2,239,457 68,448 (88.697) 224,435 2,443,643 Endowment funds Endowment Fund Restrlcted funds Restn'cted Fund 799,858 24.320 (30,291J 80,252 874, 139 Total of funds 3.039,320 92.768 (118,988) 304,687 3,377.781 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrgstrlcted Restricted Endowment lunds funds funds 2025 2025 2025 Total funds 2025 Fixed asset investments Current assets Creditors due wlhin one year 2,526.026 2.818 15,6611 903,239 3.429,265 2.823 {6,183) 1522) Total 2,523,183 902,717 3.425,905 Page 19
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARrrA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13. Analysis of net asset5 between funds {contlnued) Analysis of nèt assets between funds . prior year Unreslrictod funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Fixed asset investments Current asset5 Creditors due withln one year 2,448.984 3,309 (8.650) 875,691 3,324,675 3,314 f10,202) (1.552) Total 2,443,643 874.139 3,317.787 14. Reconclliatlon of net movement In funds to net cash flow from operating actlvitles 2025 2024 Net income for the period {as per Statement of FinanGial Activities} 108,118 278.467 Adjustments for: {Galnsl on investments Income from investments {Decreaseyincrea5e in Gredilors Finance costs Investment management charges 1108,5001 (90,8891 14,0191 f281,6T4) (92, 768) 563 20.400 22,669 Net cash used In operating actÉvitles {74.8871 (72,732) 1S. Analysls of cash and cash equivalents 2025 2024 Cash at bank and irs hand 2,823 3,314 Page 20
HEADINGTON SCHOOL OXFORD LIMITED GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 16. Analysis of changes In net debt At 1 August 2024 Cash flows At 31 July 2025 Cash al bank and In hand 3,314 {4911 2.823 3.314 14911 2.823 17. Relatod party transactlons The Charity has not entered into any related party transaction during the year ended 31 July 2025 or the year ended 31 July 2024. nor are there any outstanding balances owing beeen related parties arKI the Charity at 31 July 2025 or 31 July 2024. Page 21