The Francis Holland (Church of England) Schools Trust (Company Number 2579811 (Reglsterod Charity Nurnber 312746) Annual Report and Financial Statements Year ended 31 August 2024 Iiiiiiillll 'NiIIFTIJD' 2111212024 COMPANIES HOUSE A10 #12 The Francis Holland (Church of England) Schools Trust Annual Report Year ended 31 August 2024 Contents Registered Offi￿ and advisors Members and Off￿er$ of the Council Council Report (incorporating the Strategic Report) 3-15 Princi al Activities and Charitable Ob'ects Structure Governance and Mana ement Sl keholder En emenl Achievements and Perfomiance in the Y Public Benefit Activities in th Ye Princi al Risks and Uncertainlie Financial Review Fundraisin roa vi. 14 15 15 15 P8rform ntofT 'Res on ilities 16 Inde endent Auditor's Re ort 17-19 fFin l A livities 20 21 Cashflow Statement 22-23 Notes lo th Financial S ments 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 69 Victoria Street London SW1E SNA Lloyds Bank 25 Gresham Street London EC2V 7HN Sollcltors: Veale Wasborough Vizards Orchard Court Orchard Lane Bristol, BS1 SWS Auditor: Haysmac LLP 10 Queen Street Place London, EC4R 1AG Insurers: Zurich Insurance PLC The Zurich Centre 3000 Parkway Vthileley 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 {incorporatlng the Strategic Report) For the year ended 31 August 2024 MEMBERS OF THE COUNCIL The current serving members of the Council, with the sub-committees they attend.. Mr P Sherrington Mr A Fincham Mrs F Angel Dr F Baawuah Dr C Barker Mr M Cuthbert Ms N Du Preez Mrs N De Renzo Prof C Gwenlan DrSHay Mrs S Nedas Ms E Regina Revd Dr A Walker Ms J Woodham-smith Ex-officio, all Chairman Deputy Chaimian The following changes to membership have cccurred since 1 September 2023: Ms N Du Preez DrSHay Appointed - 22nd December 2023 Appointed- 22nd December 2023 Mr G Bennett Mr R Backhouse Mr l Ramsay Dr M Short Dr H A Spoudeas Resigned- 141h September 2023 Resigned- 251h June 2024 Resigned- 181 February 2024 Resigned- 141h March 2024 Resigned - 241h March 2024 OFFICERS The Heads A C Haydon PGCE, M.Sc., PGDip - Sloane Square Senior Scho)I S M C Dixon M.A. - Sloane Square Junior School K C Woodcock B.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- Educats'on Commrttee 2 - Finan￿ and Estates Committee 3 - Govemance and Nominations Committee 4 - Remuneration and Human Resources Committee 5- Safeguarding Sub-committee The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report For the year ended 31 Au9usI 2024 The Twenty-second Report of the Council (incorporating the Strategic Report) for the year ended 31 August 2024 will be presented at the Ninetieth Annual General Meeting to be held al Sloane Square on 14th March 2025. 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 company limited by guarantee as number 257981 at Companies House. The Trust is responsible for three schools which operated during the year from Iwo 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 Junior school has now moved to new premises from September 2024. The Charity owns a subsidiary trading company FHS International, company number 12161646, incorporated in the England and Wales wrth share capital of £1. The registered address is 35 Bourne Street, SW1W 8JA. The company was domianl in the year. On that basis the accounts are not consolidated. Governing Document The charity is governed by the Memorandum and Articles of Associalion most recently amended on 19 July 2019. Charltable Objects The TNsfs objects as described in the Memorandum ofAssociation are to provide for and carry on in the United Kingdom public day and boarding schools for the eduCat￿n of girls, to provide religious instruction and training therein in accordance wilh the principles of the Church of England, and generally to foster education and moral and religious training therein. The members ofthe Council (also called Govemors), as the trustees ofthe charity, have paid due regard lo 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 rnind, the Trust's aim Is tts provide a broad and sts'mulating independent education, both through strong academic tuition, and through developing wider sporting. artistic and social skills in all its pupils This is intended lo 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 affj supported by active Parents, Associations. Friends and Old Girls, Associations. 11) 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 Regenfs Park and Sloane Square Schools. There may be up to hYenty- four Governors bul, typically, Council numbers a￿ maintained in the region of fifteen. Re¢ruitrnent and Training of Governors The Council maintains a standing Govemance and Nominalions 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, back9rounds, sex and age and cultural diversrty. 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 charty and its schools through the The Francis Holland (Church of England) Schools Trust Council Report lincorpofating the Strategic Report For the year ended 31 August 2024 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. Govemors visrt 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 ￿hOOlS, 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. The govemors at Francis Holland Schools Trust meet regularly throughoLrt the year. This ensures that timely decision5 can be made to achieve strategic and operational priorities. as well as being able to respond promptly to unexpected external pressures. During Ihe year the full board met four limes for their formal lermly Council meetings, in December, March and June as well as an Extraordinary Meeting in September. To allocate additional sufficient time and expertise lo key strategic discussions and to support the Executive Team with their management responsibilities, a Committee Structure is in pla￿. This consists of the following Committees which mel regularly across the 23124 academic year.. Commlttee Chalr Noof Meetin Meeting Dates September, November. Februa ,Ma Educalion Mr Richard Backhouse Safeguarding Education sub-committee Dr France8 Baawuah September, February, May September, October, November, Februa June Finance and Estates Mr lan Ramsay Ms Novella de Renzo Ms Julia Woodham- Smith Governance and Nominations October, February, June Remuneration and Human Resources Mr Anthony Fincham November, May Junior School Working Party International Working Paty Dr Simon Hay Mr Anthony Fincham February January, March, June September, December, March, June May Council (Full Board Meetings) Mr Patrick Sherrington Council {Strategic Away Day) Total Meetings Mr Patrick Sherrington 25 In addition to fornal Committee and Council meetings, Governors ensure that they visit the schools in person to observe and support what is being discussed in meetings. The number of individual Governor school visits during the year exceeded 130. The total number of Governor visits. including meetings, was in excess of 250. The remuneration of the Officers of the Trust is set with the objective of providing appropriate incentives to encourage enhanced perfomiance and of rewarding them fairty 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. 111) STAKEHOLDER ENGAGEMENT Section 172 of the Companies Acl 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 The Francis Holland (Church of England) Schools Trust Council Report lincorporating the Strategic Report) For the year ended 31 August 2024 fairly between members, the Governors consider what is most likely to promote the success of the Trust for its rnembers in the long term. Whilsl 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 Govemors have discharged this duty. The Govemors are aware of their responsibilities to promote the success of the Company in accordance wrth seclion 172 of the Companies Act 2006. The Council regularly reviews the Trust's principal stskeholders and how the Trust engages with them. The stakeholder voice is brought to Council both directly and through its sub-committees via infomiation 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 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 and balance the needs and priorrties of each stakeholder group during tts 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-lerm financial plan and annual budgets. Former Pupils- Former pupils remain an important part of the community and are represented via their associab'ons (Quondam for Regent's Park and The Old Girts Association for Sloane Square and they are represented by Alumni on the governing body) and by the Alumni Network run by the Trust. Their contributions to Ihe Schools continue, in particular through public service as well as the regular school events they organise and support. Parents Parents have on-going correspondence wrth and access to senior management. Parent Associations are active and engaged members of the school communities and represent the parent voice. 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 commrttees al meetings. Infomal meetings take place in advance of annual Council meetings. These provide an altemative forum for communication between staff and Governors. Local communities The Schools work closely with a number of local schools and charitie3. 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 wilh the standards set by senior management. Key declsions In the year In addition to the activities detailed in Strategic Report below. and their regular governance responsibilities, Governors also focused on the following key priorities.. Phase Two of The Hampshire School acquisition project, which included planning and preparation to move the existing Sloane Square Junror School to the new Hampshire Sch(x)I site and rebrand as Francis Holland Preparatory School in September 2024. Changing the exisling Chelsea location use from coeducation, lo girls only. A Govemor and Staff Working Paty was set up to ensure the successful delivery of this project. A thorough and robust financial review, including variou6 scenario plans. forecasts and parental affordability surveys in preparation for the introduction of VAT on schools fees. Exploring international expansion opportunities to diversify income streams and consider taking the strong FHST brand and educational experience overseas. Governor recrurtment, targeting the skills and experience required on the Council to ensu￿ FHST continues to thrive during a time of extemal challenges and opportunities. The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report For the year ended 31 August 2024 Developing a Lettings Strategy, to increase non fee related income. Other key financial decisions in the year included the decision to increase school fees for the 2024125 academic year. and to increase salaries in September 2024. As explained above. the Council sought to ensure that the interests of the key stakeholder groups were given due consideration and that these groups, in particular parents and staff, were treated fairly. Environmentsl 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 govemors. These are.. Waste - minimising waste sent to landfill and through increasing recycling., Energy- reducing cart)on footprint through investing in more effi'cient technologies 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 ourestate through Ihe application of suslainabilrty criteria in contract specifications. Total energy use during the year was approximately 1,378,900 kilowatt hours {2023.. 1 ,610,930 so a 150 reduction), which is the equivalent of 335,407 kg C02, (2023.. 386, 623kg), 284 kg C02 per pupil (2023.. 300kg). Figures do not include Francis Holland Preparatory School which has been operating since September 2024. The meters for this site will be added to our energy data gathering supplier going forward. 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 Ilves. 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 rts 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 wrthoul the financial resources to afford it and to ensure that it act8 responsibty with regard to the environmental impact of its activities. Key objectives include.. To deliver our mission statement wrthin the context ofour 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 A. and A grades in 2024. All Sixth Formers have the opportunity to take the EPQ. GCSE.. Eight girls achieved all grade 9$ and 32Yo (2023.. 34.10) all grade 9-8s. 68% of grades were 9-8 (A'} (2023.. 75%). 99% of papers were awarded grades at 9 to 4 {2023'. 100%). 880kn of grades were 9-7 (A'IA), (2023.. 890AI which is pleasing in light of the standard returning fully lo pre-pandemic levels. Value added continues to be very strong wrth an average residual of half a grade when standardised against the independent sector. We were delighted that 790/0 of girls got into their first choice of university, including to Oxford and many overseas. One striking observation about this year group is the extraordinary diversity of courses and destinations.. Berlin, Montreal, California, Oxlord. Medical School, Engineering, Humanities. Computer Science and Agriculture. Colurriculum and Pastoral The co-curricular timetable plays an important role in challenging the girls and helping thern to 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 fast-changing technological world. and with increasing numbers being mentored lo set up their own businesses. The school also strives to encourage a genuine love of leaming and a curiosity about the world. The co-curricular timetable, with over eighty clubs and societies as well as many lectures. helps lo achieve this aim. Ballet is a key feature and dance scholarships a￿ offered at 11 + and 16+. Other co-curricular activities include the Duke of Edinburgh scheme. Young Reporters Club, Investment Club and UN Club, all of which help foster the skills necessary to lead and work in a team Attention has been given to ensuring that our co-curricular programme is balanced and that there are sufficient'quiet, clubs for pupils each day. Board Games Club, Mindful Journalling, Knitting and Fish Keeping Club are firm favourites. Our commitment to pupil voice ensures an eclectic selection of pupil-led clubs such as Chess Club. Origami and the Current Affairs Club. In addition to our Christian Union, Exploring Christianty Club and Confirmation Preparation Group and Catholic Society. we offer a Dharmic Religions Society, Jewish Society and Muslim Society. The faith clubs are open to all pupils who are interested in learning about the traditions. teachings, Culture and values of these religions. The school's STEAM provision is exceptional. In addition to cosmetic chemistry, hydroponics. high altrtude ballooning and go-kart engineering, the STEAM 'Lunch & Learn, lecture series has inspired pupils and staff alikel Debating and public speaking have become a strength of the school through a programme to provide 12 The Francis Holland (Church of England) Schools Trust Council Report lincorporating the Strategic Report) For the year ended 31 August 2024 training to every pupil. and pupils continue to benefit from a TEDX License which has provided invaluable opportunities for our eldest years. Thorough provision is made for the support of the emotional and mental wellbeing of both pupils and staff, and a team of six in-house counsellors land a Hungarian Vizsla Therapy Dogl) offer both drop-in and personal support every day at ContemPlace, Whe￿ the school Chaplain, safeguarding officer and Senior Deputy Head Pastoral can also be found. Drama 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 lechniques. A consistently large number of pupils take individual or group Speech and Drama lessons which build confidence and encourage empathy, achieving outstanding results. In addition, numbers electing for curriculum Drama have grown quickly in recent years. with very strong GCSE and A Level results The co-curricular drama clubs are at capacity and numerous London based thealre trips took place in the department while A Level sludents have enjoyed visiting the prestigious Edinburgh Fringe Festival. The highlight of our dramatic year was undoubtedly our whole school musical Legally Blonde at Battersea Arts Centre featuring over 80 FHS students. Brilliantly devised Drama performances also took place in the Autumn Term by our GCSE and A Level groups, as well as a wonderfully creats've adaptation of Alice in Wondertand by KS3 pupils in the Summer Term, featuring a cast of 60 students. Muslc The Church of England foundation of the school ensures music plays an invaluable role in the spiritual 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 students the opportunity to develop their musical skill and find a love of perfomiance in the frequent concerts. Publ￿ performances in London, and tours at home and abroad, continue to thrive. The music clubs are hugely popular and an area of strength for the school. In addition to our 90 strong Lower School Choir. 70 strong Upper School Choir and the two chamber choirs. the Music Department have launched a Year 7 Choir, incorporating all pupils in the year, a separate Chamber Choir for Year 9 pupils and a Jazz Vocal group. The performance standard of the ensembles continues to be exceptional and initiatives such as Training Orcheslra, Ihe informal Coffee cOn￿rt series. the Y7 Brass Scheme and Band Jam ensure that provision is wholly inclusive. Sport The PE Department continues to contribute to the development of the physical and mental resilience of our pupils 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 dep8rtment encourages the development of courage. characler and resilience through enthusiastic participation in matches - win or lose. That said. the success rate of tearns 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 lo surt all levels and areas of interest. Hundreds of pupils are involved in sports clubs each week. The PE Department offer recreational sessions in most sports to ensure inclusivity. The schcKII is delighted to now offer several water-based clubs such as rowing, kayaking and sailing and these have been very well received. Clubs such as Pilales, Kick- Boxing and Seff-Defence also support pupils. wellbeing and deliver vital skills. A number of girls compete at national and intemalional level in sv•imming, fencing, gymnastics, eventing, skating and skiing. Francls Holland Junlor School 171 pupils. (2023.. 168), attended Francis Holland Junior School, which became Francis Holland Preparatory School from September 2024, in the 2023-24 academic year and enjoyed the caring supportive community which provides a strong sense of belonging, where girls feel truly known, loved and valued for who they are Academic performance The school has a record of excellent results al 11 + and the pupils benefit from specialist teachers and facilrties. There are teacher specialists. enabling a specialist model of teaching that best prepares the girls for the 11 + and transition to senior schools. The girls move onto a variety of leading schools including our two Francis Holland senior schools. other London day schools and boarding schools. The aim is a￿vayS to find the school most suited to each individual girl, where she will thrive emotionally and academically throughout her senior education. 13- The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2024 Co£urriculum and Pastoral The school offers a wide variety of experiences alongside the core academic curriculum. There are creative clubs such as pottery, art, crafts, sewing and calligraphy; language clubs: academic clubs in science, 'STEAM' and creative wnting- active clubs in netball, fencing, running, dance, yoga, gymnastics and judo; musical choirs, theatrical clubs, construction club and more. Eco Club has become increasingly popular since we were awarded an Eco-schools Green Flag in 2022. Clubs run before school, during lunch break and after school, althou9h we like to ensure girls balance all these tempting options with play and relaxation during breaktimes too. They also have focus days or weeks, such as Science Week which takes place during the Summer Term. The pastoral care within the school is achieved through ensuring our class teachers and all other staff are the lived embodiment ofour motto and ethos, supporting and inspiring our pupils in their lessons, assemblies, PSHE and RE. As well as our Senior Deputy Head Pastoral and DSL. Head ol Wellbeing, nurse and counsellors, we have the wider support from Francis Holland Sloane Square of their Deputy Head (Pastoral) and the Safeguarding Officer. There is a constant, passionate f¢XUS on kindness and understanding of each other and those in the wider world. We run the 'Friendology' programme to enable girls to develop iheir social interaction skills and to leam how to navigate relationships through their lives. Drama. Ballet & Music Pupils have many opportunities to work together towards performances where they can entertain others as well as fulfilling their own creative learning opportunities. We hold regular seasonal concerts showcasing the choirs and orchestra, and year group concerts. Annually. there is a Reception and Key Stage 1 Nativity, a Year 3 & 4 musical theatre perfomance in the Spring, and 8 Year 5 & 6 musical every summer. The girls all lake ballel 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 hold a spectacular Gym & Dance Display in the Summer Term. Sport The sch(yJl aims to engage all pupils in sport, through PE lessons in the playground and at Battersea Park. They also participate in swimming lessons, clubs. Iraining, other sports, and fixtures This develops a love of team sports and the pursuit of individual goals. The girls also start to understand about competition, commitment and mastery through playing matches against other schools. VII) PRINCIPAL RISKS & UNCERTAINTIES The principal risks to which the charity is exposed a￿ considered to be.. Health and safety of pupils. staff and volunteers Financial sustainabilrty of the Trust especially wrth the introduction of VAT on school fees Continuity of education by 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 risk5 at every Tneeting. When additional risks are identified then they are delegaled 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 cornprises.. an annual review by Council of the fisks the charrty may face; regular review of risk by each Committee., the eslablishment of systems and procedures to mitigate those risks identified in the plan- and the implementalion of procedures designed lo minimise any potential impact on the charity should those risks malerialise Key controls include.. vetting procedures, as required by law, for the prolection of the vulnerable fomial written procedures fomial 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 14- The Francis Holland (Church of England) Schools Trust Council Report (incorporating the Strategic Report) For the year ended 31 August 2024 VIIII FINANCIAL REVIEW The financial results of the Trust for the year ended 31 August 2024 are as set out in the Statement of Financial Activities on page 20 of the Fir)ancial Statements. The charity returned an overall surplus of £1,251,000 for the year {2023.. £1,628,000). The surplus included donations totaling £334.000 (2023.. £1,182,000), recognised as restricted Income, which will be applied in the current financial year where appropriate, and unrealised investment gain of £340,000 (2023.. £145.000 (loss)). Reseryes At 31 August 2024 the Trust had total funds of £41,059,000 (2023.. £39.808,000). Of this total £1,312,000 (2023.. £1.085,000) is represented by funds over which there are restrictions on the way they can be used. A further £39,747.000 (2023.. £38,723,000) is represented by langible fixed assets and could only be realised by the disposal of these assets. The Trust also has contractual commrtments relating to building works of nil (2023.. nil) as set out in note 19 to the accounts. The Trust's liabilities include £3.152,000 (2023.. £2,976.0001 represented by fee deposits repayable that are included in amounts falling due after more than one year and wh￿h are offset against reseNes. At the balance sheet date the total value of free reserves, after adjusting for restricted and caprtal reseThes, contraclual commitments relating to building works and fee deposits repayable after more than one year, was £1,463,000 (2023. £2,979,000). Investments Under the Memorandum and Articles of Association, the charity has the power to invest any funds nol immediately required in such investments, securities or property as the Trustees wish. As at 31 August 2024 approximately £4,005,000 (2023.. £3,593,000> was held in cash and unit trusts with Rathbones. the Trust's appointed investment manager. In addition lo 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 activrties related to fundraising and development, as set out in the Trust Development policy. The Trust is registered with the Fundraising Regulator and undertakes fur)draising 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. Fundraising events and activrties resulted in high levels of participation in giving to bursaries from parents. The Trust plans to launch a campaign targeling alumni, to include a legacy appeal. All fundraising initiatives are carried out by employees of the Trusl. No complaints were ￿ceiVed in the year. X) FUTURE PLANS At the Strategy Away Day, Council reviewed the three key strategic objectives which had been previousty agreed, to focus on over a five-year period.. The relocation of the Junior School to enable two-form entry Double the number of bursaries offered by Francis Holland Schc()Is Trust Develop Francis Holland Schools Trust as a recognised centre of excellence for professional development in teaching and learning for the benefit of the pupils Other strategic priorities were also discussed, including the strategy required to ensure ongoing success following the introduction of VAT on schools f￿s, and the exploration of expansion overseas. A new Strategic Document was proposed, which will continue to be developed in 24125. Auditor resolution for the appointrnent of Haysmac LLP will be proposed at the forthcoming annual general meeting. The Council Report, which includes the Strategic Report, was approved by Council on 51h December 2024. 15- The Francis Holland (Church of England) Schools Trust Council Report {incorporating the Strategic Report) For the year ended 31 August 2024 Statement of Trustses. 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 Stsndards (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 judgmenls 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 charrty's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statements comply wrth the requirements of the Companies Act 2006. They are a150 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 helshe ought to have taken as a Member in order lo make himselflherself aware of any relevant audit infomiation and to establish that the auditor is aware of that information. ON BEHALF OF THE COUNCIL Patrick Sherrington Chairman 1111212024 35 Bourne Street London, SW1W 8J 16- 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 2024 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 RepubliG of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, Ihe financial statements= gtve a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of the charitable company's net movement in funds, induding 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 wrth the requirements of the Companies Act 2006. Ba818 for oplnlon We conducted our audit in accordancewith International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those Standards are further described in the Auditors responsibilities for the audrt of the financial slatements 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 requiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going concern In auditing the financial ststements, we have concluded that the trustees, use of the goin9 ￿ncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work V￿ 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 Iv￿1Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other infomiation 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 staled in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibilty 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 Ihere is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomalion 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 which the financial statemen15 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. 17- Independent audltor'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 charrtable company and its environment obtained in the course of the audit. we have not identified material misstatemenls 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 a￿ not in agreement with the accounting records and retums.. or certain disclosures of trustees, remuneration specified by law are nol made,. or have not received all the infomiation and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance wtth 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 thè financial sLitements As explained more fully in the trustees, responsibilities statement, as set out on page 16, the trustees (who are alsolhe directors ofthe charitable company forlhe purposes ofcompany 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 Ihe financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as appltcable, matters related to going concern and using the going concern basis of accounting unless the Iru5tees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor'• r•spon•lblllti•8 for the audlt of tho financlal stat•m•nts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial misstatement, whether due to fraud or error, and to issue an auditof s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a gLJaranlee that an audit conducted in accordance wrth ISAS {UK> will always detect a material misstatement when it exisls. 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 in cash in the year Increase {decreasel in liquid resources in the year 393 6,046 (1,462) 612 6,439 (850) Net funds at 1 September 2023 3,811 7,503 Net funds at 31 August 2024 10,505 3,811 -22- The Francis Holland (Church of England) Schools Trust Cashflow statement For the year ended 31 August 2024 Notes to Ihe Cashflow Statement Reconciliation of net cash inflow from operating actlvities 2024 £'ooo 1,251 1,749 123 (3401 (4091 195 (142) 8,668 2023 'ooo 1,628 1,842 20 145 (205) 316 (133) 415 Net income Depreciation Loss on disposal Investment (gain) I loss Interest Finance costs (Decrease) l increase in debtors {Decrease) l increase in creditors Net cash inflow from operating activities 11,095 4,028 (il} Analysis of movement In n•t funds 31 August 2024 £'ooo 1 September 202 £'ooo Cash flow £'ooo Cash at bank and in hand Treasury reserve deposit 822 12,270 393 6,046 429 6,224 Total funds 13,092 6,439 8,653 Loan.. Less than one year Loan.. Greater than one year {4511 (2,136) (5) (250) (456) (2,386) Net funds 10,505 6,184 3,811 -23- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 Company Infomiatlon 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 ofthe 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 regislered 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 Streel, SW1 W 8JA. The company was dormant in the year. The accounts of dOrn￿nt company are immaterial. Consolidated accounts are not prepared. Statement of ¢ompllanc• These financial statements have been prepared in accordance wtth 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 wrth the Companies Act 2006 and the Statement of Recommended Practice (second edition) applicable lo charrties 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 modrfication to fair value basis for certain financi81 instruments Ss specified in the accounting policies bel<)w. 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 (£1. 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 cOns￿er that there were no material Un￿rtaIntieS over the Trusfs financial viabilty. The charity therefore continues to adopt the going concern basis in preparing its financial stalements. Significant judgements and estimates In the application of the accounting policies, Council are required to make judgements, estimates, and assumptions about the carying value of assets and liabililies that a￿ not readily apparentfrom other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may drffer 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 ofthe revision and future periods ifthe revision affected current and future periods. The items in the financial statements where Ihese 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 wrth rtems which are considered material in relation to the Tnjst's financial statements. -24- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 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 Fixtures. furniture and equipment Long leasehold 50 years 3to 10years 4 to 99 years The purchase of new site is reflected in note 9 to the accounts as a leasehold addition with the total cost depreciated over the lease term. 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. Assels costing more than £1,000 are capitalised. {b) Impalrment 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 estimaled recoverable amounl is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment kJSS is recognised immediately in profit or105S. (c) Investrnent property Investment property is included In the accounts at fair value. Fair value is based upon a valuation perfomied by an independent sunieyor 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 slatements 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) Flnancial Instruments The Trust only has financial assets and financial liabilities of a kind that qualrfy 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 tem highly liquid investments wrth a short maturity of three months or less from the date of acquisition or opening of the deposit or sirnilar account. Debtors Parent debtors are measured at transaction price. less any impairment. Parent and other debtors are recognised at the selllement amount due after any Irade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Creditors Short temi trade creditors are measured at the transaction prrce. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs. -25- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 (Q Leases Rentals payable under operating leases are charged to the statement of financial activities on a straight-line basis over the lease temi. 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 temi. (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. Donations Donations are accounted for when entrtlement 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 restricled fund. ') Investment Income Investment income is recognised on a receivable basis once the amounts can be measured reliably. (k) School expendlture 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. erther by reference to staff lime or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included wrth the item of expendrture to which it relates Grants awarded are expensed as soon as they become legal or operational commrtments. Governance costs compnse the costs of complying with constitutional and statutory requirements. Pension costs Retirement benefits to employees of the School are provided through two pension schemes. The pension costs charged in the Statement of Financial ActivitEs are determined as follows: 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 liabililies 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 Twst'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. -26- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 (m) Penslon costs (cont.) The Trust Group Personal Pension Plan - This is a defined contribution group personal pension plan with Aviva. Employers, pension costs are charged in the period in which the salanes to which they relale are payable. (n) Employee benefits Short tenn benefits Short term benefits including holiday pay a￿ recognised as an expense in the period in which the service was received. Employee settlement benefits Settlement benefits are accounted for on an accnjal basis in line wth FRS102. (o) Fund accountlng 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 Governor5 either to further the Trust's Objects or to benefit the Trust itSg11. Wherg the Govemors 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 f unds Restricted funds are certain legacies and donations to be utilised in accordance with the terms imposed by the donors. Fees receivable 2024 £'ooo 2023 £'ooo Fees consist of.. Gross school fees Less.. bursaries Less.. scholarships Less.. staff. Clergy and other awards Add.. bursaries from restricted funds 35,648 (1.131) {3021 <1901 50 31,156 (1,047) (237) (185) 47 34.075 29.734 Investment Income 2024 £'ooo 202 £'ooo Listed investments other interest Investment property rental income Revaluation gain (loss) 72 394 15 340 91 114 15 (145) 821 75 -27- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements Forthe year ended 31 August 2024 Educational expenditure 2024 £'ooo £'ooo Teachers, salaries Visiting teachers, salaries Teaching costs Premises costs Welfare costs Support costs of schooling Bursary department costs Cost of bursaries from restricted funds Depreciation Financing costs 15,383 828 2,317 3,433 2,337 5,583 1,881 50 1,749 195 13,858 740 1,759 2,545 2,041 4,225 1,825 47 1,842 316 33,756 29,198 Bursary c08ts include: Auditors, remuneration net of VAT.. current year audit services other services 27 Staff costs and nurnbers employed 202 £'ooo 2023 £'ooo Wages and salaries Social security Pension contributions 15,380 1,722 3,012 13,395 1,546 2,577 20,114 17,518 Visrting teacher costs Visrting teacher pension costs Supply staff costs Visiting lecturers Settlement payments 630 125 32 87 64 155 131 112 32 21,228 18,456 Numbers omployed 2024 Number 2023 Number 2024 Number 2023 Number Annual average staff Equivalent full-time staff Teaching Administrative and Support staff Visrting Teachers 204 103 40 198 92 32 174 164 79 347 320 258 243 -28- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 Staff costs and numbers employed (contlnued) The number of employees whose annual emoluments. inclusive of employer pension contributions, which in total exceeded £60,000 was.. Restated Number 2023 Number 2024 £60,001- £70,000 £70.001- £80,000 £80.001- £90,000 £90,001- £100,000 £100,001- £110,000 £110,001- £120.000 £120,001- £130,000 £150.001- £160.000 £180,001- £190,000 £190,001- £200,000 27 46 30 38 33 32 129 127 The aggregate employee emoluments including pension contributions and employers, national insurance of key management personnel for the year was £771,645. The Members of the Council received no remuneration for their services during the year (2023.. £nil). Travelling and other expenses reimbursed to 2 (2023.. 4) Members of the Council during the year amounted to £239 (2023.. £1,086) -29- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 Tangible fixed assets Land and buildings Long leasehold £'ooo Fixtures furniture ui Freehol Total £'ooo £'ooo Cost At 1 September 2023 Reclassifications Additions Disposals 21,726 26,576 4,407 52,709 586 {9) 3.537 (114) 492 4,615 (123) At 31 August 2024 22,303 29,999 4.899 57.201 Depreciation At 1 September 2023 Charge for the year 4,027 642 6,132 806 3,830 328 13.989 1.776 At 31 August 2024 4,669 6,938 4,158 15,765 Net book value At 31 August 2024 17,634 23,061 741 41,436 At 31 August 2023 17,699 20,444 577 38.720 10 Investment property 2024 £'ooo At 01 September 2023 Impairment 675 675 At 31 August 2024 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 property was prepared by Knight Frank LLP, dated 8 September 2020. 11. Listed investrnents 2024 £'ooo 2023 £'ooo Market value al 1 September 2023 Dividends reinvested Realised & unrealised gainsl(losses) 3,539 72 340 3,647 91 (145) Market value at 31 August 2024 4,005 3,593 Cost of investments at 31 August 2024 3,248 3,334 Investments comprised unit trusts. -30- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 12 Debtors 2024 £'ooo 2023 £'ooo Due within one year: School bills and extras Prepayments and other debtors 510 697 567 543 1,207 1,110 13 Creditors 2024 £'ooo 2023 £'ooo Amounts falling due within one year: Autumn term fees received in advance Accrued Expendrture FIA scheme credito Trade credrtors Other creditors Taxation and social security Trips Fee deposrts retained Bank loan (see note 14) 2,259 2,937 3,110 105 618 423 49 417 451 2,151 1,250 510 402 427 32 353 456 10,369 5,581 Amounts falllng due after more than one year: Fee deposits retained Bank loan (see note 14) FIA scheme creditors 3,152 2,131 3,705 2,976 2,386 8,988 5.362 Parents may pay tuition fees in advance. The money may be returned subjecl to certain specific conditions on the receipt of one temi's noti￿. The split of the fee deposit balance is determined on the assumpts'on that all pupils currently al the school will remain until completion. FIA scheme credilors pay fees in advance 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 freehold properties in Ivor Place, The Francis Holland School and The Gloucester Amis Public House. The loan is at floating rate interest at 1.750/0 above Bank of England base rate. 2024 000 2023 £'ooo After S years Wrthin 2 to 5 years Wrthin 1 to 2 years Within 1 year 941 1,048 307 1,318 977 283 264 2,582 2,842 31 The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 15 Unrestricted general funds UnreslTicted funds represent accumulated income from the Trusts activities and other sources that are available for the general purposes of the Trust. At 1 September 2023 £'ooo Transfers and At investment 31 August ainsl losses 2024 £'ooo £'ooo Income Ex £'ooo £'ooo General Fund 38,723 34,556 (33,916) 39,747 As reflected by note 9, £41,436,000 of the total funds of the charrtable company is invested in tangible fixed assets {2023. £38,720,000) 16 Restrlcted funds At 1 September 2023 £'ooo At 31 August 024 £'ooo Income Ex £'ooo enditure £'ooo ansfers £'ooo Regent's Park Bursary Fund The Vivienne Dutham Bursary Fund Regenl's Park Building Fund Sloane Square Building Fund Sloane Square Bursary Fund The Morris Francis Holland Bursary Sloane Square Junior Fund The 1881 Circle Other Funds 112 82 71 82 182) {38) (5) 265 38 690 178 (50) 31 55 31 31 85 29 30 12 (13) (1) Restricted Funds 1,085 334 (63) {44) 1,312 Regent's Park Bursary Fund: to assist girls from financially disadvantaged backgrounds to benefit from an education at the school. The Vlvlenne Durham Bursary Fund: a fund for academic pupil(s) who could not other4vise afford full fees. Regent's Park Building Fund: a fund to support the development of the school. Sloane Square Bulldlng Fund: a fund to support the improvement of the school's teaching lacilities by Ihe development of its site and surroundings Ouring 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 Morrls family Francls Holland 8ursary: to assist girls from a financially disadvantaged background. Sloane Square Junior Fund: A fund to provide addrtional resources to enable the school to enhance the educational experience. The 1881 Circle: Funds from donors who a￿ interested in supporting the Sloane Square School's future plans and widening access to the School. Other Funds.. a number of smaller funds holding restricted donations net of expenditure on the relevant initiative. -32- The Francis Holland (Church of England) Schools Trust Notes to the Financial Statements For the year ended 31 August 2024 17 Analysis of net assets between funds The net assets are held for the various funds as follows.. Unrestricted General Restricted (Note 151 (Note 16 £'ooo £'ooo Total 2024 £'ooo Tangible fixed assets Investment property Listed investments Net current assets Credrtors falling due after more than one year 41,436 675 4,005 2,619 (8,988) 41,436 675 4,005 3.931 (8,988) 1,312 39.747 1,312 41,059 18 Operatlng lease commitments The following future minimum lease payments under non 1.085 38,723 1.085 39,808 37-