**The Francis Holland (Church of England) Schools Trust (Company Number 257981) (Registered Charity Number 312745)** 

## **Annual Report and Financial Statements** 

**Year ended 31 August 2022** 



## **The Francis Holland (Church of England) Schools Trust Annual Report Year ended 31 August 2022** 

## **Contents** 

|**Contents**||
|---|---|
|Registered ofce and advisors|1|
|Members and Ofcers of the Council|2|
|Council Report (incorporating the Strategic Report)|3 – 15|
|i.<br>Principal Activities and Charitable Objects|3|
|ii.<br>Structure, Governance and Management|3|
|iii.<br>Stakeholder Engagement|4|
|iv.<br>Achievements and Performance in the Year|6|
|v.<br>Public Beneft|6|
|vi.<br>Activities in the Year|10|
|vii.<br>Principal Risks and Uncertainties|14|
|viii.<br>Financial Review|14|
|ix.<br>Fundraising Approach and Performance|15|
|x.<br>Future Plans|15|
|Statement of Trustees’ Responsibilities|16|
|Independent Auditor’s Report|17-19|
|Statement of Financial Activities|20|
|Balance Sheet|21|
|Cashfow Statement|22-23|
|Notes to the Financial Statements|24-37|





## **The Francis Holland (Church of England) Schools Trust Registered office and advisors** 

## **Registered Office:** 

Francis Holland (Church of England) Schools Trust 35 Bourne Street London SW1W 8JA 

## **Bankers:** 

National Westminster Bank PLC 2 Sloane Gardens London SW1W 8DL 

## **Solicitors:** 

Veale Wasborough Vizards Orchard Court Orchard Lane Bristol, BS1 5WS 

## **Auditor:** 

Haysmacintyre LLP 10 Queen Street Place London, EC4R 1AG 

## **Insurers:** 

Zurich Insurance PLC The Zurich Centre 3000 Parkway Whiteley Fareham Hampshire PO15 7JZ 

## **Investment advisors:** 

Rathbones Investment Management 8 Finsbury Circus London, EC2M 7AZ 

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**The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

## **MEMBERS OF THE COUNCIL** 

The following are the current serving members of the Council: 

Mr P Sherrington 1,2,3,4 Chairman Mr A Fincham 3,4 Deputy Chairman Mrs F Angel 1 Dr F Baawuah 3 Mr R Backhouse 1,4 Dr C Barker 1 Mr G Bennett 2 Mr M Cuthbert 2 Prof C Gwenlan 1 Mrs S Nedas 3 Mr I Ramsay 2,4 Ms E Regina 2 Mrs N de Renzo 2 Dr M Short 1 Dr H A Spoudeas 4 Revd Dr A Walker 1 Ms J Woodham-Smith 2,3 

The following changes to membership have occurred since 1 September 2021: 

Mrs F Angel Appointed 14 November 2022 Miss S A Ross Resigned 3 December 2021 

## **OFFICERS** 

The Heads 

L R Elphinstone M.A. – Sloane Square Senior School S M C Dixon M.A. – Sloane Square Junior School K C Woodcock B.A. – Regent’s Park School C B Fillingham M.A. – Regent’s Park School 

Bursar and Chief Operating Officer Company secretary 

G T D Wilmot B.A. A.C.A. G T D Wilmot B.A. A.C.A 

- 1 - Education Committee 

- 2 - Finance and Estates Committee 

- 3 - Governance and Nominations Committee 

> 4 - Remuneration and Human Resources Committee 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

The Twentieth Report of the Council (incorporating the Strategic Report) for the year ended 31 August 2022 will be presented at the Eighty Ninth Annual General Meeting to be held at Sloane Square on 9th March 2023. 

## **CONSTITUTION** 

Francis Holland (Church of England) Schools Trust is a company limited by guarantee and a registered charity. 

## **I) PRINCIPAL ACTIVITIES AND OBJECTIVES** 

The principal activities of the charitable company continue to be the provision of education for girls, including religious instruction in accordance with the principles of the Church of England. 

## **The Charity** 

The Trust, founded in 1878, is registered with the Charity Commission under charity number 312745 and is a company limited by guarantee as number 257981 at Companies House. The Trust is responsible for three schools operating from two sites: a senior school at Regent’s Park founded in 1878 and both a senior and a junior school at Sloane Square founded in 1881. The Charity owns a subsidiary trading company FHS International, company number 12161646, incorporated in the England and Wales with share capital of £1. The registered address is 35 Bourne Street, SW1W 8JA. The company was dormant in the year. On that basis the accounts are not consolidated. 

## **Governing Document** 

The charity is governed by the Memorandum and Articles of Association most recently amended on 19 July 2019. 

## **Charitable Objects** 

The Trust’s objects as described in the Memorandum of Association are to provide for and carry on in the United Kingdom public day and boarding schools for the education of girls, to provide religious instruction and training therein in accordance with the principles of the Church of England,  and  generally  to  foster  education  and  moral  and  religious  training  therein.  The members of the Council (also called Governors), as the trustees of the charity, have paid due regard to the Charity Commission guidance on public benefit. The Governors are satisfied that the charity’s aims and activities are in accordance with the regulations on public benefit. 

## **Aims** 

With these objects in mind, the Trust’s aim is to provide a broad and stimulating independent education, both through strong academic tuition, and through developing wider sporting, artistic and social skills in all its pupils. This is intended to provide an environment where each pupil can develop and fulfill her potential, thus to build self-confidence and to contribute to the wider community. 

The schools aim to establish efficient lines of communication with parents and involve them, whenever practicable, in their daughters’ school careers. The schools are supported by active Parents’ Associations, Friends and Old Girls’ Associations. 

## **II) STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing Body** 

The structure of the charity consists of a single governing body, the Council, responsible for all three schools. The Governors, as the charity trustees and directors of the charitable company, are legally responsible for the overall management and control of the Regent’s Park and Sloane 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

Square Schools. There may be up to twenty-four Governors but, typically, Council numbers are maintained in the region of fifteen. 

## **Recruitment and Training of Governors** 

The Council maintains a standing Governance and Nominations Committee that is responsible for recruiting potential candidates for appointment as Governor. Nominees are considered with regard to the need to maintain a broad balance of disciplines, backgrounds, sex and age and cultural diversity. From time to time, according to the articles of association, nominations are put forward to the Council for approval and appointment. 

On appointment all new Trustees are inducted into the workings of the charity and its schools through the provision of a comprehensive induction, by meetings with the Heads and the Chief Operating  Officer  and  through  periodic  governor  workshops  and  seminars.  Governors  are encouraged  to  attend  appropriate  external  training  events  where  these  will  facilitate  the undertaking  of their  role.   Governors  visit  the  schools  on  a  rota  basis,  observing  lessons, meeting staff, participating in Health & Safety walk-arounds and are encouraged to attend school events. 

## **Organisational Management** 

The schools’ Committee and Council level policies are reviewed regularly by the Committees and Council for approval. The day to day running of each of the three schools is delegated to the Heads and their Senior Leadership Teams, and the Chief Operating Officer, supported by Bursary staff servicing each site. 

During the year the Council met six times. Committee meetings take place regularly. The Education Committee is chaired by Mr Richard Backhouse and met three times during the year. The other principal committees are the Finance & Estates Committee chaired by Mr Ian Ramsay, the Remuneration and Human Resources Committee chaired by Mr Anthony Fincham, and the Governance and Nominations Committee chaired by Ms Julia Woodham-Smith. The Finance and Estates Committee met seven times during the year, the Governance & Nominations Committee met three times, and the Remuneration and Human Resources Committee met four times. 

The Governors and the Officers of the Trust are key management personnel. The remuneration of the Officers of the Trust is set with the objective of providing appropriate incentives to encourage  enhanced  performance  and  of  rewarding  them  fairly  and  responsibly  for  their individual contributions to the success of the schools. The appropriateness and relevance of the remuneration policy is reviewed periodically, including reference to comparisons with other independent schools to ensure that the Trust remains sensitive to issues affecting pay and employment  conditions  in  both  the  national  and  local  markets.  The  Governors  are  not remunerated. 

## **III) STAKEHOLDER ENGAGEMENT** 

Section  172  of  the  Companies  Act  2006  requires  Directors  to  take  into  consideration  the interests of stakeholders in their decision making. The Governors, as directors of the charitable company,  continue  to  have  regard  to  the  interests  of  the  Trust’s  employees  and  other stakeholders, including the impact of its activities on the community, the environment and the Trust’s reputation, when making decisions. Acting in good faith and fairly between members, the Governors consider what is most likely to promote the success of the Trust for its members in the long term. Whilst the importance of giving due consideration to our stakeholders is not new, we are explaining in more detail this year how the Council engages with our stakeholders, thus seeking to comply, with the requirement to include a statement setting out how our Governors have discharged this duty. 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

- The Governors are aware of their responsibilities to promote the success of the Company in accordance with section 172 of the Companies Act 2006. 

- The  Council  regularly  reviews  the  Trust’s  principal  stakeholders  and  how  the  Trust engages with them. The stakeholder voice is brought to Council both directly and through its  sub-committees via  information  provided by  management as  well as direct engagement with stakeholders. Parent Governors and the involvement of former pupils are  two  examples.  Page  5  of the  Strategic  report  sets  out  the  Trusts  principal stakeholders, and how we engage with these stakeholders. 

- The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Council seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making. 

- The Trust aims to work responsibly with our suppliers. 

## **Key Stakeholders** 

- Current Pupils – Senior management represent the interests of the pupils and ensure they have the necessary resources to serve their pupils via the medium-term financial plan and annual budgets. 

- Former Pupils – Former pupils and former teachers remain an important part of the community and are represented via their associations (Quondam for Regent’s Park and The  Old  Girls  Association  for  Sloane  Square  both  of  which  are  represented  on  the governing body) and by the Alumni Network run by the Trust. Their contributions to the Schools continue, in particular through public service as well as the regular school events they organise and support. 

- Parents - Parents have on-going correspondence with and access to senior management. Parent Associations are active and engaged members of the school communities. Parents are represented on the governing body. The contact details of the Governing Council are provided on the website should parents wish to communicate directly with governors. 

- Staff  - Staff  interests are  represented by  senior  management at  Council  level.  Staff members are invited to present to Council and its committees at meetings. Informal meetings take place in advance of annual Council meetings. These provide an alternative forum for communication between staff and governors. 

- Local  communities  –  The  Schools  work  closely  with  a  number  of  local  schools  and charities. Greater detail on these relationships is provided under the ‘Public Benefit’ section of this report. 

- Church of England – The Church of England is represented on the governing body. Church services are part of the structure of the school week. 

- Suppliers – The Trust works with suppliers who can help it deliver a level of service to its stakeholders which is consistent with the standards set by senior management. 

## **Key decisions in the year** 

The Council’s key decisions in the year related to Teachers’ Pension Scheme, ascertaining the Trusts’ strategic objectives over the next five years, the purchase of Linhope House and the appointment of a new Head at Regent’s Park School. Further detail is provided under the ‘Review of Activities in the Year’ section in the Strategic Report below. As referenced above, the Finance & Estates Committee met seven times in the year; (usually they would meet four times), to ensure due care and consideration was given to these decisions. 

The Council sought to ensure an appropriate and fair financial response to decisions which had to be made around reviewing the Teachers’ Pension Scheme, ensuring full engagement with the Teachers’ Representatives in a collaborative and cooperative way during the consultation process, which resulted in no strike action and a satisfactory outcome. 

Other key financial decisions in the year included the decision to increase school fees for the 2022/23 academic year, and to increase salaries in September 2022. As explained above, the Council sought to ensure that the interests of the key stakeholder groups were given due 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

consideration and that these groups, in particular parents and staff, were treated fairly. 

## **Environmental Impact** 

The Trust is committed to acting responsibly and sustainably in considering the impact of its operations on the environment.  The principal focus of its activities in this regard is in 4 areas, which are the subject of an annual report to governors.  These are: Waste – minimising waste through increasing recycling; Energy – reducing carbon footprint through more efficient and reduced energy usage; Procurement – incorporating environmental considerations in purchasing decisions and ensuring supplier compliance with relevant policies and guidelines;  Construction – reducing the environmental impact of our estate through the application of sustainability criteria in contract specifications. 

Total energy use during the year was approximately 1,942,674 kilowatt hours (2021: 2,002,933), which is the equivalent of 463,776kg CO2, (2021: 478,162), 372kg CO2 per pupil (2021: 411) or 0.372 tonnes CO2 per pupil (2021:0.411). Total energy used was equivalent to 126,641kg of carbon (2021: 130,538kg) or 0.101 tonnes per pupil (2021: 0.112). 

## **STRATEGIC REPORT** 

## **IV) ACHIEVEMENTS AND PERFORMANCE IN THE YEAR** 

## **Strategic objectives for the Year** 

The Trust’s primary continuing focus is on the delivery of the best possible education and learning environment to equip girls to lead happy and productive lives. The Trust’s schools seek to deliver a broad-based education, enabling its pupils not only to achieve excellent academic results but also to develop the resilience, creativity and enterprise necessary to equip them for adulthood.  The Trust also aims to encourage in its pupils a strong sense of social responsibility. In this context, a key focus of the Trust is to widen access to its education to those without the financial  resources  to  afford  it  and  to  ensure  that  it  acts  responsibly  with  regard  to  the environmental impact of its activities. 

## **Strategies to Achieve the Year’s Objectives** 

The strategies employed to meet those objectives included: 

- provide a balanced, challenging and stimulating curriculum and co-curricular activities encouraging  innovation,  critical  thinking  and  emotional  intelligence  and  an  outward looking international perspective; 

- support the quality of teaching and learning and pastoral care; 

- monitor the educational and pastoral provision within the schools; 

- share best practice and improve the quality of the working environment; 

- support and encourage the recruitment and retention of high quality staff; 

- consolidate and improve financial performance; develop opportunities for and the capacity of the Trust to generate income; 

- oversee compliance with statutory obligations and proportionate risk management; 

- consolidate compliance with the public benefit requirement – seek optimum opportunity for outreach with local state schools and enhance the ability to increase means-tested remissions through fundraising; 

- optimize the use of ICT and digital technology; 

- incorporate environment and sustainability issues within decision-making, policies and practices; 

- identify and explore opportunities to renew and develop space and facilities; 

- initiate the affordable development of the built environment in which the Trust operates. 

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**The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

## **V) PUBLIC BENEFIT** 

## **1. Financial Support** 

The Trust is committed to ensuring that the education provided is not restricted to those who can  afford  the  school  fees.  The  Trust  has  the  ability  to  offer  a  number  of  bursaries.  The beneficiaries of these awards can receive a reduction of up to 100% of fees charged, in addition to  financial  assistance  with  other  associated  costs  of  schooling  such  as  school  trips  and examination fees. The appropriateness and adequacy of these awards is reviewed annually as is the overall affordability and the impact these awards have on the financial standing of the Trust. In  addition  to  these  awards,  each  school  makes  efforts  to  improve  the  take-up  of  annual scholarship awards that are based on all-round academic potential or potential in specific fields including music and art. Other assistance is afforded to the daughters of clergy and members of staff. 

This year, the value of scholarships, bursaries, grants, prizes and other awards made to the schools’ pupils out of unrestricted funds was £1,414,000 (2021: £1,179,000), the equivalent of 5.2% (2021: 4.6%) of fee income as set out in note 5 to the accounts. This provided assistance to 173 (2021: 130) of the Trust’s pupils of which 36 (2021: 28) pupils benefited from a full remission of fees.  The Trust wishes to increase the number of awards it is able to offer but acknowledges that it is unlikely to be able to provide for the cost of such increase purely from the fees paid by fee paying parents. Donations are accordingly required in order to ensure the long-term financial viability of the Trust’s commitment to increase bursaries. This year saw the launch of a campaign at FHS Sloane Square to encourage donations from alumni, parents and other supporters towards bursaries. The Trust plans to establish an endowment fund in order to deliver an increase in awards in perpetuity. 

The  FHS  Regent’s  Park  Headmaster  chaired  an  HMC  working  group  which  reached  out  to selective universities as well as state-maintained schools and other charities: i) providing a bestpractice “toolkit” for schools advising how to support less-advantaged candidates’ applications to selective universities; ii) providing a best-practice guide for independent schools in how best to measure levels of disadvantage when awarding means-tested bursaries at 11+ and 16+; and iii) supporting Higher Education Institutions (HEI) in also following best-practice in assessing advantage and disadvantage.  It also raised awareness amongst candidates from independent schools who may be on full bursaries. 

## **2. Use of resources, facilities and staff of the Trust by pupils of non-Trust schools alongside pupils of Trust schools** 

In addition to providing financial support to pupils who might otherwise be unable to afford fees, the Trust also provides access to the resources and facilities of the schools to pupils from other schools from the maintained sector. The Trust’s schools have further developed partnerships with local schools this year, although the restrictions due to the coronavirus pandemic have reduced the range of in-person interactions that could occur.  Most activity switched to online but now is rapidly reverting to in-person. 

FHS Sloane Square has enjoyed strong links with Pimlico Academy, inviting pupils to the Curious Club  and  the  Oxbridge  programme.  Capital  City  Academy  pupils  were  also  invited  to  the ‘Thinking Innovatively and Problem Solving Week’ where they participated in a film academy workshop with the Young Film Academy. Two Pimlico Academy Sixth Form Students joined a Zoom  ‘preparation  for  medical  interviews’  workshop  with  medics  from  Imperial  College. Similarly, four Sixth form students joined the Lawyer Portal LNAT prep with the FHS Sloane Square Sixth Form. These extra places were funded by the school. 

FHS Regent’s Park’s three partner secondary schools (The St Marylebone School, All Saints Catholic  College  and  King  Solomon’s  Academy)  joined  the  weekly  “Women  of  Influence” assembly series online.  Dynamic speakers from the world of politics, media, business and sport spared their time to enthuse and motivate pupils.  Sixth form leaders at FHS worked together to develop the varied programme. 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

The outreach work from FHS Regent’s Park’s Classics Department to The St Marylebone School has continued throughout 2021/22. The programme offered after school Latin sessions to around 60 St Marylebone pupils in Years 8, 9, 10 and 11 and 10 girls from St Marylebone took GCSE Latin last summer, two gaining 9s and three achieving grade 8s and one of those is now volunteering as an assistant tutor in our outreach programme teaching younger St Marylebone pupils. St Marylebone pupils, and other state school pupils from all over London and the SouthEast  including  Maria  Fidelis  Catholic  School,  also  benefit  from  attending  the  FHS  Classics Symposium in January 2022, featuring lectures from key academics. In addition, one teacher in the FHS Classics Department is one of the co-founders, along with academic Peter Jones, of Classics For All, a charity which helps state schools to teach Classical subjects. 

FHS Regent’s Park hosted a one-day conference called ‘Teachers like me’, in November 2021, looking at racial diversity in the education workforce. Its aim was to act as a vehicle to support school leaders in developing a more ethnically diverse staff body as well as providing a forum to showcase best practice and support career development for teachers of all ethnicities. This conference was attended by 120 headteachers across the independent and state-maintained sector and was a collaboration between FHS Regent’s Park and its three partner secondary schools. 

A number of staff across both FHS senior schools offer Oxbridge and EPQ advice to candidates from other local schools sharing their expertise and wisdom to non-Trust pupils.  In addition our success with remote delivery and streaming talks provided the opportunity to share more widely content from Sixth Form talks with pupils from other local schools who benefitted from our impressive range of speakers. As the year progressed we were able to revert to inviting local pupils to lectures on-site. 

## **3. Access to the resources and facilities of the Trust amongst the wider community** 

Several members of staff are governors at state or independent schools, charity trustees and community volunteers. 

At FHS Sloane Square, the gymnasium, netball court, Carmel Hall and the Centre for Creative Enterprise were let outside of school hours to the local community for sports clubs, meetings and training purposes. Similarly facilities such as the swimming pool at FHS Regent’s Park were used weekly by St George’s Hanover Square Primary School and Swimmer’s Corner, who offer lessons to  adults and children in the local community. The Gloucester Room is let for meetings of local Residents’ Associations, for example. 

The benefit of offering the Trust facilities in central London to certain charities should not be underestimated.  The Listening Place, named “Charity of the Year with an income below £1 million’ at the Charity Times Awards in September 2021, highlighted the value our facilities provide to the wider community in the following statement:” _We will endeavour to build on this achievement to further our cause and ultimately save yet more lives at risk of suicide.  Of course, none of this would be possible without the support of people such as yourselves. You allow us to persevere in our ambitious aim to change the face of suicide-support in London, and we hope that you will be pleased to know that you are supporting an award-winning charity. This award is yours for your trust in us, which allows us to support more people who are suicidal every year; it is our volunteers for their commitment and the compassionate care they provide; and it is our visitors for the courage they show in seeking out support during the most desperate times of their lives.’…”_ 

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**The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

The Trust aims to host an increased number of community events on the schools’ premises now that pandemic restrictions have been removed. 

In terms of IT equipment over 40 computers were donated to Power2Connect by FHS Sloane Square last year to support their work in the local community and old servers and computers were donated to the Air Ambulance Service by FHS Regent’s Park. 

## **4. Community engagement and volunteering by pupils and staff of the Trust schools amongst the wider community** 

Pupils in the Lower Sixth Form at FHS Sloane Square volunteer for an hour (or often more) per week  at  the  Katherine  Low  Settlement  (a  local  community  centre,  KLS),  In-Deep  (a  local befriending charity) or St Barnabas (a local primary school). The school is always looking to expand opportunities to link with charities for the purposes of volunteering. 

Longstanding links between FHS Sloane Square and KLS strengthened with record numbers of Battersea residents involved in both the Battersea Angels scheme and other initiatives such as the Love to Learn project.  Pupils have corresponded with pen pals through KLS. Year 2 parents and pupils from FHS Junior School also maintain the garden at KLS.  Local charity In-Deep is supported through collections and joint projects; large boxes of foodstuffs were donated as part of Harvest Festival to be turned into Christmas Hampers and distributed to vulnerable elderly people in Westminster and Lambeth and a number of pupils continue to correspond with In-Deep pen pals. 

In addition, St Barnabas pupils have joined After School Science Clubs, and used the library and playground  facilities.  Other  volunteering  takes  place  throughout  the  school,  often  via local places of worship or in support of the Duke of Edinburgh Award scheme. The school community remains committed to volunteering with colleagues hosting the annual Beanstalk Bookfest on site (600 primary school pupils, often from disadvantaged backgrounds, visit the school to listen to author talks).  The FHS Sloane Square Exams Officer offers exam-based support to refugee families linked to KLS and this often involves an online Zoom call with translators helpfully supporting in Urdu. 

Similarly, at FHS Regent’s Park volunteering in the local community is a core component of Sixth Form life. Pupils are encouraged to seek their own placements in line with their interests, for example volunteering in homework clubs in local libraries, helping in local schools, such as St Edward’s Primary School and Swiss Cottage Specialist School or visiting the elderly who are housebound. In terms of the latter, there is a longstanding relationship with St John’s Wood Neighbourhood Care, where Lower Sixth pupils also volunteer with the Mosaic Club, supporting a long-established  Art  Department  initiative.  The  FHS  Summer  Camp  has  traditionally  been another well-supported pupil and staff collaboration offering holidays to looked after children in Westminster, during the school’s summer holiday which we are hoping to resume. **5. Charitable fundraising work of pupils and staff of the Trust schools** 

In keeping with the Christian foundation and ethos of the Trust’s schools, service to the wider community is central to the Trust aims and there is a comprehensive programme of support and help to many local charities and organisations at each school. As with a number of other areas of school life, the pandemic offered further opportunities for each school to reach out to its partners both virtually and in practical visiting and fundraising. 

FHS Sloane Square raises money for three charities with which it has longstanding relationships: In-Deep, KLS and Mvumi Secondary School in Tanzania. In recent years, the school has raised over £4,000 per annum for In-Deep, from a range of charity events including concerts and bake sales. Pledges are match funded by The Childhood Trust for the KLS Summer Big Give and Christmas Big Give; in the last year alone FHS has donated over £4,000 through funds raised via second  hand  uniform  sales  and  other  pupil  fundraising.  For  Mvumi,  several  fundraising campaigns have taken place, including the 'Clean Hands Pure Heart' campaign in 2021. Four boarding pupils are sponsored at Mvumi Secondary School (£800 per year for each pupil), one of which  is  funded  by  the  Senior  School  Parents’  Association.  The  focus  on  developing  girls’ wellbeing and education continued with over £8,000 raised for Lewa Wildlife Conservancy’s 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

Education Programme in Kenya. Closer to home, St Barnabas’ Church of England Primary School was supported through the raising of £3,000, for their trips programme. Parents are invited to pay a voluntary contribution when paying for their own daughter’s Expeditions Week. This voluntary contribution of £20 enables disadvantaged pupils at St Barnabas’ to attend day trips and residentials and benefit from experiences which otherwise they might be unable to afford. 

In addition to more traditional fundraising approaches, the Creative Enterprise programme at FHS Sloane Square, where girls are encouraged to develop a small business, fosters a social enterprise model where pupils keep up to 90% of their profit whilst donating 10% or more to charity. 

FHS Junior School pupils have supported a range of fundraising initiatives with a particular focus on  refugees  (from  their  journey  through  to  re-habitation)  with  charitable  partners  in  Safe Passage, KLS and Bees and Refugees, as well as maintaining their long-standing support for InDeep. Initiatives such as ‘Bring a Parent to Breakfast’, Enterprise Fairs, Bake Sales and Quiz Nights  contributed  to  raising  £11,750.  2022  also  saw  the  launch  of  the  FH  Junior  School Enrichment Foundation at their inaugural Gala raising £30,000 which will provide additional resources to enhance the educational experience of all pupils and, wherever possible, will be made available to our community and local school partners.  10% of the proceeds from the Gala were also donated to KLS. 

FHS Regent's Park raises money for over twenty different charities, however in collaboration with the Parent's Association two key charities are supported namely Swiss Cottage Specialist School and The Rainbow Centre, Sri Lanka. 

The pupil-led FHS Regent's Park Help Fund and the Parents’ Association were increasingly active as we came out of the pandemic, raising awareness for the increased need for charitable work through both fundraising and highlighting volunteering opportunities. At Harvest Festival in September 2021, each form was tasked with designing a unique food box which was donated to North London Action for Homeless, and donations were continued throughout the year to a variety of community projects and local foodbanks. We also held a Zine Fair in September which raised money for the Maya Centre in North London.  The Sponsored Walk on Regent’s Park returned in October 2021 and raised over £6,000 for SANE. The Parents’ Association Christmas Fair was a huge success and all of the profits were split between charities we support. We held charity mufti days and bake sales regularly throughout the year. For example, for International Women’s Day in March 2022 raised £1,400 for the Red Cross in Ukraine. In the Summer Term, we held an Inter-form Dance Battle with the theme Top Female Artists in aid of Swiss Cottage Specialist School and were able to donate £600 overall to them from events throughout the year. 

The long-established Young Enterprise programme ensures that a percentage of the profits from the  pupils’  start-up  businesses  go  to  charity  to  reinforce  an  ethos  of  giving-back.  Other charitable fundraising took place through activities that continued throughout the year such as a photography course which raises funds for the HvH Arts Foundation to help finance the teaching of photography to local schools. 

Pupils at all three schools supported initiatives to improve the environment and reduce energy usage.  By setting a good example, we aim to help to influence the expectations and behaviour of our pupils as future citizens and leaders providing public benefit. 

## **VI) ACTIVITIES IN THE YEAR** 

The academic year 2021/22 saw all three Francis Holland Schools gradually emerge from the pandemic, continuously adapting to, and from, changing measures and protocols, due to the discovery of the omicron variant. The wellbeing of pupils was the utmost priority at all times. All schools and staff bodies embraced the challenge and continued to offer an impressive and comprehensive educational offering for all pupils, even when a hybrid solution was required. 

Public examinations in our Senior Schools took place for the first time since 2019 and we were 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

pleased  to  see  significant  improvement  from  2019  result  in  all  public  exams.  The  11+ admissions process took place at both Senior Schools using the ISEB Common Pre-Test, as members of the London 11+ Consortium, and interviews were able to take place in person at both schools for the first time since Covid. 

## **Covid-19** 

All three schools continued to provide an outstanding education to their pupils and to support their partners throughout the challenges of the 2021-22. The Autumn Term saw pupils and teachers  rally  together  with  great  resilience  to  face  the  challenges  of  constantly  evolving restrictions regarding Covid, with entire year groups having to isolate and remote learning to take place with next to no notice on multiple occasions. Excellent pastoral care systems and a focus on student wellbeing helped navigate the gradual return to normal in person teaching in the Spring Term. 

The pandemic initiated a rapid improvement in IT skills for teachers and pupils alike and have benefitted students and teachers both during the pandemic and with the full return to lessons in person. We continued to support our charity partners throughout, in particular those who had been particularly mentally, physically or economically affected by Covid. 

## **FHS Regent’s Park Senior School** 

An average of 554 girls attended the school in 2021/22 (2020/2021: 510) and benefited from the range  of  academic  and  co-curricular  opportunities  delivered  in  a  friendly  and  supportive atmosphere. 

## **Academic Performance** 

A Level: At A level 90% (2019: 75%) of subjects were graded A* to B. 32% of subjects were graded A* at A level (2019: 21%). The pass rate was 100% (2019: 99%).  These are significant improvements since 2019, the last year of public exams, and indicate pupils’ resilience and adaptability having never done public exams before. There is additional academic provision through the Extended Project Qualification which equates to ½ A Level. This has once again been highly successful, with 100% (2019: 100%) A* and A grades in 2022. 

GCSE: The proportion of grades at 7, 8 or 9 was 86% (2019: 83%). 100% of papers were awarded grades at 4 to 9 (2019: 100%). These marks reflect the exceptionally hard work of this cohort in difficult circumstances, displaying tenacity and perseverance from the start of their GCSE journeys. 

Leavers’ destinations this year have included Bristol, Edinburgh, Exeter, Durham, King’s College London,  St Andrews and University College London, alongside other top Russell Group and European universities. In addition,  five girls have been offered places at US and Canadian universities including Barnard, Cornell and NYU. 

## **Co-Curriculum and Pastoral** 

Pupils are encouraged to extend their intellectual curiosity and creativity, both in the classroom and through the lively co-curricular schedule of over ninety weekly clubs covering everything from  drama,  arts,  sport,  science  and  music.  Conventional  clubs  such  as  cookery,  chess, debating, Amnesty International, equestrian club, Mandarin Chinese (beginners and advanced) and junior science club are complemented by more eclectic co-curricular activities such as a cheerleading club, British Sign language club, diversity society, green fingers, mythical monsters and Globe-trotters. Other co-curricular activities include the Duke of Edinburgh scheme and Young Enterprise for Sixth Form and all Sixth Form pupils volunteer in the local community, working primarily with the elderly or local schools. During 2021/2022, the clubs were gently and creatively reintroduced in person. 

**Drama** 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

There are school plays every term and Theatre Studies productions at both A Level and GCSE make an important contribution to school drama every April / May. The Inter-House Drama Competition was again able to take place in person in February 2022 and was a resounding success, enjoyed by pupils and teachers alike; this annual competition involves every form group in the school performing and producing a 20 to 30 minute play of their choice (sometimes written by pupils themselves). Almost 40% of the school take speech and drama lessons in addition to co-curricular drama clubs and the drama lessons taught within the curriculum. There was a Junior performance of Matilda in the Spring Term by the Drama Club. In the Summer Term, Years 7s and 8 gave a performance of “The Wardrobe” and Years 9 and the senior play which took place before Christmas was “Jane Eyre”. The new Drama Studio, the Helen McCrory Studio Theatre, opened in November 2021. 

## **Music** 

The music department continues to cater for pupils across the age range and approximately 60%  of  the  pupils  have  additional  instrumental  /  singing  lessons  in  the  school,  beyond curriculum lessons. Music scholarships are offered at 11+ and 16+.  There are usually over a dozen concerts each year, including a large, joint choir from the two senior Francis Holland Schools. Choirs from FHS Regent’s Park have continued to develop their ecclesiastical repertoire with a wonderful joint concert with Harrow School in the Spring Term and we were treated to a sensational performance of the opera Dido & Aeneas in the Autumn Term. 

## **Sports** 

Sport is regarded as a vital part of the all-round educational provision which helps the girls to learn the values that will equip them throughout their lives. The school, therefore, recognises the importance of participating in both team and individual sports. Several pupils are county and national level players in sports such as swimming, netball and athletics and sports scholarships are offered at 16+. During 2021/2022 our passionate Director of Sport fully embraced the return of  sporting  events,  with  a  multitude  of  sporting  occasions  taking  place  including  a  sprint masterclass with Olympic medallist Desirèe Henry and, of course, Sports Day on Regent’s Park. 

## **FHS Sloane Square Senior School** 

An average of 551 senior girls and 169 junior girls (2020/2021: 442 and 165) attended the schools in 2021/22 and benefited from the strength and breadth of academic and co-curricular opportunities and impressive pastoral care. 

## **Academic Performance** 

A Level: At A level 97% (2019: 75%) of subjects were graded A*-B.  40% of subjects were graded A* at A level (2019: 17%). The pass rate was 100% (2019: 100%). These results continued the upward  trend  of  recent  years  and  were  significant  improvements  from  the  2019  results, particularly impressive given that these were the first ever public exams this cohort had sat. There is additional academic provision through the Extended Project Qualification which equates to ½ A Level. This has once again been successful, with 77% (2019: 63%) A* and A grades in 2019. All Sixth Formers have the opportunity to take the EPQ. 

GCSE: Six girls achieved all grade 9s and twenty-six (36%) all grade 9-8s and 81% of grades were 9-8 (A*). 100% of papers were awarded grades at 4 to 9 (2019: 100%).  94% of grades were 9-7 (A*/A), the highest ever in the history of the school and particularly extraordinary in light of the obstacles this cohort faced due to the pandemic. FHS Sloane Square is in the top thirty independent schools nationally for value-added with on average a grade higher than the baseline predictions being achieved at GCSE. 

Destinations for leavers this year have included Imperial College, Durham, Edinburgh, Exeter, KCL, LSE, Oxford, UCL and St Andrews, alongside other top Russell Group universities as well as Art and Drama schools.  In addition, ten students were offered places at top European and US universities including Bocconi University (Milan), NYU, Princeton and McGill. 

## **Co-Curriculum and Pastoral** 

The co-curricular timetable plays an important role in challenging the girls and helping them to 

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**The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

develop character, resilience and adaptability. Social enterprise and creativity are particularly fostered and pupils are encouraged to develop the skills and attributes needed for a fastchanging technological world, and increasing numbers are being mentored to set up their own businesses. Our pioneering Creative Enterprise programme won two national awards in 202122. 

## **FHS Sloane Square Senior School (continued)** 

The school also strives to encourage a genuine love of learning and a curiosity about the world and the co-curricular timetable with over sixty clubs and societies and many lectures helps to achieve this aim. Ballet is a 

key feature and dance scholarships are offered at 11+ and 16+.  Other co-curricular activities include the Duke of Edinburgh scheme, the Tycoon in Schools programme and the Leadership development programme, all of which help foster the skills necessary to lead and work in a team. Lower school pupils have programmes introducing them to business skills and enterprise and Years 7 and 8 partake in Thinking Innovatively and Problem Solving (TIPS) Week, a bespoke programme of over 20 workshops challenged to inspire girls to tackle a diverse set of problems in groups and individually, in the Summer Term as an alternative to a traditional exam week. Our Creative Enterprise programme received two national awards in 2021 and we are supporting the GSA  in  their  aspirations  to  develop  a  culture  of  creativity,  innovation  and  enterprise  and empowering female entrepreneurship in girls’ schools.  Debating and public speaking have become a strength of the school through a programme to provide training to every pupil, and we have recently been granted a TEDx license which has provided invaluable opportunities for our eldest years.  All  Sixth Form pupils volunteer in the  community,  working with the elderly, refugees and the homeless. 

A Mindfulness programme in both Junior and Senior schools continues to help pupils to cope with anxiety and stress and boost wellbeing, with many of the staff being trained in teaching the techniques.  Thorough provision is made for the support of the emotional and mental wellbeing of both pupils and staff, and a team of four in-house counsellors (and a Hungarian vizsla Therapy Dog!)  offer  both  drop-in  and  personal  support  every  day  at  ContemPlace  in  the  school’s wellbeing suite. 

## **Drama** 

The  highlight  of  our  dramatic  year  was  undoubtedly  our  whole  school  musical _Made  in Dagenham_ at the Adelphi Theatre in February 2022, our first whole school musical which was able to take place following the pandemic. Brilliantly devised Drama performances also took place in the Autumn Term by our GCSE and A Level groups as well as a rollicking performance of _Daisy and Maisy Pull It Of_ by the Lower School in the Summer Term. 

Drama scholarships are offered at 11+ and 16+ and pupils are encouraged to explore drama through  different  time periods  and  cultures  with  an  understanding  of  traditional  and contemporary techniques.    A consistently large  number of  pupils take  individual  or  group speech and drama lessons which build confidence and encourage empathy, and results are uniformly outstanding. In addition, numbers electing for curriculum Drama have grown quickly in the past five years, resulting in exceptionally strong GCSE and A level results.  GCSE Drama students participate in the national Shakespeare for Schools Festival at RADA. 

## **Music** 

The Church of England foundation of the school ensures music plays an invaluable role in the spiritual  and  emotional  life  of  its  community.  Most  days  start  with  hymn-singing  within  a reflective Christian assembly which is accessible to all faiths and none. Music scholarships are offered at 11+ and 16+ and an array of bands, orchestras and choirs give all children the opportunity  to  develop  their  musical  skill  and  find  a  love  of  performance  in  the  frequent concerts.  In normal years, public performances in London,  and tours at home and abroad, extend that pleasure to many, and in particular to the elderly and sick.  We were again able to hold the full array of concerts in the annual FHS musical calendar and more, from the Christmas Carol Concert to Evensong at St George’s Chapel to the Summer Festival of Music, and it was a joy to perform for in person audiences again. A particular highlight was when once again a massed choir and orchestra of pupils, staff and parents came together in the Spring Concert to 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

deliver a sensational  performance of Rutter’s _Magnificat_ . Finally,  we held a very successful Lower School Choir Tour to Edinburgh at Easter. 

## **Sport** 

The PE department continued to contribute to the development of the physical and mental resilience of the girls at the school through a programme of competitive sport and fitness from yoga and pilates to rowing and boot camp. Sports scholarships are offered at 11+ and 16+ and the  department  encourages  the  development  of  courage,  character  and  resilience  through enthusiastic participation in matches – win or lose. That said, the success rate of teams in tournaments at all levels is exceptional, with regional success in swimming, netball, cricket and cross country. Pupils participate in PE through to the end of Year 13 with options to suit all levels and areas of interest. A number of girls compete at national and international level in swimming, diving, fencing, gymnastics, eventing, skating, skiing and rowing.  Gymnastics teams have also seen considerable success both as a group and in the individual performances of some elite gymnasts at international level.  This year, inter-school matches were again allowed and all year groups thoroughly enjoyed the return of competitive sport, as well as our legendary Varsity Netball against FHS Regent’s Park and a very successful GSA Netball Weekend. 

## **FHS Sloane Square Junior School** 

Francis Holland Junior School gives priority to fostering care and awareness of the needs of others both at the school and in the wider community. Parents know the school has an ‘open door’ policy and they are crucially involved in their daughter’s education and development. 

## **Academic performance** 

The school has a record of excellent results at 11+ and the pupils benefit from specialist teachers and facilities that are available from the close links with the Senior School. There are also Junior teacher specialists, enabling a specialist model of teaching for Key Stage 2 that best prepares the girls for the 11+ and transition to senior schools. The girls move onto a variety of leading schools including Francis Holland Senior School, other London day schools and boarding schools. The aim is always to find the best school, most suited to each individual girl, where she will thrive emotionally and academically throughout her senior education. The 11+ entrance tests altered once again, due to Covid, but the Junior School’s 11+ preparation has been broad and deep enough to cope with this upheaval. 

## **Co-Curriculum and Pastoral** 

The Junior School offers a wide variety of experiences alongside the core curriculum. There are creative clubs such as pottery, art, crafts, sewing and calligraphy; language clubs; academic clubs in science, ‘STEAM’ and creative writing; active clubs in netball, running, dance, yoga, gymnastics and judo; musical choirs, theatrical clubs, construction club and more. Eco club was a particular success in 2021-22, resulting in us being awarded an Eco-Schools Green Flag in the Summer  Term  due  to  an  abundance  of  creative  and  enthusiastic  sustainability  initiatives pursued by girls of all ages, supported by our dedicated staff. 

Clubs run before school, during lunch break and after school, although we like to ensure girls balance all these tempting options with play and relaxation during breaktimes too. They also have focus days or weeks within the school day where certain lessons could be looking at enterprise, charity work or some other appropriate theme. Since Covid, the Junior School has chosen to use fewer outside providers for their clubs and embraced the many talents of our own Junior School staff to add new clubs instead! 

The pastoral care within the Junior School is achieved through assemblies, PSHE, RE, the Code of Conduct, motto, ethos, form tutors, all other Junior School staff and their lessons and the wider support if the Deputy Head Pastoral and wider Senior School pastoral care network. There is a constant, passionate focus on kindness and understanding of each other and those in the wider world. 

## **Drama, Ballet & Music** 

The Junior School pupils have many opportunities to work together towards performances where they can entertain others as well as fulfilling their own creative learning opportunities. They have regular seasonal concerts, a Key Stage 1 Nativity every Christmas, a large Key Stage 2 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

musical every summer and also go out to the wider community to sing or help. The girls all take ballet lessons until the end of Year 3 and often continue with this passion. There are ballet, dance and gymnastic displays during each year too, and we held a spectacular Junior Gym & Dance Display in the Summer Term. The Junior School produced the musical ‘Matilda’, with two different casts due to level of interest and participation, which brought together all of the year groups and supported the wellbeing of the girls moving onto Senior Schools. 

## **Sports** 

The Junior School aims to engage all of the girls in sport, through PE lessons in the playground and  on  Battersea  Park,  swimming,  clubs,  learning  different  sports,  training  and  their  first fixtures. This develops a love of team sports and individual aims, working together in a team and learning more about how to look after themselves. They also start to understand about competition,  commitment  and mastery through  playing  matches against  other schools and enjoying the wider community that this embraces. 

## **Working Together** 

## **Joint working and sharing of good practice** 

The two heads and their senior teams are looking forward to increased sharing of good practice and collaboration.  This interaction is already evident in numerous exchanges as the new academic year has commenced, and staff, particularly heads of department, have been urged to correspond regularly with their counterparts.  At SSQ, we are delighted to share more about our USP, our emphasis on creativity and enterprise, and our successful strategy for raising academic standards. 

## **Partnership working and links with state schools** 

Sixth Form volunteering has recommenced, and a team of students are supporting the pupils at St Barnabas primary school in a variety of subjects and activities.  Similarly, support for the Katherine Low Settlement grows ever stronger, both in terms of financial support through our fundraising, but also in student and parental volunteering.  Our Bursary Outreach Officer is preparing to visit a number of key state feeder schools and in due course the homes of 11+ bursary pupils (Foundation Scholars).  We continue to support Mvumi School in Tanzania with funds and with laptops as we can. 

## **VII) PRINCIPAL RISKS & UNCERTAINTIES** 

The principal risks to which the charity is exposed are considered to be: 

- Health and safety of pupils, staff and volunteers 

- Continuity of education by the Trust 

- Financial sustainability of the Trust 

- Reputation and brand of the Trust 

The  Senior  Leadership  Teams  and  the  Chief  Operating  Officer  assist  the  Council  with  the management of risk. The Council and the Committees review risks at every meeting. When additional risks are identified then they are delegated to the Committee that best provides the relevant skills and experience to assess them and establish a system of controls necessary for their management. The Council are responsible for maintaining the risk profile document which, together with the risk management processes, are reviewed formally on an annual basis. 

The risk management strategy comprises: 

- an annual review by Council of the risks the charity may face; 

- a regular review of risk by each Committee; 

- the establishment of systems and procedures to mitigate those risks identified in the plan; and 

- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

Key controls include: 

- vetting procedures, as required by law, for the protection of the vulnerable 

- formal written procedures 

- formal agendas for all Committee and Council activity 

- detailed terms of reference for all Committees 

- regular strategic planning, budgeting and management accounting 

- clear authorisation and approval levels 

- the on-going monitoring of risk, the risk profile document and the risk management process 

## **VIII) FINANCIAL REVIEW** 

The financial results of the Trust for the year ended 31 August 2022 are as set out in the Statement of Financial Activities on page 20 of the Financial Statements. The charity returned an overall surplus of £999,000 for the year (2021: £2,692,000). The surplus included donations totaling £421,000 (2021: £1,011,000), recognised as restricted income, which will be applied in the current financial year where appropriate, and unrealized investment losses of £377,000 compared  with  a  gain  of  £625,000  in  2021.  Also  during  the  year  capital  expenditure  of £8,797,000 (2021: £2,768,000) was incurred and included the purchase and renovation of a new freehold property for use by Francis Holland Regent’s Park. 

## **Reserves** 

At 31 August 2022 the Trust had total funds of £38,180,000 (2021: £37,181,000). Of this total £433,000 (2021: £276,000) is represented by funds over which there are restrictions on the way they can be used. A further £39,128,000 (2021: £39,128,000) is represented by tangible fixed assets and could only be realised by the disposal of these assets. The Trust also has contractual commitments relating building works of £59,000 (2021: £5,040,000) as set out in note 19 to the accounts.  The  Trust’s  liabilities  include  £2,747,000  (2021:  £2,659,000)  represented  by  fee deposits repayable that are included in amounts falling due after more than one year and which are offset against reserves. 

At the balance sheet date the total value of free reserves, after adjusting for restricted and capital reserves, contractual commitments relating to building works and fee deposits repayable after more than one year, was £1,366,000 (2021: £2,546,000). The level of free reserves is currently £634,000 below the £2m minimum level required by the policy. In 2021 this was £546,000 above the level of reserves required by the policy. The Governors are mindful of the shortfall and actions are planned to reinstate the minimum level of free reserves. 

## **Investments** 

Under the Memorandum and Articles of Association, the charity has the power to invest any funds not immediately required in such investments, securities or property as the Trustees wish. As at 31 August 2022 approximately £3,647,000 (2021: £3,940,000) was held in cash and unit trusts  with  Rathbones,  the  Trust’s  appointed  investment  manager.  In  addition  to  this,  the Trustees  have  operated  a  policy  of  keeping  available  funds  in  an  interest  bearing  deposit account. 

## **IX) FUNDRAISING APPROACH AND PERFORMANCE** 

The  Trust  is  committed  to  the  highest  standards  of  conduct  in  all  its  activities  related  to fundraising and development, as set out in the Trust Development policy. The Trust is registered with the Fundraising Regulator and undertakes fundraising activity in line with the Fundraising Code of Practice set by the Regulator. Fundraising activity is concentrated on fundraising events and  postal  campaigns  which  are  supported  with  email  and  telephone  correspondence.  All fundraising initiatives are carried out by employees of the Trust. No complaints were received in the year. 

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**The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

## **X) FUTURE PLANS** 

At the Council Strategy Day in the year, Council agreed on three key strategic objectives to focus on over the next five years consisting of: 

- The relocation of the Junior School to enable two-form entry 

- Double the number of bursaries offered by Francis Holland Schools Trust 

- Develop  Francis  Holland  Schools  Trust  as  a  recognized  centre  of  excellence  for professional development in teaching and learning for the benefit of the pupils 

The  Governors’  Strategy  Plan,  as  reviewed  by  Council  in  November  2022,  remained  in continuous development. Further consideration will be given to aspects of the individual school improvement plans. 

Key objectives include: 

- To deliver our mission statement within the context of our charitable status with good management and governance, providing bursaries to enhance social access. 

- To  achieve  the  highest  standards  of  academic  attainment  and  pastoral  care  and safeguarding for all girls in both schools. 

- To be known for co-curricular excellence, whilst offering a wide range of opportunities beyond the classroom. 

- To recruit and retain staff of the highest calibre. 

- To  create  the  context  in  which  to  enhance  the  schools  with  long  term  strategic development. 

- To provide excellent facilities and resources within high quality buildings. 

## **Auditor** 

A resolution for the appointment of Haysmacintyre LLP will be proposed at the forthcoming annual general meeting. The Council Report, which includes the Strategic Report, was approved by Council on 5[th] December  2022. 

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## **The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2022** 

## **Statement of Trustees’ responsibilities** 

The  Trustees  are  responsible  for  preparing  the  Council  Report  (incorporating  the  Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including its income and expenditure, of the charity for the year. In preparing those financial statements the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe  the  methods  and  principles  in  the  Charities  Statement  Of  Recommended Practice, (‘SORP’); 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

So far as each Member is aware, there is no information needed by the auditor in connection with preparing the audit report of which the auditor is unaware. Each individual member has taken  all  the  steps  that  he/she  ought  to  have  taken  as  a  Member  in  order  to  make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information. 

ON BEHALF OF THE COUNCIL Patrick Sherrington Chairman 

35 Bourne Street London, SW1W 8J 

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**Independent auditor’s report to the members of The Francis Holland (Church of England) Schools Trust** 

## **Opinion** 

We have audited the financial statements of The Francis Holland (Church of England) Schools Trust for the year ended 31 August 2022 which comprise Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant 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_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2022 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable  law. Our responsibilities under those  standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

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

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

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

## **Other information** 

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

In connection with our audit of the financial statements, 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 misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Council Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for 

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which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the Council Report have been prepared in accordance with applicable legal requirements. 

## **Independent auditor’s report to the members of The Francis Holland (Church of England) Schools Trust (continued)** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Council Report (which incorporates the strategic report and the directors’ 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 accounting records have not been kept by the charitable company; or 

- the 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 information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees for the financial statements** 

As explained more fully in the trustees’ responsibilities statement, as set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) 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. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered  material  if,  individually  or  in  aggregate,  they  could  reasonably  be  expected  to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design  procedures  in  line  with  our  responsibilities,  outlined  above,  to  detect  material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Based  on  our  understanding  of  the  charitable  company  and  the  environment  in  which  it operates, we identified that the principal risks of non-compliance with laws and regulations, such as Independent Schools Inspectorate regulations, safeguarding regulations, health and safety requirements,  GDPR,  employment  law  and  Charity  Commission’s  general  guidance  and  we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011,  the  Statement of Recommended Practice  for Charities  (SORP  2015) (Second  edition, 

- 20 - 



effective 1 January 2019) and consider other factors such as payroll tax and VAT. 

## **Independent auditor’s report to the members of The Francis Holland (Church of England) Schools Trust (continued)** 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included: 

- Inspecting correspondence with regulators and tax authorities; 

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 

- Evaluating management’s controls designed to prevent and detect irregularities; 

- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and 

- Challenging  assumptions  and  judgements  made  by  management  in  their  critical accounting estimates. 

Because of the inherent limitations of an audit,  there  is a risk  that we  will  not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the  Financial  Reporting  Council’s  website  at: www.frc.org.uk/auditorsresponsibilities.  This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. 

Vikram Sandhu (Senior Statutory Auditor) 10  Queen  Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: EC4R 1AG 

- 21 - 



## **The Francis Holland (Church of England) Schools Trust Statement of Financial Activities** 

Incorporating income and expenditure account **For the year ended 31 August 2022** 

|**Unrestricted FundsRestricted**<br>**General**<br>**Funds**<br>**2022**<br>2021<br>**Notes**<br>**£’000**<br>**£’000      £’000**<br>£’000<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>26,935                 -<br>26,935<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>89<br>-<br>89<br>86<br>Donations<br>16<br>-<br>421<br>421<br>1,011<br>Government grants<br>-<br>-<br>-<br>69<br>Trading income<br>15<br>-<br>15<br>3<br>**Total income**<br>27,039<br>421<br>27,460 25,308<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>186<br>34<br>220<br>47<br>**Charitable Activities**<br>Education<br>7<br>25,864<br>-<br>25,864 23,194<br>**Total expenditure**<br>26,050<br>34<br>26,084 23,241<br>**Net income before transfers and**<br>**Investment gains / (losses):**<br>989<br>387<br>1,376<br>2,067<br>Gain / (loss) on investments<br>10,11<br>(377)<br>-<br>(377)<br>625<br>Transfers between funds<br>230<br>(230)<br>-<br>-<br>**Net movement in funds**<br>842<br>157<br>999<br>2,692<br>**Funds at 1 September 2021**23,24<br>36,905<br>276<br>37,181 34,489<br>**Funds at 31 August 2022**<br>37,747<br>433<br>38,180 37,181|**Unrestricted FundsRestricted**<br>**General**<br>**Funds**<br>**2022**<br>2021<br>**Notes**<br>**£’000**<br>**£’000      £’000**<br>£’000<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>26,935                 -<br>26,935<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>89<br>-<br>89<br>86<br>Donations<br>16<br>-<br>421<br>421<br>1,011<br>Government grants<br>-<br>-<br>-<br>69<br>Trading income<br>15<br>-<br>15<br>3<br>**Total income**<br>27,039<br>421<br>27,460 25,308<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>186<br>34<br>220<br>47<br>**Charitable Activities**<br>Education<br>7<br>25,864<br>-<br>25,864 23,194<br>**Total expenditure**<br>26,050<br>34<br>26,084 23,241<br>**Net income before transfers and**<br>**Investment gains / (losses):**<br>989<br>387<br>1,376<br>2,067<br>Gain / (loss) on investments<br>10,11<br>(377)<br>-<br>(377)<br>625<br>Transfers between funds<br>230<br>(230)<br>-<br>-<br>**Net movement in funds**<br>842<br>157<br>999<br>2,692<br>**Funds at 1 September 2021**23,24<br>36,905<br>276<br>37,181 34,489<br>**Funds at 31 August 2022**<br>37,747<br>433<br>38,180 37,181|**Unrestricted FundsRestricted**<br>**General**<br>**Funds**<br>**2022**<br>2021<br>**Notes**<br>**£’000**<br>**£’000      £’000**<br>£’000<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>26,935                 -<br>26,935<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>89<br>-<br>89<br>86<br>Donations<br>16<br>-<br>421<br>421<br>1,011<br>Government grants<br>-<br>-<br>-<br>69<br>Trading income<br>15<br>-<br>15<br>3<br>**Total income**<br>27,039<br>421<br>27,460 25,308<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>186<br>34<br>220<br>47<br>**Charitable Activities**<br>Education<br>7<br>25,864<br>-<br>25,864 23,194<br>**Total expenditure**<br>26,050<br>34<br>26,084 23,241<br>**Net income before transfers and**<br>**Investment gains / (losses):**<br>989<br>387<br>1,376<br>2,067<br>Gain / (loss) on investments<br>10,11<br>(377)<br>-<br>(377)<br>625<br>Transfers between funds<br>230<br>(230)<br>-<br>-<br>**Net movement in funds**<br>842<br>157<br>999<br>2,692<br>**Funds at 1 September 2021**23,24<br>36,905<br>276<br>37,181 34,489<br>**Funds at 31 August 2022**<br>37,747<br>433<br>38,180 37,181|**Unrestricted FundsRestricted**<br>**General**<br>**Funds**<br>**2022**<br>2021<br>**Notes**<br>**£’000**<br>**£’000      £’000**<br>£’000<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>26,935                 -<br>26,935<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>89<br>-<br>89<br>86<br>Donations<br>16<br>-<br>421<br>421<br>1,011<br>Government grants<br>-<br>-<br>-<br>69<br>Trading income<br>15<br>-<br>15<br>3<br>**Total income**<br>27,039<br>421<br>27,460 25,308<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>186<br>34<br>220<br>47<br>**Charitable Activities**<br>Education<br>7<br>25,864<br>-<br>25,864 23,194<br>**Total expenditure**<br>26,050<br>34<br>26,084 23,241<br>**Net income before transfers and**<br>**Investment gains / (losses):**<br>989<br>387<br>1,376<br>2,067<br>Gain / (loss) on investments<br>10,11<br>(377)<br>-<br>(377)<br>625<br>Transfers between funds<br>230<br>(230)<br>-<br>-<br>**Net movement in funds**<br>842<br>157<br>999<br>2,692<br>**Funds at 1 September 2021**23,24<br>36,905<br>276<br>37,181 34,489<br>**Funds at 31 August 2022**<br>37,747<br>433<br>38,180 37,181|
|---|---|---|---|
|||27,039|421<br>27,460 25,308|
|||186<br>25,864|34<br>220<br>47<br>-<br>25,864 23,194|
|||26,050|34<br>26,084 23,241<br>387<br>1,376<br>2,067<br>-<br>(377)<br>625<br>(230)<br>-<br>-|
|||989<br>(377)<br>230||
|||842<br>36,905|157<br>999<br>2,692<br>276<br>37,181 34,489|
|||37,747|433<br>38,180 37,181|



All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. 

- 23 - 



The notes on pages 23 to 37 form part of these financial statements. Full comparative figures for the year ended 31 August 2021 are shown in note 22. 

- 24 - 



## **The Francis Holland (Church of England) Schools Trust Balance Sheet As at 31 August 2022 Company Number 257981** 

|**Note**<br>**Fixed Assets**<br>Tangible fxed assets<br>9<br>Investment property<br>10<br>Listed investments<br>11<br>**Current Assets**<br>Debtors<br>12<br>Short term deposits<br>Cash at bank and in hand<br>**Current Liabilities**<br>Creditors: amount falling due<br>within one year<br>**Net Current Assets**<br>**Total Assets Less Current Liabilities**<br>**Creditors:**amount falling due<br>after more than one year<br>13,14<br>**Net assets**<br>**Funds**<br>Unrestricted General Funds<br>15,24<br>Restricted Funds<br>16,25|**2022**<br>2021<br>**£’000**<br>**£’000**<br>£’000<br>£’000<br>39,128<br>31,978<br>675<br>675<br>3,647<br>3,940<br>43,450<br>36,593<br>977<br>1,405<br>5,612<br>5,465<br>1,891<br>813<br>8,480<br>7,683<br>13<br>(5,730)<br>(4,436)<br>2,750<br>3,247<br> <br>46,200<br>39,840<br>(8,020)<br>(2,659)<br>38,180<br>37,181<br>37,747<br>36,905<br>433<br>276<br>38,180<br>37,181|**2022**<br>2021<br>**£’000**<br>**£’000**<br>£’000<br>£’000<br>39,128<br>31,978<br>675<br>675<br>3,647<br>3,940<br>43,450<br>36,593<br>977<br>1,405<br>5,612<br>5,465<br>1,891<br>813<br>8,480<br>7,683<br>13<br>(5,730)<br>(4,436)<br>2,750<br>3,247<br> <br>46,200<br>39,840<br>(8,020)<br>(2,659)<br>38,180<br>37,181<br>37,747<br>36,905<br>433<br>276<br>38,180<br>37,181|
|---|---|---|
||||
|||37,181|



Note:  Funds include a cumulative unrealised gain of £404,000 (2021: £625,000) arising on revaluation of investments and a gain of approximately £490,000 (2021: £490,000) arising on the valuation of an investment property. 

Approved and authorised for issue by the Members of the Council on 5[th] December 2022 and signed on their behalf: 

................................................ 

Mr P Sherrington 

................................................            Members of the Council 

Mr I Ramsay 

- 25 - 



## **The Francis Holland (Church of England) Schools Trust Cashflow Statement For the year ended 31 August 2022 Company Number 257981** 

|**Note**<br>**£’000**<br>**Net cash fow from operations(i)**<br>**Cash fows from investing activities**<br>Payments for tangible fxed assets<br>Investment income and Interest<br>89<br>Payments to acquire fxed asset investments<br>(83)<br>**Net cash used in investing activities**<br>(2,758)<br>**Cash fows from fnancing activities**<br>Loan drawdown net of repayments<br>Finance costs<br>**Net cash used in fnancing activities**<br>-<br>**Change in cash and cash equivalents in the year**<br>(104)<br>Cash and cash equivalents at the beginning of the year<br>6,382<br>Cash and cash equivalents at end of the year<br>**Reconciliation of net cash fow to**<br>**movement in net funds**<br>Increase (decrease) in cash in the year<br>(1,129)<br>Increase (decrease) in liquid resources in the year<br> <br>Net funds at 1 September 2021<br>**Net funds at 31 August 2022 (ii)**|**Note**<br>**£’000**<br>**Net cash fow from operations(i)**<br>**Cash fows from investing activities**<br>Payments for tangible fxed assets<br>Investment income and Interest<br>89<br>Payments to acquire fxed asset investments<br>(83)<br>**Net cash used in investing activities**<br>(2,758)<br>**Cash fows from fnancing activities**<br>Loan drawdown net of repayments<br>Finance costs<br>**Net cash used in fnancing activities**<br>-<br>**Change in cash and cash equivalents in the year**<br>(104)<br>Cash and cash equivalents at the beginning of the year<br>6,382<br>Cash and cash equivalents at end of the year<br>**Reconciliation of net cash fow to**<br>**movement in net funds**<br>Increase (decrease) in cash in the year<br>(1,129)<br>Increase (decrease) in liquid resources in the year<br> <br>Net funds at 1 September 2021<br>**Net funds at 31 August 2022 (ii)**|**2022**<br>2021<br> <br>**£’000**<br>£’000<br>£’000<br>4,124<br>2,654<br>(8,797)<br>(2,778)<br>20<br>-<br>**(**8,791)<br>6,015<br>-<br>(123)<br>-<br>5,892<br>1,225<br>6,278<br>7,503<br>6,278<br>1,078<br>147<br>1,025<br>1,225<br>(104)<br>6,278<br>6,382<br>7,503<br>6,278|
|---|---|---|
||||
||||



- 26 - 



## **The Francis Holland (Church of England) Schools Trust Cashflow statement For the year ended 31 August 2022** 

## **Notes to the Cashflow Statement** 

## **(i) Reconciliation of net cash inflow from operating activities** 

|Net income<br>Depreciation<br>Loss on disposal<br>Investment (gain) / loss<br>Interest<br>Revaluation of investment property<br>Finance costs<br>(Decrease) / increase in debtors<br>(861)<br>(Decrease) / increase in creditors<br>(31)<br>Net cash infow from operating activities<br>**(ii)**<br>**Analysis of movement in net funds**<br>Cash at bank and in hand<br>Treasury reserve deposit<br>Total funds<br>Loan: Less than one year<br>Loan: Greater than one year<br>Net funds|**2022**<br>2021<br>**£’000**<br>£’000<br>999<br>2,692<br>1,647<br>1,565<br>-<br>-<br>377<br>(691)<br>(89)<br>(20)<br>-<br>-<br>172<br>-<br>428<br>590<br>4,124<br>2,654<br>**31 August**<br>1 September<br>**2022**<br>Cash fow<br>2021<br>**£’000**<br>£’000<br>£’000<br>1,891<br>1,078<br>813<br>5,612<br>147<br>5,465<br>7,503<br>1,225<br>6,278<br>(791)<br>-<br>-<br>(5,273)<br>(6,500)<br>-<br>1,439<br>(5,275)<br>6,278|
|---|---|



- 27 - 



## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **1 Company information** 

The Francis Holland (Church of England) Schools Trust is a company which does not have share capital and is limited by the guarantee of the Members to a maximum of £1 each. The Trust is governed by the Memorandum and Articles of the company. The Trust is a Public Benefit Entity registered as charity in England and Wales (charity number: 312745) and a company limited by guarantee (company number: 257981). The registered office is 35 Bourne Street, SW1W 8JA. 

The subsidiary trading company FHS International, company number 12161646, incorporated in the England and Wales with share capital of £1, was registered in August 2020 with a registered address of 35 Bourne Street, SW1W 8JA. The company was dormant in the year and the intercompany loan was written off. The accounts of dormant company are immaterial. Consolidated accounts are not prepared. 

## **2 Statement of compliance** 

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’), and with the Companies Act 2006 and the Statement of Recommended Practice (second edition) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable  in  the  UK  and  Ireland  (‘FRS  102’)  –  effective  1  January  2019.  The  financial statements have been prepared on the historic cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. 

The standard format for the income and expenditure account as required by the Companies Act 2006 Part 1 of Schedule 1 to The Large & Medium-sized Companies & Groups (Accounts & Reports) Regulations 2008 has been adapted to provide more appropriate information which reflects the activities of the Trust. 

The financial statements are presented in Sterling (£). The functional currency of the Trust is considered to be Sterling because that is the currency of the primary economic environment in which the Trust operates. 

## **Going concern** 

After  reviewing  the  forecasts  and  projections  of  the  charity,  together  with  the  expected ongoing demand for places, the members have a reasonable expectation that the charity has adequate  resources  to  continue  in  operational  existence  for  the  foreseeable  future  and consider that there were no material uncertainties over the Trust’s financial viability. The charity  therefore  continues  to  adopt  the  going  concern  basis  in  preparing  its  financial statements. 

## **3 Significant judgements and estimates** 

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The items in the financial statements where these judgements and estimates have been made include: 

- The estimated useful life of the fixed assets 

- The valuation of the fee debtors, expressed net of the provision for bad debt 

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust’s financial statements. 

- 28 - 



**The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **4 Accounting policies** 

## (a) **Tangible fixed assets** 

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line method. The rates applicable are: 

Freehold buildings - 50 years - Fixtures, furniture and equipment 3 to 10 years - Long leasehold 4 to 99 years 

Assets under the course of construction are not depreciated until brought in to use. 

The Members of the Council review the schools’ freehold and long leasehold buildings for impairment at the end of each financial year, in accordance with FRS 102. Assets costing more than £1,000 are capitalised. 

- (b) **Impairment of assets** 

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss. 

- (c) **Investment property** 

Investment property is included in the accounts at fair value. Fair value is based upon a valuation  performed  by  an  independent  surveyor  with  a  recognised  professional qualification and recent experience in the location and class of property valued. 

## (d) **Investments and investment income** 

Investments  represent  holdings  in  a publicly traded  fund  and  are  included  in the financial  statements  at  fair  value.  Changes  in  fair  value  are  recognised  in  the Statement of Financial Activities. Fair value is established using the bid price at the balance sheet date. 

## (e) **Financial Instruments** 

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **Debtors** 

Parent debtors are measured at transaction price, less any impairment.  Parent and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **Creditors** 

Short  term  trade  creditors  are  measured  at  the  transaction  price.  Other  financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs. 

- 30 - 



## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## (f) **Leases** 

Rentals payable under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. 

## (g) **Provisions for liabilities** 

Provisions are recognised when the charity has a present obligation (legal or constructive) as a result of a past event, it is probable that the charity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. 

## (h) **Fees receivable** 

School fees are credited to income in the period for which they are receivable. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school from restricted funds but includes contributions received from endowment and restricted funds for scholarships, bursaries and other monies received from third parties. Fees that are received in advance of the academic year to which they relate are treated as creditors and released in the year to which they relate. 

## (i) **Donations** 

Donations are accounted for when entitlement arises, the amount can be reliably quantified and the economic benefit to the Trust is considered probable. 

Voluntary income for the Trust’s general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund. 

(j) **Investment Income** Investment income is recognised on a receivable basis once the amounts can be measured reliably. 

## (k) **School expenditure** 

General educational expenditure is accounted for as incurred on the accruals basis and is  charged  directly  to  the  expenditure  category  to  which  it  relates. Expenditure attributable to more than one cost category in the Statement of Financial Activity is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. 

Grants  awarded  are  expensed  as  soon  as  they  become  legal or  operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements. 

## (l) **Pension costs** 

Retirement benefits to employees of the School are provided through two pension schemes.  The  pension  costs  charged  in  the  Statement  of  Financial  Activities  are determined as follows: 

- i. The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as 

- 31 - 



required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The Trust’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## (m) **Pension costs (cont.)** 

ii. The Trust Group Personal Pension Plan – This is a defined contribution group personal pension plan with Friends Provident. Employer’s pension costs are charged in the period in which the salaries to which they relate are payable. 

## (n) **Employee benefits** 

## _Short term benefits_ 

Short term benefits including holiday pay are recognised as an expense in the period in which the service was received. 

## _Employee settlement benefits_ 

Settlement benefits are accounted for on an accrual basis in line with FRS102. 

## (o) **Fund accounting** 

The charitable trust funds of the Trust are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. 

## **Unrestricted funds** 

Unrestricted income belongs to the Trust’s corporate reserves, spendable at the discretion of the Governors either to further the Trust’s Objects or to benefit the Trust itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. 

## **Restricted funds** 

Restricted funds are certain legacies and donations to be utilised in accordance with the terms imposed by the donors. 

## **5** 

|**Fees receivable**<br>Fees consist of:<br>Gross school fees<br>Less: bursaries<br>(722)<br>Less: scholarships<br>Less: staf, Clergy and other awards<br>Less: cost saving refunds<br>Add: bursaries from restricted funds|**2022**<br>2021<br>**£’000**<br>£’000<br>28,305<br>25,475<br>(934)<br>(283)<br>(245)<br>(197)<br>(212)<br>-<br>(432)<br>44<br>275<br>26,935<br>24,139|
|---|---|



**Investment income** 

**2022** 

2021 

**6** 

- 32 - 



|Listed investments<br>Bank interest<br>Investment property rental income|**£’000**<br>83<br>6<br>15<br>104|£’000<br>65<br>2<br>19|
|---|---|---|
|||86|



## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

|**7**<br>**Educational expenditure**<br>Teachers’ salaries<br>Visiting teachers’ salaries<br>Teaching costs<br>Premises costs<br>Welfare costs<br>Support costs of schooling<br>Bursary department costs<br>Cost of bursaries from restricted funds<br>Depreciation<br>Financing costs<br>**Bursary costs include:**<br>Auditors' remuneration net of VAT:<br>-  current year audit services<br>23<br>-  other services<br>**8**<br>**Staf costs and numbers employed**<br>Wages and salaries<br>Social security<br>Pension contributions<br>Visiting teacher costs<br>Visiting teacher pension costs<br>101<br>Supply staf costs<br>Visiting lecturers<br>Settlement payments|**2022**<br>2021<br>**£’000**<br>£’000<br>13,110<br>12,150<br>633<br>602<br>1,567<br>1,139<br>1,920<br>1,783<br>1,842<br>1,371<br>3,383<br>2,881<br>1,546<br>1,427<br>44<br>275<br>1,647<br>1,566<br>172<br>-<br>25,864<br>23,194<br>26<br>1<br>5<br>**2022**<br>2021<br>**£’000**<br>£’000<br>12,545<br>11,571<br>1,435<br>1,335<br>2,417<br>2,240<br>16,397<br>15,146<br>569<br>501<br>99<br>83<br>41<br>89<br>71<br>110<br>26<br>17,347<br>15,886|
|---|---|



- 33 - 



## **Numbers employed** 

|**Numbers employed**|**Numbers employed**|**Numbers employed**|**Numbers employed**||
|---|---|---|---|---|
|**2022**<br>2021<br>**2022**<br>**Number**<br>Number<br>**Number**<br> Annual average staf<br>Equivalent full-time staf<br>Teaching<br>198<br>187<br>160||||2021<br>Number<br>157|
|Administrative and Support staf<br>62||80|75|66|
|Visiting Teachers|32|30|-|-|
||310|292|226|219|



## **The Francis Holland (Church of England) Schools** 

## **Trust** 

## **Notes to the Financial Statements For the year ended 31 August 2022** 

## **8 Staff costs and numbers employed (continued)** 

The number of employees whose annual emoluments exceeded £60,000 was: 

|£60,001 - £70,000<br>£70,001 - £80,000<br>£80,001 - £90,000<br>£90,001 - £100,000<br>£120,001 - £130,000<br>£130,001 - £140,000<br>£140,001 - £150,000<br>£150,001 - £160,000<br>£170,001 - £180,000<br>£180,001 - £190,000|**Number**<br>**2022**<br>36<br>10<br>5<br>4<br>-<br>-<br>-<br>1<br>1<br>1<br>58|Number|Number|
|---|---|---|---|
||||2021|
||||29<br>8<br>7<br>2<br>-<br>-<br>1<br>-<br>1<br>1|
||||49|



52 (2021: 44) higher paid staff participate in the teachers’ pension scheme and 5 (2021: 4) in the  defined  contribution  scheme.  Employer’s  contributions  for  these  employees  to  the defined benefit scheme were £900,952 (2021: £759,071) and to the defined contribution scheme were £32,883 (2021: £24,742). 

The  aggregate  employee  emoluments  including  pension  contributions  and  employers national  insurance  of  key  management  personnel  for  the  year  was  £819,926  (2021: £762,125). 

The Members of the Council received no remuneration for their services during the year (2021: £nil).  Travelling and other expenses reimbursed to 2 (2021: nil) Members of the Council during the year amounted to £560 (2021: nil). 

- 34 - 



**The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **9 Tangible fixed assets** 

|<br>**Cost**<br>At 1 September 2021<br>43,747<br>Additions<br>8,797<br>At 31 August 2022<br>**Depreciation**<br>At 1 September 2021<br>11,769<br>Charge for the year<br>At 31 August 2022<br>**Net book value**<br>At 31 August 2022<br>At 31 August 2021<br>**10**<br>**Investment property**<br>At 01 September 2021<br>Impairment<br>-<br>At 31 August 2022||**Land and buildings             Fixtures**<br>**Long**<br>**furniture**<br>**Freehold**<br>**leasehold**<br>**equipment**<br>**Total**<br>**£’000**<br>**£’000**<br>**£’000**<br>**£’000**<br>13,544<br>25,114<br>5,089<br>8,055<br>550<br>192<br>21,599<br>25,664<br>5,281<br>52,544<br>2,870<br>4,588<br>4,311<br>459<br>831<br>357<br>1,647<br>3,329<br>5,419<br>4,668<br>13,416<br>18,270<br>20,245<br>613<br>39,128<br>10,674<br>20,526<br>778<br>31,978<br>**2022**<br>2021<br>**£’000**<br>£’000<br>675                    675<br>-<br>675<br>675|**Land and buildings             Fixtures**<br>**Long**<br>**furniture**<br>**Freehold**<br>**leasehold**<br>**equipment**<br>**Total**<br>**£’000**<br>**£’000**<br>**£’000**<br>**£’000**<br>13,544<br>25,114<br>5,089<br>8,055<br>550<br>192<br>21,599<br>25,664<br>5,281<br>52,544<br>2,870<br>4,588<br>4,311<br>459<br>831<br>357<br>1,647<br>3,329<br>5,419<br>4,668<br>13,416<br>18,270<br>20,245<br>613<br>39,128<br>10,674<br>20,526<br>778<br>31,978<br>**2022**<br>2021<br>**£’000**<br>£’000<br>675                    675<br>-<br>675<br>675|**Land and buildings             Fixtures**<br>**Long**<br>**furniture**<br>**Freehold**<br>**leasehold**<br>**equipment**<br>**Total**<br>**£’000**<br>**£’000**<br>**£’000**<br>**£’000**<br>13,544<br>25,114<br>5,089<br>8,055<br>550<br>192<br>21,599<br>25,664<br>5,281<br>52,544<br>2,870<br>4,588<br>4,311<br>459<br>831<br>357<br>1,647<br>3,329<br>5,419<br>4,668<br>13,416<br>18,270<br>20,245<br>613<br>39,128<br>10,674<br>20,526<br>778<br>31,978<br>**2022**<br>2021<br>**£’000**<br>£’000<br>675                    675<br>-<br>675<br>675|**Land and buildings             Fixtures**<br>**Long**<br>**furniture**<br>**Freehold**<br>**leasehold**<br>**equipment**<br>**Total**<br>**£’000**<br>**£’000**<br>**£’000**<br>**£’000**<br>13,544<br>25,114<br>5,089<br>8,055<br>550<br>192<br>21,599<br>25,664<br>5,281<br>52,544<br>2,870<br>4,588<br>4,311<br>459<br>831<br>357<br>1,647<br>3,329<br>5,419<br>4,668<br>13,416<br>18,270<br>20,245<br>613<br>39,128<br>10,674<br>20,526<br>778<br>31,978<br>**2022**<br>2021<br>**£’000**<br>£’000<br>675                    675<br>-<br>675<br>675|
|---|---|---|---|---|---|
|||21,599<br>25,664||5,281||
|||2,870<br>459<br>831||4,588<br>357||
|||3,329<br>5,419||4,668||
|||18,270<br>20,245||613||
|||10,674<br>20,526||778||
||||**2022**<br>**£’000**<br>675<br> <br>675|||



The investment property is a flat owned by the Trust and is not used in the Trust’s own activities. A formal valuation of the property was prepared by Knight Frank LLP, dated 8 September 2020. 

|**11.**|**Listed investments**|**2022**|2021|
|---|---|---|---|
|||**£’000**|£’000|
||Market value at 1 September 2021||3,940|
||3,250|||
||Dividends reinvested|84|65|
||Realised & unrealised gains/(losses)||(377)|
||625|||



- 36 - 



Market value at 31 August 2022 3,647 3,940 Cost of investments at 31 August 2022 3,243 3,172 Investments comprised unit trusts. 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

|**12**<br>**Debtors**<br>**Due within one year:**<br>School bills and extras<br> <br>Prepayments and accrued income<br>452<br>Amounts owed by trading subsidiary<br>116<br>Other debtors<br>**13**<br>**Creditors**<br>**Amounts falling due within one year:**<br>School fees received in advance<br>Trade creditors<br>Other creditors<br>Taxation and social security<br>Fee deposits retained<br>Bank loan (see note 14)<br>**Amounts falling due after more than one year:**<br>Fee deposits retained<br>Bank loan (see note 14)<br>||**2022**<br>2021<br>**£’000**<br>£’000<br>367<br>267<br>610<br>-<br>-<br>570<br>977<br>1,405<br>**2022**<br>2021<br>**£’000**<br>£’000<br>1,738<br>1,768<br>576<br>512<br>1,875<br>1,556<br>390<br>362<br>360<br>238<br>791<br>-<br>5,730<br>4,436<br>2,747<br>2,659<br>5,273<br>-<br>8,020<br>2,659<br>|
|---|---|---|
||||
||||
||||
||||
||||



Parents may pay tuition fees in advance. The money may be returned subject to certain specific conditions on the receipt of one term’s notice. The split of the fee deposit balance is determined  on  the  assumption  that  all  pupils  currently  at  the  school  will  remain  until completion. Prior year figures included credit notes issued related to cost saving refunds. The balance excludes credit notes exchanged for a cash refund prior to the year end and refunds donated. 

## **14 Bank Loan** 

The Trust entered into an agreement with Lloyds Bank plc for a loan of £6.5m, secured against the freehold title of two freehold properties in Ivor Place, The Francis Holland School and The Gloucester Arms Public House. The loan is at floating rate interest at 1.75% above Bank of England base rate. 

|**2022**|2021|
|---|---|
|**£’000**|£’000|
|3,034|-|



After 5 years 

- 37 - 



Within 2 to 5 years Within 1 to 2 years Within 1 year 

- 1,891 581 - 558 - - 6,064 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **15      Unrestricted general funds** 

Unrestricted funds represent accumulated income from the Trusts activities and other sources that are available for the general purposes of the Trust. 

|**At**<br>**1 September**<br>**2021**<br>**£’000**<br>General Fund<br>36,905|**Transfers and**<br>**At**<br>**investment31 August**<br>**Income**<br>**Expenditure**<br>**gains/(losses)**<br>**2022**<br>**£’000**<br>**£’000**<br>**£’000      £’000**<br>27,039<br>(26,050)<br>(147)<br>37,747|
|---|---|



As  reflected  by  note  9,  £39,128,000  of  the  total  funds  of  the  charitable  company  is invested in tangible fixed assets (2021: £31,978,000). 

## **16 Restricted funds** 

|**At**<br>**1 September**<br>**2021**<br>**£’000**<br>Regent’s Park Bursary Fund<br>-<br>The Vivienne Durham Bursary Fund 82<br>Regent’s Park Building Fund<br>-<br>Sloane Square Building Fund<br>-<br>Sloane Square Bursary Fund<br>-<br>The Morris Francis Holland Bursary175<br>Sloane Square Junior Fund<br>-<br>Other Funds<br>19<br>Restricted Funds<br>276|**At**<br>**1 September**<br>**2021**<br>**£’000**<br>Regent’s Park Bursary Fund<br>-<br>The Vivienne Durham Bursary Fund 82<br>Regent’s Park Building Fund<br>-<br>Sloane Square Building Fund<br>-<br>Sloane Square Bursary Fund<br>-<br>The Morris Francis Holland Bursary175<br>Sloane Square Junior Fund<br>-<br>Other Funds<br>19<br>Restricted Funds<br>276|**Income**<br>**Expenditure**<br>**£’000**<br>**£’000**<br>27<br>-<br>-<br>-<br>206<br>(144)<br>-<br>-<br>71<br>-<br>-<br>(44)<br>79<br>(48)<br>38<br>(28)|**At**<br>**31 August**<br>**Transfers**<br>**2022**<br> <br>**£’000      £’000**<br>-<br>27<br>-<br>82<br>-<br>62<br>-<br>-<br>-<br>71<br>-<br>131<br>-<br>31<br>-<br>29<br>-<br>433|
|---|---|---|---|
||276|421<br>(264)||



**Regent’s Park Bursary Fund** : to assist girls from financially disadvantaged backgrounds to benefit from an education at the school. 

**The  Vivienne  Durham  Bursary  Fund** :  a  fund  for  academic  pupil(s)  who  could  not otherwise afford full fees. 

**Regent’s Park Building Fund** : a fund to support the development of the school. 

**Sloane  Square  Building  Fund:** a  fund  to  support  the  improvement  of  the  school’s teaching facilities by the development of its site and surroundings. During the year costs associated with the project have been transferred from the fund. 

**Sloane Square Bursary Fund** : to assist girls from financially disadvantaged backgrounds 

- 38 - 



to benefit from an education at the school. 

**The  Morris  family  Francis  Holland  Bursary** :  to  assist  girls  from  a  financially disadvantaged background. 

**Other Funds** : a number of smaller funds holding restricted donations net of expenditure on the relevant initiative. 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **17 Analysis of net assets between funds** 

The net assets are held for the various funds as follows: 

|<br>Tangible fxed assets<br>Investment property<br>Listed investments<br>Net current assets<br> <br>Creditors falling due after more than one year|**Unrestricted**<br>**General**<br>**Restricted**<br>**Total**<br>**(Note 14)**<br>**(Note 15)**<br>**2021**<br>**£’000**<br>**£’000**<br>**£’000**<br>39,128<br>-<br>39,128<br>675<br>-<br>675<br>3,647<br>-<br>3,647<br>2,317<br>433<br>2,750<br>(8,020)<br>-<br>(8,020)<br>37,747<br>433<br>38,180|
|---|---|



## **18 Operating lease commitments** 

The following future minimum lease payments under non-cancellable operating leases are set out below: 

|Payment due:<br>Not later than one year<br>Later than one year not later than fve years<br>Later than fve years|**2022**<br>2021<br>**£’000**<br>£’000<br>504<br>647<br>1,521<br>1,638<br>7,380<br>7,743<br>9,405<br>10,028|
|---|---|



Included within the above operating lease commitments are two property leases under 125 year agreements. Annual rents total £13,000 and are reviewed every five years in accordance with RPI. 

## **19 Capital commitments** 

At 31 August 2022 the Trust had outstanding contractual commitments for capital expenditure amounting to approximately £59,000 (2021: £5,040,000). 

## **20 Related party transactions** 

One Trustees is a parent and another is a grandparent. Both families paid fees at normal rates. Donations from Trustees amounted to £2,500 (2021: £2,500) 

- 39 - 



**21 Pension Costs** 

## **Teachers’ Pension Scheme** 

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,093,585 (2021: £1,955,131) and at the year-end £262,742 (2021 - £256,985) was accrued in respect of contributions to this scheme. 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **21 Pension Costs** 

## **Teachers’ Pension Scheme (continued)** 

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’  Pensions Regulations 2010  (as amended) and The  Teachers’  Pension Scheme Regulations 2014 (as amended).  Members contribute on a “pay as you go”  basis with contributions from members 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 Actuary’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 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. 

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations 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 prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions. 

On 27 June 2019 the Supreme Court 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 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 discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed  with a deferred choice underpin which members wil be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 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 place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 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 ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a 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. 

- 40 - 



The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. 

Until the 2020 valuation is completed it is not possible to conclude on any financial impact 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 Trust currently provides the following pension arrangements for support staff. 

## **Aviva Francis Holland Schools Trust Registered Stakeholder Pension Scheme** 

The Trust established the Francis Holland School Trust Registered Stakeholder pension scheme with effect from 1 May 2022.  Aviva provide administrative, investment management and trustee services to the scheme. Members have individual policies established in their own names on joining. The support staff scheme was previously managed by Friends Provident. 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **21 Pension Costs (continued)** 

The Trust’s responsibilities extend to making contributions through payroll and administration, limited to providing Aviva with suitable information about employees who accept the invitation to join the scheme. The pension cost charge for these defined contribution schemes represents the amounts payable by the Trust for the year and amounted to £236,465 (2020: £190,396). The year end liability in relation to this scheme was £31,838 (2021: £24,354). 

## **22 Comparative Statement of Income and Expenditure - Year ended 31 August 2021** 

|**Unrestricted FundsRestricted**<br>restated<br>**General**<br>**Notes**<br>**£’000**<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>86<br>Donations<br>15<br>-<br>Government grants<br>69<br>Trading income<br>8<br>**Total income**<br>24,297<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>47|**Unrestricted FundsRestricted**<br>restated<br>**General**<br>**Notes**<br>**£’000**<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>86<br>Donations<br>15<br>-<br>Government grants<br>69<br>Trading income<br>8<br>**Total income**<br>24,297<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>47|**Unrestricted FundsRestricted**<br>restated<br>**General**<br>**Notes**<br>**£’000**<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees<br>5<br>24,139<br>**Raising funds**<br>Investment income and interest      6<br>86<br>Donations<br>15<br>-<br>Government grants<br>69<br>Trading income<br>8<br>**Total income**<br>24,297<br>**Expenditure on:**<br>**Raising funds:**<br>Fundraising and Development<br>47|**Funds**<br>**2021**<br>2020<br>**£’000      £’000**<br>£’000<br>- 24,139  21,978<br>-<br>86<br>93<br>1,011<br>1,011<br>543<br>-<br>69<br>237<br>3<br>-<br>3|
|---|---|---|---|
|||24,297|1,011<br>25,308<br>22,859|
|||47|-<br>47<br>105|



## **Charitable Activities** 

- 41 - 



|Education<br>7<br>**Total expenditure**<br>**Net income before transfers and**<br>**Investment gains / (losses):**<br>Gain / (loss) on investments<br>10,11<br>Transfers between funds<br>**Net movement in funds**<br>**Funds at 1 September 2020**22,23<br>**Funds at 31 August 2021**|22,919<br>275<br>23,194<br>21,683|
|---|---|
||22,966<br>275<br>23,241<br>21,788|
||1,331<br>736<br>2,067<br>1,071<br>625<br>-<br>625<br>65<br>763<br>(763)<br>-<br>-|
||2,719<br>(27)<br>2,692<br>1,136<br>34,186<br>303<br>34,489<br>33,353|
||36,905<br>276<br>37,181<br>34,489|



All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **Comparative fund notes:** 

## **23 Unrestricted general funds** 

Unrestricted funds represent accumulated income from the Trusts activities and other sources that are available for the general purposes of the Trust. 

|**At**<br>**1 September**<br>**2020**<br>**£’000**<br>General Fund<br>34,186|**Transfers and**<br>**At**<br>**investment31 August**<br>**Income**<br>**Expenditure**<br>**gains/(losses)**<br>**2021**<br>**£’000**<br>**£’000**<br>**£’000      £’000**<br>24,922<br>(22,966)<br>763<br>36,905|
|---|---|



As  reflected  by  note  9,  £31,978,000  of  the  total  funds  of  the  charitable  company  is invested in tangible fixed assets (2020: £30,765,000). 

## **24 Restricted funds** 

|**At**<br>**1 September**<br>**2020**<br>**£’000**|**Income**<br>**Expenditure**<br>**£’000**<br>**£’000**|**At**<br>**31 August**<br>**Transfers**<br>**2021**<br> <br>**£’000      £’000**|
|---|---|---|



- 42 - 



|Regent’s Park Bursary Fund|-|193|(193)|-|-|
|---|---|---|---|---|---|
|The Vivienne Durham Bursary|Fund 82|-|-|-|82|
|Regent’s Park Building Fund|-|344|-|(344)|-|
|Sloane Square Building Fund|-|408|-|(408)|-|
|Sloane Square Bursary Fund|-|40|(40)|-|-|
|The Morris Francis Holland Bursary217||-|(42)|-|175|
|Other Funds|4|26|-|(11)|19|
|Restricted Funds|303|1,011|(275)|(763)|276|



**Regent’s Park Bursary Fund** : to assist girls from financially disadvantaged backgrounds to benefit from an education at the school. 

**The  Vivienne  Durham  Bursary  Fund** :  a  fund  for  academic  pupil(s)  who  could  not otherwise afford full fees. 

**Regent’s Park Building Fund** : a fund to support the development of the school. 

**Sloane  Square  Building  Fund:** a  fund  to  support  the  improvement  of  the  school’s teaching facilities by the development of its site and surroundings. During the year costs associated with the project have been transferred from the fund. 

**Sloane Square Bursary Fund** : to assist girls from financially disadvantaged backgrounds to benefit from an education at the school. 

**The  Morris  family  Francis  Holland  Bursary** :  to  assist  girls  from  a  financially disadvantaged background. 

**Other Funds** : a number of smaller funds holding restricted donations net of expenditure on the relevant initiative 

## **The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2022** 

## **25 Comparative analysis of net assets between funds** 

The net assets are held for the various funds as follows: 

|<br>Tangible fxed assets<br>Investment property<br>Listed investments<br>Net current assets<br> <br>Creditors falling due after more than one year|**Unrestricted**<br>**General**<br>**Restricted**<br>**Total**<br>**(Note 14)**<br>**(Note 15)**<br>**2021**<br>**£’000**<br>**£’000**<br>**£’000**<br>31,978<br>-<br>31,978<br>675<br>-<br>675<br>3,940<br>-<br>3,940<br>2,971<br>276<br>3,247<br>(2,659)<br>-<br>(2,659)<br>36,905<br>276<br>37,181|
|---|---|



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