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2025-08-31-accounts

Company registration number: 01080984 Charity registration number: 525489

FHS TRUST LIMITED STRATEGIC REPORT, TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 AUGUST 2025

FHS Trust Limited Contents

Page
Reference and Administrative Details 1
Trustees' Report 2—6
Independent Auditor's Report 7—10
Statement of Financial Activities (including Income and Expenditure Account) 11
Balance Sheet 12—13
Statement of Cash Flows 14
Notes to the Statement of Cash Flows 15
Notes to the Financial Statements 16—28
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account) 29—30

FHS Trust Limited Reference and Administrative Details For The Year Ended 26 August 2025

Trustees B H Hughes
P H Patel
C G Davies (appointed 29/09/2025)
Company Secretary B H Hughes (appointed 01/10/2025)
Charity Number 525489
Company Number 01080984
Principal Address 36 St. James Crescent
Swansea
SA1 6DR
Registered Office 36 St James Crescent
Swansea
SA1 6DR
Auditors John F Harvey Chartered Accountants
Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA
Solicitors Smith Llewellyn Partnership
18 Princess Waye
City Centre
Swansea
SA1 3LW

Page 1

FHS Trust Limited Company No. 01080984 Trustees' Report For The Year Ended 26 August 2025

The trustees present their report and the financial statements for the year ended 26 August 2025.

Objectives and Activities

Aims and Objectives

The charity’s objective is to advance education for children aged 4 to 18 in Swansea and the surrounding area. In setting objectives and planning activities, the trustees have given due regard to the public benefit guidance issued by the Charity Commission for England and Wales.

The school delivers its objectives through the provision of high-quality academic education, a broad co-curricular programme, and pastoral support within a small school environment.

Public Benefit

The trustees confirm that they have complied with their duty under the Charities Act 2006 to have due regard to public benefit guidance.

The school seeks to make its education accessible through competitive fee levels and the provision of means-tested bursaries.

Facilities are made available to local groups, and pupils contribute to the community through charitable and voluntary activities.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Main Achievements

Educational Outcomes

The school continues to achieve strong academic outcomes at GCSE, AS and A level. Pupils progress to a wide range of higher education courses, including highly competitive subjects at leading universities, including members of the Russell Group.

A broad curriculum is maintained, allowing GCSE pupils to study a wide range of subjects while retaining flexibility. Sixth Form pupils typically study up to four A levels and are encouraged to undertake the Extended Project Qualification (EPQ), which supports independent research and preparation for university study.

Curriculum and Enrichment

The school offers a diverse academic programme, including modern foreign languages taught by native speakers and Latin to A level. Pupils have achieved notable success in national competitions such as the Anthea Bell Prize for Young Translators.

STEM subjects remain a strength, with pupils achieving success in national competitions including the UKMT Maths Challenge and Top of the Bench Chemistry competition.

Creative and performing arts continue to flourish, with strong participation in music, drama, and art. School productions and concerts remain a key feature of school life, with high levels of pupil engagement.

The “Time Off Curriculum” (TOC) programme provides enrichment opportunities including coding, music, sport, and creative activities, supporting pupils’ personal development and wellbeing.

...CONTINUED

Page 2

FHS Trust Limited Trustees' Report (continued) For The Year Ended 26 August 2025

Main Achievements - continued

Use of Technology

The school has continued to invest in digital infrastructure, including Microsoft Office 365 and iSAMS, improving both teaching delivery and communication with parents. Blended learning capability remains embedded where required.

Facilities and Investment

Investment has been made in maintaining and improving the school estate, including roof works, fire safety systems, and ongoing refurbishment. IT infrastructure has also been upgraded to support teaching and learning. The building has undergone significant improvements ready to accommodate primary year groups in September 2025. Including new outdoor play areas, toilet facilities and changes to communal areas and classrooms.

Pupil Numbers and Growth

The school continues to experience demand. Class sizes remain deliberately small, supporting high-quality teaching and a strong pastoral environment. With the primary department opening in September 2025 initial and long term growth is expected.

Charitable Activities

The school actively promotes community engagement and charitable giving. During the year, pupils supported a number of charities including React, Cancer Research Wales, Red Cross, Dementia UK and the Mr X Appeal in Swansea.

The school also provides means-tested bursaries to support access to education for pupils from a range of financial backgrounds.

Financial Review

Financial Position

The financial statements show net expenditure for the year of £120,536 (2024: £74,204). This is a further deficit of £46,332 however, this was due to the revaluation of the investment property by £75,000. Net expenditure before investment losses were £45,536 which show an improvement of £28,668 on 2024.

The principal source of income is school fees accounting for 77% (2024:81%) of the school’s income. The trustees are continuing their strategy of deploying all resources to invest in the educational purposes and fabric of the school.

Reserves Policy

Following the change in the business activity in 2012, the trustees agreed to use the reserves generated to fund future school activities. Due to deficits between 2013 – 2024 and the deficit in the current year this has meant the unrestricted funds are in deficit by £818,021 (2024: £722,485). The total funds are in surplus of £620,788 (2024: £741,324) due to the revaluation of the properties that are reflected in the revaluation reserve and fair value reserve. The trustees are working towards generating ongoing surpluses to replenish the unrestricted funds reserve.

Page 3

FHS Trust Limited Trustees' Report (continued) For The Year Ended 26 August 2025

Going Concern

The trustees have considered the charity’s financial position, future forecasts and expected cash flows when assessing whether it is appropriate to prepare the financial statements on a going concern basis.

The charity reported a net deficit for the year of £120,536 and, at the balance sheet date, its overdraft facility was overdrawn by £188,953. Since the year end, the charity has received £210,000 following the termination of the lease of Oakleigh House by Cognita. This receipt has enabled the charity to clear its overdraft position and continue to meet its liabilities as they fall due.

The trustees have also prepared financial forecasts and cash flow projections covering a period of at least 12 months from the date of approval of the financial statements. These forecasts take account of current and projected pupil numbers, expected fee income, planned cost management measures, continued investment in the school, and the ongoing availability of bank facilities.

The trustees remain in regular communication with the charity’s bankers and have a reasonable expectation that the overdraft facility will continue to be made available, if required. In addition, the proposed future sale of Oakleigh House is expected to provide a further cash injection of approximately £600,000, although this has not been relied upon as the sole basis for the going concern assessment.

Based on these considerations, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees consider it appropriate to prepare the financial statements on a going concern basis.

At the date of approval of these financial statements, the trustees do not consider there to be a material uncertainty in relation to going concern.

Principal Risk and Uncertainties

The trustees have assessed the major risks facing the charity and have implemented systems to mitigate them. Key risks include:

Future Developments

The school plans to:

Structure, Governance and Management

Page 4

FHS Trust Limited Trustees' Report (continued) For The Year Ended 26 August 2025

Governing Document

FHS Trust Limited is a charitable company limited by guarantee incorporation on 9 November 1972 and registered as a charity on 28 March 1973.

The company is established under a Memorandum of Association which sets out the objectives and powers of the charitable company and is governed under its Articles of Association. (These memorandum and articles were amended in 2007 and by Special Resolution in 2004).

In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Trustee Selection Methods

The directors of the company are also charity trustees for the purposes of charity law. Potential trustees are invited to apply the by the existing board members and no person may be admitted unless he or she is first approved by the board, there is no requirement for the trustees to retire by rotation.

Induction and Training of Trustees

New trustees attend familiarisation meetings with existing trustees and the head teacher. They are provided with copies of school policies, and every trustee is encouraged to attend inset training events.

As the work of the charity involves education of children, trustees are required to undergo a Disclosure and Barring Services check.

Key Management Remuneration

The salaries for key management personnel are the responsibility of the finance committee, and they are considered using the pay scales in mainstream education as a benchmark. The Chair of the trustees undertake an annual review with key management.

Organisational Structure

Trustees are appointed on the basis of various skills which they possess in order to maintain the running of the charity, with such skills ranging from education to legal and professional.

Decision making

The day-to-day management of the school is the responsibility of the headteacher and her senior management team. This is carried out under the delegation of powers from the trustees. The details of the delegation are outlined in a document which explains the areas of accountability of the senior management team.

Decisions regarding the strategic management of the school or significant matters affecting the school's operation are made by the trustees, with input from the senior management team.

Page 5

FHS Trust Limited Trustees' Report (continued) For The Year Ended 26 August 2025

Statement of Trustees' Responsibilities

The trustees (who are also the directors of FHS Trust Limited for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

Independent Auditors

The auditors, John F Harvey Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

P H Patel Trustee 26 May 2026

Page 6

Independent Auditor's Report to the Members of FHS Trust Limited

Opinion

We have audited the financial statements of FHS Trust Limited (the "charity") for the year ended 26 August 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 27 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Emphasis of Matter

We draw attention to Note 12 in the financial statements, which explains that the comparative figures have been restated to correct prior period errors relating to the revaluation of the freehold property and investment property in 2023, together with the accumulated depreciation on fixtures and fittings. Our opinion is not modified in respect of this matter.

Page 7

Independent Auditor's Report (continued) to the Members of FHS Trust Limited

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report included within the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 2—6, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 8

Independent Auditor's Report (continued) to the Members of FHS Trust Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the trustees and management, and from reviewing the charity’s policies, minutes and correspondence.

The key laws and regulations we considered in this context included the Companies Act 2006, the Charities Act 2011, the Charities SORP 2019, FRS 102, employment law, health and safety legislation, safeguarding requirements, education sector regulations and Teachers’ Pension Scheme requirements.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. The areas we considered to be most susceptible to fraud or error included revenue recognition in respect of school fees, bursaries and discounts, completeness of liabilities, deferred income for fees received in advance, management override of controls, valuation of property, and the classification of restricted and unrestricted funds. Our procedures included:

• obtaining an understanding of the control environment and how the trustees and management monitor compliance with relevant laws and regulations

• reviewing trustee minutes and correspondence for evidence of non compliance or significant matters affecting the school

• making enquiries of trustees and management, including whether they were aware of any actual, suspected or alleged fraud or non compliance with laws and regulations

• testing journal entries and other adjustments, with a focus on journals posted by management, unusual journals and journals posted around the year end

• reviewing accounting estimates and judgements for evidence of possible management bias, including property valuations, depreciation, bad debts, accrued costs and deferred income

• testing income recognition, including school fees, bursaries, discounts and income received in advance

• testing the completeness of liabilities and accruals, including payroll, pension liabilities, HMRC balances, bank loans and other creditors

• reviewing disclosures in the financial statements, including going concern, related parties, funds, commitments and post balance sheet events

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

In common with other businesses of this size and nature we assist with the preparation of the financial statements.

Page 9

Independent Auditor's Report (continued) to the Members of FHS Trust Limited

Use Of Our Report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Husband (Senior Statutory Auditor)

for and on behalf of John F Harvey Chartered Accountants , Statutory Auditor

26 May 2026

John F Harvey Chartered Accountants Dynevor House 5-6 De La Beche Street Swansea SA1 3HA

Page 10

FHS Trust Limited Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 26 August 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
4
School fees and associated income
Investments
5
EXPENDITURE ON:
Charitable activities:
7
School fees and associated income
NET EXPENDITURE BEFORE INVESTMENT LOSSES
Net losses on investments
NET EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
22		 2025
Unrestricted
funds
£
6,000
1,828,027
53,836		 2024
Unrestricted
funds
£
-
1,842,062
42,457
1,887,863 1,884,519
(1,933,399 ) (1,958,723 )
(45,536)
(75,000 )		 (74,204)
-
(120,536 ) (74,204 )
(120,536 )
741,324		 (74,204 )
705,441
620,788 741,324

The notes on pages 15 to 28 form part of these financial statements.

Page 11

FHS Trust Limited Balance Sheet As At 26 August 2025

Notes
FIXED ASSETS
Tangible Assets
13
Investment Properties
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
16
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors: Amounts Falling Due After More Than One Year
17
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted Funds:
Unrestricted Funds
Revaluation Reserve
Fair Value Reserve
TOTAL FUNDS
22		 2025
Unrestricted
funds
£
1,205,459
600,000		 2024
Total funds
£
1,216,204
675,000
1,805,459
188,111
5,543		 1,891,204
318,259
104
193,654
(1,101,584 )		 318,363
(1,132,248 )
(907,930 ) (813,885 )
897,529 1,077,319
(276,741 ) (335,995 )
620,788 741,324
(818,021)
1,028,809
410,000		 (772,485)
1,028,809
485,000
620,788 741,324
620,788 741,324

Page 12

FHS Trust Limited Balance Sheet (continued) As At 26 August 2025

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

P H Patel Trustee 26 May 2026

The notes on pages 15 to 28 form part of these financial statements.

Page 13

FHS Trust Limited Statement of Cash Flows For The Year Ended 26 August 2025

Notes
Cash flows from operating activities
Net cash (used in)/generated from operations
1
Interest paid
Net cash (used in)/generated from operating activities
Cash flows from investing activities
Purchase of tangible assets
Rents received from investment properties
Net cash generated from investing activities
Cash flows from financing activities
Repayment of bank borrowings
(Decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
2
Cash and cash equivalents at end of year
2		 2025
£
(71,866 )
(20,952 )
(92,818 )
(26,570 )
53,836
27,266
(34,021 )
(99,573 )
(83,837 )
(183,410 )		 2024
as restated
£
108,102
(25,349 )
82,753
(20,903 )
42,457
21,554
(30,745 )
73,562
(157,399 )
(83,837 )

Page 14

FHS Trust Limited Notes to the Statement of Cash Flows For The Year Ended 26 August 2025

1. Reconciliation of expenditure to cash (used in)/generated from operations

Net expenditure
Adjustments for:
Donations of fixed assets
Interest expense
Income from investments
Depreciation of tangible assets
Net fair value losses recognised in profit or loss
Movements in working capital:
Decrease in trade and other debtors
Decrease in trade and other creditors
Net cash (used in)/generated from operations		 2025
£
(120,536 )
(6,000)
20,952
(53,836)
43,315
75,000
130,149
(160,910 )
(71,866 )		 2024
as restated
£
(74,204 )
-
25,349
(42,457)
43,061
-
420,646
(264,293 )
108,102
  1. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

Cash at bank and in hand
Overdraft facilities repayable on demand
Cash and cash equivalents as stated in the Statement of Cash Flows
.
Analysis of changes in net debt
Cash at bank and in hand
Overdraft facilities repayable on demand
Cash and cash equivalents
Debts falling due within one year
Debts falling due after more than one year		 As at 27
August 2024
£
104
(83,941)		 2025
£
5,543
(188,953 )
(183,410)
Cash flows
£
5,439
(105,012)		 2024
as restated
£
104
(83,941 )
(83,837)
As at 26
August 2025
£
5,543
(188,953)
(83,837 )
(30,746 )
(290,518)		 (99,573)
(3,275)
37,296		 (183,410 )
(34,021 )
(253,222)
(405,101) (65,552) (470,653)

3. Analysis of changes in net debt

Page 15

FHS Trust Limited Notes to the Financial Statements For The Year Ended 26 August 2025

1. General Information

FHS Trust Limited is a company limited by guarantee, incorporated in England & Wales, registered number 01080984 and registered charity number 525489 . The registered office is 36 St James Crescent, Swansea, SA1 6DR.

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest £.

The nature of the charity’s operations and principal activities are to promote and provide for the enhancement of eduction for children between the ages of 4 to 18 within Swansea and the surrounding area.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2. Going Concern Disclosure

The trustees have identified material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern. However, after reviewing the charitable company’s forecasts, expected income and expenditure, available reserves, and the continued support of the charitable company’s bank, the trustees consider that it remains appropriate to prepare the financial statements on a going concern basis.

The financial statements have therefore been prepared on a going concern basis. Further details are included in note 28.

2.3. Significant judgements and estimations

The trustees do not consider there to be any significant judgements, apart from those involving estimates, that have had a material effect on the amounts recognised in the financial statements.

The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Property valuations

The charitable company holds freehold property and investment property which are material to the financial statements. The carrying value of these properties is based on valuations and market evidence available to the trustees.

...CONTINUED

Page 16

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

2.3. Significant judgements and estimations - continued

Property valuations involve estimation uncertainty as they depend on market conditions, comparable property values, the condition of the properties, and assumptions regarding their future use or potential sale. Changes in these assumptions could result in a material adjustment to the carrying value of the properties.

Useful economic lives of tangible fixed assets

Tangible fixed assets are depreciated over their estimated useful economic lives. The trustees review the useful economic lives and residual values of assets where appropriate, taking into account the age, condition and expected use of the assets.

Changes in the estimated useful economic lives or residual values of assets could affect the depreciation charge and carrying value of tangible fixed assets.

2.4. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.5. Incoming Resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Page 17

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

2.6. Resources Expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold Land at Nil and Property at 2% of cost
Fixtures & Fittings 20% of cost
Computer Equipment 25% of cost

Property Improvements included in Land & Property Freehold is depreciated at 5% of cost.

No depreciation charge is made on freehold buildings in the year which a revaluation adjustment is made.

2.8. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the statement of financial activities.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 18

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

2.10. Financial Instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recognised at transaction price. Any losses arising from impairment are recognised in expenditure.

Bank loans and overdrafts are initially recognised at the transaction price and subsequently measured at amortised cost, with interest recognised in expenditure over the period of the borrowing.

2.11. Pensions

Teaching staff employed by the charitable company are members of the Teachers’ Pension Scheme, which is a multi employer defined benefit pension scheme.

The assets and liabilities of the scheme are administered separately from those of the charitable company. As the charitable company is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis, the scheme is accounted for as if it were a defined contribution scheme in accordance with FRS 102.

The pension cost charged to the Statement of Financial Activities represents the contributions payable by the charitable company to the scheme during the year.

The charitable company also operates a defined contribution pension scheme for non teaching staff. Contributions are charged to the Statement of Financial Activities as they become payable.

3. Income from Donations and Legacies

Donations and gifts
4.
Income from Charitable Activities
School fees and associated income:
School fees
Catering income
Peripatetic income
LAMDA income
Transport income
Other income
External exam fees
Learning support assistant income
Trips income		 2025
Unrestricted
funds
£
6,000		 2024
Unrestricted
funds
£
-
2025
Unrestricted
funds
£
1,452,920
101,833
25,460
13,220
20,684
21,024
17,615
98,904
76,367		 2024
Unrestricted
funds
£
1,499,979
104,140
21,200
10,200
18,300
18,013
8,050
83,319
78,861
1,828,027 1,842,062

Page 19

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

School fees are stated after discounts, scholarships and bursaries.

  1. Investment Income
5.
Investment Income
Rents received from investment properties
6.
Net Income/(Expenditure)
The net expenditure is stated after charging/(crediting):
Bad debts
Depreciation of tangible fixed assets - owned
7.
Analysis of Expenditure
School fees and associated income
School fees and associated income		 Activities
undertaken
directly
£
1,620,333		 2025
Unrestricted
funds
£
53,836		 2024
Unrestricted
funds
£
42,457
2025
£
29,061
43,315		 2024
£
-
43,061
Support costs
(see note 8 )
£
313,066		 2025
Total
£
1,933,399
Activities
undertaken
directly
£
1,626,028		 Support costs
(see note 8 )
£
332,695		 2024
Total
£
1,958,723

Page 20

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

8. Support Costs

Premises expenses
General administration
Depreciation
Interest payable
Governance costs
Premises expenses
General administration
Depreciation
Interest payable
Governance costs		 2025
School fees
and
associated
income
£
128,229
94,438
43,315
39,084
8,000
313,066
2024
School fees
and
associated
income
£
139,683
91,235
43,061
48,396
10,320
332,695

Governance costs comprise audit fees associated with the statutory audit of the charity’s financial statements.

9. Auditor's Remuneration

Remuneration received by the charitable company's auditors and their associates during the year was as follows:

2025 2024
as restated
£ £
Audit Services
Audit of the company's financial statements 8,000 10,320

Page 21

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

10. Staff Costs

Staff costs were as follows:

taff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 2025
£
1,095,699
113,397
202,909
1,412,005		 2024
as restated
£
1,111,416
98,514
170,855
1,380,785

The number of employees whose employee benefits (excluding employer pension costs) for the reporting period exceeded £60,000 was:

2025 2024
as restated
£60,000 to £69,999 1 1
  1. Average Number of Employees

Average number of employees during the year was as follows:

Charitable Activities
Administration		 2025
40
3
43		 2024
42
3
45

12. Prior Period Adjustment

The financial statements for the year ended 26 August 2024 have been restated to correct errors identified in the comparative figures.

In the 2023 financial statements, both the freehold property and the investment property were revalued. The revaluation movement relating to the investment property of £150,000 was incorrectly recognised within the revaluation reserve rather than the fair value reserve.

In addition, when the freehold property was revalued, accumulated depreciation of £99,000 was not eliminated. This resulted in accumulated depreciation on the freehold property being overstated and the revaluation reserve being understated. The net effect of these adjustments was to decrease the revaluation reserve by £51,000, increase the fair value reserve by £150,000, and reduce freehold property accumulated depreciation by £99,000.

Accumulated depreciation on fixtures and fittings was also overstated by £11,087. The effect of this adjustment was to increase unrestricted income funds by £11,087 and reduce fixtures and fittings accumulated depreciation by £11,087.

...CONTINUED

Page 22

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

12. Prior Period Adjustment - continued

The effect of the adjustments on the comparative figures is shown below:

Fixtures and fittings
accumulated
depreciation
Freehold property
accumulated
depreciation
Unrestricted
income funds
Revaluation reserve
Fair value reserve
£
£
£
£
£
As previously
stated at 26 August
2024
129,376
119,000
(783,572)
1,079,809
335,000
Prior period
adjustment
(11,087)
(99,000)
11,087
(51,000)
150,000
As restated at 26
August 2024
118,289
20,000
(772,485)
1,028,809
485,000
13.
Tangible Assets
Land &
Property
Freehold
Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
£
Cost or Valuation
As at 27 August 2024
1,200,000
139,665
112,222
1,451,887
Additions
8,339
-
24,231
32,570
As at 26 August 2025
1,208,339
139,665
136,453
1,484,457
Depreciation
As at 27 August 2024
20,000
118,289
97,394
235,683
Provided during the period
20,417
13,564
9,334
43,315
As at 26 August 2025
40,417
131,853
106,728
278,998
Net Book Value
As at 26 August 2025
1,167,922
7,812
29,725
1,205,459
As at 27 August 2024
1,180,000
21,376
14,828
1,216,204		 Fixtures and fittings
accumulated
depreciation
Freehold property
accumulated
depreciation
Unrestricted
income funds
Revaluation reserve
Fair value reserve
£
£
£
£
£
As previously
stated at 26 August
2024
129,376
119,000
(783,572)
1,079,809
335,000
Prior period
adjustment
(11,087)
(99,000)
11,087
(51,000)
150,000
As restated at 26
August 2024
118,289
20,000
(772,485)
1,028,809
485,000
13.
Tangible Assets
Land &
Property
Freehold
Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
£
Cost or Valuation
As at 27 August 2024
1,200,000
139,665
112,222
1,451,887
Additions
8,339
-
24,231
32,570
As at 26 August 2025
1,208,339
139,665
136,453
1,484,457
Depreciation
As at 27 August 2024
20,000
118,289
97,394
235,683
Provided during the period
20,417
13,564
9,334
43,315
As at 26 August 2025
40,417
131,853
106,728
278,998
Net Book Value
As at 26 August 2025
1,167,922
7,812
29,725
1,205,459
As at 27 August 2024
1,180,000
21,376
14,828
1,216,204		 Fixtures and fittings
accumulated
depreciation
Freehold property
accumulated
depreciation
Unrestricted
income funds
Revaluation reserve
Fair value reserve
£
£
£
£
£
As previously
stated at 26 August
2024
129,376
119,000
(783,572)
1,079,809
335,000
Prior period
adjustment
(11,087)
(99,000)
11,087
(51,000)
150,000
As restated at 26
August 2024
118,289
20,000
(772,485)
1,028,809
485,000
13.
Tangible Assets
Land &
Property
Freehold
Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
£
Cost or Valuation
As at 27 August 2024
1,200,000
139,665
112,222
1,451,887
Additions
8,339
-
24,231
32,570
As at 26 August 2025
1,208,339
139,665
136,453
1,484,457
Depreciation
As at 27 August 2024
20,000
118,289
97,394
235,683
Provided during the period
20,417
13,564
9,334
43,315
As at 26 August 2025
40,417
131,853
106,728
278,998
Net Book Value
As at 26 August 2025
1,167,922
7,812
29,725
1,205,459
As at 27 August 2024
1,180,000
21,376
14,828
1,216,204		 Fixtures and fittings
accumulated
depreciation
Freehold property
accumulated
depreciation
Unrestricted
income funds
Revaluation reserve
Fair value reserve
£
£
£
£
£
As previously
stated at 26 August
2024
129,376
119,000
(783,572)
1,079,809
335,000
Prior period
adjustment
(11,087)
(99,000)
11,087
(51,000)
150,000
As restated at 26
August 2024
118,289
20,000
(772,485)
1,028,809
485,000
13.
Tangible Assets
Land &
Property
Freehold
Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
£
Cost or Valuation
As at 27 August 2024
1,200,000
139,665
112,222
1,451,887
Additions
8,339
-
24,231
32,570
As at 26 August 2025
1,208,339
139,665
136,453
1,484,457
Depreciation
As at 27 August 2024
20,000
118,289
97,394
235,683
Provided during the period
20,417
13,564
9,334
43,315
As at 26 August 2025
40,417
131,853
106,728
278,998
Net Book Value
As at 26 August 2025
1,167,922
7,812
29,725
1,205,459
As at 27 August 2024
1,180,000
21,376
14,828
1,216,204		 Fixtures and fittings
accumulated
depreciation
Freehold property
accumulated
depreciation
Unrestricted
income funds
Revaluation reserve
Fair value reserve
£
£
£
£
£
As previously
stated at 26 August
2024
129,376
119,000
(783,572)
1,079,809
335,000
Prior period
adjustment
(11,087)
(99,000)
11,087
(51,000)
150,000
As restated at 26
August 2024
118,289
20,000
(772,485)
1,028,809
485,000
13.
Tangible Assets
Land &
Property
Freehold
Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
£
Cost or Valuation
As at 27 August 2024
1,200,000
139,665
112,222
1,451,887
Additions
8,339
-
24,231
32,570
As at 26 August 2025
1,208,339
139,665
136,453
1,484,457
Depreciation
As at 27 August 2024
20,000
118,289
97,394
235,683
Provided during the period
20,417
13,564
9,334
43,315
As at 26 August 2025
40,417
131,853
106,728
278,998
Net Book Value
As at 26 August 2025
1,167,922
7,812
29,725
1,205,459
As at 27 August 2024
1,180,000
21,376
14,828
1,216,204		 Fixtures and fittings
accumulated
depreciation
Freehold property
accumulated
depreciation
Unrestricted
income funds
Revaluation reserve
Fair value reserve
£
£
£
£
£
As previously
stated at 26 August
2024
129,376
119,000
(783,572)
1,079,809
335,000
Prior period
adjustment
(11,087)
(99,000)
11,087
(51,000)
150,000
As restated at 26
August 2024
118,289
20,000
(772,485)
1,028,809
485,000
13.
Tangible Assets
Land &
Property
Freehold
Fixtures &
Fittings
Computer
Equipment
Total
£
£
£
£
Cost or Valuation
As at 27 August 2024
1,200,000
139,665
112,222
1,451,887
Additions
8,339
-
24,231
32,570
As at 26 August 2025
1,208,339
139,665
136,453
1,484,457
Depreciation
As at 27 August 2024
20,000
118,289
97,394
235,683
Provided during the period
20,417
13,564
9,334
43,315
As at 26 August 2025
40,417
131,853
106,728
278,998
Net Book Value
As at 26 August 2025
1,167,922
7,812
29,725
1,205,459
As at 27 August 2024
1,180,000
21,376
14,828
1,216,204
1,208,339 139,665 136,453 1,484,457
20,000
20,417		 118,289
13,564		 97,394
9,334		 235,683
43,315
40,417 131,853 106,728 278,998
1,167,922 7,812 29,725 1,205,459
1,180,000 21,376 14,828 1,216,204

13. Tangible Assets

The freehold property was valued on 8 May 2024 by Robert Camm MRICS of Dawsons on an open market basis. The trustees have reviewed this valuation and considered whether any changes in market conditions or capital expenditure incurred since that date indicate that the carrying value requires adjustment. The trustees consider the carrying value to be a fair reflection of the property value at 26 August 2025.

The freehold property has been pledged as security for liabilites of the charity.

Page 23

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

Cost
Accumulated depreciation and impairment
Carrying amount
4.
Investment Property
Fair Value
As at 27 August 2024
Fair value adjustments
As at 26 August 2025		 Land &
Property
Freehold
£
266,450
38,518
227,932
2025
£
675,000
(75,000 )
600,000
  1. Investment Property

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

2025 2024
as restated
£ £
Cost 190,000 190,000

The investment property was valued by the trustees at £600,000 at 26 August 2025. This was based on the current asking price of the property and market interest received up to the date of approval of the financial statements. The movement in fair value has been recognised in the Statement of Financial Activities.

The property has been pledged as security for liabilities of the charity.

15. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2025
£
154,089
34,022
188,111		 2024
as restated
£
314,852
3,407
318,259

Page 24

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

16. Creditors: Amounts Falling Due Within One Year

16.
Creditors: Amounts Falling Due Within One Year
Trade creditors
Bank loans and overdrafts
Other taxes and social security
VAT
Pension
Accruals
Deferred Income
17.
Creditors: Amounts Falling Due After More Than One Year
Bank loans
Deferred Income		 2025
£
74,622
222,974
23,277
48,495
424,218
8,654
299,344
1,101,584
2025
£
253,222
23,519
276,741		 2024
as restated
£
44,146
114,687
111,750
-
523,135
16,500
322,030
1,132,248
2024
as restated
£
290,518
45,477
335,995

Deferred income due after more than one year relates to deposits received from parents and guardians, which are held until they are either applied against future fees or refunded.

18. Secured Creditors

Of the creditors the following amounts are secured.

Of the creditors the following amounts are secured.
2025 2024
as restated
£ £
Bank loans and overdrafts 476,196 405,205

Bank loans and overdrafter are secured by a fixed and floating charge over the assets of the charity.

Page 25

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

19. Loans

An analysis of the maturity of loans is given below:

Amounts falling due within one year or on demand:
Bank loans
Amounts falling due between one and five years:
Bank loans
20.
Deferred Income
Deferred income movements in the year were as follows:
Balance at the start of the period
Income deferred in the current period
Amounts released in income from previous periods
Balance at the end of the period		 2025
£
34,021
2025
£
253,222
2025
£
367,507
113,588
(158,232 )		 2024
as restated
£
30,746
2024
as restated
£
290,518
2024
£
631,226
-
(263,719 )
322,863 367,507

Deferred income represents school fees and other income received before the year end which relates to services to be provided after the year end. This income will be released to the Statement of Financial Activities in the period to which it relates.

21. Pension Commitments

The charitable company participates in the Teachers' Pension Scheme (TPS) and the NEST pension scheme for its teaching staff and non-teaching staff. The assets of both schemes are held separately from those of the charitable company in an independently administered fund.

The TPS is an unfunded multi-employer defined benefits pension scheme goverened by the TEachers' Pensions REgulations 2014. Members contribute on a 'pay as you go' basis with contributions from members and the employer being creditred to teh Exchequer. Retirement and other pension benefits are paid by public fudning provided by Parliament.

The employer contribution rate is set following scheme valuations undertakend by the Governemnt Actuary Department. The latest valuation report confirmed an employer contribution rate for the TPS of 28.68% from 1 April 2024 (including the scheme administration levy).

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £202,909 (2024: £170,855).

At the balance sheet date contributions of £429,089 (2024: £523,135) were due to the fund and are included in creditors.

Page 26

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

22. Movement in Funds

Unrestricted funds
General:
General unrestricted fund
Revaluation reserve
Fair value reserve
Total unrestricted funds
Total funds
Unrestricted funds
General:
General unrestricted fund
Revaluation reserve
Fair value reserve
Total unrestricted funds
Total funds		 As at 27
August 2024
£
(772,485)
1,028,809
485,000		 Income
£
1,887,863
-
-		 Expenditure
£
(2,008,399)
-
-		 Transfers
£
75,000
-
(75,000)		 As at 26
August 2025
£
(818,021)
1,028,809
410,000
741,324 1,887,863 (2,008,399 ) - 620,788
741,324 1,887,863 (2,008,399 ) - 620,788
As at 27
August 2023
£
(709,368)
1,079,809
335,000		 Prior year
adjustment
£
11,087
(51,000)
150,000		 Income
£
1,884,519
-
-		 Expenditure
£
(1,958,723)
-
-		 As at 26
August 2024
£
(772,485)
1,028,809
485,000
705,441 110,087 1,884,519 (1,958,723 ) 741,324
705,441 110,087 1,884,519 (1,958,723 ) 741,324

Unrestricted funds represent funds which are available for use at the discretion of the trustees in furtherance of the charity’s objects, including the provision of education and related charitable activities of the school. All assets and liabilities of the charity are held within unrestricted funds.

The revaluation reserve represents unrealised gains arising on the revaluation of tangible fixed assets held for the charity’s own use.

The fair value reserve represents unrealised gains and losses arising on the revaluation of investment property.

During the year, a transfer of £75,000 was made from unrestricted funds to the fair value reserve to reflect the fair value movement on the charity’s investment property.

Page 27

FHS Trust Limited Notes to the Financial Statements (continued) For The Year Ended 26 August 2025

The opening fund balances have been restated to reflect the prior year adjustments set out in note 12.

23. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

24. Related Party Disclosures

Key management personnel are the trustees and the head teacher.

Key management personnel received compensation of £81,159 (2024: £81,159)

One of the trustees, Mr P Patel, paid fees of £17,429 (2024: £22,000) to the chartiable company in respect of his children who attended the school. The fees paid by the trustee are on the same basis as those paid by other parents. At 26 August 2026 no fees owed were owed to the charitable company by the trustee.

25. Controlling Parties

The charitable company has no controlling party

26. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

27. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

Page 28

FHS Trust Limited Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 26 August 2025

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations and gifts
Charitable Activities:
School fees and associated income
School fees
Catering income
Peripatetic income
LAMDA income
Transport income
Other income
External exam fees
Learning support assistant income
Trips income
Investments
Rental income from investment property
EXPENDITURE ON:
Charitable Activities:
School fees and associated income
Academic costs
Catering costs
Peripatetic costs
Transport costs
Extra curricular activities costs
External exam fee costs
Trip costs
Wages and salaries
Employers NIC
Employers pensions
Staff training and other fees
Rates		 2025
Total
funds
£
6,000
6,000
1,452,920
101,833
25,460
13,220
20,684
21,024
17,615
98,904
76,367
1,828,027
53,836
53,836

Page 29

FHS Trust Limited Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 26 August 2025

Light and heat
Repairs and maintenance
Cleaning
Laundry
Premises insurance
Office and IT costs
Advertising and marketing costs
Accountancy fees
Legal fees
Bad debts written off
Sundry expenses
Depreciation of fixtures and fittings
Depreciation of computer equipment
Depreciation of leasehold land and property
Bank charges
Bank loan interest
Late payment tax charges
Audit fees
NET EXPENDITURE BEFORE INVESTMENT LOSSES
Net losses on investments
Fair value deficit on revaluation of investment property
NET EXPENDITURE		 (27,035)
(49,615)
(2,476)
(4,353)
(26,093)
(49,622)
(3,569)
(1,518)
(2,030)
(29,061)
(8,638)
(13,564)
(9,334)
(20,417)
(14,765)
(20,952)
(3,367)
(8,000)		 (44,528)
(53,466)
(2,612)
(813)
(26,924)
(54,808)
(11,999)
(2,917)
(17,272)
-
(4,239)
(6,180)
(16,881)
(20,000)
(14,423)
(25,349)
(8,624)
(10,320)
(1,933,399) (1,958,723)
(1,933,399) (1,958,723)
(45,536)
(75,000)		 (74,204)
-
(75,000) -
(120,536) (74,204)

Page 30