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 re￿1ve 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 anti￿pated 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
I￿Vestments 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 st￿k 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 Manage￿ent 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 gr0￿h.
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 p￿pared 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 othe￿ise 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 Charit￿S 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
aVo￿d 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 prIn￿paI 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 CharIt￿S 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 Ma￿et 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 be￿een related parties arKI the
Charity at 31 July 2025 or 31 July 2024.
Page 21