COMPANY REGlSfK4TION NUMBER: 207173
REGISTERED CHARrrY NUMBER: 312052
FRENSHAM HEIGHTS
EDUCATIONAL TRUST LIMITED
REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS
31JULY2021

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
YEAR ENDED 31JULY 2021
Contsnts
Page
Governors, Officers and Advisers
Report of the Board of Governors
3-12
Report of the Auditors
13-15
Consolidated Statement of FinaTrcial Activities
16
Consolidated Balance Sheet
17
Frensham Heights Educational Trust Balance Sheet
18
Consolidated Statement of Cash Flows
19
Notes to the Con501idated Cash Flow Statement
20
Notes to the Consolidated Financial Statements
21-38

FRENSHAM HÉIGHTS EDUCATIONAL TRUST LIMITED
GOVERNORS, OFFICERS AND ADVISERS
YEAR ENDED 31 JULY 2021
DIREcfoRS AND GOVERNORS
Willi8m Bird Ichairl
Gerard Holden (Vice CFiairl
Angus Carlill (Treasurer)
Claire Fuller (resigned 5 December 20201
Martin Lupton
Salw Marriott
William Marriott
Katherine Poulsom
Jackie Sullivan
Philip Ward
Richard Fry
Peter Molyneux
Catherine Love lappointed 5 December 20201
FINANCE AND HUMAN RESOUR￿5 COMMITfEE
Angus Carlill Ichairl
William Bird
Richard Fry
Katherine Poulsom
Jackie Sullivan
GROUP 5
William Bird Ichairl
Angus Carlill (Treasurer)
Gerard Holden Ivice Chairl
Rlck Clarke IHe3dl
Ann Marie Dalton-Pillay ICOOI Ileft the
school as at 31 October 20211
a3ire FLAller
EDUG4TION COMMIThEE
Philip Ward ICh3irl
William Bird
Richard Fry
Gerard Holden
HEAD
Rlck Clarke
CHIEF OPEFIATING oFFI￿R &
COMPANY SECRFfARY
Ann Marie Dalton-Pillay
IAppointed as Corn￿￿¥ Secretary on 5 December 2020 and as
Chief Operating Officer with effect from 11 January 2021, left
the sd)ool as at 310ctober 20211
BURS4R & COMPANY SECREfARY
James Bell Ire5igned 25 November 20201
Note: Officers li.e. Chair, Vice Chair and Treasurer) are ex-officio members of all Board committees.

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
GOVERNORS, OFFICERS AND ADVISERS
YEAR ENDED 31JULY2021
REGISTERED OFFI
Frensham Heights
Rowledge
Farnham
Surrey
GU104EA
COMPANY NUMBER
REGisfERED CHARITY
207173
312052
BANKERS
HSBC Bank plc
The Borough
Farnham
Surrey
GU9 7NJ
SOUCITORS
GBH Law Itrading as Goodyear Blackie Herrington Solicitors)
7~8 Innovation Place
Douglas Drive
Godalming
Surrev
GU7 IJX
AUDITORS
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
INSURANCE BROKERS
Marsh Insurance Brokers Limited
Rockwood House
9-17 Perrymount Road
Haywards Heath
West Sussex
RH16 3DU

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
The Governors of Frensham Heights Educational Trust Limited. who are also the Directors and Charity
Trustees, are pleased to present their annual directors, report together with the consolidated financial
statements of the charity and its subsidiary for the year ended 31 2021 which are also prepared to
meet the requirements for a directors, report and accounts for Companies Act puiposes. The financial
statements comply with the ch3ritie5 Act 2011, the Companies Act 2006, the Memorandum and Articles
of Associatlon, 2nd Accounting and Reporting by Charities.. Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021.
DIRE￿oR5, REPORT
CONSTITLMON AND OBJECTS
Frensham Heights Educational Trust Limited was founded under Memorandum 2nd Articles of
Association dated 10 July 1925 as amended on 4 April 1950, 22 June 1996. 11 January 21J)6 and 5
December 2020. It is constituted as a company limited by shares, registered in England, No. 207173,
nd Is registered with the Charlty Commission under Charity No. 312052.
The Chaiivs principal Objects, as set out in the Memorandum of Association, are the advancement of
education, including the provision of a school for boy5 and girls at Frensham, the holding of exhibitions,
classes 01 conferences, whether general, professional or technical, and support to other ch3ritable
bodies. There has been no change to the Objects during the year.
In furtherance of these Objects arld for the public benefit, the School has established 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 pursuance of these Objects.
srRUCTURE, GOVERNANCE AND MANAGEMENT
Contact Informatlon
The Governors, Head, Company Secretary. and principal address of the Charity are as listed on Page l.
Details of the Charity's professional advisers are also listed on Page 2.
Group Strucbjre and Relatlonshlps
The Charity has a wholly owned non-charitable subsidiary, Frensham Heights Enterprises Limited,
(Company number 28668641 which was incorporated in 1993. Its principal activity is managing the
hiring and lettlng of facilities at the School.
Board of Governors
One third of 811 directors retire by rotation each year (including any director who is an officerl. Any
retiring director will be available for immediate re.election and the expectation Is that dlrectors will
serve either two or three terms of three years each.
One new Governor was appointed during the year. A re8lSter of skills is maintained for the appointed
members of the Board and this information informs the decisions of the Board both in determining the
skill sets and experiernce sought through advErtising of forthcomlng vacancies, and in the
recommendations for 5uccesslon planning and Board appointments. Member5 of the Governing Body
are appointed against the skills register which is considered and approved by the Governing Body on an
annual basis. Potential Governors undergo a series of interviews and briefings before attending the
Board as observers,. after whlch they may be appointed. New Governors under80 induction sessions

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
with the Chair, the Head and Company Setretary to brief them on.. their legal obligations under charity
and company law, the charity Commission guidance on public benefit, and inform them of the content
of the Memorandum and Articles of Association, the committee and decision-making processes, the
Strategy and recent financial performance of the charity. New Govemors are given a tour of the School
to meet key employees and they are encouraged to attend appropriate external training events to
facilitate the undertaking of their rose. 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 a11 Governors.
Governance Code
The trustees are aware of the Charity Governance Code published in 2017, and updated in March 2021,
which sets out the principle5 and recommended practice for good Eovernance within the sector. During
2020 the Charity began a revlew of current governance arrangements against the principles within the
code and prepared an action plan to addre55 areas identified for best-pr3Ctice improvements. That
review of governance arrangement Is kept under constant review and modifications and improvemeAts
are continuously implemented.
Related parties and ctroperatlon with other organlsatlons
None of the Governors has received remuneration or other benefit from their work with the school In
the year. Any eonnectiors between a trustee or senior manager of the school must be disclosed to the
full Board of Governors in the same way a5 any other contractual relationship with a related party.
Organlsatlonal Management
The Governors, who are also the Charity Trustees, are legally responsible for the general pollcy of the
School and for the overall management and control of the School.
The Governors meet as a Board at least three times a year. The work of overseeing the implementation
of policies is carried out by committees. During the year, two committees were combined to form th
Finance 3nd Human Resource5 Committee, which sits at least three times a year priorto each full Board
meeting. All other committees sit a minimum of three times per year.
During the year and in dirert response to the COVIO-19 pandemic the Board extended the remit of its
Group 5 IG51, a steering Eroup of Governors, the Head and Chief Operating Officer. The G5 met
regularly through the pandemic period, with major decisions being referred to the board for approval.
The committees and their membership are listed on Page l. 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 School's Health and Safety Committee,. the Parents, Committee,. and the Staff Common Room
Comrnittee.
The day~to-day management of the School is delegated to the Senior Leadership Team ISLTI, which 45
comprised of the Head, Chief Operating Officer, Deputy Head, Deputy Head Academic and Head of
Junior School. The Head and the Chief Operating Officer are invited ex-officio to a11 Board and
committee meetin8s. The pay and remuneration of the Head and the Chief Operating Officer are Set
by the whole Board at their Spring or Summer Board meetings having considered independent
benchmark reports across the independent school education sector. In January 2021 a new Chief
Operating Officer was appointed to replace the Interim Bursar. The Chief Operating Officer left the
school in October 2021 and was replaced by a consultant Interim Bursar in November 2021.

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OFTHE BOARD OF GOVERNORS
YEAR ENDED 31 JULY2021
AIMS, OBJEcfivES AND AcfiviTIES
Publlc Benefit Alms and Attlvitles
In meeting its Objects, the School's public benefit aim is to provide a world class progressive education
that e¥nphasises progressive values and focuses on students as individuals to bring out their strengths,
with creative and performing arts given equal status alongside more traditional academic subjects and
sport. In line with its eth05, the School welcomes students from all backgrounds where It is believed
that the prospective student can benefit from the ed￿CatIOn provided at the School.
In support of its public benefit 8im the School also award5 annu81 bursaries, which are outlined in the
grant making section of the Strategic Report, Thè Board has been 2nd remains committed to growing
the number of bursaries awarded in order to wlden participation at the school recognising the
significant opportunities such bursaries provide to the recipients and their families.
In addition to providing education supported by an extensive range of extra-curricular activities the
schoo1 has due regard for Its obligations under the Charity Commission's published guidance on the
public benefit requirement Icharities Act 20111, therefore the School also works in partnership with
local Schools, charities and organi5ation5 to widen public access to educatlon.
In 2020 the school created 3 new post of Assistant Head Istudent Development), with responsibility for
outreach and community links, in 2021 the School further supported our community benefit by
providing additiorial human resource support to deliver our ambitions in this area. The School continues
to work closely with Rowledge Primary School supporting the Forest School programme, offering access
to science laboratories and a member of staff is also a Governor there. Other local, maintained sector
schools, youth group5, scouts ènd cubs made use of the School's music, art and sports facilities and
minibuses. The School has also forged very strong charitable links with All Saints School and Amao
OrphanaEe in Malawi. The school has now begun work at a second school Imikuyul in Malawi. Over
the last ten years, in addition to working visits by staff and students, practical assistance and charitable
funds raised by the School community have had significant impact for people living in those M31awi
communities.
During the COVID-19 pandemic, the School proactively set up a hub for the creation of PPE for hospital5,
care homes and other community beneficiaries, including the creation of 3D prlnted visors, donated
gloves and created masks and medical scrubs.
Objectlves forthe Year
The School'5 principal objectives for the year were to..
l. Maximise student achievement
2. Maximi5e student personal development through effertive tutoring and involvement in
opportunities outside the cla55room
3. Inspire and further develop the teaching staff through professlonal development opportunities
4. Further enhance teaching and learning
5. Maintain a roll of approxirnately 520 students for the year
6. Redefine and revamp the Scholarship and Enrichment programme offered throughout the
School so that it Is more in keeping with the School's ethos
7. Deliver the School's charitable objects and demonstrable public benePIt
8. M2lntain financial stability
9. Ensure compliance with all COVID-19 regulatory advice and protocols

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
STRATEGIC REPORT
The Strategic Dlrectlon of the School
During the year, the Head completed work on reviewing and updating the school's vision, mission, and
values. At its meeting held on 22 May 2021 and following an all-school consultation proce55 the Board
warmly welcomed and endorsed new vision and mission ststements, they are as follows..
OUR VISION
Empowering tomorrow's change-makers to find their inspiration today through a transformative
education
OUR MISSION
We continue to pioneer a better education, one which
celebrates the individual as part of a nurturing and supportive community.
amplifies the voices of our community, encouraging 5elf-expression and sharing of ideas.
brims with inspiration from strong relationships with outstanding educators in a stimulating
environment.
The Board is confident that the re-3rticulation of the aims and mission place5 the School firmly in a
position to continue to deliver its unique educational offering as a leadinE progressive school for the
years to come.
OUR VALUES
The Board was pleased to endorse the adoption of new school values alongside the vision and mission
and to champion the delivery of a values-based culture for the school,. we are extremely proud to
support our new value5 which are..
Orlgln(711ty of thought
Spirltof tO9etherness
Respettof Indivlduallty
Courage to ty
To support the new vision, mission and values the Board looks forward to receiving a revised Strategic
Plan and an underpinning Management plan in autumn 2021 articulating and detailing the delivery of
those aims, complete with targets, milestones, and measures of success for the school.
Prlnclpal Actlvlty of the Year
The princlpal activity continues to be the provision of day and boarding education for boys and Birls
aged from 3 to 18 ye2rs. This year the School averaged 52912020= 5251 students of whom 45912020..
4341 were day students and 7012020.. 911 were boarders. In March 2020 the School sought and was
successfully granted the ability to grow its student numbers.
Grant-maklng
During the year the School set aside funds to support bursaries, which were offered to parents of
studentswho could not otherwise afford to send their children to the School, based on 3 comprehensive
means-tested assessment of financial need. The proces5 requires parents or Euardians to complete a
detailed financial form covering income, expenditure and assets which is reviewed by the Chief
Operating Officer and Head, and a representative of the Board of Governors in difficult cases before
any award is made. Bursary awards are re-assessed annually. The School's policy is to ensure funds are
allocated for bursaries, and also develop fLJrther its programme of Scholarship and Enrichment activities
which is open to scholars, as well as the wider School community.

FRENSHAM HEIGHTS EDUCATIONAL TRusf LIMITED
REPORT OF THÉ BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
In support of all these awards the School committed £530k12020'. £614kl this year, of which £471k
12020.. £553kl was awarded in bursaries to 44 students12020.. 451 through its General Fltnd, of which 9
12020.. 111 were 100%. In addition, £3k in hardship bursaries was awarded through funds donated by
parents. The availability of all such awards for fee-assistance is advertised on the School's website at
www.frensham.or
Volunteers
Old Frenshamian5, Friends of Frensham, 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 appreciation of this invaluable and continuing support.
R84IEW OF ACHIEVEMENTS AND PERFORMANCE
Operatlonal Perfomance ofthe School
Educational value has been added to student achievement across all 38e 8roups- this has been
monitored using nationally recognised prediction Information systems. Through the Scholarship and
Enrichment Programme, students gain a we31th of experiences which not only enhance their curriculum
learning but also develop essenti31 life skills, 311 of which add value to their time at Frensham. Trips and
educational visits provide access to social, cultural, moral, and Spiritual experiences as students are
challenged and have the opportunity for experiential learning.
Due to COVID~1g, the academic year for providing enrichment was cut short. However, through a
remote learning p13tform, students continued to receive access to the curriculum delivered vl3 a full
timetable of live teaching. Opportunities for enrichment were creatively identified as the community
was brought togethei in a number of ways from students being involved in PPE support for the NHS,
care homes and charities, virtual camp OLJts, virtual sports days, charity initiatives and challenges.
Exam results continue to be strong and incre35e, in line with the trajectory. This year the exam season
was cancelled and Teacher Assessed Grades were used. Frensham ensured that a robust process was
followed to ensure that all gracles allocated were fair and well deserved.
GCSES.. students achieved 61% 9-7,. 76% 9-6,. 99% 9-4 grade5.
A Levels.. students achieved 62% A'/A, 85% A'_B, IOOY¢ A*_E. In addition, some students undertook the
Extended Projert Qualific8tiorE (equivalent to half an A Level),. the p3ss rète was l(K)% A'_A.
The School continues to attract students in the South East and London through the unique nature of
our education and pastoral care and has maintained strong student number5. The School a150 remains
active in the international market place and appeals to overseas students, mainly from Europe.
FUNDRAISING
The School recognises that its alumni and current parents have already cornmitted signrficant funds to
the School by the families, payment of school fees and has historically taken a low-key approach to
additional fundraising. The approach to fundraising was recently reviewed and plans are in operation
to increase our fundraising activity by appointing in the latter part of 20213 Director of Development
to develop and deliver a long-term fundraising strategy for the School. Funds raised are placed In a
restricted fund intended for the future provision of bursaries. 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 during the year.

FRENSHAM HEIGHTS EDUCATIONAL TrUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
FINANaAL REVIEW AND RESULTS FOR THE YEAR
Resu￿5
The School aims to generate sufficient surplus for 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 Board had identified the following
strategic priorities for the future..
l. Investment in our people
2. Investment in our estate
3. Inve5tmÈnt in our IT systems
4. An ongoing commitment to enhance our bursary provision thus widening acces5 to the School
The Tnajority of the School's income derives from fees and is closely related to Student numbers for the
year,. enterprise trading activity also creates income. However, during the pandemic there has been a
very significant impact on our ability to generate thè usual contributlon from our enterprise trading
activity, we anticipate the recovery of that income stream post pandemic and as public confidence
returns. The Board has also supported the rebranding of our enterprise trading arm to enable and
support its recoveryto pre-pandemic levels of contribution. In the currentyear the group's net incoming
resources amounted to £220k12020.. £393kl. This includes a loss from the trading subsidiary of1£56kl
12020.. £76kl.
COVID-19 had a significant imp3Ct on the whole education sector and on our school with remote
learning In place throughout the year with the associateLI additional investment required in IT
resources, physical infrastructure and other re50urces to ensure the School could reopen and operate
safely for all pupils and staff once government enabled schools to do so. Despite the pandemic we
continued to operate and to successfully deliver education to our Students.
The School also received funding through the Coronavirus lob 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 rebate.
Tradlng Companv
The wholly owned subsidiary and trading company. Frensham Heights Enterprises Ltd, continues to
manage successfully the letting anoj hiring facilities at Frensham Heights. For the year ended 30 June
2021 the trading company did not make any gift aid payments to the School due to COVID-19 and the
resultant disruption to weddings and residential lets affecting the trading results. However, plan5 are
in place to return to ? position where gift aid payments can be made to the School and recent activities
have included è launch event to forge strong relationships wlth local wedding-related suppliers, a
marketln8 campaign to focus on raising the social media profile of "Frensham Hall" and a re-brandin8
exercise for the wedding business, with a new website and printed marketing materials.
Borrowlng and Investment
The School has had no borrowing requirement during the year and holds no investment5.
Re5erve5 Level and Pollcy and Flnanclal Mablllty
The School's reserves policy is to maintain sufFicient unrestricted income reserves to enable it to meet
its short-term financial obligations in the event of an unexpected revenue shortfall taking into 2ccount
annual and longer term capital expenditure plans in conjunction with access to external financing. The
level of free reseNes will therefore fluctuate within the cycle of the capital pro8ramme. The Group's

FREN5HAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31JULY2021
total reserves of £17,420k at the ye2r-Ènd included £S48k unspent restrlcted Income and £16,872k
unrestricted income. £12,186k of this represented the net book value of fixed assets less associated
internal funding arrangements and £503k designated for Scholarship funding, made ag3inst future
years, fees leaving free reserves of £4,183k12020.. £3,666kl atthe year-end. This compares with a policy
level of £2,300k12020.' £1,534kl which would provide cover for up to three months, operating costs
12020- two months). The Trustees, policy is not to maintain free reseNes ir) its wholly owned subsidiary,
which therefore has no impart on the School's reserves. The Governors regulaily review the levels of
resetves.
GOING CONCERN
The School produces regular financial information including budgets, forecasts and a longer term
strategic business plan, which are closely monitored by the Governors. Through this strategic planning
and monitoring of financial information, the Governors are conf ident of moving towards a surplus
Position in the medium term, from this year's expected deficit. These budgets, cash flows and forecasts
have been reviewed and revised due to the COVID-19 pandemic, to take into consideration the current
economic climate and its potential impact. A number of scenarios were produced which considered
the wider potentl81 impact from COVIO-19 on the School's key operations, 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 sensitivity analysis on the key
assurnptions. The cash flow modelling with sensitivity analys15 indicates that the cash reservès of the
School are adequate to meet the charitls obligations as they fall due.
Therefore, the Governors have a reasonable expectation that tFie charlty has adequate resources 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 concern b3sis in
preparing the financial statement5 as outlinÈd IN the Statement of Governors, Responsibilities.
FIXED ASSEtS
Acquisitions and disposal of fixed assets during the year are shown in Note 9 to the Financial Statements.
Freehold bulldings are currently included in the Balance Sheet at cost less depreciation. The Governors
are satisfied that their current market value exceeds their historic cost, but do not wish to spend
charitable funds on obt3ining a formal valuation for accounts purposes.
RISK MANAGEMENT
The Board of Governors is responsible for the identification and management of risk and continue5 to
keep the School's activities under critical review at every Board meeting. Detailed consideration of
specific risks is also conducted by relevant Governor Committees 2nd their recommendations reported
to the Board of Governors. The key controls used by the charity include..
Formal agendas for all Committee and Board activity
Comprehensive strategic planning, budgetin& and management accounting
Established organisational structure and lines of reporting
Comprehensive Risk Register
Formal written policies
Clear authorisation and approvals,. and
Vetting procedures as required by law for the protection of the vulnerable.

FRENSHAM HEIGHTS EDUCATIONAL TRUST IIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
The highest priority risks identified by the Board of Governors at the end of the year which could lead
to financial and operational challenges are-
l. The ongoing cost of the Teachers, Pension Scheme to the School a5 an empliryer
2. An increasing cost base
3. Reduction In boarding student numbers
4. Retention into the sixth form
5. The impact of changing government policy including potential
further increases for employerg contributions to the Teachers, Pension scheme
increases in National Insurance
the loss of business rates relief
6. Any reduction in the demand for independent schoDI education
7. The ongoing imp3Ct of the pandemic
8. The ongoing impact of Brexit
9. Any adverse impact upon the wellbeing of our students and staff
10. Any adverse publicity affecting the School's reputation.
Multiple strategies are being employed to manage these risks including enhancing our marketing efforts
for our unique Frensham Heights, proposition,. in addition, we will continue to grow and maintain our
student numbers; and to exercise tight financial control over spending and debtors.
Health and Safety is recognised as 3 significant area of non-financi31 risk and it is closely managed. The
risks range From fire 2nd infrastructure damage to personal risks. The risks assoclèted with all 8Ctivities
are minimised by prever)tatlve planning and risk assessment. The Board of Governors is satisfied that
for all major risks identified, appropriate controls have been put in place and are maintained to mit18ate
the risks. It Is recognised that systems can provide reasonable but not absolute assurance that major
risks have been effectively mitigated.
TEACHER5, PENSION SCHEME
In common with much of the sector, the Schools, largest cost Is that of staff costs in particular the need
to fund pension benefits for our staff. This has proved increasingly challengin8 in respect of the
Teachers, pension scheme due to the increasir)g employers, contributions now required into that
scheme.
The Governors recognisin8 their duty to act prudently In connection with the longevity of the School
and have considered..
the ongoing impact of the increased tontrlbution on the School's finances. They consider that
the impact is a very significant one wlth implications for the future viability of the School.
whether the School should continue with membership of TPS and to try to mitigate the extra
costs by, for example, increasing fees, absorbing the increased costs by having lower surpluses,
andlor making cost reductions by having fewer staff as a result of having increased classroom
sizes and/or a reduced number of extra-curricular activities.
c. The need to ensure the School ha5 adequate financial resilience to invest in our people, in our
estate. in our IT systems and in our important strategic priority,. our commitment to widening
access through a larger number of bursaries.
d. the effect that leaving membership of TPS could have on the School and what alternative
pension scheme could be offered in place of membership of TPS.
10

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENOED 31JULY 2021
Therefore, on 20 March 2021 the Governors approved the commencement of a formal consultation on
the Schools, membership of the TPS which is scheduled to conclude at the end of November 2021.
FLrruRE PLANS
The School's Strategic and Business Plan, charitable objects and ethos provide the strategic direction
for future planning,. these are captured and articulated in the School's Management Plan 2020-2021.
This document sets out the specific ar)d detailed plans for next year. The key objectives within the
current plan are..
1. Student Achievement. Maximise student achievement through enhancements to Approaches
to Learning and the role of tutors.
2. Student Personal Development. Maximise student development by improving o￿anIS8t1onal
ski115. Further refine the PSHE IPersonal, Social and Health Education) programme.
3. Marketing. Maintoin r*umbers around 525 and focus marketing effort on retention from Year
11 and recruitment into the Sixth Form and in the Early Years. Develop Frensham's posltion as
a thought leader for progressive education.
4. Parent CommunicationlReputation. Build on the success of the new Parents, Information
Evenings. Review effectiveness of p2rental communlcations.
5. Finance and Site/Facilities Development. Implement improvements to Finance and HR systems.
Produce an Estates Masterplan and a supporting space utilisation plan to enable and inform
long-term capital planning for the estate. Continue initiatives to increase energy efficiency and
work to sustain the woodlands.
6. Public Benefit. Malntain strong links with local schools, the local community Ifgllowing success
of the PPE provision for the NHS over lockdown) arnd partner schools in Malawi.
BOARD OF GOVERNORS
The Governors are all Oirectors 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 2021
io
io
31 July 2020
io
io
io
io
William Bird
Angus Carlill
Claire Fvller
Gerard Holden
Martin Lupton
Sally Marriott
William Marriott
Katherine Poulsom
J8ckie Sullivan
Philip Ward
Richard Fry
Peter Molyneux
Catherine Love
io
io
io
io
io
io
io
io
io
io

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
REPORT OF THE BOARD OF GOVERNORS
YEAR ENDED 31 JULY 2021
sTATEmE￿rOF GOVERNORg RESPONSIBILITIES
The members of the Board of Governor5 (who are also the directors of Frensharn Heights Educational
Trust for the purposes of company lawl are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and FR5 102, The Financial Reporting Standard
applicable in the UK and Republic of Ireland.
Company law requires the rnembers of the Board of Governors to prepare fin2ncial statements for each
financial year. Under company law they must rnot approve the financial statements unless they are
satisfied that they give a true and fair view of the charitable company and the group, 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..
select the most suitable accounting policies and then apply them consistentlyi
observe the methods and principles in the Charities SORP 2019 IFRS 1021;
make judgments and estimates that are reasonable and prudent,.
st3te whether applicable UK accounting stzndard5 have been followed, subject to any material
departures disclosed and explained in the financial statements,. and
5. prepare the financial statements on the going concern basis unless it is inappropriate to
presL¢me that the charitable company will continue in business.
The members of the B03rd of Governors are responsible for keeping adequate accounting records that
are sufficient to show and explain the charitable company's transactions. disclose with reason3ble
accuracy at any time the financial position of the charitable company and enable them to ensure that
the financial statements comply with the Companies Act 2006 and the provisions of the charity's
constitution. They are also 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.
Insofar as each of the Directors, as members of the Board of Governors, at the date of approval of this
report is aware there is no relevant audit information (information needed by the Company's auditor
in connection with preparing the audit report) of which the Company's audltor is unaware. Each
member of the Board of Governors has taken all the steps that he or she should have taken as a member
of the 803rd of Governors to make himself or herself aware of the relevant audit information and to
establish that the Comp3n¢s auditor is aware of that inform3tion.
AUDITORS
Crowe U.K. LLP have expressed their willingness to continue in office as auditors.
Thi5 Annual ReF)Ort. including the Strategic Report, prepared under the Charities Act 2011 and the
Companies Act 2006, was approved by the Board of Governors of Frensham Hei8hts Educational Trust
Limited on 11 December 2021 and is signed as authorised on its behalf by:
William Blrd:
Dlrector& Chalr of Governors
12

Independent AudEtorfs Rewt to the Members of Frensham Heiqhts Educatlonal Trust Umlted
Qplnlon
We have audited the financial statements of Frensham Heights Educational Trust Limited I'the
charitable company'l and its subsidiaries I'the group'l for the year ended 31 july 2021 which comprise
the Group Stètement of Financial Artivities, the Group and Company Balance Sheets, the Group
Statement of Cash Flows and notes to thefinancial statements, including significant accounting policie5.
The financial reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards, including Financial Reporting standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted
Accounting Practice).
Ill our opinion the financial statements..
give a true and fair view of the state of the group's and the charitable company'5 affairs as at 31
July 2021 and of the Eroup's income and expenditure, for the year then ended-
have been properly prepared in accordance with United Kin8dom General￿ Accepted Accountlng
Practlce,. and
have been prepared in accordance with the requirement5 of the Companies Act 2006.
Basls for oplnl
We conducted our audit in accordance with International Standards on Auditing ILJKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditols
responsibilities for the audit of the financial statements section of our report. We are independent of
the group in accordance with the ethic?I requirements that are relevant to our audit of the Pinancial
staterllents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audlt evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlrygto 8olng corKem
In auditing the financial statements, we have concluded that the trustee's use of the going concern
basis of accoLJntin8 In the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
eventi Dr conditions that, individually or colleclively, may cast significant doubt on the charitable
company's or the group's ability to continue as a going concem for a period of at least twelve months
from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.
Other Informatlon
The trustees are responsible for the other inlormation contained within the annual report. The other
information comprises the information included in the annual report, other than the financial
staterllents and our auditorfs report thereon. Our opinion on the financial statements does not cover
the other information 2nd, except to the extent otherwise explicitly stated in our report, we do not
express any Form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstaternents, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a matÈrial misstatement of this other information, we are required to report that
fact.
We have nothing to report in this regard.
13

Oplnlons on other matters prescrlbed by the Cornpanles Act 2DJ6
In our opinion based on the work undertaken in the course of our audit
the information given in the trustees, report, which includes the directors, report and the strateglc
report prepared for the purposes of company law, for the financial year for which the financial
statements are prepared is consistent with the financial statements- and
the strategic report and the directors, report included within the trustees, report have been
prepared in accordance with applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In light of the knowledge and underst2ndlng of the group and ch2rltable company and their
environment obtained in the course of the audit, we h3ve not identified material misst3temeats in the
strategic report or the directors, report included within the trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion..
adequate and proper accounting records have not been kept or returns adequate for our audit
have not been received from branches not visited by us,. or
the financial statements are not ir) agreement with the accounting records and returns,. or
certain disclosures of trustees, reM￿neratIOn specified by law are not made; or
we have not received all the information and explanations we require for our audit.
RespryffjlbllTtles of trustees
As explained more fully in the trustees, responsibilities statement, thÈ trustees (who are èlso the
directors of the charitable company for the purposes of company lawl are responsible for the
preparation of the financi315tatements and for being satisfied that they give a true and fair vlew, 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.
In preparing the financial statements, the trustees are responsible for assessing the charitable
companls abillty to continue as a going concern, disclosing, as applicable, matters related to going
concern and usinE the going concern basis of accounting unless the trustees either intend to liquidate
the charitable company or to cease operations, or have no realistlc 31ternative but to do so.
Audltorfs responslbllltlesforthe audlt of the f]nancl31 statements
Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error. and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of a55ur3nce, but is not a guarantee that
an audit conducted in 3ccordance with ISAS IUKI will always detect a material misst3tement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate. they could reasonably be expected to influence the economic decislons of users taken on
the basis of these financial statements.
Details of the extent to which the audit was considered capable of deterting irregularities, including
fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statement5 is located on the
Financial Reporting Council's website at.. www.frc.or
auditorsres
onsibilities. This description
forms part of our auditorfs report.
Extent to whlch the audSt was consldered capable of detertlng IrreBularftles, Includln8 fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We Identified
and assessed the risks of material misstatement of the financial statements from irregularities, whether
due to fraud or error, and discussed these between our audit team members. We then designed and
performed audit procedures responsive to those risks, including obtaining audit evidence SL¢fficient and
14

appropriate to provide 3 basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable
company and group oper3tes, focusing on those laws and regulations that have a dirett effect on the
determination of material amounts and disclosures in the financial statements. The laws and
regulations we considered in this context were the Companies Act 2006, taxation legislation. together
with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and
regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on
the financi85 statements but compliance with which might be fundamental to the charitable company's
and the group's ability to operate or to avoid a material penalty. We also considered the opportunities
and incentives that may exist within the charitable company and the group for fraud. The laws and
regulations we considered in this context for the UK operations were The Education IlndependÈnt
School Stand2rdsl Regulations 2014.
A￿ditIng standards limlt the required audit procedures to identify non-compliance with these12ws and
regulations to enquiry of the Trustees and other management and inspection of regulatory and legal
correspondence, if any.
We Identified the greatest risk of material impact on the financial statements from irregularities,
including frzud. to be within the iecognition and classification of school fees and other income and the
override of controls by management. Our audit procedures to respond to these risks included enquiries
of management, and the Finance Committee about their own identification and assessment of the risks
of irregularitie5, sample testing on the posting of journals, reviewing accounting estimates for biases,
performing analytical reviews ar5d testing income for completeness, reviewing regulatory
correspondence with the Charity Cornmission, Independent Schools Inspectorate, Ofsted and reading
tninutes of meeting5 of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even thouEh we have properly
planned and performed our audit in accordance with auditirkg standards. For example, the further
removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions
refletted in the financial statements, the less likely the inherently limited procedures required by
auditinE Standards would identify it. In addition, as with any audit, there remained a higher risk of non-
detection tsf irregularities, as these may involve collusion, forgery. intentional omissions,
misrepresentations, or the override of internal controls. We are not responsible for preventing non-
compliance and cannot be expected to detect non-compliance with all13ws and regulations.
Use of our report
This report is made solely to the ch3ritable company's members, 35 a body, in accordance wlth Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the charitable companls Membe￿ 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 charitable company and the charitable company's member5 as
a body, for our audit work, for this report, or for the opinion5 we have formed.
Andrew Thomas
Senior Statutory Auditor
For and on behalf of
Crowe U.L LLP
Statutory Auditor
London
Date.. 17 January 2022
15

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Intome and Expendlture account)
FOR THE YEAR ENDED al JULY 2021
Total
Unrestrkted Restrlcted Endowed
Funds
Funds
Funds
Funds
2021
£'oco £.0￿ £'LYio £,003
Total
Funds
2020
eooo
Income and endowments from:
Charftsble Attlvltles
School fees receivable
Other educational income
Other ancillary trading income
Othertradln8 attfvltles
Trading turnover
Other Income
Profit I ILossl on disposal
Investments
Investment income
Voluntary Income
Grants and Donations
9,076
127
54
9,076
127
54
8,751
187
188
34
16
34
16
247
34
29
122
128
241
Total Income
9,434
9,441
9,677
Expendlture on:
Ralslng funds
Fundraising Trading
84
84
156
CharRable Activitles
Education and grant making
9,134
9,137
9,118
Total expendlture
9,218
9,221
9.284
Net Income
216
220
393
Transfers between funds
Net movement of funds
16
151
151
221
220
393
Funds broUghtfO￿ard l August 2020
16,651
279
270
17,200
16.807
Funds carrled forward 31 July 2021
17
16,872
283
265
17,420
17.200
All arrounts relate to continuing operations. There are no recognised gains or losses Other than the
results for the year set out above.
The Notes on Paees 21 to 38 form part of these financial statements
16

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
(Company Number: 207173)
CONSOLIDATED BALANCE SHEET
ASAT31 JULY 2021
Notss
2021
2020
£'ooo
FIXED AssErs
Tangible flxed assets
9a)
12,451
12,740
12.740
12.451
CURRENf ASSETS
Stocks
Debtors.. amounts falling due within one year
Cash at bank and in hand
li
398
5,839
274
5,554
5,829
CREDITOPS: amounts falling due within one
year
12
1,266
1,367
NEfcuRRENT ASSErs
4,972
4.462
TOTALASSEfs LESS CURRENT LIABILITIES
17,423
17,202
CREDITORS: amounts falling duo after
more than one year
13
NEfA55ETS
17,420
17,200
CAPITALAND RESERVES
Called up share capital
THE FUNDS OF THE CHARITY
UNRESTRicfED FUNDS
Scholarship fund
Tangible fixed asset fund
General fund
15
16
516
12,470
3,665
16,651
12,186
4,183
16,872
RESfRI￿ED FUNDS
Endowments
Bursary and award funds
265
283
270
279
549
548
TOTAL FUNDS
17
17,420
17,200
The profit for the financial year dealt with in the financial statements of the parent Cornpany was £277k
12020.. £315kl.
Approved an
authorised for issue by the Board of Governor5 on 11 December 2021
William Bird
Governo￿ and Directors
Angus Carlill
The Ndte
on Pages 21 to 38 form part of these financial Statements
17

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
Icompany Number: 207173
BALANCE SHEET
ASAT 31 JULY 2021
2021
2020
FIXED A￿E[S
Tangible fixed assets
Investments
9bl
io
12,449
12,736
io
12,746
12,459
CuRRETr￿ AssErs
Stocks
Debtors.. amounts fzlling due within one year
Cash at bank and in hand
li
391
5,687
6,078
273
5,383
5,657
CREDITORS: amounts falling due within one
year
12
1,210
N￿CuRRE￿ A55Ers
5,011
4,447
TOTALASSEfs LESS CURRENT LIABILITIES
17A70
17,193
CREDITORS: amounts falling after
more than one year
13
NET ASSETS
17,470
17.193
cAP￿ALAND RESERVES
Called up share capital
THE FUNDSOFThE CHARITY
UNRESTRICTED FUNDS
Scholarship fund
Tangible fixed asset fund
Gener31 fund
Is
503
12,186
4,233
516
12,470
3,658
16,644
16,922
RESTRICTED FUNDS
Endowment5
Bursary and award funds
265
283
270
279
548
549
TOTALFUNDS
17
17,470
17,193
Approved and authorised for issue by the Board of Governors on 11 December 2021.
William Bird
Governors and Directors
AnEUS Carlill
The Note
on Pages 21 to 38 form part of these financial statements
18

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
CONSOUDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31JULY 2021
2021
2020
£000
eooo
Cash flows fr{￿ operatln8 acthitles
Net cash provided by operating activities
620
921
Cash flows from Investlng artlvltles:
Payments for tangible fixed assets
Non-cash payments for tangible fixed
assets
Proceeds on sale of tangible fixed assets
Investment income and bank interest
received
13421
(267)
29
Net cash (used In) / provlded by InvestlnB
actlvltles
1335)
(237)
Cash flows from ftnanclry att￿￿tI
Finance Costs Paid
Net cash provtded by flnanclnB actlvltle5
Change in cash and c3sh equivalent5 in
the reporting period
285
Cash and cash equivalents at the
beginning of period
5,554
4,870
Cash and cash equivalents at the end of
the reporting period
5,839
5,554
The Notes on Pages 21 to 38 form part of these financial Statements
19

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2021
lil Reconclllatlon of net Income to net cash flow from operatlng actlvltles
2021
2020
rock)
£'o(po
Net incoming resources
Elimination of non~oper3ting cash
flows..
220
393
Investment income
Deprèciation Charge
Non Cash-Flow Item
Profit on sale of assets
Ilncreasel I decrease in debtors
Ilncreasel / decre35e in stocks
Increase / Idecreasel In creditors
Increase / Idecreasel in fees in
advance scheme creditors
Increase / Idecreasel in parent5,
deposits
(29)
603
631
{ii
11241
(i)
42
151
12021
(224)
219
149)
(84J
400
528
Net cash provlded by operatlng
attivlties
620
921
lill AnaEysls of cash and cash equivalents
2021
2029
Eooo
Cash held on current account
Cash held on deposit
Petty cash held
2,329
2,032
3,519
s￿39
5,554
20

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY2021
COMPANY INFORMATION:
The School is a Public Benefit Entity registered zs a charity in England and Wales and a company
limited by guarantee. It was incorporated on IQ JLtly 1925 (company number: 2071731 and
registered a5 a charity on IS August 1966 Icharity number.. 3120521.
ACCOUNTENG POLICIES
Basls of preparation
The financial statements have been prepared under the historical cost convention in
accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFR51021, the Companies Act 2006 and the 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
Golng Conorn: As detailed in the Report of the Governors, the Governors have reviewed
and revised the School's f inancial forecasting in IiEht of the COVID-19 pandemic, to take
Into consideration the cUr￿nt economic climate and its potential imp3Ct. A number of
scenarios were produced which considered the wider potential impact from COVID-19 Dn
the School's key operations, cash position, sources of income and planned expenditure.
Revised forecasts have been prepared togEther with cash-flow5, based on the most likely
expected outcome from these scenarios, Wlth sensitivity 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.
Having regard to the above, the current cash position, and the expetted cash flow over
the next 12-24 months the Governors have a reasonable expectation that the charity has
adequate resources to continue its activities for the foreseeable future and consider that
there were no material uncertainties over the School's financial viability. Accordingly, thev
continue to adopt the going concern basis in preparing the financial statement5 a5 outlined
in the Statement of Governors, Responsibilities.
The functional currency of the School is considered to be GBP because that is the currency
of the primary economic environrnent in which the School operates.
The charity has taken advantsge of the exemption available to a qualifying entity in FRS
102 from the requirement to present a charity only Cash Flow Statement and certain
disclosures about the charivs financial instruments.
The consolidated accounts include Frensham Heights Enterprises Limited, made up to 30
June 2021. In accordance wlth the exemption allowed under Section 408 of the
Companies Act 2006, the charity's Statement of Financial Acttvities is not separately
presented.
Crftlcal accourtln8Jud8ements and key sources If e5tlmatlon 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 other factors that are considered to be relevant. Actual
results may differ from these estimates.
21

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
ACCOUNnNG POLICIES (Continued)
The estimates and undertying 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 irs the period of the revision and future periods if the
revision affected current and future periods.
In the view of the trustees, no assumptions concerning the future or estimation
uncertainty affectinE 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
Fees and slmllar Income
Fees receivable and charges for services and use of premises are accounted for in the
period in which the service is provided. Fees receivable are stated after dedurting
allowances, scho12rships and other remissions granted by the School.
Investment Income
Investment income from dividends, bank balances and fixed interest securities are
accounted for on an accruals basis.
d) Voluntsry Income
Voluntary incoming resources are accounted for as and when entitlement arises, the
amount can be reasonablyquantified and the economic benefit tothe School is considered
probable.
Donations receivable for the general purpose of the School are credited to 'unrestricted
funds,. Donations for purposeg restricted by the wishes of the donor are taken to
'restricted funds, where these wishes are legally binding on the Governors. Donations
required to be retained as capital in accordance with the donorfs wishes are accounted for
as 'endowments'_ permanent or expendable according to the nature of the restriction.
Government Erants are recognised on the perforrllance model, when the Company has
complied with any conditions attaching to the grant and the grant will be received. The
grant in connection to the job retention scheme has been recognised in the period to
which the underlying furloughed staff costs relate to.
Taxatlon
The School is a reElStered charity. As such it is 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.
Tan8lble assets and depreclatlon
All items with a value greater than El,000 have been capitalised. Depreciation is provided
annually at the following rates..
Freehold buildings
Timber buildings
Modular buildings
Motor vehicle5
Furniture and other equipment
Solar Panels
Computer equipment
2% of cost
5% to 6.7% of Cost
4Y¢ of cost
25% of cost
10%- 20% of cost
5% of cost
20% to 33.3% ofcost
22

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2021
ACCOUNTING POLICIES Icontlnuedl
g)
Expendlture
Expenditure is accrued as soon as a liability is considered probable, discounted to present
value For longer-term liabilitie5. Certain expenditure is apportioned to cost categories
based on the estimated amount attributable to the activity in the year. The irrecoverable
element of VAT is included with the item of expense to which it relates.
Raising funds comprise those costs directly attributable to the trading subsidiary (Note 31.
SLtpport costs comprise a proportion of staff costs together with a proportion of overheads
of the School. Governance costs are those incurred in connection with the governance of
the School and compliance with constitutional and statutory requirements.
Operatlng lea5e5
Rentals under operating le2ses are charged on a straight-line basis over the lease term,
ever¢ if the payments are not made on such a basis. Benefits received and receivable as an
incentive to sign an operating lease are similarly spread on a straight-line basis over the
lease term.
h)
Stock
Stock represents goods for resale and is stated at the lower of cost and net reali5able
value.
J)
Penslon 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 is not possible to identify the assets and
li2bilities 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-teaching staff are members of other def ined contribution schemes. All non-
teaching staff are entitled to join a group personal pension scheme, which complies Wlth
the requirements for a Stakeholder Pension Scheme.
Flnanclal Instrumerts
kl
Basic financial instruments are initially recognised at transaction value and subsequent
measured and amortised 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. 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 working capltal. Financial liabilities held at amortised cost comprise
trade creditors, other creditors, accruals and deposlts.
23

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31JULY 2021
a4ARITABLE AcllviTIES- FEES RECEIVABLE
2021
2020
£'ooo
Fees recelvable conslst of:
School Fees
Less-. Total bursaries, grants and allowances
Less: COVID-19 Fee refund
10,198
16441
{4781
9,886
(783)
{352J
9,076
8,751
NEf INCOME
Net income is stated after charging:
Oepreciation of tangible fixed assets
Auditors, remuneratlon - Audlt
Other service5
631
22
603
22
Staff costs (Note 81
Operating lease costs
6,914
62
6,836
50
24

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIOATED FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 JULY 2021
TRADING INCOME
Fren5ham Heights Education31 TrLtst Ltd owns the entire issued share capital of Frensham Heights
Enterprises Ltd, Company Number 2866864, registered address Frensham Heights, Rowledge,
Farnham, Surrey GUIO 4EA. The principal activity of this company is that of managing letting and
hiring facilities available at Frensham Heights.
30 June
2021
eocii
30 June
2020
eooo
Turnover
Cost of sales
34
(331
247
(116)
Gross profit
Adrninistration expenses
131
{56)
1571
Operating profit
Interest receivable
1561
75
Profit on ordinary activities before taxation
Taxation
Profit on ordin3ry artivities after taxation
1561
76
1561
76
Retained earnings at the start of period
Profit for the year
1561
76
Gift aid to Frensham Heights Educational Trust Limited
10}
f76)
Retained earnings at the end of period
1501
Trading costs detsiled above are disclosed in the con501idated Statement of Financial Activities as
follows
Cost of sales
Administrative expenses
Audit and professional fees included in govemance costs
33
57
(6)
116
56
(6J
Fundraising trading as on Statement of Financi31 Activities
166
The School's and compan¢s year-end are non co-terminus and it is not considered necessary to
have identical year ends as it is not expected that any transactions will occur in the trading
company in the intervening period which will have a material impact on the consolid3ted
accounts. Administration expenses of the subsidiary include auditors, remuneratlDn for audit
services of £4k12020 - £4kl and for other servlces £2k12020 - £lkl. These have been included
in governance costs in the consolidated statement of financial activitie5.
25

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31JULY 2021
INVESfMETrif INCOME
Totsl
2021
Tottsl
2020
£'ooo
Bank deposit account interest
29
INCOME FROM CHARITABLE ACIVITIES
2021
2020
£'o(10
Other educatlonal chanknble actNltles
Entrance and registration fees
Courses and sub~lettings
104
83
127
187
Otheranclllary attlvitles
Insurance commissions
School Trips, Meals and Other Income
188
188
ANALYSIS OF EXPENDrruRE
Staff
Costs
roco
Other
Totsl
2021
Depreclatlon
Trading expenditure
45
45
38
38
Charitable actlvltles
Education and welfare
Housekeeping
Catering
Transport
Maintenance and estate
Support costs and governance
4,832
355
298
630
5,866
601
555
23
246
257
23
391
317
301
L083
1,4
6.869
1,638
630
9,137
Total expendlture
6,914
1,676
631
9.221
26

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
ANALYSIS OF EXPENDITURE Icontlnued)
SUPPORTCOStSAND GOVERNANCE
2021
£'ooo
2020
Salaries
Staff recruitment and travel
Marketing and profession31 fees
Telephone, postage, printing, stationery
Miscellaneous admin costs
Governance costs (Note 71
1,084
28
200
23
46
20
1,062
82
120
27
24
1,401
1.338
Governance costs include auditors, remuneration for audit services of £17k12020-. £17kl and for
other services £2k 12020.. £4kl and the reimbursement of two Governors, travelling and
subsistence expenses of £439 12020 two Governors: £7561, as well as £84 for Governor
miscellaneous and training costs.
STAFF Cosrs
2021
eooo
5.023
494
994
2020
rooo
4.960
496
982
Wages and salaries
Social security costs
Other pension costs
6,511
6,438
stsff not directly employed by the School
403
397
6,914
6.835
Na
No.
The average monthly staff headcount was..
Teaching
Administration
Other
loo
32
28
99
30
26
160
155
Included in the above, one permanent member of staff is employed in the trading subsidiary
12020.. One). In addition, ad hoc staff are called upon throughout the year to provide support
for functions in the trading subsidiary.
27

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
STAFF COSTS (Contlnuedl
2021
2020
£'ooo
The total employee benefits lincluding employers, pension and
national insurance contributions) of key management personnel
were..
957
998
The following number of staff received remuneration in excess of
£60,000 in the year:
2021
2020
£60,001 to £70,000
£70,001 to £80,000
EIIO,001 to E120,000
Neither the governors nor persons connected with them reteived any remuneration or any
other benefits from any employmernt with the charity or related entity within the year12020-
£01.
Included in the tot31 staff cost flgures above are termlnation payments to employee5 authorised
during the year totalling £43k12020 - £66kl. All authorised payments were fully paid to
employees during the year.
28

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
NOTES TO THE CONSOLIDATED FINANaAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2021
TANGIBLE FIXED A55Ers
a)The Group
Freehold Land,
Buildings and
Improvements
E'DOO
Plant,
Furniture and
Equipment
£'i)00
Motor
Vehicles
£'ooo
Total
Cost
At l August 2020
Additions
Disposals
At 31 Juiy 2021
16,523
181
1,941
161
1351
2x67
159
18,623
342
1351
18,930
16,704
159
Depreciation
At I ALJgust 2020
Charge for the year
Disposals
At 31 July 2021
4,643
405
1,099
212
1351
L276
141
14
5.883
631
1351
6,479
155
Net book value
At 31ju￿2021
At31 July 2020
11,656
11,880
791
12,451
12,740
842
18
bl The School
Freehold Land,
Buildingsand
Improvements
£'o
Plant,
Furniture and
Equipment
£'ooo
Motor
Vehicles
£'ooo
Total
£'ooo
Cost
At I Au8USt 2020
Additions
Disposals
At 31 July 2021
16,510
181
1,931
162
1311
2,062
159
18,600
343
1311
18,912
16,691
159
Depreciation
At l August 2020
Charge for the year
Disposals
At31July2021
4,635
404
1,088
212
1311
1.269
141
14
5,864
630
1311
6,463
5,039
155
Net bookvalue
At 31 July 2021
At31 July 2020
11,652
11,875
793
12,449
12,736
843
18
There are no Freehold Land, Buildings and Improvements in the course of construction this
year12020.. £70kl.
There is no Plant, Furniture and Equipment work in proEress this year12020.' £22kl.
29

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE ￿Aft ENDED 31 JULY 2021
10. INVESTMENTS
Frer￿haM Hel8hts Enterprlses Ltd
2021
2920
E'ooo
£1 Ordinary shares at par in
Frensham Heights Enterprises Ltd
io
io
io
io
Company
The company holds £10,000 ordinary Shares, the entire issued share capital, of Frensham"
Heights Enterprise5 Limited.
The principal activity of the investee is the letting of facilities available at Frensham Heights
School.
At 30 lune 2021 Frensham Heights Enterprises Ltd had capital and reserves which totalled1£40kl
12020.. £17kl. The turnover for the year was £34k12020.. £247kl.
Frensham Heights Enterprises Ltd is a company registered in England 3nd Wales, registered
number 2866864.
11. DEBTORS: amountsfalllng due wlthln oneyear
Group
School
2021
2020
£'ooo
2021
eoc(J
2020
Amounts due from group undert3king
Fees debtors
Sundry debtors and prepayments
117
97
177
92
83
98
97
301
83
191
398
274
391
273

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANaAL STATEMEpifs (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
12. CREDITORS: amounts falllrB due wlthln one sear
Group
School
2021
2020
£'ooo
2021
£'oco
2020
£'ooo
Amounts owed to group undertaklngs
Fees deposits
Trade creditors
Other creditors and accruals
Fees received in advance
Deferred income
117
471
80
520
171
128
341
127
471
282
94
139
81
520
170
120
341
59
103
139
152
1.266
1,367
1,067
1,210
The total amount held in relation to fees deposits of E471k is included above. In the normal
course of busines5, the expected repayment of these amounts will be £73k within one year and
£397k after more than one year.
The School hold5 pupil fee deposits. Although under normal circumstances these will be repaid
over future years when the pupils complete their education at the school, pupils can leave at
earlier dates. The school does not therefore have an unconditional right to retain the individual
deposits lor at least 12 months after the balance sheet date and, in line with the requirements
in FRS 102, the balance of the deposlts held at 31 July 2021 have been included within current
liabilities. The prior year pupil fee deposits balance has been similarly represented.
Deferred Income Reconclllatlon
£'ooo
127
103
1791
Balance brought forward at l August 2020
Additions in currer)t year
Release of deferred income
Balance carried forward at 31 July 2021
151
The deferred income balance relates mostly to future year school trips income,. and on the trading
subsidiary, future year residential let5 and weddin85.
31

FRENSHAM HEIGTrtTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
13. CREDITOR5: amounts falllng due after morethan one year
Group
School
2021
2Q20
£'ooo
2021
ecoo
2020
£'ooo
Deferred income
14. FEES IN ADVAN￿ SCHEME
The School is not currently offering a Fees in Advance Scheme due to the low interest rate
environment.
15. SHARE CAPITAL
2021
2020
Authorised
100 Ordinary shares of £1 each
loo
100
Allotted, issued and fully paid
100 Ordinary shares of £1 each
loo
loo
16. MOVEMENT ON FUNDS
Balance at
l August
2020
£'ooo
Transfer
Between
Funds
£'ooo
Balan
at 31 July
2021
Incoming
Resources
Resources
Expended
£'ooo
£'o
Re5trlcted Fund5
8ursary and award fund
Music award fund
Endowment fLsnd
272
131
273
io
265
270
549
151
Isi
131
Desl8nated Funds
Scholarship fund
Tangible fixed assets
fund
516
12,470
1131
12841
503
,186
General Fund
3,665
9,436
19,2201
302
4,183
17,200
9,443
19,2231
17,420
32

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
16. MOVEMENT ON FUNDS Icontlnuedl
Balance at
l August
2019
£'ooo
Transfer
etween
Funds
£'ooo
Balance
at31Ju
2020
Incoming Resources
Resource5
Expended
£'ooo
£'ooo
Restrfcted Funds
Bursary and award fund
Muslc award fund
Endowment fund
266
17
Iiii
272
274
545
141
141
270
549
19
Iiii
DeslBnated Funds
Scholarship fund
Tangible fixed assets
fund
580
12,802
1641
13321
516
12,470
General Fund
2,880
9,657
19,2721
400
3,665
16,807
9,676
19,2831
17,200
Bursary and award Fund
Consists of donations for the future award of bursarie5. This will accumulate over time until the
level of income the fund generates is sufficient to provide a reasonable bursary for a student.
Expendable Ermfowment funds
These are funds which have been given to the SchoDI to invest in the School's buildings.
Deslgnated funds
These funds represent amounts set aside at the discretion of the Governors.
Scholarshlpfund
This scholarship fund is used to indicate scholarships and bursaries currentw awarded for speclfic
stages of education, made against future years, fees.
TanBlble fixed assets fund
The fund represent5 the amount of general funds invested by the School in it5 tangible fixed
a55ets after deducting those assets represented by the endowment funds.
Trarsfers
A transfer of £5k has been made between the endowment and unrestricted funds. This
represents the depreciation charged on the proportion of the building represented by the
endowmentfund.
A transfer of1£13kl has been made to reduce the kholarship Fund. This is to cover the School's
future commitments at 31 july 2021 to bursaries and scholarships for Specific pupils.
A transfer of1£284kl has been made between the General fund and the Tangible Fixed Asset
Fund to ensure that this, plus the Endowment Furnd, are equal to tangible fixed assets within the
consolidated balarkce sheet.
33

FRENSHAM HEIGHTS EDUCATIONAL TRUST UMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31JULY2021
17. ANALYSIS OF NEfAssEfs BEfwEEN FUNDS
The Group
Unrestricted
General
Funds
Restrlcted
Funds
Endowment
Funds
Totsl
2021
Tangible flxed assets
Net current 35sets
12,186
4,689
265
11451
4,972
283
283
265
17,423
Creditors.. amounts falling due
after one year
16,872
283
265
17N20
The Charlty
Tangible fixed assets
Investments
Net current assets
12,184
io
4,728
265
12,449
io
5,011
283
16,922
283
265
17A70
Creditors.. amounts falling due
after one year
16,922
283
265
17. 470
34

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTE5 TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31JULY 2021
17. ANALYSIS OF NEfASSEfs 8EfwEEN FUNDS Icontlnuedl
The Group
Unrestricted
General
Funds
Restricted Endowment
Funds
Funds
Total
2020
Tangible fixed a55et5
Net current assets
12,470
4,183
270
12,740
4A62
279
16,653
279
270
17.202
Creditors: amounts falling due
after one year
16,651
279
270
17.2CK)
The Charlty
Tangible fixed assets
Investments
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
18. PENSION SCHEMES
The School participates in the Teachers, Pension Scheme I'the TPS'I for its teaching staff. The
pension charge for the year includes contributions payable to the TPS of £772k12020.. £758kl
and at the year-end £Nil12020- £Nill was accrued in respect of contributions to thi5 scheme.
The TPS is an unfunded multi-employer defined benefits per)sion scheme governed by The
Teachers, Pensions Regulations 2010 las amendÈdl and The Teachers, Pension Scheme
Regulations 2014 las amended). Members contribute on a "pay as you go" bas15 Wlth
contributions from members and the employer being credited to the Exchequer. Retirement and
other pension benefits are paid by public funds provlded by Parliament.
The employer contribution rate is set by the Sec￿tsry of state following scheme valuations
undertaken by the Government Actuary's Oepartment. The most recent 2Ctuarial 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%.
35

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icof4TINUEDI
FOR THE YEAR ENDED 31 JULY 2021
The 31 March 2016 Valuation Report W35 prepared in accordance with the benèfits set out in the
scheme regulation5 and under the approach specified in the Directions, as they applied at 5
March 2019. However, the assumptions were considered and set by the Department for
Education prlor to the ruling in the 'McCloud/Sargeant case, Thi5 case has required the courts
to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions
Includlng the Teachers, Pensions.
On 27 June 2019 the Supreme Collrt denied the government permission 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 Courvs decision
3nd has said it will engage fully with the Employment Tribunal as well as employer and member
representatives to agree how the discriminations will be remedied. The government announced
on 4 February 2021" that it intends to pro￿ed with a deferred choice underpin under which
members will be able to choose either legacy or reformed scheme benefits in respect of their
service during the period between l April 2015 and 31 March 2022 at the point they become
payable.
The TPS is subject to a cost cap mechanism which was put in p13ce to protect taxpayers against
unforeseen changes in scheme costs. The Chief Secretary to the T￿aSUry, having in 2018
announced that there would be 3 review of this cost cap mechanism, in January 2019
nnounced a pause to the cost cap mechanism following the Court of Appeal's ruling in the
Mccloudlsargeant case and until there is cert31rity 3bout the v31ue of pensions to employee5
from April 2015 onwards. The pause was lifted in July 2020, arnd a consultation was launched on
24 lur¢e on proposed changes to the cost control mechanism following a review by the
Government Actuary. Following the public consultation, the Government have accepted three
key proposals recommended by the Government Actuary, and are aiming to implement these
changes in time for the 2020 valuations.
In view of the above rulings and decisions the assumptions used irs the 31 March 2016 Actuarial
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
contained in the Actuarial Valuation.
Until the cost cap mechanism review is completed it is not Possible to conclude on any flnancial
impact or future changes to the contribtjtion rates of the TPS. Accordingly, no provision for any
additional past benefit pension costs is included in these finaAclal statements.
The pension cost for the year in relation to other defined contribution schemes smounts to
£222k12020.. £223kl and has been included IN the St3tement of Financial Activities.
36

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANaAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
19. LEASING COMMITMENTS
The Trust is committed to making the following payments under operating leases..
Equlpment
2021
roc
Equlpment
2020
£'o(
Due In less than one year
Due within two and five years
Due in more than five years
62
219
48
42
20. CAp￿AL COMMrrMENTS
At 31 July 2021 the School had no material outstanding retention commitments and no other
capital commitments.
21. RELATED PARTY TRAN￿loN5
In 2020-21 the School charged £16k12020.. £15kl to Entefprises for utilities and associated
services. The balanee owed to the School at 31 July 2021 was £117k12020'. £92kl.
37

FRENSHAM HEIGHTS EDUCATIONAL TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
22. CONSOLIDATED STATEMENTOF FINANaALAcfiviTIES- COMPARISON FIGURES BY FUND TYPE
Totsl
Funds
2020
£otM)
Unre5trlcted Re5trlcted Endowed
Funds
Funds
Funds
£￿>j e(xxi eo
Income and endowments from:
Charltable Actlvltles
School fees receivable
Other educational income
Other ancillary trading income
Othertradlng actlvttle5
Trading turnover
Other Income
Profit / (Lossl on disposal
Investments
Investment income
Voluntary Income
Grants and Donations
8,751
187
188
8,751
187
188
247
34
247
34
26
29
225
16
241
Total Income
9,658
19
9,677
Expendlture on:
Ralsln8 funds
Fundraising Trading
166
166
Charltsble Actlvltles
Education and grant making
9,107
li
9,118
Totsl expenditure
9,273
li
9,284
Net Income
385
393
Transfers bètween furnds
Net movement offunds
16
141
141
389
393
Funds brought fonvard l Au8U5t 2019
16,262
271
274
16,807
Funds carrled forward 31July 2020
17
16,651
279
270
17,200
38