COMPANY REGlThnON NUMBER.. 207173
REGISTERED CHARrrY NUMBER: 312052
FRENSHAM HEIGHTS
EDUCATIONAL TRUST LIMITED
REPORT AND CONSOLIDATED
FINANCIAL sfATEMENTS
31JULY 2020

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMITED
YEAR ENDED 31 JULY Z020
Cortents
Page
Governors, Officers and Advisers
Report of the Board of Governors
3-11
Report of the Auditors
12-14
Consolidated Statement of Financial Activities
15
Consolidated Balance Sheet
16
Frensham Heights Educational Trust Balance Sheet
17
Consolidated Statement of Cash Flows
18
Notes to the Consolidated Cash Flow Statement
19
Notes to the Consolidated Financial Statements
20-37

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
GOVERNORS. OFFICERS AND ADVISERS
YEAR ENDED 31 JULY 2020
DIREcfoRS AND GOVERNORS
Margaret Coltman (Chair,. ￿tired 8 December 20191
Gerard Holden (Vice Chairl
William Bird (Treasurer to 8 December 2019.. appointed Chair 8 December 20191
Angus carlill13ppointed Treasurer 8 December 20191
Claire Fuller
Martin Lupton
Sally Marriott (appointed 15 January 20201
William Marriott lappointed 15 January 20201
Katherine Poulsom
Jackie Sullivan
Philip Ward
Richard Fry
Peter Molyneux
F1Tr14NCE AND HUMAN RESOUR￿ COMMrrrEE
Angus Carlill (Chairl
William Bird
Richard Fry
Katherine Poulsom
Jackie Sullivan
Claire Fuller
EDUG4TION COMMIThEE
Philip Ward (Chairl
William Bird
Richard Fry
Gerard Holden
HEAD
Rick Clarke
BuR￿A AND COMPANY SECREfARY
Edwina Dean-Lewi5 (retired 8 December 20191
James 8ell (appointed i January as Interim 8ursarl
lappointed 4 March 2020 a5 Company Secret3ry1
Note: Officers li.e. Chair, Vice Chair and Treasurer) are ex-officio members of all Board committees.

FRENSHAM HEIGirrs EDUCATIONAL TRUST UMITED
GOVERNORS. OFFICERS AND ADVISERS
YEAR ENDED 31 JULY 2020
REGISTERED OFFI
Frensham Heights
Rowledge
Farnham
Surrev
GU104EA
COMPANY NUMBER
REGISTERED CHARITY
207173
312052
BANKERS
HSBC Bank plc
The Borough
Farnham
Surrey
GU9 7NJ
SOUtJTOK
GBH Law (trading as Goodyear Blackie Herrington Solicitors)
7-8 Innovation Place
Douglas DrNe
Godalming
Surrey
GU7 IJX
AUDITORS
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
INSURAN￿ BROKERS
Marsh Insurance Brokers Lim-rted
Rockwood House
9-17 Perrymount Road
Haywards Heath
West Sussex
RH16 3DU

FRENSHAM HEIGTrtrs EDUCATIONAL TRU￿ UMrrED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
The Governors of Frensham Heights Educational Trust Limited, who are also the Dirertors and Charity
Trustee5, ore pleased to present their annual direttorf report together with the consolidated financial
statements of the charity and its subsidiary for the year ended 31 July 2020 which are a150 prepared to
meet the requirements for a directors, report and accounts for Companies Att purposes. The financial
statements complywith the Charities Act 2011, the Companie5 Art 2{￿6, the Memorandum and Articles
of Association, and Accounting and Reportin8 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 IFRS 1021.
DIREcfoRY REPORT
CONsfiTUTION AND OBJECts
Frensham Height5 Educational Trust Limited was founded under Memorandum and Articles of
Association dated 10 july 1925 as amended on 4 April 1950, 22 lune 1996 and 11 January 2006. It is
constituted as a cornpany limited by Shares, registered in England, No. 207173, and is registered with
the Charity Commission under Charity No. 312052.
The Charitys principal Objects. as set out in the Memorandurn of Association, are the advancement of
education, including the provision of a School for boys and girls at Fren5ham, the holding of exhibitions.
classes or conferences, whether general, professional or technical. and support to other charitable
bodie5. There has been no change to the Objects during the year.
In furtherance of these Objects and for the public benefit. the School has establtshed and administered
during the year bursary awards and other benefactions. and acts as the trustee and Manager of property
and gifts given or established in pvrsuance of these Objetts.
5rRu￿uRE, GOVERNANCE AND MANAGEMENT
Contsrt Inforniatl
The Governors, Head, Company Secretary and principal address of the Charity are as listed on Page l.
Particulars of the Charivs professional 3dvisers a￿ listed on Page 2.
Group Structure and Relatlonshlps
The Charity has a wholly owned non-charitable subsidiary. Frensham Heights Enterprises Limited,
(Compony number 28668641 which wa5 incorF)orated in 1993. Its principal artivity is managing the
hiring and letting of facilities at the School.
Board of Gcwemors
Governors serve for approximate￿ seven years. with one seventh lor nearest number) normally retiring
at the Annual General Meeting IAGMI each year. Governor5, Wtth the exception of the Officer5, mav
not be re-appointed until the AGM following the AGM at which they retired. One Governor retired and
two Governors were appointed during the year. A new Chair and Treasurer were appointed during the
vear. All Governors are encouraged to identify potential new Governors and propose them in
accordance with the needs identified using the specialist skills matrix which is reviewed annually by the
Board. Potential Governors undergo a series of interviews and briefing5 before attending the Board a5
observers,. after which they may be appointed. New Governors undergo induttion sessions with the
Head and Company Secretary to brief them on.. their legal obligations under charity and tompany law,
the Charity Cornmis5ion guidance on public benefit, and inform them of the content of the
Memorandum and Articles of Association, the committee and decision-makin8 processes. the

FREN5HAM HEIGfrrrs EDUCATIONAL TRUST UMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
Development Strategy and recent finanaal performance of the charrty. New Govemors are given a tour
of the School to meet key emp5oyees and they are encouraged to attend appropriate extemal training
events to facilitate the undertaking of their role. All Governors have received training or attended
external briefings by professional advisors throughout the period. Details of relevant courses and
seminars are regularly circulated to all Governors.
Governance Code
The trustees are aware of the Charity Governance Code published in 2017 which sets out the principles
and recommended practice for good governance within the sector. During the year the Chartty began
a review of current govemance arrangements against the principles within the code and prepared an
3Ction plan to address areas identy.fied for best-prattice improvements. This will be implemented durin8
the year ended July 2021
Related partles and cl￿PeratIon wtth other Lyganisatl
None of the Governors has rec￿Ved remuneration or other benefit from their work wtth the school in
the year. Any connection between a trustee or senior manager of the school with a production
ompany. contracted attor, performer or exhibitor must be disdosed to the full Board of Governors in
the same way as any other contractual relationship with a related party.
Or8arusational Managefftnt
The Governor5, who are also the Charity Trustees, are legally responsible for the general policy of the
School and for the overall management and control OF the School. The Governors meet as a Board at
least three times a ye3r. The work of overseeing the implementation of policie5 is carried out by
committees. Ouring the year. two committees were combined to form the Finance and Human
Resources Committee, which sits at least three times a year prior to each full Board meeting. All other
committees sit a minimum of twice a year. Specific govemor working group5 were established,
reporting to the committees, induding a steering group of govemors, the Head and Bursar. The steering
group met regulady through the pandemic period from March to July. with major decisions being
referred to the board for approval. The committees and their membership are listed on Page i. The
Governors also hold an annual strategy meeting to examine and agree key issues impacting the School.
At least one Governor sits on each of.. the sc￿￿1's Health and Safety Committee,. the Parents,
Committee,. and the Staff Common Room Committee. The day-to-day management of the School is
delegated to the Senior LeadershipTeam Ikey management personnel), which is comprised of the Head,
Bursar. Deputy Head Academic, Deputy Head Pastoral and Head of Junior School. The Head and the
8ursar are invited ex-ofticio to all Board and committee meetings. The pay and remuneration of the
Head and the Bursar are set by the whole Board at their Spring or Summer Board meetings having
considered independent benchmark reports across the independent school edU￿tIOn sector. During
the year the consultancy Se￿iceS of an interim Bursar were secured.

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
MS, OBJEcnvES AND AcllwTIES
Public Benefrt Aims and Activities
In meeting its Objerts. the School's public benefit aim is to provide a world clas5 progressive education
that emphasises progressive values and f(Kuse5 on students a5 individua15 so a5 to brin8 Out their
strenBths, with creative and performing arts given equal status alongside more traditional academic
subjects and sport. In line with its ethos, the School welcomes students from all backgrounds where it
15 believed that the prospective student can benefit from the education provided at the School. During
the year, the Head cornmenced work on reviewing and updating the School's vision, objettives and
values.
In support of thi5 aim the School awards bursaries, which are outlined in the grant making section of
the Strategic Report. Importantly the School provides education in the widest sense coverinB a rar)ge
of subjects. as well as extra-curricular actNities. and community ￿spOnSibl11ty. With due regard to the
Charity Comrni55ion'5 published guidance on the public benefit reouirement under the Charities Art
2011. the School also co-operates closeW with local schools. charities and organisations to widen public
access to education. The school created a new post of Assistant Head (Student Development), with
particular responsibility for outreach and community links. The School continue5 to work particularly
closely with Rowledge Primary School supporting the FO￿5t School programme. offering access to
science laboratories and a member of staff is also a Governor there. Other local, maintained sector
schools, Youth 8roup5, scouts and cub5 rnade use of the School'5 music, art and sports facilities and
minibuses. The School hès also forged very strong charitable links with All Saints School and Amao
Orphanage in Malawi. The school has now begun work at a second schoc)I Imikvyul in Malawi. Over
the last ten years, in addition to working visits by staff and students, prattical assistance and charitable
funds raised by the School community have had significant impart for people living in those Malawi
communities.
During the Covid 19 pandemic. the School proactive￿ set up a hub forthe creation of PPE for hospitals,
are hornes and other community beneficiaries, including the creation of 3D printed visors, donated
gloves and created masks and medical scrubs.
Oblertfves ft)rtheYear
The school's principal objertives for the year were to:
Maximi5e student achievement
Maximise student personal development through effective tutoring and involvement in
opportunities outside the classroom
Inspire and further develop the teaching staff through profe55i0nal developrnent
opportunities
Further enhance teaching and learning
Maintain a roll of around $20 students for the year
Redefine and revamp the Scholarship and Enrichment programme offered throughout the
School 50 that it Is more in keeping with the School'5 ethos
Deliver the school's charitable objects and demonstrable public benefit
Maintain financial stability

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
srRATEGIC REpoKr
Strategles
The School's strategic direction is articulated in its Strategic and Business Plan 2021>23. The annual
Management Plan 2019-20 and capit31 expenditure plan out to 2024 sUPPOrted the delNery of the
yearfs objectwes. The School regulady reviews its options in temis of long-term development and
investment.
Prtncipal Actmty of the Year
The principal attivity continues to be the provision of day and boarding education for boys and g'rls
aged from 3 to 18 years. This year the School averaged 52512019- 5191 students of whom 43412019..
4301 were day students and 9112019.. 891 were boarders.
Grant-makin8
During the year the School set aside funds to 5UPPOrt bursaries, which were offered to parents of
students who could not otherwise afford to send their children tothe School. based on a comprehensNe
means-tested assessment of financial need. The process requires parents or guardians to complete a
detailed financial form covering intome. expenditure and assets which is reviewed by the Bursar and
Head, and a representative of the Board of Governors in diff icult cases, before any award is made.
Bursary awards a￿ re-assessed annually. The school also offered support to familie5 in the case of
financial hardship arising from the pandemic. The School's policy 15 to ensure funds are allocated for
bursaries, and also develop further its programme of Scholarship and Enrichment activities which is
open to scholar5, 35 well as the wider School community. In addition, the School recognises the
importance of famity continuity and offers a IO% fee distount for third and subsequent children
attending the School.
In sUPPOrt of all these awards the School committed £614k12019- £606kl this year. of which E553k
12019: £552kl was awarded in bursaries to 45 students12019: 541 through its General Fund, of which
1112019.. 111 were 100%. In addition, £12k in hardship bursaries was awarded through funds don3ted
by parents and Old Frenshamians. The availability of all such awards for fee-assistance is advertised on
the School's website at www.frensham.o
Volunteers
Old Frenshamians. Friends of Ffensham. parents and members of the local community assisted and
supported the School's educational and cultural activities throughout the year and the Board would like
to record its appreclation of this invaluable and continuing supporL
REWEW OF ACIIIEVEMETrtrs AND PERFORMAN
Operational Perfonnano of the School
Educational value has been added to student achievement across all age groups- this has been
monitored using nationally recognised prediction information systems. Through the Scholarship and
Enrlchment Prograrnme,. students gain a wealth of experiences which not only enhance their curriculum
learnirE but also develop e55ential life skills. all of which add value to their time at Fren5harn. Trips and
educational visits provide access to sotial. cultural, moral and spiritual experiences as students are
challenged and trkgve the opportunity for experiential learning. Due to Covid-19, the academic year for
providing enrichment was cut short. However, through a remote learning platform, students continued
to recehie access to the curriculum delivered via a full timetable of live teaching. Opportunities for
enrichffent were creatively identified as the communty was brought together in a number of ways

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMThED
REpoKf OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
from students being involved in PPE support for the NHS. care homes and charities, virtual camp outs.
virtual sports days, charity initiatives and thallenges.
Exam results continue to be strong and increase, in line with the trajectory. This year the exam season
was cancelled and Centre Assessed Grades were used. Frensharn ensured that a robust process was
followed to ensure that all grades allocated were fair and well deseNed.
GCSES: students achieved 43% ￿7. 65% 94: 97% 9-4 grades.
A Levels.. studentsachieved 42%A'IA, 72%A'_B. IOO%A'_E. In addition, some students undertookthe
Extended Project Qualification lequivalent to half an A Level): the pass rate was 71% A'_A.
The School continue5 to attract students in the South East and London through the unique nature of
our education and pastoral care and has maintained strong student numbers. The School also remains
actNe in the intemational market place and appeals to oversea5 Student5, mainty from Europe.
FUNDRASING
The School is aware that its alumni and current parents have already committed significant funds to the
School by the families, payment of school fees and has historically taken a low-key approach to
additional fundraising,. it doe5 not employ professional or commercial fundraisers. The approach to
fundraising was reviewed during the year and plan5 are emerging for a fundraising strategy. Fund5
raised are placed in a restricted fund intended for the future provision of bvrsaries. The School is aware
of the need to protect vulnerable people from unreasonable and persistent fundraising pressure,. it has
not received any complaints about fundraising durin8 the year.
FINANCIAL REVIEW AND RESULT5 FOR THE YEAR
Resufts
The School aims to generate sufficient surplus lor reinvestment that advances the educational
experience of all students and finances improvements to the School's facilities, so that it can continue
to offer high quality education and student development. The majority of the School's income derives
from fee5 and is closely related to student numbers for the year- enterprise trading activity also creates
income. In the current yearthe group's net intomirlg resourtes amounted to £393k12019'. £496kl- This
includes income from the trading subsidiary of £76k12019- E216kl.
The School was impacted by Covid-19 with remote learning in place forthe summerterm and additional
investment in IT resources, ph￿ical infrastructure and other resource5 to ensure the School could
ieopen safely for all pupils and staff in September. The School also received funding through the
Coronavirus Job Retention Scheme and through active management of its expenditure was able to make
some costs savings. Some of these savings were passed on to parents and guardians with a partial
refund on the summer term's fees with refunds totalling £352k.
Trddingcompary
The wholly owned subsidiary and trading company, Frensham Heights Enterprises Ltd, continues to
mana8e successfully the letting and hiring facilities at Frensham Heights. For the year ended 30 June
2020 the tradin8 company has made a gift aid payment of £76k to the School. This was lower than in
previous years due to disruption to weddings and residential lets during the coronavirus pandemic.

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
BorroAlng and Ir￿eSt￿rf(
The School has had no bomwing requirement during the year and holds no investments.
Resen￿ Lthel WKI Policy and Financial y￿bilIty
The School's reseNes policy 15 to maintain sufficient ￿n￿Stricted income reserve5 to enable it to meet
its short-term financial obligations in the event of an unexpetted revenue shortfall taking into account
annual and longer term capital expenditsjre plans in conjunction with access to external financing. The
level of free reserves will therefore fluctuate within the cycle of the capital programme. The Group's
total reserves of £I7.2￿k at the year-end included £549k unspent restricted income and £16,651k
unrestricted income. £12,469k of this represented the net book value of fixed assets less associated
internal funding arrangements and £516k designated for Scholarship fundin& made a8ainst future
vears, fees leaving free reserves of £3,666k12019= £2,880kl at the year-end. This compares with a policy
level of £1,534k which would provide cover for up to tsvo months, operating costs. The Trustees. policy
is not to maintain free reserves in its Whol￿ owned subsidiary. which therefore ha5 no impact on the
School's reseNes. The governors are reviewing the reserves level in light of risk management strategies
and will be updating this in the following financial year.
GOING coN￿RN
The School produce5 regular financial information including budgets, forecasts and a longer term
strategic business plan, which are Close￿ monrtored by the Governors. These budgets, cash flows and
forecasts have been reviewed and revised in light of the Covid-19 pandemic, to tske into consideration
the current economic climate and its potential impact. A number of scenarios were produced which
considered the wider potential impatt from Covid-19 on the School's key operation5, Cash position,
sources of income and planned expenditure. Revised forecasts have been prepared together with cash-
flows, based on the most likely expected outcome from these scenarios, with sensitivrty analysis on the
key assumptions. The cash flow modelling with sensitivity analysis indicates that the cash reserves of
the School are adequate to meet the charity's obligations as they fall due.
Therefore, the Governors have a reasonable expectation that the charity has adequate resour￿5 to
continue its activities for the foreseeable future and consider that there were no material uncertainties
over the School's financial viability. Accordingly. they continue to adopt the going eoncem basls in
preparing the financial statements as outlined in the Statement of Governor5. Responsibilities.
FIXED ASSErs
Acquisitions and disposal of fixed assets durin8 theyearare shown in Note 9 tothe Financial Statements.
Freehold buildings are currently included in the Balance Sheet at C05t le55 depreciation. The Govemors
are satisfied that their current market value is in excess of their historic cost. but do not wish to Spend
charitable funds on obtaining a formal valuation for accounts purpose
RISK MANAGEMETr
The Board of Governors is responsible for the identification and management of rlsk and continues to
keep the School's artivities under critical review at every Board meeting. Detailed consideration of
specific risks is also condutted by relevant Governor Commtttees and their recommendations reported
to the Board of Governors. The key controls used by the charfty Include-
Formal agend3s for all Committee and Board activity,.
Comprehenssve strategic pL8nnin& budgeting and management accountlng:
Established organisatlonal structure and lines of reportin&

FRENSHAM NEIG￿s EDUCATIONAL TRUS[ UMtrED
REPORT OF THE BOARD OF GOVERNOR5
YEAR ENDED 31 JULY 2020
Comprehensive Risk Register
Formal written policies-
Clear authorisation and approvals: and
Vetting procedures as required by law for the protettion of the vulnerable.
The highest priority risks identrfied by the Boafd of Governors at the end of the year which could lead
to financial and operational challenge5 are..
l. The possible effect of the economic climate. including the impact of the pandemic. on student
numbers.
2. The possible impatt of changing government policy {including increases for employer
tontributions to the Teachers. Pension Schemel andlor the social environment reducing
demand for independent school education.
3. Adverse impact upon students,. staff and others, physical and mental health
4. Unpredictable adverse publicity affetting the School's reputation.
The Management Plan and strategies to manage these risks are to continue to enhance and market
Frensham Heights, ethos; develop fresh marketing strategies to maintain student numbers,. and to
exercise tight financial control over spending and debtor
Health and Safety is also a significant area of non-financial risk and it is closely managed. The risks range
from fire and infrastructure damage to personal risks. The risks associated with all activities afe
minimised by preventative plannin8 and risk assessment. The Board of Govemors 15 satisfied that for
all rnajor risks identrfied, appropriate controls have been put in place and are maintained to mitigate
the risks. It is recognised that systems can provide reasonable but not absolute assurance that major
risks have been effertively mitigated.
The pandemic has had an impart on many aspetts of education and school life, including a term of
remote learning for many students and a range of adjustments for the partial reopening to certain year
groups. Risks to potential student numbers. the boarding operation. and to physical and mental health
have all been reviewed and regularly monitored by management and governor5. Governor5 have
considered the risks and ongoing uncertainties of the situation, including the impact on fee receipts and
have identified a range of actions implemented in the year and under review for the future period.
These include odju5tments to fee5, SUPPOrt for cases of unexpected financial hardship, and investing in
facilities to support a safe learning and working environment.
FufuRE PL4NS
The School's Strategic and Business Plan 2020-23. charitable objects and ethos provide the strategic
direction for future plans,. these are captured and articulated in the School'5 Management Plan 202
2021. This document sets out the specific and detailed plans for next year. The key objettive5 Wlthin
the current plan are..
Student Achievement.
Maximise student achievement through enhancements to
Approaches to Learning and the role of tutor5.
Student Personal Development.
Maximise student development by improving
organisational skills. Further refine the PSHE (Personal, Social and Health Education)
programme.
Marketing. Maintain numbers around 525 and focus Marketing effort on retention frorn
Year 11 and retnjitment into the Sixth Fom) and in the Early Years. Develop F￿nsham,5
position as a thought leader for progressive education.
Parent Communic3tion/Reputation. Build on the success of the new Parents, Information
Evenings. Review effectiveness of parental communication5.

FRENSHAM HEIGltrs EDUCATIONAL TRUST UMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2020
Finance and SitelFacilities Development. Implement improvements to Finance and HR
systems. Produce Site developrnent plan. Continue initiattves to increase energy efficiencv
and work to sustain the woodland
Public Benefit. Maintain strong link5 With local schools, the local community (following
success of the PPE provision for the NHS over lockdownl and partner schools in Malawi.
BOARD OF GOVERNORS
The Governors are all Directors of the School and their non-beneficial interests in the ordinary Share
capital in the year are as shown in the following table-
31 July 2020
io
io
31 ju￿ 2019
20
William Bird
Angus Cadill
Margaret Coltman Iretiredl
Claire Fuller
Gerard Holden
Martin Lupton
Sally Marriott
William Marriott
Katherine Poulsom
Jackie Sullivan
Philip Ward
Richard Fry
Peter Molyneux
20
io
io
20
io
io
io
io
io
STATEMEKfoF GOVERNORS, RESPONSIBILMES
The members of the Board of Governor5 Iwho are also the directors of Frensham Heights Educational
Trust for the purposes of company lawl are responsible for preparing the Annual Report and the
financial statements in accordance with applicable13w and FRS 102. The Financial Reporting Standard
applicable in the UK and Republic of Ireland.
Company law require5 the rnernber5 of the Board of Governors to prepare finaftcial statements for e3ch
financial year. Under company law they must not approve the financial statements unless they are
satisfied that they give a tnje and fair view of the state of affairs of the charitable company and the
sroup, including the income land its application) and expenditure of the group for that year. In
preparing these financial statements. the members of the Board of Governors are required to:
selert the most suttable accountin8 policies and then apply them ConsiStent￿-
observe the methi)ds and principles in the Charities SORP 2019 IFRS 1021,.
make judgments and estimates that are reasonable and prudent,.
state whether applicable UK accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unles5 it Is inappropriate to
presume that the charitable company will continue in business.
10

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31JULY Z020
The member5 of the Board of Governors are responsible for keeping adequate accounting records that
are sufficient to show and explain the charitable company'5 transactions, disclose with reasonable
accuracy at any time the financial posltion of the charitable company and enable them to ellsure that
the financial statements Comp￿ with the Companies Act 20￿ and the provisions of the charivs
constitution. They are a150 responsible for safeguarding the assets of the charity and the group and for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
In50far a5 each of the Direttors, as members of the Board of Governor5, at the date of approval of this
report is aware there is no relevant audit information linfomiation needed by the Companrfs auditor
in connection with preparing the audit report) of which the Company's auditor is unaware. Each
member of the Board of Governors has tsken all the steps that he or she should have taken as a member
of the Board of Governors in order to make himself or herself aware of the relevant audit information
and to establish that the Compan￿$ auditor is aware of that information.
AUDITORS
Crowe U.K. LLP have expressed their willingness to continue in office as auditors.
This Annual Report. includin8 the Strategic Report. prepared under the Charities Act 2011 and the
Companies Act 2006, was approved by the Board of Governors of Frensham Heights Educational Trust
Limited on 5 December 2020 and is si8ned as authorised on its behalf by:
William Bird:
Direttor and Chair of Governors
11

Independent Auditorfs Rewt to the Members of Frensharn Heights Educatlonal Trust
Opinlon
We have audited the financial statements of Frensham Heights Educational Tru5tfer the year ended 31
July 2020 which comprise the Group Statement of Financial Activities. the GfOUP and Company Balance
Sheets, the Group Statement of Cash Flows and Notesto the Financial Statements, including a summary
of signrficant accounting policies. 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 Iunited
Kin8dom Generalty Accepted Accounting Practice).
In our opinion the financial 5tatements-
give a true and fair view of the state of the 8roup'5 and the charitable company's affairs as at
31 July 2020 and of the 8roup's income and expenditure for the year then ended..
have been Proper￿ prepared in accordance with United Kingdom Generally Accepted
Accounting Prattice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnl
We condutted our audit in accordance with International Standard5 on Auditing {UKI IISAS IUKII and
applicable law. Our responsibil¢ties under those standards are further described in the Auditorfs
responsibilities for the audit of the financi31 statements settion of our report. We are independent of
the charitable company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRCS 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 suff icient and appropriate to provide a basi5 for our opinion.
Conduslons relat1￿ to galr￿ concem
We have nothin8 to report in respett of the following matters in relation to which the ISAS IUKI require
us to report to you. where:
the tru5tee5' use of the going concern basis of accounting in the preparation of the financial
statements Is not appropriate; or
the trustees have not disclosed in the financial statements any identified material uncertaintiesthat
may cast significant doubt about the charitable companrfs ability to continue to adopt the going
concern basis of accounting for a period of at least tWe￿e months from the date when the financial
statements are authorised for issue.
Other information
The trustees are responsible for the other infomiation. The other infomiation cornprises the
inforrnation included in the annual report. other than the financial statements and our auditorfs report
thereon. Our opinion on the financial statements does not cover the other infomiation and, except to
the extent otherwise explicitly stated in our report. we do not express anyform of assurance conclusion
thereon.
12

In connertion with our audtt of the financial statements, our re5pon51bility is to read the other
information and. in doing so. considerwhether the other information 15 materially inconsistent with the
financial statements or our knowledge obtained in the audit or otheThvise appears to be materially
misstated. If we identify such material inconsistencies or app3rent material rnisstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other infomation. If. based on the work we have performed, we conclude
that ihere is a material mi55tatement of this other inforrnation, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescrfbed Cornpanles kt 2(
In our opinion based on the work undertaken in the course of our audit
the infom)ation given in the Strategic Report and the Trustees, Annual Report forthe f inancial
yearforwhich the financial statements are prepared 15 con51Stent with thefinancial statement5,'
and
the Tru5tees' Annual Report and Strategic Report have been prepared in accordance with
applicable legal requirements.
Matter5 on which we a￿ required to ￿pOrt * eKeption
In light of the knowledge and understsnding of the company and its environment obtained in the course
of the audit, we have not identified material mis5tatement5 in the Strategic report or the trustees,
annual report.
We have nothing to report in respect of the following matters in relation to which the Companies Art
2CK)6 requires us to report to you if, in our opinion..
the parent charitable company has not kept adequate accounting records.- or
the parent charitable company financial statements are not in agreement with the accounting
records and returns- or
certain disclosures of trustees, remuneration specified by law are not made; or
we have not received all the infomiation and explanations we require for our audit.
Re5pon5ibilttses of trustees
As explained more fully in the trustees. responsibilities statement set out on Page 10. the trustees are
responsible for the preparation of the financial Statements and for being satisfied that they give a true
and fair view, and for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
13

In preparing the financial Statements. the trustees are responsible for assessing the charitable
companls aEility to continue as a going concern, disclo%ng, as applicable, matters related to going
concerrb and using the going concern basis of accounting unless the trustees ather intend to liquidate
the charitalAe company or to cease operations, or have no realistic altemative but to do so.
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole
are free from materi31 misstatement, whether due to fraud or error, and to Issue an auditorfs report
that indudes our op¢nion. ReasOna￿e assurance is a high level of assurance. but is not a guarantee that
an audit conducted in accordance with ISAS IUKI wll always detett a material misstatement when it
exis
Mi55tatements can arise from fraud Ir error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
A further description of our respongbllities for the audi( of the financial statements is located on the
Financial Reporting Council's website at: www.frc.o
auditorsres
onsibilitie5. This description
form5 Part of our auditorfs reporL
Use of our report
This report is made solely to the charttable companws members. as a body. in accordance with Chapter
3 of Part 16 of the Cornpanie5 Act 2(X)6. Our audit work ha5 been undertaken so that we might state to
the charitable companrfs members those matters we are required to state to them in an auditorfs
report and for no other purpose. To the fullest extent permttted by law. we do not accept or assume
responsibility to anyone other than the charitsble company and the company's members as a body, for
our audit work, for this report. or for the opinions we have formed.
Andrew Thomas
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
Date: 19 March 2021
14

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMITED
CONSOUDATED STATEMENT OF FINANaAL AcnvmES
Ilncorporating an Income and Expendtture account)
FOR THE YEAR ENDED 31 JULY 2020
Totsl
Totol
unrestri￿ Restrirted ErKl¢Med
Funds
Fund5
Funds
Funds
Funds
2020
2019
£txKJ e(MJ) el￿ £000
I￿oMe and endowments from:
Charttable ActNltles
School fees receivable
Other educational income
Other ancillary trading income
Othertrddir* aCtN￿eS
Trading turnover
Other Income
Profit / ILossl on disposal
Investments
Investment income
Voluntary Income
Grants and Donations
8.751
187
188
8,751
187
9,006
210
321
247
34
247
34
435
17
13)
26
29
42
225
16
241
Totsl Income
9,658
19
9.677
10,932
ExpendItU￿ on:
Ralsln8 funds
Fundraisin8 Tradin8
166
166
214
CharitsbleAthltles
EdU￿tIon and grant making
9.107
li
9,118
9,322
Totsl experKliture
9,273
li
9,284
9.536
Net Income
385
393
496
Transfer5 bel￿een funds
Net M¢￿ernert of funds
16
141
141
389
393
496
Funds brought forward l Au8USt 2019
16,262
271
274
16,807
16,311
Fund5 carried forvftrd 31 Juiy 2020
17
16.651
279
270
17,21XI
16,807
All amounts relate to continuing operations. There are no recognised gains or losse5 Other than the
results for the year set out above.
The Notes on Pages 20 to 37 form part ofthese financial ststements
15

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMrtED
(Company Number: 207173}
CONSOLIDATED BALANCE SHEEr
AS AT 31 JULY 2020
2020
2019
eooo
FIXED ASS￿5
Tangible fixed assets
9a)
12,740
13,076
13.076
12,740
CURREpifASSErs
Stocks
Debtors.. amounts falling due within one year
Cash at bank and in hand
li
274
5.554
316
4,870
5.189
cRED￿ORS. amounts falling due within one
year
12
1.456
N￿CURRENT ASSErs
4A62
3,733
TOTALASSEfs LESS cURRETr￿ LL4BILmES
17,202
16,809
cRED￿ORS. amounts falling due after
more than oneyear
13
17,2(Xi
16,807
CAPThAL AND RESERVES
Called up share capital
THE FUNDS OF THE CHARrrY
UNRESfIu￿ED FUNDS
Scholarship fund
Tangible fixed asset fund
General fund
Is
16
516
12.470
3,665
12,802
2,880
16,262
16.651
RESTRicfED FUNDS
Endowments
Bursaryand award funds
270
279
274
271
549
545
TOTAL FUNDS
17
17.2CKJ
16,807
The profit forthe finanaal year dealt with in the financval statements of the parent Company was £315k
12019.. £280kl.
Approved and authorised for issue by the Board of Governors on 5 December 2020
William Bird
Governors and Directors
Angvs Carllll
The Notes on Pages 20 to 37 form part of these finanoal statements
16

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
(Company Number: 207173)
BALANCE SHE
ASAT31JULY2020
2020
2019
FIXED ASSEtS
Tangible fixed assets
Investments
9bl
io
12.736
io
13,071
io
13,081
12.746
CURRENT ASSErs
Stocks
Debtors: amounts falling due within one year
Cash at bank and in hand
li
273
5.383
5,657
309
4.951
CREDrroRS: amounts falling due within one
year
12
1,210
1,231
NETCURRENT ASSErs
4.447
3.720
TOTAL ASSEFS LESS CURRETrrr LFABIUTIES
17,193
16.801
CREDrroRS: amounts falllr8 due after
more than oneyear
13
NEfASSErs
17,193
16,801
CAprrALAND RESERVES
Called up share capital
THE FUNDS OFTHE CHARTr
UNRESTRICTED FUNDS
Scholarship fund
Tangible fixed asset fund
General fund
15
516
12,470
3.658
580
12,802
2,874
16,256
16.644
RESTRicfED FUNDS
Endowments
8ursary and award funds
270
279
274
271
545
549
TOTAL FUNDS
17
17,193
16.801
Approved and authorised for issue by the Board of Governors on 5 December 2020.
William Bird
Governors and Directors
L. Lts(L'ii
Angus Carlill
he Notes on Pages 20 to 37 forrn part of these financial statements
17

FRENSHAM HEIGTrTfs EDUCATIONAL TRUSf LIMrrED
CONSOUDATEO sfATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2020
2020
2019
E'L￿0
Cash fkA¥s from operatlr¥ aLtMtle5
Net cash provided by operating activities
921
1,058
Cash flNs from investire actfvities:
Payrnents for tangible fixed assets
Non-cash payments for tangible fixed
assets
Proceeds on Sale of tangible fixed assets
Investment income and bank interest
received
{267)
(306}
li
42
Net cash {used Inl / pro41ded ty Investin8
activities
1237)
(249)
Cash flo4¥5 from financir8 actrrfrt*s:
Finance Costs Paid
Net cash prrNlded finar￿Nd att￿e$
Change in cash and cash equivalents in
the reportirÉ period
809
Cash and cash equivalents at the
beginning of period
4.870
4,061
Cash and cash equivalents at the end of
the reporting period
4.870
The Notes on Pages 20 to 37 fom) part of these financial ststements
18

FRENSHAM HEIGHTS EDUCATIONAL TRU￿ UMtrED
NOTES TO THE CONSOUDATED CASH FLOW sfATEMENT
FOR ThE YEAR ENDED 31 JULY 2020
lil Reconcillatlon of net income to net ￿5h from operating aCtNit￿5
2020
2019
Net irncoming resources
Elimination of non-operating cash
flows-
393
496
Investment income
Depreciation Charge
Non Cash-Flow Item
Profit on sale of assets
Ilncreasel I decrease in debtors
Ilncreasel / decrease in stocks
Increase / Idecreasel in creditors
Increase / Idecreasel in fees in
advance scheme creditors
Increase / Idecreasel in parents.
deposits
142)
578
603
{ii
42
(4)
60
{2241
219
{58J
(54)
{84}
76
528
562
Net cash provided ￿ operating
activities
921
1,058
lill Ana￿SiS of cash and cash ewprdlents
2020
2019
Cash held on current account
C35h held on deposit
Petty cash held
1032
3519
1,3(
3.562
5.554
4,870
19

FREN5HAM HEIGiffs EDUCATIONAL TRusf UMITED
NOTES TO THE CONSOUDATED FINANaAL ￿ATEmENTs
FOR THE YEAR ENDED 31 JULY 2020
COMPANY INFORMATI(￿.
The School is a Public Benefit Entity registered as a charity in England and Wales and a compary
limited by guarantee. It was incorporated on 10 July 1925 Icompany number.. 2071731 and
registered as a charity on 15 August 1966 Icharity number.. 3120521.
ACCOUTrThNG pouaES
8as of p￿parat[On
The financial statements have been prepared under the h15torical cost convention in
accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS1021. the Companies Act 2(XJ6 and the Statement of Recommended Practice
applicable to charities preparing their accounts in accordance wtth the Finandal Reportlng
Standard applicable in the UK and RepU￿1t of Ireland IFRS 1021
GOI￿ Concern: As detailed in the Report ofthe Governors. the Govemors have reviewed
and revised the School's finanoal forecastr.ng in light of the Covid-19 pandemic, to take
into consideration the current economic dimate and its potential impact. A number of
scenarios were produced which considered the wider potential impart from Covid-19 on
the School's key operations. cash position, sources of income and Flanned expenditure.
Revised forecasts have been prepared together with cash-f5ows, based on the most likely
expected outcome from these scenarios. with sengtmty analygs on the key assumptions.
The cash flow moddling with sensitivity analysis indicates that the cash reserves of the
School are adequate to rneet the charity's obli8ations as they fall due.
Having regard to the above, the current cash position. and the expected cash flow over
the next 12-24 months the Governors have a reasonable expettation that the charity has
adequate resources to continue its attivitie5 for the foreseeable future and consider that
there were no material uncertainties overthe School's financial viability- Accordingly, they
continue to adopt the going concem basis in preparing the financial statements as oudined
in the Statement of Governors, Responsibilitie&
The funrtional currency of the School is conydered to be GBP because that Is the currenLV
of the primary economic environment in which the School operate&
The charty has taken advantage of the exemption available to a qualifylng Èntity in FRS
102 from the requirement to present a charity only Cash Aow Statement and certain
disclosures about the chariWs finanoal instruments.
The consolidated account5 include Fren5ham Heights Enterprises Limited. made up to 30
lune 2020. In accordance with the exemption allowed under Section 408 of the
Companies Act 2CQ6. the charivs Statement of Financial Activities is not separately
presented.
Crftlcal accountIwJ￿￿ernents arKI kw SLwrces If estlmatSon uncertalnty
In the application of the accounting policies. Trustees are required to make judgement,
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 otherfattors that are considered to be relevant. Actual
results may differ from these estimates.
20

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMITED
NOTES TO THE CONSOUDATED FINANaAL STATEMENTS (coKnNUED)
FOR TrIE YEAR ENDED 31 JULY 2020
Accou￿nN6 pouaE5 {Continued)
The estimates and underlying assumption5 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 On￿ that period, or in the period of the revision and future periods if the
rev15ion afferted current and future periods.
In the view of the trustees, no assumptions conceming the futu￿ or estimation
uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a
material adjustment to their carrying amounts in the next financial year.
bl
Fee5 and similar income
Fees receivable and charges for 5ervice5 and use of premises are accounted for in the
period in which the service 15 provided. Fee5 receivable are stated after deducting
allowances, scholarships and other remissions granted by the School.
Investment Income
Investment income from dividends, bank balances and fixed interest securities a
accounted for on an accruals basis.
dl
Voluntsry Inc¢Jme
Voluntary incoming resources are accounted for as ènd when entitlement arises. the
amount can be reasonablyquantified and the economic benefit to the School is considered
probable.
Donation5 receivable for the general purp05e of the School are credited to 'unre5trirted
funds,. Donations lor purposes restricted by the wishes of the donor are taken to
'restricted fund5, where these wishes are legally binding on the Governors. Oonations
required to be retained as capital in accordance with the donorfs wishe5 are accounted for
as 'endowments'_ permanent Of expendable according to the nature of the restriction.
Taxatlon
The School is a registered charity- As such it 15 exempt under present legislation from
assessment to corporation tax on its net income and is able to reclaim tax deducted from
covenants and interest received.
Ta￿lble fwed assets and depreclatlon
All items with a value greater than £l.C((J have been capitalised. Depreciation is provided
annually at the following rates-
Freehold buildings
Timber buildings
Modular buildings
Motor vehicles
Furniture and other equipment
Solar Panels
Computerequipment
2% of cost
5% to 6.7% of cost
4% of cost
25% of cost
I(YA- 20% of cost
5% of cost
20% to 33.3% ofcost
21

FRENSHAM HEIGHTS EDUCATIONAL TRU￿ UMtfED
NOTES TO THE CONSOUDATED ANANaAL sfATEMENTS ICONTINUEO)
FOR THE YEAR ENDED 31 JULY 2020
ACCOUNTING pouaES {Contlnued)
Bl Expenditure
Expendttufe is accrued as soon as a liability is considered probable. discounted to present
value for longer-term liabilities. Certain expenditijre is apportioned to cost categories
based on the estimated amount attributable to the actNity in the year. The irrecoverable
element of VAT is included with the item of expense to which it relates.
Raising funds comprise those costs dirertly attributable to the tradin8 subsidiary (Note 31.
Support costs comprlse a proportion of staff costs togetherwith a proportion of overhead5
of the School. Governance costs are those inturred in connection with the govemance of
the School and compliance with constitutional and statutory requirements.
Operatir8 leases
Rentals under operating leases are charged on a straight-line basis over the lease term.
even rf the payments are not made on such a basis. Benefits received and receivable as an
In￿ntNe to sign an operating lease are Similar￿ spread on a straight-line basis over the
lease tem.
h)
Stock
Stock represents goods for resale and is 5tsted at the lower of cost and net realisable
value.
Per6lon schemes
The School contributes to the Teachers, Pension Defined Benefits Scheme at rates set by
the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme
is a multi-employer pension scheme and it 15 not Possible to identify the assets and
liabilitie5 of the scheme which are attributable to the School. In accordance with FRS102
therefore, the scheme is accounted for as a defined contribution scheme.
Certain non-teachift8 Staff are members of other defined contribution schemes. All non-
teaching staff are entrcled to join a group personal pension scheme, which complies with
the requirements for a Stakeholder Pension Scheme.
Flrnancial instruments
k)
Basic financial instruments are inttially recognised at tfansattion value and subsequently
measured and amortised with the exception of investrnents 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. A specific provision is made for debts for which recoverability is
in doubt. Cash at bank and in hand is defined as all cash held in instant access bank
accounts and used as workin8 capital. Financial liabilities held at arnortised cost comprise
trade creditors. other credÉtors, accwals and deposit&

FRENSHAM HEIGHTS EDUCATIONAL TRusf LIMITED
NOTES TO THE CONSOUDATED FINANaAL STATEMENTS (COPMNUED)
FOR THE YEAR ENDED 31 JULY 2020
CHARThABLE AcfivmES. FEES RECEIVPBLE
2020
2019
£'ooo
Fee5 receivable consist ofr.
School Fees
Les5'. Total bursaries, grants and allowances
Less- Covid-19 Fee refund
9,886
(783)
(352)
9.823
f817J
8,751
9,006
INCOME
Net income is stated after charging:
Depreciation of tangible fixed assets
Auditor5. remuneration - Audit
- Other Services
578
19
22
Staff costs (Note 81
Operating lease costs
6.836
6,534
46
23

FRENSHAM HEIGtrrrs EDUCATIONAL TRUST UMtTED
NOTES TO THE CONSOUDATED FINANaAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 JULY 2020
TR4DING INCOME
Frensham Heights EducationalTrust Ltd owns the entlre issued share capital of Frensham Hei8hts
Enterprises Ltd. Company Nurnber 2866864. registered address Frensham Heights, Rowledge,
Farnham. Surrey GUIO 4EA. The principal attivity of this company is that of managing letting and
hiring facilities available at Frensham Heights.
30 June
2020
30June
2019
Tumover
Cost of sales
247
11161
435
(171J
Gross profit
Administration expenses
131
1561
264
f49J
Operating proftt
Interest recewable
75
215
Profit on ordinary activrties befo￿ taxation
Taxatkjn
Profit on ordinary artiv￿leS after taxation
76
216
76
216
Retained earnings at the start of period
Profit for the year
76
216
GrFt aid to Fren5ham Heights Educational Trust Limited
1761
(216J
Retained earnings at the end of period
Trading costs detailed above are disclosed in the consolidated Statement of Financial Activities as
follows
Cost of sales
Administrative expenses
Audit and professional fees included in govemance costs
116
56
(61
171
49
16)
Fundraising trading as on Statement of Financial AttNities
166
214
The School's and cornpan¢s year-end are non ctrtemiinus and it is not considered necessary to
have identical year ends as it is not experted that any transattions will occur in the trading
compar)y in the intervenin8 pefiod which will have a material impact on the consolidated
accounts. Administration expenses of the subsidiary include auditors, remuneration for audit
services of £4k12019 - £4kl and for other services £lk12019 - £lkl. These have been included
in governance costs in the consolidated statement of financial attivities.
24

FREN5HAM HEIGHTS EDUCATIONAL TRU￿ UMITED
NOTES TO THE CONSOUDATEO ANANaAL STATEMErns (corinNUED)
FOR THE YEAR ENDED 31 JULY Z(llO
INVEThETrff INCOME
Totsl
2020
Totol
2019
Bank deposit account interest
42
INCOME FROM CHAR￿ABLE AawTllES
2020
2019
Other educational tharftsble actmtles
Entrance and re8lStration fee5
Courses and sub-lettings
104
83
113
97
187
210
Other ancillary actwitres
Insurance commissions
School Trips, Meals and Other Income
321
188
321
ANALYSIS OF EXPENDITURE
Staff
Totsl
2020
Costs t)epreclatlon
Trading expenditure
97
97
68
68
166
166
Charitsble actfvitle5
Education and welfare
Housekeeping
Catering
Transport
Maintenance and estate
Support costs and 8overnance
4,778
363
249
539
232
277
602
5,919
595
526
18
722
1,338
287
435
2TI
6,738
1,778
602
9,118
Totsl expenditure
6.835
9,284
25

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMrrED
NOTES TO THE CONSOUDATED HNANCIAL ￿ATEmENTS (COPITINUED)
FOR THE YEAR ENDED 31 JULY 2020
ANPLYSIS OF EXPENDITURE Icontinwl)
SUPPORT Costs AJ4D GOVERNAN
2019
Salaries
Staff recruitment and travel
Marketing and professional fees
Telephone. p(Ktage, printin& stationery
Miscellaneous admin costs
Governance costs (Note 71
1,062
82
120
27
24
23
919
55
169
37
39
25
1.338
1,244
Governance costs include auditor5. remuneration for audit services of E17k12019.. £15kl and for
other services £4k 12019.. £7kl and the reimbursement of two Governors, travelling and
subsistence expenses of £756 12019 three Governor5: £1.8271. a5 well a5 £768 for Governor
miscellaneous and training costs.
srAFF cosrs
2020
2019
Wages and salaries
Social security Costs
other pension costs
4,845
479
723
496
982
6.438
6,047
Staff not dirertty employed by the School
397
487
6￿35
6.534
N(k
No.
The average monthly stsff headcount Wa5..
Teaching
Administration
Other
ICL)
30
27
26
155
157
Included in the above, one permanent member of staff is employed in the trading subsidiary
12019.. One). In addition, ad hoc staff are called upon throu8hoJt the year to provide support
for funttion5 In the trading subsidiary.

FRENSHAM HEIGHTS EDUCAT1014AL TRuFf UMITED
NOTES TO THE CONSOLIDATED FINANaAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
srAFF co￿ (Continued)
2020
2019
The total employee benefits (including employer5. pension and
national insurance contributions) of key management personnel
were".
998
805
The following number of staff received remuneration in exces5 of
£60.000 in the year=
2020
No.
2019
No.
£60,001 to £70,txx)
£70,001 to £80.C#)O
£IIO,001 to £120.LXX)
Neither the governors nor persons connected with them received any remuneration or anv
other benefits from any employment with the charity or related entity within the year12019..
£4,434).
Included in thetotal staff costrigu￿S above are temiination paymentsto employees authorised
during the year totalling £66k12019 - E26kl. All authorised payments were fully paid to
employees durin8 the year.
27

FRENSHAM HEIGHTS EDUCATIONAL TRusf UMITED
NOTE5 TO THE CONSOUDATED FINANaAL STATEMENTS (copillNUED)
FOR THE YEAR ENDED 31 JULY 2020
TANGIBLE FIXED ASS￿5
a)The Gr￿p
Freehold Land.
Buildings and
Improvements
plant.
Fumiture and
Equipment
£'ooo
Motor
Vehides
£'o
Total
Cost
At l August 2019
Additions
Disposals
At 31 Juty2020
16,453
70
1,769
185
1131
1.941
151
12
141
159
18,373
267
1171
18.623
16.523
Depreciation
At l August 2019
Charge for the year
Disposals
At 31 Jufy 2020
4.247
396
919
193
1131
131
14
141
141
5,297
603
1171
4.643
Net b>)kYalue
At 31jU￿2020
At31 July 2019
li
12.740
13,076
12.2Q6
850
20
bl The SchcA)I
Freehold Land.
Buildings and
Improvernents
£'oco
Plant.
Furniture and
Equipment
Motor
Vehides
Total
£'ooo
Cost
At l AugLJSt 2019
Additions
Disposals
At 31Jufy 2020
16.440
70
1.759
185
1131
1?31
151
12
141
159
18,350
267
1171
18.600
16.510
Depreciation
At l August 2019
Charge for the year
Disposals
At 31 Juty 2020
4.240
395
131
14
141
141
5,279
602
1171
s￿64
193
1131
4,635
Net book value
At 31 ju￿ 2020
At 31 July 2019
I1￿75
12,2L
12.736
13.071
851
20
Freehold Land, Building5 and Improvements include5 assets in the course of construttion at
C05t of £7Ck12019: £ Nil) not yet being depreciated.
plant, Furniture and Equipment indudes work in progress at a cost of £22k12019-. £Nill notyet
being depreoated.
28

FRENSHAM HEIGHTS EDUCATIONAL Tftu￿ UMrrED
NOTES TO THE CONSOUDATED RNANCIAL STATEMENTS ICONTJNUED)
FOR THE YEAR ENDED 31 JULY 2020
io.
INVE5fME￿5
Frensham Helghts Enterprfses Ltd
2020
2019
£1 Ordinary shares at par in
Frensham Heights Enterprises Ltd
io
io
io
io
Company
The company holds £IO.C(() ordinary shares, the entire issued share capital. of Frensham
Heights Enterprises ￿mIted.
The principal activity of the inve5tee is the letting of facilities available at Frensham Heights
School.
At 30 June 2020 Frensham Hei8hts Enterprise5 Ltd had capital and reserves which totalled £17k
12019.. £17kl. The tumover for the year was £247k12019: £435kl-
Frensham Heights Enterprises Ltd is a company registered in England and Wales, registered
nurnber 2866864.
11. DEBTOR5: amounts falllr8 due wlthin one yEar
Group
School
2020
2019
2020
2019
£'ooo
Amounts due from group undertakin8
Fee5 debtors
Sundry debtors and prepayments
92
83
30
132
148
132
274
316
273
310
29

FRENSHAM HEIGkrrs EDUCATIONAL TRUST UMrrED
NOTES TO THE CONSOLIDATED FINANa￿ stATEMENT5 ICONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
11 CREDrroRS: amourrts falli￿ due wlthin one year
Gr(yJp
School
2019
2020
2019
£,￿0
Amounts owed to group undertakin8S
Fees deposits
Trade creditors
Other creditors and accnjals
Fees receNed in advance
Deferred income
520
171
128
341
127
520
170
120
341
59
604
270
90
122
145
272
107
122
346
1,456
1.231
The total amount held in relation to fee5 deposits of £52￿ is included above. In the normal
course of business. the experted repayment of these amounts will be £178k within one year and
£342k after more than one year.
The School holds pupil fee dep)srts. Althou8h under normal circumstances these will be repaid
over future years when the pupils cornp￿te their education at the school, pupils can leave at
earlier dates. The school does mt therefore have an unconditional right to retain the individual
deposits for at least 12 months after balance sheet date and, in line with the requirements
in FRS 102, the balance of the deposrts held at 31 July 2020 have been included within current
liabilities. The prior year pupil fee deposits balance has been similar￿ represented.
Defeffed Incorne Recordllatlon
£'o(J)
346
125
{3441
Balance brou8ht forward at l August 2019
Additions in current year
Release of deferred income
Balance carried forward at 31 ju￿ 2020
127
The deferred income balance relates mostty to future year school trips income,. and on the tradin8
subsidiary, future year residential lets and weddings.

FRENSHAM HE1GTr￿5 EDUCATIONAL TRUST UMITED
NOTES TO THE CON50UDATED FINANOAL sfATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
13. CREDITORS: amounts falling due after rn0￿ than ortyear
Grcwp
2020
2019
2020
2019
E'OOO
Oeferred income
14. FEES IN ADVANCE SCHEME
The School is not Current￿ offerin8 a Fee5 in Advance Scheme due to the low interest rate
environment.
15. SHARE CAPITAL
2020
2019
Authorised
l(X) Ordinary shares of £1 each
loo
Ic
Allotted. issued and fully paid
IQO Ordinary shares of £1 each
100
100
16. MOVEMENT ON FUNDS
Balance at
l August
2019
Transfer
Between
Funds
£'o
Balan
at31Jufy
2020
Incorning Re50urces
Resources
Expended
Restricted Funds
Bursary and award fund
Music award fund
Endowment fund
266
17
Iii)
2n
274
545
141
141
270
549
19
Iiii
Designated Fund5
Scholarship fund
Tangible fixed assets
fund
580
12.802
1641
13321
516
12.470
General Fund
2,880
9,6S7
{9.2721
3.665
16,807
9.676
19,2831
17.2(KJ
31

FREN5HAM HEIGHTS EDUCATIONAL TRUST UMITED
NOTES TO THE CONSOUDATED FINANaAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
MOVEMEKf ON FUNDS (Contin￿d}
Balance at
l August
Incoming Resources
2018 Resources
Expended
Transfer
Between
Funds
£'oLx)
Balance
at31Ju
2019
Restricted Funds
Bursary and award fund
Music award fund
Endowment fund
265
131
266
279
151
151
274
545
Designated Funds
Scholarship fund
Tangible fixed
assets fund
577
13,086
12841
12.802
Gererdl FuThl
2.104
10,027
{9.253}
16,311
10,033
19,5371
16,807
Bursary arKI award Fund
Consists of donations for the future award of bursaries. This will accumulate over time until the
level of income the fund generates is sufficient to provide a reasonable bursary for a student.
Expendable Endowment fvnds
These are funds which have been given to the School to invest in the School's building5.
De51gnated funds
These funds represent amounts set aside at the discretion of the Govemors.
Scholarship fund
This scholarship fund is used to indicate scholarships and bursaries currently awarded for speciPIc
stages of education, made against future years, fees.
Tangible flxed assets fund
The fund represents the amount of general funds invested by the School in its tangible fixed
a55ets after deducting those assets represented by the endowment funds.
Trdr6fers
A transfer of £4k has been made bets¥een the endowment and unrestricted funds. This
represents the depreciation charged on the proportion of the building represented by the
endowment fund.
A transfer of1£64kl has been made to reduce the Scholarship FurKI. This is to cover the School's
future commitments at 31 ju￿ 2020 to bursaries and scholarships for spe¢ifi¢ pupils.
A transfer of {£332kl has been made between the General fund and the Tangible Fixed Asset
Fund to ensure that this, plus the Endowment Fund. a￿ equal to tangible fixed assets wthin the
consolidated balance sheet.
32

FRENSHAM HEIGHTS EDUCATIONAL TRUST U￿￿ED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY ZOZO
17. ANALYSIS OF AssEfs 8￿EEN FUNDS
The Group
Unrestritted
General
Funds
Restricted
Furids
Endowment
Funds
Totsl
2020
Tan8ible fixed assets
Net current assets
12,470
4,183
270
12,740
4.462
279
16,653
279
270
17,202
Creditors: amounts falling due
after oneyear
16.651
279
270
17,2txi
The Charity
Tangible fixed assets
Investment5
Net current assets
12.466
io
4,168
270
12,736
io
4.447
279
16,644
279
270
17,193
Creditors.. amounts falling due
after one year
16,644
279
270
17.193
33

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
NOTES TO THE CONSOUDATED FINANaAL STATEMENTS {CONTJNUEO)
FOR THE YEAR ENDED 31 WLY 21r20
17. ATrIALYSIS OF NEfASSEfs BETWEEN FUNDS IContirwJed}
The Group
Unrestricted
General
Funds
Restricted
Fund5
Endowment
Funds
Total
2019
Tangible fixed assets
Net current assets
12,801
3,461
275
13.076
3.733
272
16,262
272
275
CredFtors= amounts folling due
after one year
16.260
272
275
16,807
The (hrlty
Tangible fixed assets
Investments
Net current assets
12,796
io
275
13,071
io
3,720
272
16.254
272
275
16.Wl
Creditors.. amounts falling due
after one year
16,254
272
275
I6.8￿1
PENSION SCIIEMES
The School participates in the Teachers. Pension Scheme 1.the TPS") for rts teaching staff. The
pension charge for the year includes contribution5 payable to the TPS of £758k12019.. £S34kl
and at the year-end £Nil12019.. £Nill was accrued in respert of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme govemed by The
Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme
Regulations 2014 las arnendedl. Members contribute on a "pay as you go" basis with
contributions from member5 and the employer being credited to the Exchequer. Retirement and
other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations
undertaken by the Government Artuary's Department. The most recent actuarial valuation of
the TPS was prepared as at 31 March 2016 and the Valuation Report. which was published in
March 2019, confirmed that the employer contribution rate for the TPS would increase from
16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme
administration levy of 0.08% giving a total employer contribution rate of 23.68%.

FRENSHAM HEIGfrrrs EDUCATIONAL TRUST UMITED
NOTES TO THE CONSOUDATED HNANaAL STATEMErirs {CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
PENSION SCHEMES Icontlnued)
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the
scheme ￿gUlationS and under the approach specified in the Directions, a5 they applied at 5
March 2019. However. the assumptions were considered and set by the Department for
Education prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts
to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions
including the Teochers, Pensions.
On 27 June 2019 the Supreme Covrt denied the 8ovemment permi55ion to appeal the Court of
Appeal's judgment that transitional provisions Introduced to the reformed pension schemes in
2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision
and has said it will engage fully with the Employment Tribunal as well as employer and member
representatives to agree how the discrimination5 will be remedied. A consultation was launched
by the government on 16 July 2020, and closed to responses on 11 Ortober 2020.
The TPS is subject to a tost cap mechanism which was put in place to protect taxpayers against
vnforeseen changes in scheme costs. The Chief Secretary to the Treasury, h3ving in 2D18
announced that there would be a review of this cost cap mechanism, in January 2019 announced
a pause to the cost cap mechanism following the Court of Appeal's nJling in the
McCloudlSar8eant case and until there is certainty about the value of pen5ion5 to employee5
from April 2015 onwards. The pause was lifted in ju￿ 2020 and the govemment is preparing to
omplete the cost control element of the 2016 valuations. which is expetted to be completed in
2021.
In view of the above rulings and decisions the assumptions used in the 31 March 2016 Attuarial
Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with
revised benefits and suitably revised assumptions would yield different results than those
ontained in the Actuarial Valuation.
Until the consultation and the cost cap mechanism review are completed it is not possible to
conclude on any financial impart or future changes to the contribution rates of the TPS.
Accordingly, no provision for any additional past benefit pension costs is included in these
financial statements.
The pension cost for the year in relation to other defined contribution scheme5 amounts to
£223k12019'. £189kl and ha5 been included in the Statement of Financial Artivities.
19, LEASING COMMtTMEpirs
The Trust is committed to makin8 the followin8 payments under operating leases..
Equipment
2020
Equipment
2019
£'ooo
Oue in less than one year
Due within two and five years
Due in more than five years
46
33
42

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
NOTES TO THE CONSOUDATED FINANaAL StATEMENTS (coKnNUED)
FOR THE YEAR ENDED 31 JULY 2020
20. C4prrAL COMMThETrirs
At 31 july 2020 the School had outstanding retention commitments for.. £183k in respect of the
modular build project,. £3.5k in respect of the swimming pool auto-dosing equipment- £4k in
respect of the re-branding and website redesign project. The Schoo5 had rK) Other Capital
commitments.
21. RELATED PARTYTrlTri￿llONs
In 201920 the School charged £15k12019= £15kl to Enterprises for utilitie5 and associated
services. The balance owed to the School at 31 Juty 2020 was £92k12019.. £30kl.

FREN5HAM HEIGHT5 EDUCATIONAL TRUST UMITEO
NOTES TO THE CONSOUDATED FINANaAL STATEMENTS {coffflNUED)
FOR THE YEAR ENDED 31 JULY 2020
22. CONSOLIDATED ￿ATEMEfr￿ OF FINANCIALACTivmES-COMPARISON FIGURES BY FUND TYPE
Total
Fund5
2019
Funds
Funds
Funds
Income and endtrwments from:
Charltsble AttNities
School fees receivable
Other educational income
Other ancillary tradin8 income
Othertrading actNSttes
Trading turnover
Fundraising Income
Other Income
Profit on Disposal
Investsments
Investment income
Vduntsry Sources
Donations
9,006
210
321
210
321
435
435
17
131
17
131
42
Totsl Income
10.026
10,032
Expendlture on:
Raising fund5
Fundraising Trading
214
214
Charitable ActNities
Education and grant making
9.322
9,322
Totsl expendltu
9.536
9,536
Net Income
496
Transfers between funds
151
Net movement of funds
495
151
496
Fund balances at l Au8USt 2018
15,767
265
279
16.311
FUND BALANCES AT 31 JULY 2019
16.262
271
274
16,807
37