The Francis Holland Ichurch of England) Schools Trust (Company Nurnber 2579811 (Registered Charity Number 3127451 Annual Report.and Financial Statements Year ended 31 August 2023 lll "ACXIVLti4* 1710212024 COMPANIES HOUSE A15 The Francis Holland (Church of England) Schools Trust Annual Report Year ended 31 August 2023 Contents Registered office and advisors Members and Officets of the CoLtncil Council Report lineofporating the str￿e9￿ Report) 3-15 PrinGipal ActNifies and Charitable Ob)'ects Structure. Govemance and Management Stakeholder Engagement Achievements and Perfom)ance in Ihe Year Public Benefit tivities In the Year Pnncipal Risks and Urtcertaint Financial Review Fundraising Approach and Perfomiance Future Plans iv. vi. 10 14 14 15 15 ix. ststement of Trustees, Responsibilrties 16 Independent Audrtoi's Report 17-19 stalement.of Financial Activities 20 Balance Sheet 21 Cashflow Slalement 22-23 Notes to the FinancBI Statements 24-37 The Francis Holland (Church of England) Schools Trust Registered office and advisors . Registered Office: Francis Holland Ichureh of England) Sch¢)ols Trust 35 Bouine Slreel London SW1W 8JA . Bankers: National Westminster Barkk PLC 69 Victoria Street London SW1E SNA Lloyds Bank 25 Gresham Street London EC2V 7HN Solicltors: Veale Vvasborough Vvzards Orchard Court Orchard Lane Bristol. BS1 5WS Auditor: Haysmacinlyre LLP 10 Queen Street Place London. EC4R 1AG Insurers.. Zurich Insurance PLC The Zurich Cenlie 3000 Parkway ' ileley Fareham Hampshire P015 7JZ Investment advisors- Ralhbones Investment Management 8 Finsbury Circus London. EC2M 7AZ The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Reporti For the year ended 31 August 2023 MEMBERS OF THE COUNCIL The following are the Current semng members of t1￿ Counul.. Mr P Sherringlon MrA Fincham Mrs F Angel Dr F Baawuah Mr R Backhouse Dr C Barker Mr G Bennett Mr M Culhbert Prof C Gwenlan Mrs S Nedas Mr l Ramsay Ms E Regina Mrs N de Renzo Dr M Short Dr H A Spoudeas Revd Dr A Walker Ms J Woodham-smith 1,2,3.4.5 Chairman Deputy Chaimwn The following changes to membership have cuurred since 1 September 2023.. Mrs F Angel Mr G Bennett Appointed- 14th November 2022 Retired- 14th September 2023 OFFICERS The Heads L R Elphinstone M.A. - SkMne Square Senior School S M C Dixon M.A. - Sloane Square JunK>r SchcK)I K C WoOdc￿k B A. - Regent's Park School Bursar and Chief Operating Offttr Company secrelary G T D Wilmot B.A. A.C.A. T D Wiknot BA. A.C.A 1 - Education Committee 2 - Finance and Estates Comrnittee 3 - Governance and Nominab"ons Ccmrrwttee 4 - RemuneratKJn and Human Resources Cwrnittee 5- Safvguardirg Sub-commiltee The Francis Holland (Church of England) Schools Trust Council Report {incorporating the Strategic Rep.orti For the year ended 31 August 2023 The Twerty-fir$t Report of the Council (incorporating the Strategic Rewtl for the year ended 31 August 2023 will be presented at the Eighty Ninth Annual General Meeting lo be held at Sbarte Square on 14th March 2024. CONSllTUTION Francis Holland (Church of England) Schocls Trust Trs a tompany limited by guarantee and a registered charity. 11 PRINCIPAL ACTIVITIES AND OWEcmvES The principal activities of the charitabk company continue to be the provision of edU￿119n for girls. including religious instruction in accordance with the Principles of the Church of England. . The Charity The Trust. foundeil in 1878. is regi$lered wrth Ihe Charty CcffnmissKJn under charrty number 312745 and is a cwpany limited by guarantee as number 257981 at Companies House. The Trust is responsible for three schools operating from two si(es". a senior school at Regent's Parf( founded in 1878 and both a senior and. 8 junior school at Sloane Square founded in 1881. The Chanty owns a subsidiary trading company FHS Inlemational. company number 12161646, incorporated in the England and Wales with share capital of £1. The re915tered address is 35 Boume Street, SW1W 8JA The company was domianl in the year On that basis the accounts are not Consolidated. Governing Document The charrty is govemed by Memorandum and Arty'cles of Asscti*ion most recentty amended on 19 July 2019. Charltable Objects The Trust's obiects as described in the Memorandum ofAssociall￿ are lo provide for and carry on in the United Kingdom public day and boarding schools for the educatvjn of girls. to provide religious instruction and training therein in accordance wrth the principks of the Church of England, and geneially lo foster educalton and Moral and religious training therein. The members of the Counal (also called Governorsl, asthe Iru5tees of the charity. have paid due regard lo the Charity Commission guwjance on public benefit. The Governors are satisfied th* the charity's aims and actNil*s are in ￿CordanCe wilh the regulations on public benefrt.. Aims . Wilh these objects in Mind, the Trust's aim is lo provide a broad and 5timulalin9 independent education. both. through strong academic turtion, and through developing wider 5POrting, 8rt15tic and soc￿1 skills in all its pupils. This Is intended to provide an environment where each pupil can t1evelcp and fulfill her polenlial, thus lo build solfackgrounds, sex and age and cultural dNersty. From time to ts"me. according to the art￿leS of assoek*KJn. nominations are put fomard lo the Council for approval and appointment. On appointment all r*w Trustees are inducted inlo Ihe workings of the charity and its schools through the provision of a comprehensive induction, by meelings with the Heads and the Chief Opeialing Officer and through periodic governor WOTkshops and seminars. Governors are encouraged lo attend appropriate exlernal The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2023 training events where these will fao"lilale the undertaking of ther role. Govemors visil Ihe schools on a rola basis. observing lessons, wEeling staff, participats.ng in Hearth & Safely walk-around$ and are encouraged to attend school events. Organisational Management The schrx)Is' Committee and Council level policies are reviewed Tegulaty by the Committee5 and Council for approval The day to éay running of each of the three schools Is delegated to the Heads and their Senior Leadership Teams, and the Chief Opwaling Officer, supported by Bursary staff servicing each site. During the year the Council metfour times. Committee meetings take place regularly. The Education Commiitee is chaired by Mr R￿hard Backhouse and met Ihree limes during the year. The other principal commillees are the Finance & Estates Committee chaired by Mr lan Ramsay. Ihe Remuneralion and Human Resources Committee chaired by Mr Anthony Fin¢ham. and the Govemance and Nominations Committee chaired by Ms Julia Woodham-Smf(h. The Finance and Estate$ Commrtiee met five limes during the year, the Govemance & Nominations Commrtiee met Ihree times, and Ihe RemuneratK)n and Human Resources Cc¥nmillee mel three times. The remuneration of the Officefs of the Tnjsl is set with the objectrve of providing appropriate incentives lo encourage enhanced performance and of rewarding them fairfy and responsibly for their individual contributions lo the success of the sCh￿￿S. The appropnateness and relevance of the remuneration policy Is reviewed periodicalty, includtng reference lo comparisons wrth other independent schools to ensure that the Trust remains sensitive to issues affecting pay .and employment cOndrt￿ns in both the national and. kxal markets. Th8 Govemors are not remunerated. 1111 STAKEHOLDER ENGAGEMENT Section 172 of the tompanies Act 2006 requires Di￿lor5 to take inlo conshJeralK)n the interests of stskeholder5 in their decisFon making. The Governors, as directors of the charitable company. continue lo have regard lo the interests of the Trust's employees and other stakeholders. including the impact of ils activities on the community, the environment and the Trust's reputation. when making decisions. Acting in good faith and faidy be￿een members, the Govemors cOns￿er what is most likety to promote the success of the Trust for ils members In the k)ng term. Whilst the importance of giving due consideration lo our slakeholijers is not new, we are explaining in more delail this year h¢)w the Council engages wrth our siakeholders. thus seeking to comply, wrth the requwement to include a stslement setting out hchv our Govemors have discharged this duty. The Govemors aTe aware oftheir respcfflsibilities to promote the SLKcess of the Company in accordance with section 172 of the Companies Act 20(￿. The Council regularly reviews the Trust's principal stakehoklers and how the Trust engages with them. The stakeholder voice is brought to Council both directly and through rts sub-commrttees via infomialion provided by management as well as direct engagement with stakeholders. Page 5 of the Strategic report sets out the Trusts principal stakeholders. and how we engage wrth these stskeholders. The relevance of each stakeholder group may increase or decrease depending ori the maller or issue in question, so the Council seeks to consmjer and balance the needs and prior*ties of each stakeholder group during its discusS￿n$ and as part of its decision making. The Trust aims to wort ￿sp￿S1bty wrth our suppliers. Key Stakehoklern Current Pupils Senior management represent the interests of Ihe pupils and ensu￿ they have the necessary resources lo serve their pupils via the medium-temi financial plan and annual budgets. Former Pupils- Fomer pupils remain an important part of the eommunty and are represented wa their associations (Quondam for Regent's Paik and The Old Girls ASs￿latIon 'fot Sloane Square bolh of which are represented on the governing body) and by the Aumni Network run by the Trust. Their contributions lo the SchcM)Is continue. in part￿vIar through public serV￿e as well as the regular school events they organise and support. Parents Parents have on-going wrre$pondence with and access to sen￿r management. Paient AsS￿latIonS are aclive and engaged members of the sch￿1 communities and represent the parent The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) Forthe year ended 31 August 2023 vorce. The contact details of the Goveming Council are provided on the websf(e should parents wish lo comMUn￿le directly with governors. Staff - Staff Interests are represented by sen￿r management at Council level. Staff members are invited to present lo Council and its committees al rneelings. Informal meetings lake pLace in wjvance of annual Council meetings. These provide an atternalive fonjm for communication between staff and Governor5. Local communrties - The Schools work dosety wiéh a number of kscal schools and charities. Greater detail on these relationships is provided under the'Public Benefft, section of this report. Church of England - The Church of England is represented on the governing body. Church services are part of the strLKlure of Ihe school week. Suppliers - The Trust works with suppliers who can help bt deliver a ￿Ve1 of service to ils stakeholders wh￿h is consistent with the staThJards set by senKJr management-. Key decisions in the year The Council's key decisions in the year re￿ted lo the appointment of a new Head al Skjane Square School and the creation of a Safeguarding Sub-committee to monrtor and evaluate the provisions al each sch¢)ol. Further detail is provKled under the 'Review of Actiwlies in the Year, sectton in the strateg￿ Report below. Relocation of the Junior School to allow for two fomi entry has been a longstanding Strateg￿ objectNe. After the year end, the Trusl enlered an agreement lo acquire Ihe trade of The Hampshire School and agree a new lease ol the propety with the landlord. RBKC. For fvrther inftymation please see note 26. The Council sought lo ensure they reviewed and conS￿ered potential headwinds in the polrtical and financial environments affectin9 the independent school sector during the forthcoming academK year,and considere A. and A grades in 2023. All Sixth Formers have the opportunty to take Ihe EPQ. GCSE." Eight girls achieved all grade 9s and 34'kn12022.' 36%) all grade 9-8s and 75°/0 of grades were 9-8 IA"). ' 1000A of papers were awarded grades at 9 lo 412022.. 100%). 89% of grades were 9-7 IA'IAI. 12022.. 94%) particularly extraordinary in 11ght of the thstscles this cohort faced due lo the pandemic. FHS Sloane Square is in the top thirty independent schcx)Is nat￿nalty forvalue-added wi(h on average a grade higherthan the baseline prediclKJns bein9 &hieved al GCSE. Desb'nalions for leavets this year have inchjded Impell￿ Colege. Durham. Edinburgh, Exeter. KCL, LSE. Oxford, UCL and Sl Andrew5, alongside other lop Russell Group universities as well as Art and Drama schools. In addition. len students were offered places al lop European and US universities including Prtnoeton and McGill. UCLA, IE (Madrid) and Universrty of Chicago. Co£urriculum and Pastoral The co-curricular timetable plays an important ro￿ in challenging the girls and helping them to develop charactef, resilien￿ and adaptability. Social enterprise and creativity are particular5y lostered and pupils are encouraged to develop Ihe skills and attributes needed for a fast arising on ievalualK)n of investments and a gain of approximalety £490,00012022.. £490,01)01 arising on the valuabon ol an inve51menl property. . Approved and aulhorised IOT issue by the Members of the Council on 7th Decen*er 2023 and sKJned on their behaK". Mr P Sherriwon Members of the Counul Mr l Ramsay -21 The Francis Holland (Church of England) Schools Trust Cashflow Statement Forthe yearended 31 August 2023 Company Number 257981 2023 022 . N¢>te £'ooo È'ooo £'OC4) Nei Cash flow from operations 4.028 4,124 Cash flows from investing a￿l¥ltieS Payments for tangible fixed assets Investment incorne and Interest Payments lo acquire fixed asset investments 11.4581 117 {8,7971 89 1831 Net cash used in I'nvesting activiti¢s Cash flows fiom financing activities (1.3411_ (8,7911 Loan drawdown ne¢ of repaymenls Finance costs 13.2211 (3161 6.015 11231 Net cash used in financing activities 13,5371 5,892 Change in cash and cash equivalents in thè year 18501 1,225 Cash and cash equivalents al the beginning of the year 7,503 6.278 Cash and cash equivalents at end of the year .6.653 7.503 Reconciliation of net cash flow to movement in net funds Increase Idecreasel In cash in the year Increase {decreasel in liquid resources in the year 11,4621 612 1,078 147 18501 1.225 Net funds at 1 September 2022 7,503 6.278 Netlunds at 31 August 2023 6.653 7.503 -22- The Francis Holland (Church of England) Schools Trust Cashflow statement For the year ended 31 August 2023 Noles lo the Cashflow Statement Reconciliation of net cash inflow from operating adivities 2023 £'ooo 1.628 1.842 20 145 12051 316 11331 415 2022 £'ooo 999 1.647 Nel"income Depreciation Loss on disposal Investment Igainl I bss Interest Finance costs (Decrease) l increase in debto (Decrease) / increase in creditors 377 1891 172 428 590 Net cash inflow from operating activrties 4,028 4.124 {ii) Analysis'of rnovement in net funds 31 August 2023 ' £'ooo 1 September .2022 £'ooo ash flow £'ooo Cash al bank and in hand Treasury reserve deposrt. 429 6.224 {1,4621 612 1.891 5,612 Total funds 6,653 18501 7,503 Loan.. Less than one year Loan". Greater than one year 14561 {2.3861 335 2.887 17911 15.2731 Net funds 3,811 2,372 1,439 -23- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2023 Company infomialion The Franci5 Holland (Church of England) Schools Trust Is a company which doe5 not have Share caprtal and Is limrted by the guarantee of the Members to 8 maximum of £1 each. The Trust is govemed by the Memorandum and Articles oflhe ccxnpany. The Trust is a Public Benefit Enlrty registered as charity in England and Wales l¢harrty number. 3127451 and a company limrted by guarantee (company number.. 2579811. The registered Offi￿ Is 35 Boume Street. SW1W 8JA. The subsidiary trading company FHS International. company number 12161646. incorporated in the England and Wales with share caprtal of £1. was reglstered in August 2020 wth a registered address of 35 Bourne Street, SW1W8JA. The company was dormant in Ihe year. The accounts of dorrnanl Company are immalenal. Consolidated accounts are not kyepared. ststement of eomplian¢e These financial stalements have been prepared in a￿ordance with applicable United Kingdom accounting stsndards, including Financial Reporting Standard 102-'The Financial Reporting Standard appI￿able In the United Kingdom and Republ￿ of Ireland, I'FRS 102.). and wrth the Companies Act 2006 an¢J the Statement of Recommended Practv (second edrtionl applicable to ¢harilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the LIK and Ireland I'FRS 102,1 elfectNe 1 January 2019. The financial Statements have been prepared on the historic cost basis except for the modrfication lo fair value basis for certain financial instruments as specified in the accounling polic*s below. The standard fornat for the income and expendrture account as required by the Companies Act 2006 Part 1 of Schedule 1 to The Large & Medium-sEed C(ffipanies & Groups (Accounts & Reports) Regulations 2008 has been adapted lo provwje more appropriate infom)ation wh￿h refle¢is Ihe a¢tivilie$ of the Trust. The financkgl slalements are p￿sented in Sterfing (£1. The functional currency of the Trust is cor￿ldered lo be Sterling because that is the currency of the primary economic environment in which the Trust operates. Going concern After reviewing the fofecasts and Pfojections of the charily. together wrth the expected ongoing demand for places. the members have a reasonable expecialion that Ihe charty has adequate resources to continue in operational existence for the foreseeable lulure and consider that there were no material uncertainties over the Trust's financial viability. The charty the￿fore continues lo adopt the going concem basis in preparing its financial slalerr*nts.' Significant judgements and eslimales In the application of the accounting policies, Council are required to make judgements, estimates, and assumptions about the carrying value of asset5 and l￿blIrtieS that are not readily apparent from other SOUT￿5.. The eslimales and undertying assumptions are based on historical experience and other factors that are considered to be relevant. Actual resu115 may drffer from these eslimales. The eslimales and underfying assumptions a￿ reviewed on an ongoing basis. Revisions lo actounling eslimales are recognised in the perK)d in which the estimate is revised rf the revision affects only that period, or bn the period of the revlsion and futufe perK)ds if the revisK)n affected current and fuluie peiiods. The items in the financial stat8ments wher8 these judgements and estithates have been made include. The eslimaled useful life of the fixed assets The valuation of the fee deblors. eXp￿Ssed rt of the provisK)n for bad debt The fo11t)￿n9 accountsng policies have been applied consistently in dealing with rtems which a￿ conS￿ered material in relation lo the Trust's financial slatemenls. -24- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2023 Accounting policies la) Tangible fixed assets Tangible fixed asse15 are measured al cost less accumulated depreckqtion and any. ¥cumulated impaiment losses. Oepreciation is cakulated to wrrte dcMn the cost less estimated reshdual value of all tangible fixed assets. other than freehohj Lend. over thew expected useful lives. using the 5traNJhl-line melhc¥J_ The rates applicable are". Free￿)￿1 buildings - Fixlures. furniture and equipli￿t Long leasehold 50 years 3to 10 years 41099yea Assets under the course of conslruclK)n are not depwiated until brought in to use. The Members ofthe Council reviewthe schools. freehold and long leasehold buildings for impaimenl at the end of each financial year. in accordan￿ with FRS 102. As5els c051ing more than £1,000 are caprtalised. Ib) Impairment of assets At each reporting date fixed as5els are rev*wed lo detern￿e whether there is any indication thal Ih05e assets have suffered an impaimenl bss. If there is any indicalK)n of possible impaimient, 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 b)ss is recognised immedrdlely in profil or bss. (cl Investment property Investment property is included in the accounts at foir value. Fair value is based upon a valualioii perfomied by an independent SUTveyoT with a Tecognised professional qualification and recent experience in the location and cL8ss of property valued. Idl Investments and investment income Investments reprèsent holdings in a publicty tsaded fund and are included in the financial statements at lair value. Changes lair value are recognised in the Slalemenl of Financial A¢liviti&$. Fair value is established using the bid price at the balance sheet date. le) Financial Instwments The Trust only has financial assels and financial liabilities of a kind that qual'fy as basic financial Instrumerrts. B85K financial in51rumenls ao initialty rècognised at Iransactk)n value and subsequently measured at their settlement value with the exception of bank k)ans which are subsequenlty measured * amortised cost using the effeth.ve interest method. Cash at bank and in hand Cash al bank.and in hand includes cash and short term highly liquKI investments with a short maturity of three months or less from Ihe date of acquisition or opening of the deposit or similar account. Debtor5 Parent debtOTS are measured at transaction pite. less any impaimenl. 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 discounls due. Creditors Short term trade creditor5 we measured at the transacthjn price. Otber financol [￿blIrtIeS, including bank loans. are measured inrtialty at fair value. net of transaction costs. -2ts- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 Au9USt 2023 lfj Leases Rentals payable under operating leases are charged to the statement of finartcial a¢tivities on a straighl-line basis over the lease lem, even rf Ihe payments a￿ not made on such a basis Benefits received as an incentive lo sign an operating tease are similarly spread on a slraMJhl-Iine basis over the lease temi. Igl Provisions for liabilities ProvisKJns are recognised when the charity has a present obligalKsn Ilegal or ¢onstructivel as a result ol a past event, rt is prtsbab￿ that the charity will be required lo settle the obligation, and a reliable . estimate can be m￿e of the aMc￿nt of the oblig8tion. The affK)unl recognised as a proviS￿n Is the best estimate of Ihe consideration required to settle the present obligatK)n at the end of the reporting penc*J. taking into aetounl the risks and uncertainties surrounding the obligalion. {hl Fees receivable School fees are credited lo income in the peritxl for which they are receivable. Fee5 receivable are stated after deducting allowan￿S. scholarships and other remissions granled by Ihe school from restricted .funds but Includes contributions receNed from endowment and reslri¢ted' funds for scholarships. bursaries and'other monÈs received from third partie5. Fees that are received in advance of the academic year to whKh they reL4e are treated as credrtors and released in tho year lo whKh they relate. (i) tk>nations Donalions are accounted for when entillernent arises. the amount can be reliabty quantified and the econthnic benelrt lo the Trust 15 cons•Jered probable. Voluntary income for the Trusys general purposes is a￿O￿nted for as Un￿strICted and is credrted to. the General Resefve. Where the donor or an appeal has imtx)sed trust law reslriclions, voluntary income is credf(ed to the ￿evant ￿trthd Ivnd. lj'l Investment Income Investment income is re￿n[Sed on a ￿e1Vable basis once Ihe amounts can be measured reliably. Ikl School expenditure General educational expendrture is accounted for as incurred on the accruals basis and is charged directly lo the expendrture category to wh￿h rt relates. Expendrture attributable to more than one cost category in the Statement of Financial Activrty is apportioned to them on the basis ol the estimated amount attributable to each activity in the year, either by reference to staff tsme or Ihe use made ol the undertying asset$, as appropri*e. Irrecoverable VAT is included wilh the rtem of expendrture to which It relates. Grants awarded are expensed as soon as they become ￿37 or operational commitments. Govemance costs Comprise the costs of ¢omptying with consli(ulional and slalutory requirements. Pension costs Retiremenl benefits to employees of the School are" provided through two pensK)n schemes. The pension oosls charged in the Statement of Financ*1 Activrt*s are delemined as follows.. The Teachers, PensKJn Scheme - This scheme 15 a muttiemployer pension Scheme. 11 is not P05sibSe lo identfy the School's share of the underlying assets and liabilrties of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as rf it were a defined contribution scheme. The Trust's contributions, which are in accordance with the recommendations of Ihe Govemment Actuary. are charged in the perw)d in wh￿h the salaries to whth they relate are payabk. The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2023 Im} Pension costs-IconLI The Trust Group. Personal Pension Plan - This B a defined contribution group personal pension plan with Friend5 Provident. Employers, Pensi￿ costs are charged in the period in which the salaries lo which they repale are payable. (nl. Employee.benefits Short lem? benelits Short temi benefits including holiday pay are re￿nised as an expense in the period In which the seNKe was received. Employee settlement benefits Settlement ber￿S are aetounted for on an accrual basis in line with FRS102. lol Fund accounting The charitable trust fund$ of the Trust are accounted for as unrest￿ted or restrictèd ineorne in accofdance with the tem)s of trust imposed by the donors or any appeal lo which they may have responded. Unrestricted funds Unfestr￿ted income belongs lo the Trust's ¢orKx)rate reseNes. spendable at the discretion of the Governors either to further the Trust's Objects or lo benefft the Trust ilseff. Where the Governors decKle lo sel aside any part of these funds to be used in future for $￿e specrfic purpose. this is accounted for by transfer lo the appropriate deswJnated fund. Restricted funds Restri¢ted funds are certain ￿9ac￿$ and donat￿nS lo be utilised in accordance with the terms imposed by the donors. Fees receivable 2023 £'ooo 2022 £'ooo Fees consisl of. Gross seh¢JoI fees Less. bursafies Less.. scholarships Less.. staff, Clergy and other awards Add. bursafies from restricted fvnds .31.156 11.047) 12371 11851 47 28.305 19341 12831 11971 29,734 26.935 Investment income 2023 £'ooo 2022 £'ooo Listed Investments Bank interest Investment property rental income 91 114 15 83 15 220 104 -27- The Francis Holland (Church of England) Schools Trust Note$ to the Financial Ststements. For the year ended 31 August 2023 Educational expenditure 2023 £'ooo 2022 £'ooo Teachets'"salaries Visi(ing teachers, salaries Teaching costs Premises costs- Weffare c0515 Support costs of schooling Bursary department costs Cost of bursaries from restricted funds . Depreciation Financing costs 13,858 740 1,759 2.545 2.041 4,225 1.825 47 1.842 316 13,110 633 1.567 1.920 1.842 3,383 1,546 1.647 .172 29.198 25,864 Bursary costs include: Auditors. remuneration net of VAT.~ current year audit seryices other ServI￿S 27 , Staff costs and numbers employed 2023 £'ooo 2022 £'ooo Wages and salarie5 soc￿1 securty Pension contribLrtions 13.395 1,546 2.577 .12,545 1,435 2,417 17.518 16.397 Visiting teacher cosls Visiting teacher"pension costs Suppty staff costs Visitin9 lecturers Settlement payments 630 125 32 569 99 83 89 110 18,456 17.347 Number5 employed 2Ci23 Number. 2022 Number 2023 Number 2022 'Number Annual average staff Equivalent full-time staff Te&hing AdminislralNe and supp￿ stsff Visiting Teachews 196 92 32 198 80 32 164 79 160 66 320 310 243 226 -28- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended.31 August 2023 Staff costs and num￿15 employed Icontinuedl The number of employees whose annual emofumerits exceeded £60,000 was". Reslaled Number 2022 Number 2023 £60,001 - £70.000 £70.001 - £80,000 £80.001 - £￿.000 £90,001 £100.000 £100.001 - £110,000 £110.001- £120,000 £120.001 - £130,000 £150,001 . £180,OC(J £190.¢)01 - £200.oco 38 33 32 33 41 21 127. 111 12022." 521 higher paKI slaff part￿IPated in the teachers. pension scheme and 4 {2022". 51 in the defined conlnbulion scheme. Employerfs contributions for these employees lo the defined benefit_ scheme were 12022". £900,952> and lo the defined contribution scheme were 12022.. £32.883}. The aggregatè eryloyee eMolu￿nIS I￿lUding pension contribultons and employers, national insurance of key management personnel for the year was (2022.. £819.9261. The Members of the Council receNed no rernunerat￿ for their seNtiS during the year 12022.. £nill. ' Travelling and other e>penses relmbu￿ed lo 4 {2022". 21 Members of the Council during the year amounted 10 £1,08212022.' £5601 -2Y- The Francis Holland Ichurch of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2023 Tanglble fixed assets Land and buildings Fixiures fumiture ui Long Frgehold leasehold £'ooo Total £'ooo £'ooo Cost At 1 Seplembei 2022 ReckSSif￿aIions Additions Disposals 21.599 146} 173 25.664 5,281 46 349 11.2691 52,544 936 124) 1,4S8 11,2931 Al 31 August 2023 21.726 26.576 4.407 52.709 Depreciation At 1 September 2022 Charge for the year On Disposals 3.329 698 5,419 713 4,e68 431 11,269 13.416 1.842 11.2691 At 31 August 2023 4,027 6.132 3,830 13,989 Net.book value Al 31 August 2023 17.699 20,444 577 38.720 AI 31 August 2022 18.270 20.245 613 39,128 10 Investment property 2023 2022 £'ooo £'ooo Al 01 September 2022 Impairment 675 675 Al 31 August 2023 675 675 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 pr￿ety was prepared by Knight Ffank LLP. dated 8 September 2020. 11. Llsted investments 2023 2022 £:000 Market value al 1 September 2022 Dividends reinvested Realised & unrealised gainslllossesl 3.647 3,940 91 84 11451 13771 Market value al 31 August 2023 3,593 3,647 Cost of investments at 31 August 2023 3.334 3,243 Investments eomprised unrt trusts. 30- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2023 12 Debtors 2023 £'ooo 2022 £'ooo Due within one year: School bills and extras . Prepayments and ac¢wed income 567 543 367 610 977 13 Creditoys 2023 'ooo 2022 £'ooo .Amounts falling due within one year: School lees received in atlvance Accrued Expenditure Trade creditors Other creditors Taxation and social security Trips Fee deposi(s retsine(I Bank loan Isee note 141 2.151 1.250 510 402 427 32 353 456 1,738 1.487 576 388 390 360 791 5.581 5.730 Amounts falling due after more than one year: Fee deposrts retained Bank Soan (see note 141 2.976 2.386 2.747 5.273 5.362 8.020 Parents Tnay pay I"urtY)n fees in advance. The money may be relumed subject to certaIn'specrf￿ conditions on the receipt of one term's notice. The splrt 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 credrt notes exchanged for a cash refund prior to the year end and refunds don*ed. 14 Bank Loan The Trust entered into an ag￿ernent wrth Lknyds Bank pk for a loan of £6.5m, secured against the freehold tille of freehold propertie5 in Ivoi Place, The Francis Holland School and The Gloucester Amis Public House. The loan is at floating rate interest al 1.75% above Bank of Engla￿1 base rate. 2023 £'ooo 022 £'ooo After 5 years Wr(hin 2 to 5 years Wilhin 1 to 2 years wrthin 1 year 1,318 977 283 264 3,034 1,891 581 558 2.842 6,C64 31 The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2023 15 Unrestrf¢ted general funds Unrestricted lund5 represent accumulated income from the Trusts actNrties and clher sources thal are 8vailabie for the general purposes of the Trust. At 1 September 2022 £'ooo Transfers and At investment 31 August alnsl losses 2023 £'ooo £'ooo Income Ex enditure £'ooo General Fund 37,747 29,954 129,3631 385 38,723 As ￿flected by note 9, £38.720.0￿ of the lolal funds of the charitable company is invested in tangible fixed asset$12022'. £31.978.0001. 16 Restrlcted funds At 1 Seplember 2022 £'ooo At 31 August 2023 £'ooo Income Ex nditure Transfers £'ooo £'ooo £'ooo Regent's Paik Bursary Fund TheVNienne Dutham Bursary Fund Regent's Park Building Fund Sloane Square Building Fund .Sloane Square Bursary Fun The Morris Francis Holland Bursary Sloane Square Junior Fund The 1881 Circle Other Fun¢Js 27 85 112 82 62 1621 14001 191 471 400 628 71 131 31 690 84 31 55 31 62 71 151 29 Reslricte