Company ye￿$tra￿On 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
AUD￿ED FINANaALSTATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

F H S TRusf UMrrED
FINANCIAL ￿ATEmE￿irS
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 d1￿ctorSf0rthe 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 Char￿leS 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 cOntrfb￿e 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 child￿n. 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 G￿E, 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 corn￿1e 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 competit￿n5 and muslcians
were able to work towards and perfomi in Iwe COn￿rts. ￿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 pa￿nIS to access school reports, see merlts belng awarded In real tlme
and re￿1ve 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 beI￿ve 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 sTRU￿UMrrED
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, w￿h waiting lists for Key Stage 3 for
September 2025 and for September 2026. The nUM￿r 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 SUp￿rt 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 reSe￿e$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 2￿6 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 act￿lt￿ 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
T￿stee
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 v￿W 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 reqU1￿Ments. 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 COn￿rn
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 Un￿rtaIntY related to the
entlty's abillty to contlnue as a going COn￿M 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.
Re￿ewInE 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 con￿rn. We draw attention to note 19 on page 31 of the
financial statements.
Other Inforniation
The trustees are reSpO￿lbIe 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 Incons￿tencieS 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 a￿ayS 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 procedu￿5 are capable of detecting
ir￿gU13r1tie5, 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 exerC￿e 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 prO￿dureS 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, M￿repreSentatIOns. 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 COnd￿lOn$ may cause the tharitable
company to cease to continue a5 a going COn￿rn.
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 at￿pt 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 I￿Ome
1,842,062
I￿42,062 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
N￿MOvEmENT 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 ASS￿5 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 FLOw￿ATEMEP
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
I20￿03}
(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
I83￿37)
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
ACCoU￿1NG 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 w￿h the Chartties SORP IFRS1021 "Accounting and Reporting by
Char￿les. 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 p￿pared 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 re￿iVed. The following specrflc
policies are applled to partlcular categor￿5 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 servi￿5 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 r￿OurCes.
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 srATEmEF￿S 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 unr￿tricted 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 ra￿Ing 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. AcCOU￿NG 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 be￿rne 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 prepa￿d 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
ly2￿62
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 FINANcIAL￿ATEMENTs (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 E￿o.(x￿112o23- £190,￿01.
10. TANGIBLE FIXED ASSErs
Freehold Computer Flxtures &
property equipment
Fitting5
Total
COST/VALUATION
At I September 2023
Addltlons
Revaluation
1,21K).i￿O
91452
19,771
138,532 IA30,984
1,132
20,903
At 31 August 2024
12IJ),(X￿1
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 ref￿CtiOn 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
314￿52
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
In￿me
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 re￿Ned 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 f￿ed andlloating cha￿e 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) W9￿09
(74,2041
335,(KJO
705,441
I323￿74)
1783,5721
1,079009
335,000
631,237
Transfer
There were no transfer of reserves during the year.
Page 29

F H sTRU￿UMrrED
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
In￿mIng
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,l￿jto 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 ag￿ement.
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 s￿nario will allow for substantial funds to clear
balances owed, put the school back on a sound f(Krtin& and enable the school to move fo￿ard.
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 finan￿5 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