Company registration number: 1080984 Charlty regi#ratlon number: 525489 F H STRUST LIMITED (A Company Limited by Guarantee and not havin8 a share capitall REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
F H STRUST LIMITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 CONTENTS Page Reference and Administrative details Trustees, Annual report Independent AudÉtorfs report 9-12 Statement of financial activlties lincorporating the Income and expendtture account) 13 Balance Sheet 14&15 Cash Flow Statement 16 Notes to the Cash Flow Statement 17 Notes to the financial statements 18-31
F H S TRUST LIMITED YEAR ENDED 31 AUGUST 2023 REFERENCE AND ADMIN15fRATIVE DETAILS Regirtered charlty name: F H 5 Trltst Limited Char5ty reglstratlon number: 525489 Company re8iStratlw number". 1080984 IEngland and Walesl Prlnclpal address: 36 St James Crescent Swansea SAI 6DR Re8islered office: 36 St James Crescent Swansea SAI 6DR Trustee5 The trustees who Seed the charlty durlng the period were as follows:. MrG MAstley Mrs B H Hughes MrDARowe MrP H Patel Company Secretary.. MrG MAstley Audltors: Gordon Down and Partners 144 Walter Road Swansea SAI 5RW Prln¢ipal Bankers: Barclays Bank Ltd 1-6 Pocketts Wharf Maritime Quarter Swansea, SAI 3XL Solicitors: Smith Llewellyn Partnership 18 Princess Way City Centre Swansea, SAI 3LW Page I
F H S TRUST LIMITED TRUSTEES ANNUAL REPORT YEAR ENOED 31 AUGUST 2023 The Trustees, who are also directors forthe purposes of company law, present thelr report and the financlal statements of the charlty forthe year ended 31 August 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities IFR51021" in preparlng the annual report and financiol statements of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemln8 Document FHS Trust Limited is a charitable company lim6ted by guarantee incorporated on 9 November 1972 and regISted as a charity on 28 March 1973. The company is established under a Memorandum of Association vihlch sets out the objectives and powers of the charitable company and is governed under it5 Articles of Association. (These memorandum and articles were amended in 2007 and by Special Resolution in 2(X)4.1 In the event of the company being wound up members are required to contribute an amount not exceedin8 £1. Recrultment and Appolntment of Directors The dlrectors of the company are also charity trustees for the purpose5 Of charity law. Potential trustee5 are invited to apply bythe existing board members and no person may be admitted unles5 he orshe, is flrst approved by the board. There is no requiiement for the trustees to retire by rotation. New trustees attend familiarisation meetinEs with eKlSting trustees and the head teacher. They are provided with copies of school policies and every trustee is encouraged to attend inset training events. the work of the charity involves the education of children, trustee5 are required to undergo a Disc105ure and Barrlng SeNices check. Remuneratlon of key management personnel The salarles for key management per50nnel a the responsibility of the finance committee and they are considered uslngthe pay scales in Mainst0M education as a benchmark. The Chair of trustees undertakes an annual review with key management. Decision making The day-to-day management of the school 15 the respot)sibility of the headteacher and her senlor management team. This is carried out under the delegation of powers from the trustees. The details of the delegaiion are outllned in a documenl which explain5 the areas of accountability of the senior management team. Declslons rega¥dlng the strote8ic management of the school or significant matters affectSng the school's operation are made by the trustees, with input from the senior management team. Page 2
F H S TRUST LIMITED TRusfEES ANNUAL REPORT Icontinuedl YEAR ENDED 31 AUGUST 2023 Organlsational Strudure Truslees are appointed on the basis of various skills which they possess in order to maintain the running of the charlty, with suth skills ranglng from educational to legal and professional. OBJEcfivES AND ACTIVITIES The company'5 objects and principal artivf(ies are to promote and provide for the enhancement of education for children between the ages of 11 to 18 within Swansea and the surrounding area. ACHIEVEMENTS AND PERFORMANCE Excellent education Despite being ? non-selectlve school, Ffynone House School continued its record of achieving superb resutts at GCSE, AS and A level. Sixth fomi pupils went on to study a wide range of University courses, including in the m051 competitive subjects, at top Russell Group universities. Ffynone House School prides itself on being able to offer a wbde range of GSCE and A-Level subjecls. At GCSE, pupils can study four optional subjects as well 35 taking all three science Subjects, en3blin8 pupi15 to retain a broad curriculum, tailored to their strenEths and interests. Sixth Form pupils can take up to 4 A leveb of their cholce as well as being encouraged io complete the Exlended Projert qualification I"EPQ"I- EPQ carries the same UCAS points as an AS subject, but gives each pupil the freedom to research and present upon a topic of their ch005in8 which often as5i5ts in university interviews for competitive subjects like Medicine. Ffynone is one of only a handful of schools in England and Wales at which pupils can learn French and German taughi by native speakers. and Latin, all to A levol standard. Thi5 passion for languages is reflected In the number of Ffynone pupils that were re¢ognised a5 2022 Welsh Region Champions in the Anthea Bell Prlze for Young Tianslators (run by Queen's College and 5t Hugh's College Oxlordl. Ffynone's thriving Scien and maths departments continued to enjoy success in the national inter-school Top of the Bench Chemistry competition and national UKMT Maths Challenge, wlth numerous puplls winning awards, and some qualifying for the elite "Senior Kangaroo" event which help5 pupils qualify for the Brttish Mathematical Otympiad. The school is extremely proud of its Music, Arts and Performing Arts tlepartments. Ffynone's successful orchestra, includes pupils with a wide range of abilitie5, from those thèt play in external orchestras including the National Children's Orchestra of Great Britain to th¢e that are just starting to learn ar) instrument. In 2023 many pupils enjoyed individual success in national art competitions and musicians were able to work towards and perform in live concerts. Over half of the school's pupils joined Ffynone's popular musical theatre company to perform "Oliver- extract from musical productions. Ffynone House School has invested in Off ice 365 accounts for all pupils and staff and Teams has become a valuable resource for pupils and classes to work toBether. If a pupil is not able to attend school physicalw, they are always able to join live lessons through Teams as staff are odept at blended learninE Iteaching thè same lesson live to a pupil online at the same time a5 teaching those in the classroom). Keen to embrace pupils, new Office 365 skills, in 2022-23 Ffynone House School purchased numerous Promethean inierartive screens which can connect to the school's suite of Page 3
F H S TRUST UMITED TRu¥fEES ANNUAL REPORT (continued) YEAR ENDED 31 AUGUST 2023 touch.screen laptops. The new Screens enable pupils to work collaboratNely on electronic documents during lessons enhancing their learninB. The computers in the ICT lab have also been replaced this year. We have a150 invested in i-sams replacing the internal engage system but also allowing more effective communicalion belween school and parents which we will be developing further overthe next year. Enrichment Following the succe55 of YOC" (Tlme Off Curriculum) in the middle of the School day, we have continued to offer this to our pupils this year. Thi5 enables pupils to try new pursults. It helps students regain their confidence In soclal settlngs. hone their team building skills and have lots of funl TOC actNities included eco-warriors, book club, chess, muslcal thealre, coding and tech clubs, as well as orchestras, musical ensembles, choirs and sporting teams. Charltable actlvltles Trustees and management firmly believe that en8a8ement with others and charitable activities are beneficial for all. This year pupil-led fundraising has supported Joseph's Smile, Tuikey and syria Earthquake Appeal, Macmillan Cancer Support, Children in Need and Swansea's Mr X Appeal, to provide Christmas presents to children who would othenlSe go without. As a charltable Irust we continue to help fund able students to attend Ffynone House Sth¢XJl. Page 4
F H S TRUST LIMITED TRUSTEES ANNUAL REPORT Icontinuedl YEAR ENDED 31 AUGUST 2023 Growth Ffynone House School conllnues to go from strength to stn8th, with waitin8 lists for Key Stage 3 for September 2023 and for September 2024. The number of enquiries and deposits for September 2024 and September 2025 Indicate the school is likely to have warÉing lists in future years too. The school continues to successfully attratt students from a wide cross section of primary schools throughout the reglon. The number of students is con515tent with class sizes of 15-23 students. Small class sizes Bive students an excellent learnin8 experience yet retain the family environment on which the school was founded. Teachlng and learnlng In keeping with other independent schools in Wale5, Ffynone has chosen to follow Énglish speciflcations rather than Welsh. We believe these curricula better prepare our students for the next stage of thelr ed¢Jcation and facilitate greater mobility of students between England and Wales. Transport The school has two vehicles for home-school transport. At present the school can offer transPQrt across Gower, fromthe north ofswansea, andfromlhe SAI Marina area. IT investment In Autumn 2022, we continued to invest in technology and added further Promethean interactwe screens and software to enable collaborative work on electronic documènts in all subjects. The IT suite was fully supplied with 24 new Pcs and monitors. We purchased the i-sams software and invested in staff training. FacSlltles The school has continued to Snvest In new projects to enhance pupils, leaming experlence. During the year, Ffynone has completely refurblshed the chemistry laboratory to create a large versatile space for les50n5 and practical artivities. As part of ihe school's rolling program of improvement, the school has contlnued to replace wlndows on the upper floors and iedecorate inteinal areas ihroughout the school. Flnanclal Revlew The financial statements show net resources ex&*nded for the year of £283,396 compared to net resources expended of £37,140 in 2022. The decline was as a resutt of a decrease in income and an increase in bad debts. The principal source of income is school fees accounting for 77%12022.. 78%) of the school's income. The trustees are continuing their strategy of deploying all resources to invest In the educational purpose5 and fabric of the School. The charity's activities are funded by an overdraft facility and the charily is dependent on the ongoing support of its bank for the renewal of this facSllty. Page S
F H S TRUST LIMITED TRusfEES ANNUAL REPORT (continued} YEAR ENDED 31 AUGUST 2023 Reserves pollcy Following the change in the business activity in 2012, the trustee5 agreed to use the reserve5 generated to fund future School artivitie5. Due to deficits between 2013 and 2022 and the deficit in the current year this ha5 meant that the unrestritted reseNes lincluding revaluation reseNesl were in surplLFS by £705,442 at 31 Au8USt 202312022: £788,838). This follows the revaluation of properties, which is explained further In the notes to the accounts. The trustee5 are working towards generating on80in8 surpluses to replenish reseNes. The propertles owned by the charity have been revalued and revaluatlon adlustments have been shown In separate re5erve5 Irevaluation reserve and fair value reseryel. PLANS FOR THE FufuRE Ffynone House School regularly conducts surveys on how it Can improve the delivery of service to current and potential students. Signrficant improvements have been made to the school slte and thls will eontlnue In the future. In 2023124 the school plan5 to invest in new sixth form common rooms and refurbish areas in the main bull(Ilng as well as investing in a new fire alarm system. We anticipate further growth in pupil numbers year on year. PUBLIC BENEFIT Ffynone House School remains committed to its founding principle to provlde bespoke, day school education within a small, familystyle environment, forthe benefit of families in Swansea. Trustees continue to believe that bein8 a charitable trust Is key to that endeavour. Trustees have complled wlth their duty in the Charilies Act 21XJ6 to have due regard to the public benefft 8uidar)ce published by the Commission. To this end, fees are set as low ès possible 50 as to benefrt all students, whilst meeting the fundlng requlrements of operating the school. From Spring Term 2023. lerm fees were as follows.. Years 7 & 8 £4,198, Years 9 £4.4, Years 10 & 11 £4,473, Years 12 & 13 £4.494 Means tested bursaries have been made avaliable to a number of pupils in cases of hardship. The school is non-selective. equal opportunity organisation, with an inclusive ethos based on equallty and mutual respert, IrrespeciNe of economic status, gender, ethniciiyi race. religion or disability. The school makes its facilitles available to local clubs and organisations at marBinal cost. Student5 abo participate in a wide range of activities that benefit the local community, including charttable fundraising. Page 6
F H STRUST LIMITED TRUSTEES ANNUAL REPORT {continuedl YEAR ENDED 31 AUGUST2023 TRusfEES RISK ASSESSMENT The trustees have examined their major strategic business ond operations risks they face and confirm system5 are in place to mitigate those risks. Followin8 the agreement with Co8nita that saw the Trustees recommence the running of Ffynolle House School frorn I September 2012, theTrustees foresee the major risk to be the maintenance of pupil numbers. An extensive programme of advertising, brand awareness and networking in the local communities has been undertaken in an attempt to raise pupil numbers. The Trustees regularly review the financlal position to ensure that any appropriate action is taken when require(l. A further rlsk relates to the maintenan¢e of the premises owned by the Trust. They are regularly reviewed and a programme of regular maintenance is followed in an attempt to minlmise the need for large-scale repalrs. Responslbillties of the trustees Company law requlres the trustees to prepare financial statement5 for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date ar)d of its Incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statement5. the management committee should follow best practice and:. select suitable accounting policies and then apply them tonsistentty,. make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basls. The trustees are responsible for maintainin8 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Aet 2006. The tru5tee5 are also sponsible for safeguardingthe assets of the charitable company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. DlxlosLtre of Informatlon to the audltors We, the trustees Idirèrtorsl of the company, who hold office at the date of approval of these financial statements a5 set out above each confirm, so far as we a aware, that-_ there is no relevant audit information of whlch the company's auditors are unaware,. and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the compan¢s auditors are aware of that inforrnation. Page 7
F H S TRUST LIMITED TRUSTEES ANNUAL REPORT Iconlinuedl YEAR ENDED 31 AUGUST 2023 Auditors Gordon Down and Partners have expressed their willingness to conllnue to act as the charitable companvs auditors. This report ha5 been prepared in accordance wfth the Charities SORP IFR51021'. Accountin8 and Reporting by Charities (Statement of Recommended Prartice applicable to charitie5 preparing their accounts in accordance wlth the Financlal Reporting Standard applicable in the VK and Republic of Ireland IFR51021 leffertive l January 20161 and in accordance wlth the special provisions of Part 15 of the Companies Act 21X)6 relatillgto small companies. This report was approved bythe Board Dn 8 H Hughes Trustee P H Patel Trustee Page 8
F H STRU5T UMITED INDEPENOENT AUDrroR'S REPORT TO THE TRUSTEES OF F H S TRUST LIMITED YEAR ENOED 31 AUGUST 2023 Oplnion We have audlted the fSnancial statements of F H S Trust Limited Ithe 'charitable company'l for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, Ihe Cash Flow Statement and notes to the flnanclal statements, includin8 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law an(1 United Kingdom Accounting Standards, includin8 Financial Reporting Standard 102 the Financial Reporting Starbdard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon the flnanclal statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2023, and of its incoming resources and appllcatlon of resour$, inclu(ling its income and expenditure, for the yearthen ended- have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance wf(h the requiremenls of the Companies Act 26. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IVKII and applicable law. Our responsibilr(ies under those standards are further described in the Auditorfs responsibilities for the audlt of the financial statements section of our report. We are independent of the charitable company in atcordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our othei ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and approprlate to provide a basis for our opinion. Materlal uncertalnty relatsd to going concern We draw attention to Note 19 in the financial ststements, which indicates that the charity incurred a deficit balance for the year ended 315t August 2023. Also the UK Chancellor has announced that as of I january 2025, all education services supplied by a private school will be subject to VAT at the rate of 20%. It 15 unknown what effect thls wlll have on pupil numbers for the comin8 school year and if this will lead to a downturn in income. These events or conditions, along with other matters as set forth in Note 19, indicate that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as è going concem. Our opinion is not modified in respect of this matter. Conclusions relatln8 to going concern In auditing the financial statements, we have concluded thai the directors, use of the going concern basis of accourbting In the preparation of the financial statements Is approprlate. Our evaluation of the trustees assessment of the compan(s ability to continue to adopt the golng concern basis of accountinE included: the trustees identification in the financial statements of the material untertainty related to the entity's ability to continue as a going concern over a period of at least twelve months from the date when the financial statements are authorised for issue. Page 9
F H STRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF F H STIIUST UMITED YEAR ENDED 31 AUGUST 2023 ICONTINUEDI Testing the appropriateness of the underlying cash flow forecasts and performing a retrospective review of actual performance to the prior year. Reviewing the debt agreements to confirm the temis and condttions and confirm consistent with those used in the trustees going concern a55e5sment. AgreeinE borrowings as at 31st August 2023 to third party confirmations and considered the charitie5 financing profile. This supported the trustees conclusion that sufficient liquidity he8droom remained throughout the assessment period. Reviewed thetrustees base case and scenarios ensurin8the trustees have consldered all appropTiate factors. including the cash flows, liquldity position and timing of debt repayments. In au(litinB the flnancSal stolements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However. because not all future events or conditions can be predicted, this conclusion is not a guarantee a5 to the charitles ability to continue as a going concern. We draw attention to note 19 on page 31 of the financial statement5. Other Inforniation The trustees are responslble for the other information. The other information comprises the information included in the trustees, annual report, other than the financSal statemeFbts and our auditorfs report thereon. Our opinion on the financlal statements does not cover the other information and, except to the extent otherwise explititly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowled8e obtained in the audit or otherwise appears to be materially mi5Stated. If we identlfy such material inconsistencies or apparent material misstatements, we are required to determine whether there Is a material misstatement in the financial statement5 or a material misstatement of the other information. If, based on the work we have performed, WÈ conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard. Matters on whlch we are requlred io report by exception In the Ilght of the knowledge and understanding of the charitable company and its environment obtained In the course of the audit, we have not identified material mi5Statements in the Trustee Report. We have nothlng to report in respect of the followin8 matters In relation to which the Companies Act 2C(16 require5 US to report to you 'rf, in our opinion: the information given in the flnancial statements Is Inconsistent in any material respect with the Trustees, Report,. or the charitable company has not kept adequate accountlng records: or the financial statements are not in agreement with the accountlng records and returns- or we have not received 311 the information and explanations we qUIre for OUT audit. Pa8e 10
F H STRUST LIMITED INDEPENDENT AUDITOR'5 REPORTTOTHE TRUSTEES OF F H S TRUST LIMITED YEAR ENDED 31 AUGUST 2023 (CONTINUED} Responsibilities of trustee5 As explained more fully in the trustees, responsibilities statement set out on page 7, the trustees (who are Iso the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that ihev eive a true and fair view, and for such internal control as the trustees determine 15 necessary to enable the preparation of financial Statements that ale free from material misstatement, whher dLÈe to frèud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable Company's ability io continue 05 a going concern, disclosin& as applicable, matters related to going concern and usin the goin8 concern basi5 of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistlc alternatrve but to do so. Auditorfs re5pon5ibilities for the audit of the financial ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material missialement, whether due to fraud or error, and to 155ue an audrtor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a 8uarantee that an audit tonducted In accordance with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indlvidually or in the 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-compllance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in resped of irregularities, including fraud. The extent to which our procedures are capable of detectin8 irre8ularitie5. including fraud id detailed below. We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most signific3nt are those that relate to.. FR5102 Employment law Tax & pension law Health & safety We assessed the risks of material misstatement in respect of fraud as follows: We inquired with management about the existence of fraud and if there were any unusual transactions of relationships. We also performed various tests on the records to check for misstatement. We did not identify any issues. We considered the risk of fraud through management override and. in response, we incorporated testing of adjusting entries into our audit approach. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We considered the possibility of fraudulent payments to third parhes and a150 looked for segreg2tlon of duties. A further description of our responsibilities *or the avdit of the finantial statements is located on the FRC'S website at https.. www.frc.or auditorsres onsibilities. Page 11
F H STRUST LIMITED INDEPENDEfrrr AUDtTOWS REPORTTO THE TRu¥fEES OF F H S TRUST LIMITED YEAR ENDED 31 AUGUST 2023 ICONTINUEDI As part of an audit in accordance wlth ISAS IUKI, we exerclse profe55ional judgment and rnaintain profe55i0nal 5cepticism throughout the audit. We also: Identlfy and asses5 the risks of material misstatement of the financial Statements, whether due to fraud or error, design and perform audit prOdureS responslve to those risks, and obtain audit evidence that is suffitient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud rnay involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an UndetandIng of Internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purp)se of expressing an opinion on the effectNeness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the asOnab1eness of accounting estimates and related distlosures made by the trustee5. Conclude on the appropriateness of the trustees, use of the golng concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exlsts related to events or condltions that may cast slgnificant doubt on the charltable company's ability to continue as a goin8 concern. If we conclude that a material uncertainty exists. we are required to draw attention In Our auditorfs report to the related disdosures In the linancial statements or, if such disclosures are Inadequate. to modify our opinion. Our toncluslons are based on the audit evidence obtained up to the date of our aLidr(orfs report. However, future events or condition5 may cause thè charltable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial slatements, includin8 the dlsclosures, and whether the financial statements present the underlying transactions and events In a manner that achleves fair presentation. We communicate wtth those charged with governance reEarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any slgnsficant deficiencies in internal control that we Identify during our audlt. Use of our report This report is made solely to the charrtable Company's trustees, as a body, Sn accordance wtlh Part 4 of the Charities (Accounts and Rewrtsl Regulations 2008. Our audit work has been undertaken so that we might State to the charitable company's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by lèw, we do not accept or assume responsibility to anyone other than the charitable company and the charitable cornpany's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Gordon Down & Partners - Statutory Audltor Eligible to act as an auditor in terms of Section 1212 of the Companies Art 2006 144 Walter Road Swansea SA15RW Pa8e 12
F H STRUST LIMITED STATEMENT OF FINANCIAL AcnviTIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNn YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Totsl ZOZ3 Total 2022 Note INCOMING RESOURCES Incomlng resources from charitable artivities: School fees and associated income Activities for 8enerating funds: Investment Income 1,657,806 1,679,227 1.843,641 42,025 42,025 15,296 TOTAL INCOMING RESOURCES 1.699,831 1,721952 1,858,937 RESOURCES EXPENOEO Cost of generatlng lunds: Charitable activtties 1,983,227 2,005,348 1,896,077 2,005,348 1,896,077 TOTAL RESOURCES EXPENDED 1,983,227 Net Ilossesl on investments 15 NEf RESOURCES EXPENDED 1283,3961 1283,3961 137,1401 Other recognized 8ains/llosses Gainslllosses} on revaluation fixed assets 15 200,(KIO 2(Ki,O NETMOVEMENT IN FUNDS 183,3961 183,3961 137,1401 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 15 788,838 788,838 825,978 705.442 705,442 788,838 The Statement of Financial Actlvitles includes 811 gains and losses in the year and therefore a Statement of Total Recognised Gains and Losses had not been prepared. All of thè above amounts relate to continuing activitles. The notes for¥n part of the financial statements. Page 13
Company Number: 1080984 F H STRUST UMITED BALAt4CE SHEEr 31 AUGUST2023 2023 2022 Note FIXED ASSETS: Investment property Tangible assets 675,(MJO 1,128,276 525,000 1.136,532 io 1,803,276 1.661,532 CURRENT ASSETS: Debtors Cash at bank li 738,905 104 826,693 2,062 739,(K)9 828,755 CREDITORS: Amounts fallinB due within one year 12 1,469,422 1,305,1% NET CURREwf ILIABIUTIESI TOTAL ASss LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 1730.413) 1.072,863 1476.4411 1,185.091 13 {367A21) 705,442 1396,2531 788,838 THE FUNDS OFTHE CHARITr: Restrirted Income funds Revaluation Reserve Fair Value Reserve nStriCted Income funds 15 15 15 15 1,079,809 335,000 {709.3671 705.442 879,809 335,0 1425,9711 788,838 TOTAL FUNDS For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, but a5 this company is a charity, tl is subjert to audit under the Charities Act 2011. Dirertors, responsibilities:. The members have not required the company lo obtain an audit of its atcounts for the year in question in accoTdance with section 476: The directors acknowledge their responsibilities for complylng with the requirements of the A¢t with respect to accounting records and the preparation of accounts. Page 14
F H S TRusf LIMITED BALANCE SHEET 31 AUGUST 2023 ICONTINUED) The financial statements have been prepared in accordance wlth the provision5 of Part 15 of the Companie5 Act 2(X16 relating to small companies. The financial stalements were approved by the Board of Dlrectors on )q- o& £02 and were signed on ils behalf by'.- B H Hughe Trustee P H Patel Trustee The notes form part of the financial statements. Page 15
F H S TRUST LIMITED CASH FLOW STATEMENT YEAR ENDED 31 AUGU 2023 2023 2022 Notes Cash flows from operatlng artivitSe5: Cash generated from operations Net Cash lused Inl operatlng activities Cash flows from investtng actlvltles: Purchase of tangible fixed assets Net Cash (used Inl Investing artSvtties 167.2201 167,2201 489,520 489,520 112,564 179,7841 144,2391 445,281 Change in cash and cash equlvalerbts in the reporti period Cash and cash equlvalents at the beginnin8 of the reportlng perlod Cash and cash equivalents at the end of the reporting period {79,784) 445,281 177,615 1522,896) (157,399) 177.6151 The notes form part of the financial statements. Page 16
F H 5 TRUST LIMITED NOTES TO THE CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2023 RECONCIUATION OF NEf INCOMEIIEXPENIDITURE} TO CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Notes Net lexpenditurel for the r¢portin8 period (as per the statement of financial attl4rytles) 1283,3961 137,1401 Adjustment for.. Depreciation charge5 Ilncrea5elldecrease in debtors Increaselldecreasel in creditors Net cash lused in} operatlng activrtie5 li 70,819 87.788 57,569 167,2201 66,973 1162,8521 622,539 489.520 Page 17
F H S TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Basls of preparing the finèntial statements The financial statements of the charitable company, which 15 a public benefit entr(y under FRSIO2, have been prepared in accordance with the Charities SORP IFRS1021-Accounting and Reporting by Charitles= statement of Recommended Practice applicable to charf(ies preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20161," Financial Reporting Standard 102 "The Reporting Standard applicable in the UK and Republic of Ireland" ar)d the Companies Art 2(hJ6. The financial statements have been prepared under the historical cost conventlon, wlth the exception of freehold property. whlch is included at fair value. The financial statements are presented in sterlin8 which is the functional currency of the charttable company and rounded to the nearest £. The company Is not part of a group and the financial statements cover the indwidual charity alone. The signlflcant accounting policies applied in the preparation of these financial statements are set out below. These policies have been Consistent applied to all years presented unless OtherWe Stated. The School has tommitted financial support in the form of an overdraft facility from its bank to enable it to continue to operate for the foreseeable future. The financial statements do not include ny adjustments that would result from a wrthdrawal of thts financial support. Objectives and actlvlties The company's objects and principal activities are to promote and provide for the enhancement of educatlon for chlldren between the ages of li to 18 wlthln Swansea and the surrounding area. Company statu5 The charrf(y Is a prlvate company limited by guarantee. The member5 of the company arethe trustees noted on page l. In the event of the Charity being wound up, the liability in respect of the guararstee is limited to £1 per member of the charty. Page 18
F H S TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 I. ACCOUNTING POUCIES Icontlnued) Incomlng resources All incoming resources are included in the Statement of financial activities when the charSty Is fegallv entitled to the income, after any performance conditions have been met and the amount tan be measured reasonably and it is probable that the income will be received. The following specrfic policles are applied to particulai categories of income:_ Voluntary income 15 received by way of donations and gifts and is included in full in ihe Statemenl of Financial AL1ivtties when receivable. Donated servites an(1 faCIlleS are included at the value to the charity where this can be quantified. The value of servites provided by volunteer5 has not beèn included in these actounts. Investment income Is Included when receivable. Other incoming resources are attounted for when earned. School fees and associated income is recognised in the academit year to whlch it refers. It is stated after allowances, scholarships and bursaries granted by the school. Any amounts received in advance for education to be provided in future years are carried forward as deferred income. Investment income and galns are allocated to the appropriate fund. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where cost5 cannot be directly attributed to partitular headin85 they have been allocated to activities on a basi5 consistent with use of the resources. Support costs are those costs Incurred directly in support of expenditure on the objerts of the charitv. Governance costs are those incurred in connertion with admSnlstration of the charity and compliance with constitutional and statutory requirements. Page 19
F H STRUST UMITED NOTES TO ThE FINANCIAL STATEMETrifs (Continued) YEAR ENDED 31 AUGUST 2023 I. ACCOUNTING POLiaES (continued) Tanglble fixed assets and depreciation Tangible fixed assets are stated at cost orvaluation less accumljlated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to wrlte off thecostlvaluation on a straight line basis over their expected useful economic lives as follow5'.- Freehold land Freehold bulldin85 Computer equipment Fixtures and fi(tings at 2% of cost at 15% to 25% of cost at IO% to 20% of cost No depreciatlon charge is made on freehold buildings in the year in which a revaluation adjustment is made. Invertment properties Investment properties forwhich fair value can be measured reliably without undue cost or elfort are measured at fair value at each reporting dale with changes In fèlr value recognized in 'net gainslllossesl on Investments, in the SOFA. Fund accounting General funds are unrestricted funds which a available for use at the dlscretlon of the trustees in furtherance of the general objective5 Qf the charity and which have not been designated for other purposes. Deslgnated funds comprise unrestrKted fundsthat have been set aside by theTrustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restrirted funds are funds whlch are to be used in accordance wrth specific restrittions imp)sed by donors or which have been raised by the charity for particular purpose5. The cost of raising and adminlsterin8 such funds are charged agalnst the specific fund. Leasin8 Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Penslon costs The teaching staff employed by the company are members of the Teathers, Superannuation pension scheme. This is a muhi-employer defined beneftt scheme Ind the assets of the scheme are administered by the trustees of the scheme and are completely separate from the company. The pension liability is the responsbbilily of the Teacherfs Pension Scheme. As a resutt, it 55 not possible to identify the assets and liabilities of the scheme attributable to the 5thool. Accordinglyi under FRS102, the scheme is accounted for a5 if it were a defined contribution scheme. Page 20
F H STRUST UMITED NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl YEAR ENDED 31 AUGUST 2023 I. ACCOUNTING POLICIES lcontlnuedl Penslon c¢sts Icontlnuedl The pension costs charged in ihe financial statements represent the contributions payable by the school during the period in actordance with FRSIO2. In addltion, the company operates a defined contribution plan for the benefrÉ of its non-teachlng staff. Contributions are expènsed as they become payable. Netting off ol income a8alnst expendlture It is not the policy of the charitable company to show incoming resources net of expenditure. Debtors and creditors receivablelpayable wlthln one year Debtors and creditors wlth no stated interest rate and reivable/paVab1e within one year arè recorded at transartion price. Any losses arising from impairment are recognized in expenditure. Going Contem The Financial Statements have been prepared on è going concern basi5 as the trustèes believe that thls Is the correct basis for preparation. The trustees have conSided the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure 15 sufficient with the level of reserve5 and the continued support of the Chartt¢s bank, for the charity to be able to continue as a going concern. Further infomiation is gfven in note 19. SCHOOL FEE5 AND ASSOCIATED INCOME Unrestrlrted Restricted Funds Fund5 T¢)tsl 2023 Total 2022 School fees 1.330.379 1,330,379 1,455.259 Learning support Lunch income Transport EKamfees Trips Music and elocution Duke of Edinburgh Other income Year Book adverts Prom Grants 68,702 111.241 21.924 18,628 50,773 39.656 68,702 111,241 21.924 18.628 50,773 39,656 129,188 90,307 23,653 29,589 55,717 35,095 16.503 16,503 15,212 9,621 1,657,806 The school fees above are ststed after discounts, scholarships and bursaries. 1.657,806 1,843,641 Page 21
F H S TRUST UMtrED NOTES TO ThE FINANCIAL STATEMENTS (Contlnuedl YEAR ENDED 31 AUGUST 2023 INVESTMENT INCOME Unrestrlcted Restrlcted Funds Funds Total 2023 Total 2022 Rental Income 42,205 42,205 15,296 COSTS OF CHARITABLE AcnviTIES BY ACTIVITY TYPE Uniestrlrted Restrirted Funds Funds Total Funds 2023 Total Funds 2022 Dlrett costs of educatlon: Cost of lunche5 Transport Trips Exam fees Duke of Edinbur8h Prom night Sports costs Science equipment and books Photocopying Sports transport Year Book Bad Debts 60.138 22,058 47.630 20,386 60,138 22,058 47.630 20,3B6 52,970 23,964 57,827 8,026 3.679 13.636 3,640 4,820 3,679 13.636 3,640 4,820 1,217 14,479 6,061 70.257 70.257 246,244 246,244 168,634 Stafl costs.. Staff salaries Social securlty COSts Staff pÈnsion costs Staff trainin8 Peripatetic staff Travel 1,177,165 107,414 134,524 587 30,000 1,177,165 1,146,305 107,414105,934 134,524 189,423 587 7,352 30.(100 24,424 1,449,690 1,449.690 1,473,438 Page 22
F H STRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 Unrestricted Re5trirted Funds Funds Total Funds 2023 Total Funds 2022 Support Costs: Advancement of education Post and stationery Computer costs Advertising Subscriptions Bank charges an(1 Interest HMRC charges Depreciation Sundry expenses Legal and professional 260 25,795 16,448 22,764 21,689 10,012 50,819 3,377 4,368 260 25,795 16,448 22.764 21,689 10,012 50,819 3,377 4,368 2,446 18.976 14,498 32.842 26,310 47,973 2,853 155,532 155,532 148,342 Premises costs Rates Insurance Light and heat Repairs Cleaning Trade waste Depreciation 7,271 32.495 24.231 24,096 3,326 6,845 20,000 7,271 32,495 24.231 24,096 3,326 6,845 20.000 7,313 23,811 23,583 9,236 8,396 4,344 19,000 118,264 118,264 95,983 Governance costs 13,497 13,497 9.680 Total support costs 287.293 287,293 254.005 Total cort of charitable artlvltiesl,983,227 1,983,2271,896,077 GOVERNANCE COSTS Total Funds Total Fund5 2023 2022 Auditors remuneration Other professional fees 8,150 5.347 7,8LX) 1.880 13.497 9,680 NEf OUTGOING RESOURCES FOR THE YEAR This is stated after charging:_ 2023 2022 Depreciatlon Auditor5 remuneration.. audit of the linancial statements 70,819 66,973 Pa8@ 23
F H STRUST UMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 STAFF COSTS 2023 2022 Wages and salaries Social security Costs Penslon costs 1,177,165 1,146,305 107,414 105,934 134,524 189,423 1,419,103 1,441,662 A8gre8ate employee benefits of key management personnel On whlch Employerf5 National Insurance contribution5 were 64,264 64,264 7,728 7.653 Key management are ihe tlustees and head teather. The school partlcipated in the Teachers, pension Scheme 1.the TPS") for rt5 teachlng staff. The pènsion charge for the year included contributions payable to the TPS of £144,08612022.. £165,660). The TPS is an unfunded multi-employer defined benefit5 pension scheme governed by the Teachers. Pensions Regulations 2014. Member5 contribute on a "pay a5 you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funded provided by Parllament. The employer conlrlbution rate 15 Set following scheme valuations undertaken by the Government Actuary Department. The latest valuation report confirmed an employer contribution rate for the TPS of 28.68% from I September 2023 lincluding the scheme administration levyl. During the year the school auto-enrolled its non-teaching staff into the NEST pension scheme which is a defined contributlon scheme. The pension chaige for the year intludes contributions payable to NEST of £2,98412022'. £7,940). There was one employee wh05e emoluments as defined for taxation purposes amounted to over £60,000 for the year. Page 24
F H S TRUSTUMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST2023 STAFF COST5 (continued) The average number of employees, analysed by fvnction was-_ 2023 2022 Charitable actNities Management and administration of the ¢hadty 40 43 43 COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES Unrestrlrted Restricted Total Funds Fund5 Funds Incoming resources Artlvities for generatlngfunds: Incomlng resource5 from charitable actNitie5:. School fees and associated income 1,843.641 1,843,641 Investment income 15,296 15,296 Total Incomlng resources 1,858,937 1,858,937 Resources expended Cost of generating funds:. Charitable actNities Governance costs 1,886,397 9,680 1.886,397 9,680 Total resource5 expended L896,077 1,896,077 Net I10ssesl on investments Net resources expended 137,140) 137,1401 Gainslllossesl on revaluation fixed assets Net movement in funds 137.1401 137.1401 Reconciliatlon of fvnds Tolal funds brought forward Total funds rried forward 825,978 825,978 788,838 788.838 Page 25
F H S TRUST LIMITED NOTES TO THE FINANCIAL sfATEMENTS ICcAttinuedl YEAR ENDED 31 AUGUST 2023 INVESTMENT PROPERTY Valuatlon At I September 2022 Revaluation 525,0(M) 150,000 At 31 August 2023 The Investment property Is a property that is lei by the charity to a tenant on a long-term lease. 675,000 The property was valued on 13 May 2024 by Dawsons on an open market basis. The effects of ihe revaluatbon of the property are shown in the free value reseNe (see note 161. The trustee5 Collsrder that the valuation, undertaken on 13 May 2024, is a fair reflertion of the property value at 31 Augusi 2023. The property has been pledged as security for liabilities of the charity. The historic c05t of the imiestment property is £190,00012022 - £190,0001. 10. TANGIBLE FIXED ASSETS Freehold Computer fixtures & property equipment Flttlngs Total COSTIVALUATION At I September 2022 Addttions Revaluation 1,150,000 85.781 6.671 132,640 IJ68,421 5,893 12,564 50,0(K) so,000 At 31 August 2023 1,200.000 91452 138,533 1,430,985 DEPRECIATION At I September 2022 Charge for year Revaluation 79.000 20.(#)O 57,401 23,112 95,489 27,707 231.890 70.819 At 31 August 2023 99,(10 80513 123,196 302,709 BOOK VALUE At 31 August 2023 At 31 August 2022 1,401,IJ)O 11,939 15.337 1,128,276 1.071,000 28.380 37.151 1,136,531 Page 26
F H S TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 (Continued) YEAR ENDED 31 AUGUST 2023 IQ. TANGIBLE HXEO ASSEfs l¢ontinued} The freehold property was valued on 8 May 2024 by Dawsons on an open market basis. The historic cost equivalent of freehold land and building5 included at valuation are as follows:_ 2023 2022 Cost 258,111 258,111 Accumulated depretiation 36,027 34,865 The trustees consider that the valuation, undertaken on 8 May 2024, Is a fair reflection of the property value at 31 August 2023. The freehold property has been pledged as security for liabllities of the charity. 11. DEBTORS 2023 2022 Trade debtoys Prepayments and accrued income 736,764 2,141 818.801 7,892 738,905 826,693 Page 27
F H S TRUST LIMITED NOTES TO ThE FINANCIAL sfATEMENTS {CMtinuedl YEAR ENDED 31 AUGUST 2023 12. CREDITORS." Amounts fèlling due wlthin one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred Income Tax and social securitv 188,569 13,860 594.759 672,234 113.526 919 685,792 504,959 1,469.422 1,305.196 Deferred Income Fee Income Rentsl Income As at 31 August 2022 Additions (luring the year Released during the year 674,762 89,013 As at 31 August 2023 585,749 Due to be released in les5 Ihan one year 585,749 Due to be released after more than one year Income has ken deferred for school fees recefved in advance and wlll be released in the next accounting period as stated the Incoming resources accounting politv. Bank loans and overdrafts are secured by a flxed and floating charge over ihe a55ets of the charity. The total secured liabilities at 31 August 2023 were £%)9,51212022: £509,778). 13. CREDITORS: Amounts due after more than one year:. 2023 2022 Accruals and deferred income Bank loan 46,477 320,944 47,026 349,226 Page 28
F H STRUST LIMITED NOTES TO THE FINANCIAL sfATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 14. FINANaAL COMMITMENTS The company had the followin8 annual operating lease cownmitments at 31 August 2023:_ Other Lease5 expiring between 2 and 5 years 7,145 The total commitmeni for such leases at 31 Au8U5t 2023 was £17,129. 15. MOVEMENT IN FUNDS un$tried funds General Reserves Revaluatlon Reserve Fair value reserve Totsl Balance brought forward IDeficlt) for the year Transfer Revaluation adjustment Balance carried forward 1425,9711 1283,3961 879,809 335,000 788,838 (283,396) 2CKI,O(M) 1,079,809 200,000 705.442 1709,3671 335,000 Transfer The Iransfer between reserves represents the excess of the depreciation on the freehold property, as talculated on the revalued amount over that calculated on the original cost. Pa8e 29
F H S TRUSf LIMITED NOTES TO THE FINANCIAL STATEMENTS {Continuedl YEAR ENDED 31 AUGUST 2023 15. MOVEMENT IN FUNDS lcontinuedl The deficit for the year included in the above is as follows: Incomlng Resources Outgoin8 Resources Deficlt for thls year General fund Revaluation reserve 1,699.831 200.000 (1,983,227) 1283.3961 200,000 1,899,831 (1,983,227) 183.3961 Comparatives for movement in funds.' General ReseNes Revaluatlon Reserve Fair Value Reserve Totsl Balance brought forward as a5 restated Deficit for the year Transfer between reserve5 Revaluatlon 1388,8311 137,1401 879,809 335.000 825,978 137,140) Balance carried forward 1425,9711 879.809 335,lJ)O 788,838 Incomlng Resources Outgoing Resources Deficit for thls year General fund Revaluation reserve 1.858,937 I196,077} 137,1401 1,858,937 {1,896.077) 137.1401 Page 30
F H STRU5T LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 16. TAXATION a re8lStered charity Ffynone House School Trust Limited is exempt from lax on income and gain5, to ihe extent that these are applied to its charitable objecls. No tax charges have arisen in the charltv 12022.. Nill. 17. TRUSTEE REMUNERATION AND REL4TED PARTY TRANSAcfioNS No members of the Board of Trustees received any remuneration or expenses during the year12022'. £Nill. One of the trustees, Mr P H Patel. pald fees of £22,0 to the company in respett of his chlldren who attended Ihe school12022 - £17,413). The fees paid by the t¥U5tees are on the same basis as those paid by other parents. 115 at 31 August 2023 no fees were owed to the trust by trustees for the yearthen ended. WBV Limited, a company in which Mr D A Rowe (trustee and director) is a director and shareholder provided services with a value of £3,840 in the year12022.' £2,402). 18. COMPANY LIMITED BY GUARANTEE Ffynone House School Trust Limfrted is a charr¢able company, limited by guarantee and accordingly does not have share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year ofter he or she ceased to be a member. 19. GOING CONCERN The trustees Idirectorsl are aware that the unrestricted intome funds show a def1cit balance at 31 August 2023 of £83,396 after revaluation adjustment,12022 (lefiC of £37,140) The financlal performance in 2023 showed 3 detline. The decline was because of a de(aSe in incDme and an Increase in bad debt5 The company is dependenl ort its bank for their continued support. The Trustees met with the bank in January 2022 following which the bank confirmed their ongoing support in terms of the overdraft facility and have converted £400,0(KJ of the overdraft amount to a structured loan agreement. The company is also dependent on the ongoing support of the Teachers penslon Scheme ITPSI and HMRC PAYE due to the amount that Is outstanding. There are payment arrangements in place to clear these balances and at the date of the report of the accounts all payments had been made in line with the agreements. It is posslble that the trusiees may need to consider the sale of the Investment property to ralse funds to clear the balances owed. This may not be the desired action but it would put the School back on sound footing and enable the school to move forward without any signiflcant creditors. The trustees are aware of the UK governmenl's decision to Sntroduce VAT on private school fees. At Ihi5 poinl in time tl Is unclear what effert this will have on the schools pupil numbers and ihere Is uncertainty what the impact could be on the income of the charitv. Page31
F H S TRu¥f LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 20. ULTIMATE CONTROLLING PARTY No one individual controls the charf(y. Page 32