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 Se￿ed 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
regISte￿d 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 Mainst￿0M 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 othen￿lSe 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 st￿n8th, 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 2￿6.
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, wh￿her 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 prO￿dureS 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 Unde￿tandIng 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 ASs￿s 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
￿n￿StriCted 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 OtherW￿e
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 faCIl￿leS 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 re￿ivable/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 conSide￿d 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￿$tri￿ed 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
I1￿96,077}
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