Company ye$traOn number: 1080984 Charlty reBlstratlon number. 525489 F H STRusfuMITED IA Company Llmlted by Guarantee and not ha¥fjng a $hare caixtsll REPORT OF THE TRUSTEES AND AUDED FINANaALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
F H S TRusf UMrrED FINANCIAL ATEmEirS YEAR ENDED 31 AUGUST 2024 COTrllEKrs Page Reference and Admlnlstratlve detalls Trustees. Annual report Independent Auditorfs report 9-12 statement of financial activltles Ilncorporatin8the income and expenditure accountl 13 Balance Sheet 14&15 Cash Flow Statement 16 Nute5 to the Cash Flow Statement 17 Notes to the flnancial statements 18-32
F H S TRusf UMrrED YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINisfRATIVE DETAILS Reglstered charity name: F H S Trust Lirnited CharSty re8iStration number. 525489 Company re8iStration number. I¢Yd0984 IEn8land and Wales} Principal address: 36 St James Crescent Swansea SAI 6DR Reglstered offlce: 36 St James Crescent Swansea SAI 6DR Trustee5 The trustees who served the charty during the perlod were as follow5:_ MrG M tleY Mrs B H Hughes MrDARowe Mr P H Patel Company Secretary: MrG M Astley Auditots: Gordon Down and Partners 144 Walter Road Swansea SAI 5RW Principal Bankers: Bardays Bank Ltd 1-6 Pocketts Wharf Maritime Quarter Swansea. SAI 3XL Soliciters: Smith Llewellyn Partnership 18 Princess Way City Centre Swansea, SAI 3LW Page I
F H STRUST UMITED Tr11sfEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 TheTrustees, who are also d1ctorSf0rthe PL5rposes of company law, present their report and the financial statements of the chartty for the year ended 31 August 2023. The Trustees have adopted the provisions of the Statement of Recommended Practlce ISORPI "Accountlng and Reportlng by CharleS IFRS102Y In preparin8 the annual report and financial statements of the thartty. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing Document FHS Trust Llmited is a charltable company limited by guarantee Incorporated on 9 November 1972 and registered as a charty on 28 March 1973. The company ts established under a Memorandum of A550ciation which sets out the obJectlve5 and powers of the charitable company and15 governed under its Artides of soclation. (These memorandum and 3rtlcles were amended in 21K)7 and by Special Resolution in 2004.1 In the event of ihe company being wound up members are required to cOntrfbe an amount not exceeding £1. Recruitment and Appalntment of Dlrectors The diredor5 of the company are also charity trustees for the purposes of charity law. Potential trustees are Invited to apply by the exlstlng board members and no person may be admitted unle55 he or she 15 first approved by the board. There 15 no requirement for the trustees to retire by rotstion. New trustees attend famlllarlsatlon meetlngs with existing tnjstees and the head teacher. They are provlded with copies of School policie5 and every trustee is encouraged to attend inset training events. As the work of the charity Involves the educatlon of childn. trustee5 are required to undergo a Disclosure and Barring Services check Remuneratlon of key managemenl personnel The salaries for key management personnel are the responsibllty of the finance committee and they are consldered using the pay scales in mainstream educatlon as a benchmark. The Chair of trnstees undertakes an annual revlew with key management. Decision making The day-to-day managemènt of the schcKJI is the responslblllty of the headteacher and her senior management team. This15 carrled out under the delegation of powers from the trustees. The details of the delegation are outlined in a document which explains the areas of accountablllty of the senlor management team. Decisions regarding the strategic management of the school or signrficant matters afferting the school's operation are made by the trustees, with input from the senior management team. Page 2
F H STRUST UMrrED TRUSTEES ANNUAL REPORT (contlnued) YEAR ENDED 31 AUGusf 2024 Organlsallonal Strurture Trustees are appolnted on the basls of various skllls whlch they possess in orderto malntain the running of the charrty, with such skills fdnging from educational to legal and professional. OBJEcllvES AND ACTivmES The companvs objects and principal aclivtties 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. ACHIEVEMEwfs AND PERFORMAN Excellent education Desplte being a non-selective school. Ffynone House school continued its record of achieving Superb results at GE, AS and A level. Sixth form pupils went on to study a wide range of UnNersity courses, Including In the most competitNe subjerts, at top Russell Group universities. Ffynone House School prides itself on being able to offer a wide range of GSCE and A-Level subject5. At GCSE, pupils can study four optional subjects as well as taking all three science subjerts, enabling pupils to retain a broad curriculum, tailoTed to their strength5 and interests. SNth Form puplts can take up to 4 A levels of thelr choice as well as being encouraged to complete the Extended Project quallfication l°EPQ'I. Ffynone 15 one of onty a handful of 5chooLs in England and Wale5 at which pupi15 can learn French and German tau8ht by native speakers. and Latin. all to A level standard. This passiDn for languages is reflected In the number of Ffynone puplls that are recognlsed annually In the Anthea Bell Prrze for Young Translators (run by Queen's College and St Hugh's College OxFordl. Ffynone's thriving Science and Maths departments contlnued to enjoy success In national challen8es and competitions. The school reached the final of the prestlgious inter Top of the Bench Chemistry competition this year, with the team travelling to Edinburgh to corn1e natlonalW- In the UKMT Maths Challenge, numerous puplls won awards, and some qualffylng forthe eltte°Senior Kangaroo. event. The School is extremety proud of Its Music. Arts and Perfonnlng Arts departments. Ffynone's successful orchestra, includes pupils wtth a wide range of abilitie5, from those that play in external orchestras intludlng the National Children's Orchestra of Great Brrtain to those that are just Starting to learn an instrument. In 2024 many pupils enjoyed indniidual success in national art competitn5 and muslcians were able to work towards and perfomi in Iwe COnrts. er half of the sthool's pupils joined Ffynone's popular musleal theatre company to perform the 'School of Rocv extract from musical production5. In 2023, Ffyoone Invested In a new data management system, i-sams. replacing the internal 'Engage' system but also allowing more effective communicatlon between school and parents. This has developed further over the last year, allowing panIS to access school reports, see merlts belng awarded In real tlme and re1ve daily bulletlns and updates. This has aided communication between school and parents a5 well as helped parents feel more invofved in lebrating their children's successes. Page 3
FH STRUST UMITED TRusfEES ANNUAL REPORT l¢onllnuedl YEAR E14DED 31 AUGU 2024 Enrlchment (Tlme QFf Curriculum) in the middle of the school day, continues to prove successful in placin8 extra- currScular development at the heart of the school's ethos. ActNtties on offer thls year Included book club, chess, muslcal theat, co(Ilng and tèch clubs. as well as orchestrds. musical ensembles and choirs. Fitnes5 activities such as runnlng Club. clrcults and multi-gym are aL50 on offer at this time, as well as coachlng opportunities for our sport5 teams. TrSps In and around the local area to art galleries, museums and outdoor spaces help students link thelr cla55room experien tothe real world. The annual ski-trip continuesto be popularwith overthirty students travelling to Italy just before Christmas. Kssemblies frequentty feature guest Speakers with a focus on choritie5, careers, citizenship and personal development. Charstsble actlthles Trustees and rnanagement flrmty beIve that engagement with other5 and charitable activities are beneficial for all. This year pupil-led fundraislng has supporte(l Joseph's Smile, Sketty FDodbank, Movember and Swansea's Mr X Appeal, to provide Christmas presents to children who would otheNtse go wlthout. As a charltable trust we continue to help fijnd able students to attend Ffynone House school. Page 4
F H sTRUUMrrED TRUSTEES ANNUAL REpoKf {c¢ntlnued) YEAR ENDED 31 AUGUST 2024 Curriculum In keeping with other independent schools in Wales, Ffynone has chosen to follow English speciflcations rather than Welsh. These curricula better prepare our students for the next stage gf their education and facllltate greater mobiltty of students between England and Wales. Subscription to the dynamic @Walkthrus@ program had provided a valuable CPD tool for improving teaching and learning across the school. Transport The school has two vehicles for homFschool transport. At present the school Lan offer transport across Gower, from the north of Swansea, and from the SAI Marina area. IT Investment ThE School now leases 50 laptops with charging banks for use In lessons. All staff areequipped wlth personal laptops. Investment in the isams data management system means that all fee and trip invoicing is now aLrtomated. Fatilities The school has continued to invest in its facllttles to enhance pupils, learning experience and safety- During the year, Ffynone ha5 renovated the r¢)oF and invested in a new fire security system. As part of the school's rolling program of improvemenL the Chemistry Lab has undergone a full renovation and the Music Room has been refurbtshed. The sixth fomi area has also been upgraded. Growth Ffynone House School contlnues to go from strength to strength, wh waiting lists for Key Stage 3 for September 2025 and for September 2026. The nUMr of enquiries antl deposits for September 2D25 and September 2026 indicate the school is likely to have wartlng lists in future years too. The school continues to successfully attrart students from a wide cr05s section of primary schools throughout the reglon. The number of students is consistent with class sizes of I(22 students. Small class sSzes grve students an excellent learnlng experience yet retain the famity environment on which the school was founded. Flnanclal Review The financlal statements show net resources expended for the year of £74.204 compared to net resources expended of £283,396 in 2023. The principal Sour of income is school fees accounting for 81%12023.' 77%) of the school's Income. The trustees are continuing their strategy of (leploylng all resources to invest In the educational purposes and fabric of the school. The chariws activities are lunded by an overdraft facility and the charity is dependent on the ongoing SUprt of its bank for the renewal of thls faclllty. Page 5
F H S TRUST UMITED TRusfEES ANNUAL REPORT (Continued) YEAR ENDED 31 AUGUST 2024 Reserves policy Following the change in the busine55 artivity in 2012, the trustees agreed to use the reserves generated to fund future school attivities. Due to deficfcs between 2013 and 2023 and the d@ficit in the current year thi5 ha5 meant that the unrestrirted reserves lincluding revaluation reSee$l were In surplus by £631.237 at 31 August 202412023.. £705,441). This follows the revaluatlon of properties, which 15 explained further in the noteg to the accounts. The trustees are working towards generating ongoing surpluses to replenish reserves. The propertles owned by the charty have been revalued and revaluation adjustment5 have been shown in separate reserves Irevaluatlon reserve and fair value reserve). PLANS FOR THE FUTURE Ffynone House School regularly conduct5 5urvey5 on how wt improve the delivery of service to current and wtential students. Significant improvements have been made to the school site and this wlll contlnue in the future. In 2024125 the schoDI plans to continuè to invest in attracting sixth form and the new fire alarm 5y5tem. There are also plans to create a new lab technician preparation area. We anticipate further growth in pupil numbers year on year. PUBLIC BENEFIT Ffynone House School remalns committed to its founding principle to provide bespoke, day school edLJcation within a small, family style environment,forthe benefrtof families in Swansea. Trustees continue to belleve that belng a charftable trust is key tothat endeavour. Trustees have complied with their diity In the Charttles Act 26 to have due gard to the publlc benef guldance published by the Cornmission. To this end. fees are set as low as possible so as to benefit all students, whilst meeting the funding requirements of operatlng the school. From Spring Term 2024, term fee5 were as folbws: Years 7 & 8 £4.6. Years 9 £4,830, Yeats 10 & 11 £4,883, Years 12 & 13 £4.940 Mean5 tested bursarles have been made available to a number of pupib in Cdses of hardship. The school is a non-selective, equal opportunty organlsation. with an inclusive eth05 based on equality and mutual respect. Irrespective of economic statu5, gender. ethnicity, race. religion or dL8ablllty. The school makes its facilities available to local dubs and organisations at marginal cost. Students also participate In a wlde range of actlt that benefrt the local community. including charltable fundraising. Page 6
F H STRusf UMITED TRUSTEES ANNUAL REPORT {cont5nued) YEAR ENDED 31 AUGUST 2024 TRusfEES RISK ASSESSMENT The trustees have examined their major strategic business and operations risks they face and conflrm 5VStems are in place to mitigate those risks. Following the agreement with Cognita that saw the Trustees recommence the running of Ffynone House School from I September 2012, the Trustees fore5eethe major riskto bethe maintenance of pupil numbers. An ext@nslve programme of advertisin& brand awareness and networking in the local communities has been undertaken in an attempt to ralse pupil numbers. The Trustees regularty revlew the financlal position to ensure that any appropriate action 15 taken when required. A further rlsk relates to the Maintenan of the prernis¥ owned by the Trust. They are regularly reviewed and a programme of regular MaIntenan is followed in an attempt to mlnlmise the need for large4cale repalrs. Responslblllties of the trustee5 Company law requires the trustees to prepare financial statements foreach financial year which give a true and fair vipw of the state of the affairs uf the charitable company a5 at the balance Sheet date and of Tts incomlng resources and application of resources, Including income and expenditure, for the flnancial year. In preparlng those flnanclal Statements, the mana8ement committee should follcvN best practi and: select suitable accountlng pollue5 and then appEythem consistentty- make Judgements and estimates that are aSOnable and prudent.. and prepare the financlal statements on the going concern basis unless it is not appropriate to assume that the cornpany wlll continue on that basis. The trustees are responslble for maintaining proper accounting records which disclose with reasonable accuracy at any tlme the financlal position of the charitable company and to @nable them to ensure that the financlal statements comply with the Companies Act 2(. The trustees are also responsible for safeguarding the assets of the charitable company and hence fortaking reasonable steps forthe prevention and detettion of fraud and other irregularitles. Dlsclosure of information to the auditors We, the trustee5 Idirectorsl of the Company. who hold office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that- there 15 no relevant audrt inforniation of which the company's auditors are unaware; and we have taken all the steps that we ought to have taken as direciors in order to make ourselves aware of any relevant audit infomiation and to establish that the companvs audrcors are aware of that Informatlon. Page 7
F H S TRUST LIMrrED TRU5fEES ANNUAL REPORT{contlnued} YEAR ENDED 31 AUGUSf 2024 Audltors Gordon Down and Partners have expressed their willinEness to coritinueto act a5 the charitable companls audltors. This report ha5 been preparod in accordance with the (harities SORP {FRS1021.. Accounting and RÈporting by Charities (Statement of Recommended Practlce applicable to charstie5 preparing their accounts in accordance with the Ftnanclal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffettive I january 20161 and in accordan with the speaal provisions of Part 15 of the CompanSe5 Art 2CQ6 relating to small companie& This report was approved by the Board on 22nd August 2025 ELPO P H Patel Tstee Page 8
F H STRusf UMrrED INDEPENDENf AUDITOWS REpoirr TO THE TRUSTEES OF F H S TRUST UMITED YEAR ENDED 31 AUGusf 2024 Oplnlon We have audrted the l]nancial statements of F H S Trust Limrted Ithe 'eharrtable companw) for the year ended 31 August 2024 which comprise the Statement of Financial ActNltles, the Balance Sheel, the Cash Flow Statement and notes to the financial statement5, induding a summary of signiflcent accountlng policies. The financial reporting frameworkthat has been applied in their preparation is appllcablè18W and United Kingdom Accounting St3n(Jards. including Flnanclal Reportlng Standard 102 the Financial Reportlng Standard appllcable In the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our oplnlon the flnanclal statements: give a true and fair vW of ihe state of the thartlable companvs affairs a5 at 31 August 2024. and of Its Incoming resource5 and application of resources. including its income and expendlture, for the year then ended: have been properly prepared in accordance with United Kingdom Generalty Accepted Accountlt)g Practlce; and have been prepared In accordance with the requirements of the Companies Act 2CrfJ6. Basis for opinion We conducted our audit In accordance wrth Internatlonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilr(ies under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements Section of our report. We are independent of the charltable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethlcal Standard, and we have fulfilled our other ethical responslbllltles Sn accordance wtth these reqU1Ments. We believe that the audit evidence we have obtained Is sufficient and approprlate to provide a basis for our opinion. Material uncertainty related to going COnrn We draw atlention to Note 19 in the financial statements. which indicates that the charity incurred a deficit balance for the year ended 31 August 2024. Also the UK Chancellor announced that as of I January 2025, all education services supplied by a prwate school will be subject to VAT at the rate of 20%. It is unknown what effect this will have on pupil numbers for the coming school year and if this will lead to a downtum 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 signtficant doubt on the charity's ability to continue as a going concem. Our opinion is not modified in respect of this matter. Conclusions relating to going concern In auditing the finantial statements, we have concluded that the dlrectors, use of the going concem basi5 of accounting in the preparation of the financial statement5 is appropriate. Our evaluation of the truslees assessment of the companrfs ability to continue to adopt the going concern basLs of accounting Induded: the trustees Identification in the financial statements of the material UnrtaIntY related to the entlty's abillty to contlnue as a going COnM over a period of at least twefve months from the date when the finanual statements are authorised for issue. Page 9
FH STRusfuMITED INDEPENDENT AUDITOWS REPORTTO THE TRusfEES OF F H S TRUST UMITED YEAR ENDED 31 AUGU 2024 {CONTINUED) Testin8 the appropriateness of the undedying cash flow forecasts and performlng a retrospective review of actual performan tothe prioryear. ReewInE the debt agreements to confimi the temis and condrfcions and confirm consSstent wlth those used in the trustees going concern assessrnent. Agreeing borrowing5 as at 31st AL5gust 2024 to third party confimiations and considered the eharities financlng profile. Thls supported the trustees conduslon thal sufficient liquidr(y headroom remalned throughout the assessment period. Revlewedthe trnstees base case and scenarlos ensuringthe trustees have considered all approprlate factors, including the cash flo, liquidty position and timin8 of debt repayments. In audlting the financial statements, we have concluded that the trust use of the going concern basis of accountlng In the preparatlon of the financlal statements Ls appropdate. However, because not all future events or conditions can be predicted, this tonclu5ion is not a guarantee to the charities ability to continue a5 a 8oin8 conrn. We draw attention to note 19 on page 31 of the financial statements. Other Inforniation The trustees are reSpOlbIe for the other Informatlon. The other Infomiation comprises the information included in the trustees. annual report, other than the finanaal statement5 and our auditorf5 report thereon. Our opinion on the financial statements does not cover the other inft)rmatK)n and, except to the extent otherwise explldtly stated In our reporL we do not express any fomi of assurance conclusion thereon. In connection wrth our audit of the financial statements, our responsibilrty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material InconstencieS or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statemènts or a materla1 misstatement of the other information. If, based on the work we have performed, we conclude that there is a material m155tatement of this other information, we are required to report that fart. We have nothing to report in this regard. Matters on whlth we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitabk company and $ envlronment obtalned in the course of the audit, we have not ider)trfied material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Comparlies Act 2006 requires us to report to you rf, In our opinion.. the Information given in the financial statements is inconsistent in any material respect with the Trustees, Report; or the charitable company has Dot kept adequate accounting records- or the financial statements are not in agreement with the accounting records and retums. or we have not recefved all the infomiation and explanations we require for our audit. Page 10
F H S TRusf UMrrED INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF F H STRusf UMrrED YEAR ENDED 31 AUGvsf 2024 IcoKfiNUED} Responsibilities of trustees As explalned more fully in the trnstees. responslblltties statement set out on page 7, the trustees Iwho are also the director5 of ihe charitable cumpany for the purposes of company lawl are responsible for the preparatlon of the financial statements and for being satisfied that they give a true and fair view, and for such internal control & the trustee5 detemilne is necessary to enable the preparation of flnanclal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Irustees are responsible for a5se55ing the charitable companls ablllty to continue as a going concem, di%dosin& as applicable, matters related to golng concern and using the goln8 concern basis of accountlng unlegs the trustee5 either intend to Ilquidate the charitable company or to ase operations, or have no realistic alternattve but to do so. Audltorf5 re5pon51bllltle5 lor the audit of the flnandal sktsments We have been appointed as audttor under section 144 of the Charltles Act 2011 and report In accordance wlth regulations made under section 154 of that Art. Our objectives are to obtain reasonable assuran about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs Teport that includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audlt conducted in accordance wlth IUKI will aayS detect a material mlsstatement when it exists. Misstatements can arise from fraud or errorand are considered material If, indlvidually ur in the aggregate, they could reasonably be expected to influence ihe economlc declsions of users taken on the basis of these financlal statements. Irregularitie5. including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respett of irregulartkne5. incltjding fraud. The extent to which our procedu5 are capable of detecting irgU13r1tie5, including frdud id detailed below. We obtained an understanding of the legal and regulatory frdrneworks that are applicable to the entity and determined that the most significant are those that relate to: FRS102 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 rfthere We any unusual transactions or 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 suItS of our risk assessment we designed our aLJdit procedures to identify and to addre55 material misstatements in relation to fraud. We cor)sidered the possibility of fraudulent payments to third parties and also looked for segregation of duties. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website at https: ww.frc.o auditorsre5 nsibilities. Page 11
FH5TR UMrrED INDEPENDE AUDITOE¥S REPORTTO THE TRusfEES OF F H S TRusf LIMITED YEAR ENDED 31 AUGusf2024 {coffflNUED) As part of an audit in accordance with IUKI. we exerCe profe55ional Jud8ment and maintaln professlDnal sceptlclsm througholrt the audtt. We also.. Identify and assess the risks of material mi5Statement of the flnanclal statements, wheiher due to fraud or error, design and perfom audit prOdureS responsive to those ri5k5, and obtain audit eviden that is sufflclent and approprlate to provide a basi5 for our opinion. The risk of not detettlng 8 materSal mtsstatement vIting from fraud Is higherthan for one resutting from error, as frdud may involve collusion. forgery. intentlonal ornissions, MrepreSentatIOns. or the override of intemal control. Obtain an understanding of Internal control relevant to the audit in order to design audlt procedures that are appropriate in the cirtumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's Internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estlmate5 and related disclosures made by the trustees. Conclude on the appropriatenes5 of the trustee5' use of the gDTng concern basls of aetounting and, based on the audit evidence obtained, whether a materlal uncertainty exlsts related to events or conditions that may (ast signiftcant doubt on the charTtable compan$ abillty to continue as a golng concern. If we conclude that a material uncertainty exists, we are requlred to draw attention in our auditorf5 report to the related disclosures in the finanual statements or. if such disc105ures are inadequate, to modlfy our opinlon. Our concluslons are based on the audit evidencè obtalned up to the date of our audttorfs report. However, future events or COndlOn$ may cause the tharitable company to cease to continue a5 a going COnrn. Evaluate the overall presentation. structure and content of the financlal statements, including the disclosure5, and whetherthe financial statements representthe underlying trdnsactlons and events in a manner that achieves fair presentation. We communicate with those charged with governan regardin& among other matters, the planned scope and timing of the audit and significant audrt findings. includlng any slgnificant deflciencies in internal control that we identlfy durlng our audlt. Use of our report This report is made solely to the charrtable companws trustees. as a body, in attordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2CX)8. Our audit work has been undertaken so that we might state to the Charitable companys trustees those matters we aTP required to state to them in an auditorfs report and for no other purpose. To the fullest extent perniitted by law, we do not atpt or assume responslblllty to anyone other than the chaTttable company and the charitable companws trustees as a body, for our audrc work. for thls report. or forthe opinions we have formed. Gordon Down & Partners - Statutory Auditor Eligible to act as an audltor In terms of Sertlon 1212 of the Companles Act 2006 144 Walter Road Swansea SAI 5RW Page 12
F H S TRU UMITED STATEMENf OF FINANCIAL AcfiviTIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUPM YEAR ENDED 31 AUGUST 2024 Unrestricted Fun(ts Total 2024 Tolal 2023 INCOMING RESOURCES IncominB resources from charltable actlvltles: School fee5 and associated income Activities forgeneratlng lunds: Investment IOme 1,842,062 I42,062 1.657,806 42,457 42,457 42,025 TOTALINCOMING RESOURCES 1,884.519 1.884,519 1.699,831 RESOURCES EXPENDED Cost of generating funds: Charitable artivities 1,958,n3 1,958,723 1,983,227 TOTAL RESOURCES EXPENDED 1,958,723 1,958,723 1,983,227 Net Ilosse51 on investrnents NET RESOURtsS EXPENDED 174,204) 174,2041 1283,3961 Other recognlzed galnsJllosses} Galnslllossesl on revaluation fixed assets 15 200,OC(J NMOvEmENT IN FUNDS 174.2041 (74,2041 183,3961 RECONCIUAnON OF FUNDS Totsl lunds brought fonvard 705,441 705,441 788,837 TOTAL FUNDS C4RRIED FORWARD 631,237 631.237 705,441 The Statement of Flnancial Aclivities indudes all gains and losses In the year and therefo a Statement of Total Recognised Galns and Losses had not been prepared. All of the above amounts relate to continulng acttvitles. The notes form part of the financlal statements. Page 13
Company Number: 1080984 F H STRusf UMrrEO BALANCESHE 31 AUGusf2024 2024 2023 Note FIXED ASSErs: Investment property Tanglble assets 675.000 1.106,117 675,OLKJ 1.128,275 io 1.781.117 1,803,275 CURRENT ASSErs: Debtor5 Cash at bank li 318259 104 738,905 104 318,363 739.009 CREDITORS: Amounts falllng due withln one year 12 1,132,248 1,469.422 NET CURREMf {LIABILlnES) TOTAL ASS5 LESS CURRENT LIABILITIES 1813,8851 967232 1730,4131 1.072,862 CREDrroRS,. Amounts falling due after more than one year 13 1335,9951 631,217 1367.4211 705,441 THE FUNDSOF THE CHARrrY: Restricted Income funds Revaluation Reserve Fair Value ReseNe Unrestrlcted Income funds 15 15 15 15 IA179B09 33S,000 1,079,809 335,000 709 368 TOTAL FUNDS 631237 705,441 For the year ending 31 August 2024 the company was entit to exemption from aud un(ler sectlon 477 of the Companies Act 2006 relating to small companles. but as thls company Is a charity. It is subject to audlt under the charities Act 2011. Dlrectors, responsibilities-_ The members have not required the company to obtain an audlt of Its accounts for the year in questlon In accordance with section 476: The dirertors acknowledge thelr responsibilltiesforcomplying wrth the requlrements o*theAct with respect to accounting records and the preparation of accounts. Page 14
F H 5 TRUST LIMITED BALANCE SHE 31 AUGUST 2024 IcoKllNUEDI Theflnancial statements have been prepared in accordan wtlh the provisions of Part 15 of the Companies Act 2006 relating to small companies. The flnancial statements werè approved by the Board of Directors on and were Signed on it5 behalf by'.- 22nd August 2025 PGt P H Patel Trustee The notes form part of the financaal statements.
F H STRusf UMrrED CASH FLOwATEMEP YEAR ENDED 31 AUGusf 2024 2024 2023 Notes Cash flows from operating actiirytle5: Cash generated from operation5 Net cash lused In) operatlng actlvlties Cash flows from Investin8 activities: Purchase of tanglble fixed assets Net ¢45h lused In) Investlng a¢tlvltles 167,2201 167,2201 94,465 I2003} (73S621 112,5641 179,7841 Change In cash and cash equivalents in the reporting period C05h and cash equlyalents at the of the reportin8 period Cash and cash equivalents at the end of the reportlng perlod 73.562 179,7841 1157399} 177.6151 I8337) 1157,3991 Th@ notes fDmi part of theflnanclal stètements. Page 16
F H STRUST UMrrED NOTES TO THE CASH FLOW STATEMEMr YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOMVIEXPENIDITURE) TO NET CASH FLOW FROM OPERATING AcllvmES 2024 2023 Notes Net lexpenditure) forthe reportlng period las perthe statement of financlal artlvltlesl (74,2041 1283,396} Adjustment for: Depreclation charges Ilncreaselldecrea5e In debtors Increase/ldecreasel in credito Net eash (used In) operat5ng actkntles li 43,061 420.646 1295,0381 70,819 87,788 57,569 94.465 167,2201 Page 17
F H STRusf UMTTED NOTES TO ThE HNANCIALSTATEMEri YEAR ENDED 31 AUGUST2024 ACCoU1NG POUCIES Basls of preparln8 the financial ststernents The financial statements of the charrtable company. whkh ts a public benefr( enttty under FRSIO2, have been prepared in accordance wh the Chartties SORP IFRS1021 "Accounting and Reporting by Charles. Statement of Recommended Prdttice applicable to charities preparlng thelr accounts In accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS1021 leffertlve l January 20161,° Financial Reporting standard 102 The Reporting Standard applicable In the UK and Republic of Irelan(r and the Companies Act 2005. The flnanclal statements have been ppared un(ler the historical cost convention, with the exceptlon of freehold property, whlch Is Included at fairvalue. The flnancial statements are presented In sterling which is the fijnrtional currency of the charitable company and rounded to the nearest £. The company is r)ot part of a group and the financial statements cover the individual charlty alone. The 51gnlflcant accounting policies applied in the preparation of these flnanclal statements are set out kElow. These policie5 have been CDnsistentty applled to all years presented unless Otherwlse stated. The School has committed ftnancial suptN)rt in the form of an overdraft facility from it5 bank to enable It to continue to operate for the fore5eeabk future. The financial Statements do not indude any adjustments that would resuk from a withdrawal of thls flnancial support. Objectives and artlvltles The companvs objerts and pr5nclpal actlvtties are to promote and provide for the enhancement of educatlon for chlldren between the ages of 11 to 18 withSn Swansea and the surrounding area. Company status The charity is a private company limited byguarantee. The members of the company arethe trustees noted on page l. In the event of the charity bein8 wound up, the liability in respect of the guarantee Is Ilmlted to £1 per member of the charity. Page 18
F H S TRU UMrrED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AuGusf 2024 I. ACCOUNTING pouaES (continued) Incomlng resources All Incomlng resources are included in the statement of financial activities when the charity is legally entltled to the income, after any performance conditions have been met and the amount can be measured reasonably and rt Is probable that the income will be reiVed. The following specrflc policies are applled to partlcular categor5 of income:_ Voluntary income is received by way of donatlons and 8Mts and s included in full In the Statement of Financial Attivrties when receivable. Donated s@Ivices end facllltles are included at the value to the charity Whe thls can be quantlfled. The value of servi5 provided by volunteers has not been intluded in these accounts. Investment income is included when receNable. Other Incoming resource5 are a(Unted for when earned. School fees and associated Income Is recogni5ed in the academlcyearto which rt refers. It15 Stated after allowances, scholarships and bursaries Eranted by the school. Any amounts recewed in athance for education to be provided in future years are carried forward as deferred income. Investment income and 8ains are allocated to the appropriate *und. Resources expended All expenditure is accounted for on an accruals basis and has been da5srfied under headings that aggregate all costs related to the category. Where costs cannot be dirertty attributed to partitular headings they have been allocated to activities on a basi£ consistent with use of the rOurCes. Support costs are those costs incurred dIrett in support of expenditure on the objects of the charity. Governance costs are those incurred in connertion with admlntstration of the charlty and Complian wlth constltutional and statutory requlrements. Page 19
F H S TRUST UMITED NOTES TO THE FINANCIAL srATEmEFS Icontlnued YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING pouaES Icontlnued) Tangible flxed assets and depreciatlon Tangible fixed assets are stated at cost or valuation less accumulated depreclatlon and accumulated impairment losses. Depreclatlon b provided on alltangible fixed assets at rates caleulatedtowrite off the costl valuatlon on a straight line basi5 over theirexpecte(l useful economic INe5 as follows-_ Freehold land Freehold buildings Computer equipment Flxtures and fittings at 2% of cost at 15% to 25% of c05t at Io% to 20% of cost No depreclation charge ts made on freehold bulldings in the year in whlch a r@valu8tlon adjustment is made. Investment propÈrtles Investment propertiesfor which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date wrlh chan8es in fairvalue recognlzed In 'net 8ainslllosses1 on investments, in the SOF Fund accounting General funds are unrtricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and whith have not designated for Other purpose5. Designated fund5 comprise unrestrirted fvnds that have been set aside by the Trustees for particular purposes. The aim and use of each de5ignatedfund is setout in the notes to the financial 5totement5. Restricted funds are fund5 whlch are to be used in accordance wrth specffic restrlctlons imposed by donors or which have been raised by the charty for particular purposes. The cost of raIng and admin15tering such funds are Charged against the speclfic fund. Leasing Rentals payable under operating leases are charged to the profrt and105s account on a stralght-line over the period of the lease. Penslon tosts The teaching staff employed by the company are members of the Teachers, Superannuatlon penslon scheme. This ts a multi-employer defined benefrt scheme and the assets of the scheme are administered by the trustees of the sd)eme and are Complete separate from the company. The pension liability is the responsibility of the Teacherfs Pension Scheme. A5 a result, it is not posslble to identify the assets and liabllities of the scherlle attributable to the school. Accordingly. under FRS102, the scheme is accounted for as rf it were a defined contribution scheme. Page 20
F H STRUST UMttED NOTES TO THE FINANCIALsfATEMENfs (Continued) YEAR ENDED 31 AUGusf 2024 I. AcCOUNG POUCIES Icontlnued) Pensjon costs Icontlnuedl The penslon costs Charged in the financial statements represent the contrlbutlons payable by the school during the period in accordance wlth FRSIO2. In addition, the rnmpany operates a deflned tontribution plan for the benefft of Its non-teachlng staff. Contributions are expensed a5 they berne payable. Nettln8 off of income a8ainst exwditure It is not the poliry of the charrfcable company to show incDming r@sources net of expendlture. Debtors and ¢redltors recelvablelpayable within one year Debtors and creditors with no stated interest rate and recelvable/payable wlthln one year are recorded at tran5actlon prlce. Any losses arislng from impaim)ent are recognized in expendlture. Golng Concern The Fin8nci81 Statements have b@en prepad on a golng concem basis as the trustees believe that thls Is the corrett basis for preparatlon. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 month5 from authorising these financial statements. The budgeted income and expenditure is sufficient wlth the level of reserves and the continued support of the Charltvs banl for the charltyto be able to continue a5 a going concern. Further Information Is glven In note 19. SCHOOL FEES AND AssoaATED INCOME Unrestricted Restrlrted Funds Funds Total 2024 Total 2023 Schotjl fees 1.499.979 1.499.979 1,330,379 Leaming support Lunch income TransF)Ort Exam fees Trips Music end elocution Duke of Edinburgh Other income Year Book adverts Prom Grants 83,319 104,140 18,3fy) 8.050 78,861 31.4thJ 83,319 104,140 I8,3) 8,050 78.861 31,4( 68,702 111,241 21,924 18,628 50,773 39,656 .0 ,ots 16,503 ly262 1,842J)62 1,657,806 The school fees above are stated after dlscounts. scholarships ènd bursaries. Page 21
F H STRUST UMITED NOTES TO THE FINANCIALsfATEMEpifs Icontlnuedl YEAR ENDED 31 AUGiIST 2024 INVESTMEp INCOME Unre5trirted Restricted Funds Funds Total 2024 Total 2023 Rental Income 42,457 42,457 42,025 cosrs OF CHARITABLE ACTIVITIES BY Acnvrry TYPE Unrestrl¢ted Restrirted Total Total 2024 2023 Dlrect ¢0Sts of edu¢atlon: Cost of lunche5 Transport Trip5 Exam fees Duke of Edlnburgh Prom ni6ht Sports costs Sclence equlpment and book5 PhotocopyinB SFM)rts transport Year Book Bad Debts 55,182 24,959 66,415 32,476 55.182 24,659 66,415 31476 60.138 22,058 47.630 20.386 8,222 6.268 6,760 3A45 4.055 8,222 6,268 6,760 3,445 4,055 3.679 13,636 4,820 70,257 207,782 207,782 246,244 Staff costs: Staff salarles Social security costs Staff pension costs Staff tralnlng Peripatetic staff Travel 1.111,416 98.514 170.855 2,286 35.176 l.Ill416 1,177,165 98,514 107,414 170,855 134,524 2.286 587 35,176 30,IX)O IA18.247 1,418,247 1,449,690 Page 22
F H STrUSTUMfTED NOTES TOTHE ANANCIAL STATEMENTS Icontlnuedl YEAR ENDED 31 ALIGusf 2024 UnrestrfLted Restrlcted Funds Funds Total Funds 2024 Total Fund5 2023 Support Costs: Advancement of education Post ané stationery Computer costs Advertlslng Subscriptions Bank charges and interest HMRC charges Depreclation Sundry expenses Le8al and professlonal 3.180 32,196 11.999 19.433 39.772 8,624 23,061 4,239 17,272 3,180 32,196 11,999 19,433 39,772 8.624 23,061 4,239 17.272 260 25,795 16,448 22,764 21,689 10,012 50,819 3,377 4,368 159,776 159,776 155,532 Premise5 costs Rates Insurance Light and heat Repairs Clèanlng Trade waste Depreclation 11.340 26,924 44.528 53,466 2,612 813 20,(KKI 11,340 26.924 44,528 53,466 2,612 813 20,0 7,271 32,495 24,231 24,096 3,326 6,845 20,000 159,683 159.683 118,264 Governance costs 13235 13.235 13,497 Total support costs 332.694 332.694 287,293 Total cost of ¢haiitsble actlvltles 1,958,723 L958.723 1,983,227 GOVERNANCE COSTS Total Funds Total Funds 2024 2023 Auditors remuneration Other professional fees 10,3ZO 2,915 8,150 5,347 13,235 13,497 NFr oiJrGOING RESOURCES FOR THE YEAR This is stated after chargin8-_ 2024 2023 Depreciation Auditors remuneratlon: audlt of the flnancial statements 43,061 70,819 Page 23
F H STRUST UMITED NOTES TO THE FINANCIALsfATEMENfs (Continuedl YEAR ENDED 31 AUGUST 2024 STAFF COSTS 2024 2023 Wages and salaries Soclal security costs Pension costs 1,111,416 1,177,165 98,514 107,414 170055 134,524 1,380,785 1,419.103 Aggregat8 employee beneffts of key management personnel On whlch Employerfs National Insurance contributions were 64,264 7,613 64,264 7,728 Key management are the trustees and head teacher. The school participated in the Teachers, pension Scheme 1.the TPS.) for its teachlng staff. The penslon charge forthe year Induded contributions payable to theTrS of £170.85512023: £134,524). The TPS is an unfunded multpemployer defined benefrt5 pensKJn scheme governed by the Teachers, Pensions Regulations 2014. Member5 contribute on a.pay as you go" basls with contributions from members and the employer being credlted tothe Exchequer. Retlrement and other pension benefr(s are paid by publlc funded provided by Parliament. The employer contribution rate is set following scheme valuatlons undertaken by the Government Actuary Department. The latest valuation report confirmed an employer contribution rate for the TPS of 28.68% from l April 2024 lincludin8 the scheme admlnlstration levyl. Durlng the year the school auto*nrolled rts non-teaching staff into the NEST pension scheme which 15 a defined contribution scheme. The pension charge for the year Includes Contributio payable to NESTof £5J3212023- É2,9841. There was one employee whose emoluments as defined for tsxatlon purposes amounted to over £60,000 forthe year. Page 24
F H S TRusf UMrrED NOTESTO THE FINANcIALATEMENTs (Continued) YEAR ENDED 31 AUGUST 2024 STAFF C05rs Icontlnuedl The average number of emFAoyees, anatysed by functlon was: 2024 20223 charwtrable activities Management and administration of the charmy 45 43 COMPARATIVES FOR THE 5rATEMEf OF HNANCIAL AcnvmES Unrestricted Restricted Total Funds Funds Funds Incom1 resources Artlvltles for generallngfvnds: Incoming resources from charttable activitie5:. School fees and associated income 1.657,806 1,657,806 Investrnent Income 42,(Y25 42,025 Total Incomin8 resources 1.699,831 1,699,831 Resourees expended Cost of generatlng funds: Charitable activities Governance costs 1,969,731 13,496 1,969,731 13.4% Total resources expended 1,983227 1,983,227 Net Ilossesl on Investments Net resources expended Gain5lllossesl on revaluation fixed assets 12833961 1285,3961 2,1))0 200. Net movement in funds 183396} 183.3961 Reconcillation of funds Total funds brought forwar(I Total funds carried forward 788,837 788,837 705,441 705041 Page 25
F H STRusf UMITED N(yfES TO THE FINANCIAL STATEMENTS (Contlnuedl YEAR ENDED 31 AUGUST 2024 INVESTMENf PROPERri Valuatlon At I September 2023 Revaluation 675,LM)Q At 51 August 2024 The investment property is a property that is let by the thartyto a tenant on a long-term lease. 675,000 The property was valued on 13 May 2024 Dawsons on an open market basts. The effects of the revaluation of the property are shown In the free value re5erve1see note 161. The trustees consider that the valuatlon, undertaken on 13 May 2024. Ls a falr reflectlon of the property value at 31 August 2024. The property ha5 been pledged as security for liabilities of the charity. The historic cost of the investment property ts Eo.(x112o23- £190,01. 10. TANGIBLE FIXED ASSErs Freehold Computer Flxtures & property equipment Fitting5 Total COST/VALUATION At I September 2023 Addltlons Revaluation 1,21K).iO 91452 19,771 138,532 IA30,984 1,132 20,903 At 31 August 2024 12IJ),(X1 112,223 139,664 1,451.887 DEPRECIATION At I September 2023 Charge for year Revaluatlon 99,(} 20X 80513 16.881 123.196 6.180 302,709 43.061 At 31 August 2024 97.394 129376 345,770 NET BOOKVALUE At 31 August 2024 1,081,(KM) 14,829 10,288 1.106,117 At 31 August 2023 I,ioi,( 11,939 15336 1,128,275 Page 26
F H STRusf UMrrED NOTES TO THE FINANCIALSTATEMETr¥fs {Contlnued) YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSEfs l¢ontlnuedl The freehold property was valued on 8 May 2024 by Daw50ns on an open market basls. The hlstoric cost equNalent of freehold land and buildings included at valuation are as fDIIows.'_ 2024 2023 Cost 258,111 258.111 Accumulated depreciation 37,189 36,027 The trustees conslderthat the valuation. undertaken on 8 May 2024, Is a fair refCtiOn of the property value it 31 Au8USt 2024. The freehold property has been pledged as securlty for liabilrties of the charity. 11. DEBTORS 2024 2023 Trade debtor5 Prepayments and accrued income 31452 3,407 736.764 2,141 318,259 738,905 Page 27
F H S TRUS[ UMITED NOTESTO THE FINANCIAL STATEMEPéTS Icontlnuedl YEAR ENDED 31 AUGUST 2024 12. CREDITORS: Amounts fallinE due withln one year 2024 2023 Bank loans and overdrafts Trade treditors Accruals and deferred income Tax and social security 114,687 44,146 338.530 634.885 188.569 13,860 594,759 672,234 1.132.248 1,469,422 Deferred Income Fee Income Rentsl Inme at 31 Au8USt 2023 Additions during the year Released durlng the year As at 31 August 2024 585,749 263,719 322.030 Due to be released In less than one year Due to be released after more than one year 322,030 Income has been deferred for school fees reNed in advance and will be released In the next accounting perlod as stated in the IncomlnB resources accounting pollcy. Bank loans and overdrafts are secured by a fed andlloating chae over the assets of the charity. The total secured liabllltles at 31 August 2024 were £405.20512023- £509,512). 13. CREDITORS.. Amoun15 due after more than one year.- 2024 2023 Accruals and deferred income ank loan 45,477 290.518 46,477 320,944 Page 28
F H S TRUST UMITED NOTES TO THE FINANCIALsfATEMEfirs Icontlnuedl YEAR ENDED 31 AUGUST 2024 I& FINANCIAL COMMrrMEPllS The company had the following annual operating lease commttments at 31 August 2024-. (Xher Leases expiring between 2 and 5 year5 The total commitment for such leases at 31 August 2024 was £9,984. 15. MOVEMENT IN FUNDS Unrestrirted funds Generdl Reserves Revalugtl¢)n Reserve Fair value reserve Total Balance brought forward (Deficit) forthe year Transfer Revaluation adjustment Balance carried forward (709.368) W909 (74,2041 335,(KJO 705,441 I32374) 1783,5721 1,079009 335,000 631,237 Transfer There were no transfer of reserves during the year. Page 29
F H sTRUUMrrED NOTES TO THE FINANCIAL sfATEMENtS {Continuedl YEAR ENDED 31 AUGUST2024 15. MOVEMENT IN FUNDS Icontlnuedl The deficit forthe year included in the ab is as follows: Incoming Outgolng Resources Resources Deficit for thls year General fund Revaluation reserve IW,519 (1.958,n31 174,2041 lJ84.519 11,958,723) 174,2041 Comparatives for movement In funds- General Revaluatlon Reser¥e Fair Value Reserve Total Balance brought forward as as restated Deficit for the year Transfer betw@@n reserrfes Revaluatlon {425,9ni {283,3961 879W19 335,0 788,837 {83.3%1 Balance carried forward 17093681 1.079A09 335,OIN) 705.441 InmIng OLrtgolng Re5(¥urces Resour Deficit lor this year General fund Revaluation reseNe 1,899A31 11,983,227) (83,3961 1,899A31 11,gd3,2271 (83.3961 Page 30
F H STRusf LIMrrED NOTES TO THE FINANCIAL STATEMENTS (Contlnuedl YEAR ENDED 31 AUGusf 2024 16. TAXATION As a registered charlty Ffynone House School Trust mited is exempt from tax on income and galns, to the extent that these are applied to its charitable objects. No tsx charges have arisen in the charity 12023: NIII. 17. TRUSTEE REMUNERATION ANO REIATED PARTYTRANSAclloNS No members of the Board of Trustees receNed any remuneration or expenses durlng the year12023.. £NIII One of the trustees. Mr P H Pateli paid fees of £22,ljto the company In respert of hls thildren who attended the school12023- £22,(1. The fees paid by the trustees are on the same basis as those paid by other parerrts. at 31 August 2024 no fees were owed to the tnjst by trustees forthe yearthen ended. WBV Llmited. a company in which Mr D A Rowe Itrustee and dlrettorl Is a direttor and shareholder provided servlces with a value of £2,931 In the year12023'. £3,840>. 18. COMPANY LIMrrED BY GUARArirEE Ffynone House School Trust Limited is a charitable company. Ilmlted by 8uarantee and accordin8ty does not have share capital. Every member of the company undertakes to contribute such amount as may be required not exceedlng £1 to the assets of the charitable company In the event of rts bein8 wound up while he or she Is a member. or within one year after he or she aSed to be a member. 19. GOING CONCERN The trustees Idirertorsl are aware that the unrestricted income fund5 show a deflcit balance at 31 August 2024 of £74,20412023 defictt of £83,396} The financial performan in 2024 showed a marked improvement from 2023 wrth inueased Income and a big redurtion made in the amounts owed to creditors The company 15 dependent on its bank foriheircontinued support. TheTrustees liaise with the bank regularty following the bank's ongoing support in temis of the overdraft facility and having converted a large part of the overdraft amount to a strurtured loan agement. The company is also dependent on the ongoing support of the Teachers pension Scheme ITPSI due to the amount that is outstandin& There are payment arrangements in place to clear the balance and at the date of the report of the accounts all payments had been made In line with the agreements. The Trustees instructed forthe Investment property to put up for sale in November 2024 and a number of Investors have shown interest in purchasing the property as a rental investment. In May 2025 the school rentlng the investment property notifbed Ffynone trustee5 of their intention to no longer run the school at the sfce and vacate the premise5,' additional parties have expressed an interest in the site for development. Either snario will allow for substantial funds to clear balances owed, put the school back on a sound f(Krtin& and enable the school to move foard. With the tenant school closlng in December 2024. Ffynone has now (August 20251 galned registration from the Welsh Senedd to open a junior section provision (Reception and upwards) within the school. A considerable number of parents have already signed up fortheir children to attend, and the additional Income will help suppw)rt the school finan5 in the future Page 31
F H STRUSTUMITED NOTES TOTHE FINANCIAL sfATEMENfs Icontlnued) YEAR ENDED 31 AUGUSf 2024 The trustees are aware of the UK governmenys decision to introduce VAT on private school fees. At this point in time it is unclear what effect thLs wlll have on the schools pupil numbers and there Is uncertainty what the impact could be on the income of the charrty. The full èff@rt of thls wlll be known over the comlng school years. 20. ULTIMATE COIUROWNG PART No one Indwidual contro15 the charty. Page 32