Highclare School
IA company limited by guarantee)
Govemors, Report and Consolidated Financial Statements
for the Year Ended 31 August 2024
Registered number. 1074596 (England & Wales)
Registered charity number. 528940

Highclare School
Financial Statements
For the Year Ended 31 August 2024
Contents
Pages
Governors and General Information
Strategic Report
Govemors, Report
Independent Auditorfs Report
10-13
Consolidated Statement of Financial ActwitEs
14
Consolidated Balance Sheet
15
Company Balance Sheet
16
Consolidated Statement of Cash Flows
17
Notes to the ConsolidatecS Financial Statements
18-32

Highclare School
Governors and General Information
Governors:
J A Barrett (Presidenti
Mrs L E Flowilh Ichairmanl
J R Brain ACA
Mrs P A Mayall
A l Hazel
Mrs S D Watson
A B Davison
Mrs A Moore (appointed 21 February 20241
Head:
Mrs S Cassell BA (Honsl PGCE (Acting Head until 31 December 20231
Miss F Smith, 8Sc Hons (Brunell, PGCE, FRSA (Head from 01 January 20241
Educational
establishments:
Highclare Preparatory School.. Woodfield
Pre-P￿paratorY and Preparatory
241 Birmingham Road
Wylde Green
Sutton Coldfield
West Midlands
B72 1EA
Highclare Preparatory School.. Sl.Paul's
Pre-Preparalory and Preparatory
88 Lichfield Road
Sutton Coldfield
Wesl Midlands
B71 2SY
Highclare.. The Abbey
Senior School and Sixth Fomi
10 Sutton Road
Erdinglon
Birmingham
823 6QL
Registered office:
241 Birmingham Road
Wylde Green
Sutton Coldfield
Wesl Midlands
B72 1EA
Bankers:
HSBC Bank PIC
The Bridge
Walsall
WS1 1LN
AudStors:
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Kings18nding
Birmingham
B44 8LS
Senior management
personnel:
Miss F Smith (Appointed 01 January 2024)
Mrs S Cas5ell
Mrs P Bennell (Resigned 31 December 20241
Mrs M P A McGoldTick
Mr M Coles
Mrs J Griffiths
Mrs H Good
Charlty number:
528940
Company number:
1074596
Page I

Highclare School
Strategic Report
Objectives and A¢tivitigS
The principal activity of the Group remains the provision of turtion and general education facilits'es to
children between rising three and eighteen years.
The objectives of the Charity are..
lal
To promote and provide for the advancement of education and training and in connection
therewith lo conduct, carry on, acquire and develop in the United Kingdom or elsewhere any
boarding or day school or Schools for the education of children and young people of both sexes..
Ib)
To provide facilities in the interest of social welfare forthe recreation and leisure time occupation
for children and young people with the object of improving their condition5 of life.
For over 90 years, Highclare has been pursuing its policy of encouraging pupils to achieve their full
potential within a stimulating academic environment and lo pursue excellence. The Highclare
philosophy goes much further than educats.onal excellence., we endeavour to work with both students
and parents lo equip our young people lo cope with the pressures of modern society.
The School's focus continues to be on achievement of academic performance by a learning curriculum
that is broad and balanced and kept constantly undeT review. the widening of acce5S to the education
provided by the School, enhancing the use of technology in leaching and improving the School's
facilits'es and their access by the local community. Over the period, there was once again extensive
refurbishment to continue the rolling programme of essential upgrading of the internal and extemal
infrastructure of all school buildings, including external and internal refurbishment and decoration al
three school locations plus access improvements at the sports field.
Recruitment and Training of Govemors
Governors are familiar wth the aims, objectives and practieal operation of the School, often either by being
parents or grandparents of children who are currently being edueated at the School or having had children
attend the School In the pa51 or by virtue of possessing skt'lls which are of specific benefit lo the Board of
of Govemors. New Governors are appointed by the Board of Governors and electecl at an Annual General
Meeting following ￿mp￿tion of 12 months of service.
Additionally, new Governors are provided with a copy of the latest financial statements and
Memorandum and Articles of Association as well as a copy of the Charity Commission's guidance, 'The
Essential Trustee.. What you need lo know, what you need to do,.
Governors undertake training as and when required appropriate lo their specific needs and
responsibilities.
The Governors determine the strategy and general policies of the School and meet as a Board at least
10 limes a year. The implemenlalion of the strategy together with the day-to-day management of the
School is delegated lo the Head and the Senior Leadership Team.
Group Structure and Relationships
The School has 8 wholly owned non-charitable subsidiary, Highclare Investments Limited. Highclare
Investments Limited also ha5 a wholly owned non-charilable subsidiary, Highclare Limited. The
principal activity of both subsidiaries is propety ownership and management although both subsidiary
companies were non-trading throughout the current financial year. As detsiled in the post balance sheet
events note to the financial statements, the subsidiaries transferred all of their assets up lo Highclare
School with effect from 31 August 2024 as part of a re-organisalion of the subsidiary undertakings to
simplify the Group structure.
Page 2

Highclare School
Strategic Report (continued)
Leadership and Management
The new Head, Francine Smith, took up post in January 2024.
Achievements and Perfomiance
The Independent Schools, Inspectorate {ISII carried out a focussed compliance and educational quality
inspection in April 2023. Theirjudgements were:
'The quality of pupils, academic and other achievements 15 excellent."
'Pupils throughout the school display strongly positive attitudes to leaming, both independenlly
and collaboTalively.'
'Prep school pupils demonstrate excellent study skills..
'The quality of the pupils, personal development is excellent"
'Pupils deeply respect and value diversity within their school and show a keen appreciats'on of their
own and other cultures..
"Pupils throughout the school demonstrate excellent self-knowledge, self-discipline and resilience
in all aspects of their school lives.
"Pupils. moral understsnding is highly developed and they maturely lake responsibility for their own
behaviour..
Academic achievement is a matter of record, with our pupils winning places at top independent and
maintained grammar schools at 11 + and gaining their choice of university or apprenticeship after the
Sixth Form.
Academic results during the year were once again excellent with a 1000/¢ pass rate al 'A' Level., and
88Q/y passes at A'_ C grades lincluding EPQI. AI GCSE an impressive 980/0 of the candidates achieving
grades 9 to 4 IA. to C equivalentl in five or more subjects, 29Oh of grade5 were 9 to 7 and 90010 attaining
a grade 4 or higher in Maths and English. These grades were achieved alongside taking part in a full
extra-curricular timetable, in keeping with the Highclare ethos of educating the whole person. The
strength of leaching. processes and the dedicats'on and continued hard work and application from staff
and students placed us firmly amongst the lop independent and maintained schools in the region.
Academic 'value added,, using the CEM Centre's measures of MidYIS and Yellis, continues to be
indicative of the good progress that the pupils make. This year's average residuals for MidYIS and Yellis
1-0.14 and -0.13 respe¢tivelyl which is lower than last year, but indicates candidates have around
expected progress.
Throughout the year both the Senior and Preparatory Schools continued to provide a vast range of co-
curricular and extra-curricular activity. Highclare School is dedicated to educating the whole person and
allowing them to fulfil their potential in so many way5 through 5POrt, music, drama, the Duke of
Edinburgh Award scheme and the many aclivilie5 and trips both local and abroad offered to pupils.
These activities complement the learning through the curriculum and enrich personal development. This
s what Highclare School is a51 about, giving the opportunities lo pupils to learn important skills such as
leadership, time management, teamwork, persistence and to grow in both self-confidence and self-
assurance.
Page 3

Highclare School
Strategic Report (continued)
Achigvements and Performance {continued}
In the Senior School, extra-curricular clubs before school, at lunch and after School continued to play a
huge part in the development of sport. Clubs included." football, netball. table tennis, choir, rock band,
current affairs, 'woof Wednesday,, board games, drama, chess and Science. Highclare Sports Field
continues to be used weekly in the double lessons for football and for cricket, making use of the Astroturf
wicket. The pupils in U31L4 continued lo have a weekly swimming lesson al Erdington Leisure Centre,
which is a fantastic opporbjnity for their development.
Prep School sport is enhanced via the extra-curricular clubs before school, at lunchtime and after
school. Clubs included football, netball, hockey, basketball, ballet, tennis, mulli-sports and dancing.
Highclare Sports Field continLJes to be used by the Prep School 4 times a week and we also share
facilities at the Senior School or across Prep School siles. Swimming is taught weekly for children in
Reception. Year 1 and Year 2 and then on a hall termly basis for children in Years 3 10 6. Fixtures lake
place for all children throughout the school (Year 1 upwards) in all sports such as swimming, tri-golf and
hockey. Last year we played approximately 65 fixtures against other schools. These were both
competib've and friendly.
The Duke of Edinburgh's Award Scheme, which wa5 estsblished al Highclare School in 2013, continues
lo flourish. The awards involve a wide range of activities including sport, expeditions and volunteering
all of which the students have to organise for themselves and which demands a great deal of personal
input along with the tremendous SUPPOrt from the teaching staff involved, who also give up their free
lime lo supervise the expeditions and manage the programme. This year saw 11 pupils sign up for
Bronze and 9 for Silver, with 15 pupils compleb'ng the Bronze Award and 4 completing the Silver Award
(signed up in previous years).
Music and drama continue lo play an extremely important part in school life. Many events took place
and many of the pupils maintained their progress via the interaction with the numerous visiting music
teachers who continue lo do so much valuable work. The London Academy of Music and Dramatic Arts
I LAMDA'I is an extremely popuSar extra-curricular activity, which allows pupils to grow in confidence
and develop their individuality. This has continued lo flourish and, once again, many pupils took exam5
during the year.
In the annual ISA Nats'onal Art Compets'tion we celebrated significant success with a 1st pla￿, 2nd place
and Highly Commended.
The Preparatory School continues to promote the ongoing and all-round development of a51 the children
in a nurturing and caring environment.
The Governors offer their congratulations to the girls and boys who participated in these achievements
and thank the teachers and parents for their commitment and support.
Pastoral care conts.nues lo be a strength of the School with comprehensNe policies on Personal, Social.
Health and Citizenship Education IPSHCEI, Social, Moral, Spiritual and Cultural aspects of Learning
(SMSCI and careers guidance, together with an outstanding tutor System. School continues lo work
within the regulatory framework with regard lo relationship and Sex education and responded positively
to the national inilialives on equity, diversity and equality that schools were asked to implement.
Page 4

Highclare School
Strategic Report (continued
Community Involvement
The School has an on-going commitment to encourage all pupils of every age lo engage lal appropriate
levels) in community involvement. These include ¢ornmunity carol singing. personal visits to residential
and care homes and a local special needs school. Invitations are extended to these residents lo attend
a number of school events such as concerts and play5.
Charity plays a huge part in both the Senior and Preparatory Schools. The charities chosen by the
student councils on each site this year were Shoe Aid, the Erdinglon Foodbank and The Sebbie Hall
Kindness Foundation, plus The Red Movement ISA) and Rhino Art {sludents on the senior school visit
to South Africa in October 2022 were able to work with these last charities as part of their
expedition). During the year the School raised £11,979. In addition £1,072 was raised for Children in
Need. In the summer tefm. Senior School also raised money and awareness for the Hollie Gazzard
Trust. this included the filming of a piece for ITV local news programming shown in the South West and
West Midlands regions-
This year has also seen the School donating gifts of food for the Trussell Trust foodbank operated in
Erdington. Students have also coSlecled and donated used spectacles to Lions International. The
Governors are extremely grateful to the pupils and their parents for these considerable fund raising
efforts. which were even more necessary during the cost of living crisis to assist those within the
Community who are struggling lo cope.
The Competitions in art and creative writing for local primary schools look p18ce. The art competition,
in the spring, attracted 153 entries from 8 schools on the theme of idols, whilst the creative writing
¢ompetition focussed on writing a diary entry focused on the Windrush generation and attracted 167
entries from 10 schools. We were able lo welcome participants into school for the presentation events.
Neighbouring primary Schools and local sporting teams enjoy the use of the School's recreats'onal
facilities at both the Senior School and Highclare Sports Field and the Churoh next door are able to use
the car park every weekend when they are open, within current restrictions and able to provide services
to the community.
The Trustees have considered their response lo the change to the law, 2$ embodied in the Charities
Act 2011, requiring that public benefit can no longer be presumed but must be demonslraled. In
addition, they have had due regard for Charity Commission guidance on the subject. The Governors
consider that these wider involvements and contributions to the community clearly demonslrale the
greater public benefit requirements are being mel.
Scholarship Awards
Academic scholarships are awarded to pupils who perform particularly well in our entrance
assessments and have already demonstrated a considerable degree of all round commitment to their
current school. Additional specialist scholarships are also awarded for those pupi15 showing a particular
talent in music. sport or art. Bursaries 8re offered based on financial needs. The Highclare School
Governors, Prize is a means-tested bursary available annually if all the necessary requirements are mel
to cover up to 1000/0 of school fees for one pupil upon entering Senior School in U3 (Year 71. The
School currently has awarded this bursary to eight pupils.. ranging from current U3 Iyear 71 to L6 (Year
121.
Page 5

Highclare School
Strategic Report (continued)
Financial Review
Fee income has increased this year to £7.290,518 from 2023.. £6.642,916.
The school continues to make savings in overheads and costs wherever possible.
There was a continued and necessary annual rolling replacement programme of IT facilities, including
the replacement of inleraclive smart boards, cornpulers, iPads, servers and Wi-Fi provision to ensure
that both pupils and staff conts'nue to benefit from enhanced interactive teaching.
There have been many other significant enhancements this year which included..
The completAon of the fi￿tphase ofdevelopment ofthe outside space 8t Woodfield,.
The commencement of the school-wide boilerreplacement and heating upgrade pmgramme,"
The upgrading ofsecurity and fencing at st Paul's,"
The relocation and ￿rU￿AShment of reception fa¢ililies and offices at the Senior School and
Woodfield.
Reserves Pollcy
It is the policy of the Charty to maintain separate reserve funds for specific purposes. The Charity
aims to relain at a minimum consolidated unrestricted reserves equivalent lo the carrying value of the
tangible fixed assets. which amount lo £5,167,058 as at 31 August 202412023.. £5,039.1491 as a
contingency in order to maintain the stable operation of the School in the case of future unforeseen
events. It remains the objective of the Board of Governors for the reserves lo continue lo increase
until this minimum target is met and through careful management and control of operational costs.
The unrestricted reserves have been maintained at the year-end. Consolidated unrestricted reserves
at 31 August 2024 amounted to £5,044.81312023. £4.867,0851.
Rlsk Management
The major risks, to which tho Charity is exposed, as identified by the Governors, have been reviewed
and systems have been established lo mitigate those risks. A risk register has been established and is
updated throughout the year.
Friends of Highelare School I'FOHS")
The FOHS plays a very important part in the School. organising events for the children and parents and
raising funds for the School. They are a committed and dedicated group of parents who aim to provide
the best they can for the School. They also kindly operate a second-hand School unifom shop that is
used by the parent body.
Child ProtO¢tion Code of Practice
It is the policy of Highclare School lo provide a safe 2nd secure environment in which children can thrive
and develop and where all aspects of their welfare will be safeguarded. The Safeguarding Policy is
embedded within School life and is updated on a regular basis. This includes additional and necessary
considerations for physical as well as psychological health, safety and well-being of all our pupils. Our
DSL is also undertaking CPD to gain a Mental Health and Wellbeing Lead Qualification.
Page 6

Highclare School
Strategic Report (continued)
Plans for Future Periods
The Governors, plan is to continue lo improve the educational and academic achievements of pupils by
the provision of enhanced facilities. Constant monitoring of perfomance, and the potentially changing
landscape of rules and requirements, means that the School's medium to long term strategy is kept
under review and any change5 that aTe necessary will be cons￿dered and implemented.
The use of Highclare Sports Field continues lo evolve and expand and has been a significant
contributing factor to the tremendous sporting success that both the Preparatory and Senior School
have seen over the past year. Highclare Sports Field is also available to the local community and has
seen a considerable increase in usage by a number of local ￿h0O18 and clubs during the year and this
increase has continued into the following academio year.
The School continues its major school wide capital investment programme, which includes further
developments in the landscaping and adminislralion provision at Highclare Woodfield. This year we
have begun a programme of boiler replacement at the Senior School sile which will take a further two
years to complete. Office rnoves and improvement of staff areas also upgraded facilities at all three
sites with further plans lo develop 'front of house, al Highclare Sl Pauls and Highclare Senior School.
Additionally, the School'5 schedule of rolling maintenance in respect of areas such as roofing. rainwater
pipes and fire security continues across all three locations, to ensure a high quality-learning
environment 15 maintained for the pupils.
Approved by the Board on
January 2025 and signed on its behalf by..
J R Brain
GoveTnor
Page 7

Highclare School
Governors, Report
The Governors submit their report and the audited consolidated financ￿al statements of the Group for
the year ended 31 August 2024.
The Govemors have adopted the provisions of the Statement of Recommended Practice ISORPI
'Accounting and Reporb'ng by Charities, IFRS 1021 in preparing the Annual Report and Financial
Stalemenls.
Structure, Governance and Management
The Company is limited by guarantee and is registered as a charitable educational trust There is no
share capital. Its Memorandum and Arb'cles of Association govern the Company.
Governor5, responsibilities
The Governors (who are also directors of Highclare School for the purposes of Company Lawl are
responsible for preparing the Annual Report (including the Strategic Report} and the Financial
Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting
Practice.
Company Law requires the Governors to prepare financial statements for each financial year, which
give a true and fair view of the slate of affairs of the Charitable Company and the Group and of the
income and expenditure of the Group and Charitable Company for that period. In preparing those
financial stalemenls, the Governors are required to..
select suitable accounting policies and apply them consistenlly.,
observe the methods and principles in the Charities SORP {FRS 1021.,
make judgements and estimates that are reasonable and prudent",
state whether applicable UK Accounting Standards have been followed, subject to any departures
disclosed and explained in the financial stalement5',
prepare the financial statements on the going concern basis unless il is inappropriate to assume
that the Group or charitable company will conb'nue in operation.
T17e Governors are responsible for keeping adequate accounting record5 that disclose wth reasonable
accuracy at any lime the financial position of the Group and Charitable Company and enable them to
ensure that the financial statements comply with Companies Act 2006. They are also responsible for
safeguarding the assets of the Group and Charitable Company and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
The Governors are also responsible for ensuring that the assets are properly applied in accordance
with Charity Law.
The Governors who were in office on the date of approval of these financial statements have confirmed.
as far as they are aware, that there is no relevant audit information of which the Group and Charitable
Company's auditor is unaware. Each of the Governors have confirmed that they have taken all steps
that they ought to have taken as Governors in order to make themselves aware of any relevant audit
information and to establish that it has been communicated to the auditor.
The Trustees are responsible for the m8intenance and integrity of the corporate and financial
infomation included on the Charitable Company's website. Legislation in the United Kingdom governing
the preparation and disseminats'on of financial statements may differ from legislation in other
jurisdictions.
Page 8

Highclare School
Governors, Report {continued)
Oryanisational Management
The Directors of the Company are also Charity Trustees for the purposes of Charity Law and under the
Company's Articles are known a5 Governors. The Governors are all members of the Company serving
in a non-executive capacity and receive no emoluments. The day-lo-day management of the School is
delegated lo the Head and the Senior Leadership Team.
The Governors who seNed in the year ended 31 August 2024 were".
J A Barrett (Presidenti
Mrs L E Flowith (Chairman}
J R Brain (Treasurer)
Mrs P A Mayall
A l Hazel
Mrs S D Watson
A B Davison
Mrs A Moore (appointed 21 February 20241
Mrs S D Watson and Mr J A Barrett retire by rotation at the forthcoming Annual General Meeting and,
being eligible,. offer themselves for re-election al the Annual General Meeting.
Auditors
Malcolm Piper & Company Limited, as auditors, will be proposed lo the Governors for r*le¢tion at the
Annual General Meeting.
Approved by the Boa
n 30 January 2025 and signed on ils behalf by..
J R Brain
Governor
Page 9

Independent Auditor's Report to the Governors of Highclare School
(A Company Limited By Guarantee) (Registration number 1074596)
Year Ended 31 August 2024
Opinion
We have audffed the fin8nclal slalements of Highclare School Ithe'parent charitable company'l and ils subsidiar*s
{Ihe'Group'l forthe yèar ended 31 August 2024 which comprise the Consolidated Statement of Financial Aetivities,
Consolidated Balance Sheet. Company BalanTr Sheet, Consolidated Cash Flow Statement and note5 to the
financial slal&ments, including significant accounting policies. The financial reporting frarnework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Sland8rd 102 The Financial Reporting Standard applicable in the UK and RepubliG ¢)f Ireland (United
Kingdom Gènér81ty Accepted Accouniing Practice).
In our opinion the ffinan¢i81 statements..
give a true and fair view of the state ofthe Group's and parent charitable cornpanls affairs as al 31 August
2024. and of the Group's incorning resources and ap￿iCatiOn of resources, including its income and
expenditure, for the year then ended.,
have been properfy prepared in accordanc￿ with Vniled Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance Mth the requirernen15 of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUK) IISAS IUK)} and applicable
law. Our responsibilities under those standards are further descnbed in the Auditor's responsibilities for the audit
of the financial stalements section of our report. We ale independent of the Group and parent charitable company
in accordance with the ethical requirements that a￿ relevant to our 8udit of the financial statements in the UK.
Including the FRC'S Ethical Standard. and we have fulfilled our other elhical respon5ibiliiies in accordance wth
these requirements. We believe that the audit evidence we havè obtained 15 sufficient and appropriate to provide
a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we havé ¢oncluded that the Govemors, use of the going concem bas1$ of
accounting in the preparation of the financial stslernents is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties rdating to evènts or
condilitsns that, individually or colleetively, may cast significant doubt on the Group's or parent charitable cornpanls
ability to continue as a going concèrn for 8 peri(xY of al least ￿e1Ve months from when the financial slalern8n15 are
authorised for issue.
Our responsibilities and the responsibilities of the Goverrtors wth resped to going concèm arè dèscribed in the
relevant sections of this report.
other infomiation
The other infom8tion comprises the infomialv)n included in the Governors. annual reptsrt. other than the financial
$tatements and our audilorfs report the￿on. The Governors are responsible for the other inft>malion contained
within the annual ￿pOrt. Our opinion on the financial staternents does not cover the other inform8lion and. except
to the extent othenmise eXplic￿Y slated in our report, we do not express any fom of assuiance conclusion Ihereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is
materially incons1Stenl with the financial sialements or our knowledge obtained in the course of the audit or
olherwlsé appears lo be materially misstated. If we identify such material Inconsistencies or apparent material
misstalemenls, we are required to detemine whether this gives rise lo a material mi5Statement 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 fa¢l.
We have nothing to report in this ward.
[¢t￿tinUed ...]
Page 10

Independent Auditor's Report to the Governors of Highclare School
(A Company Limited By Guarantee) (Registration number 1074596
(continued
Year Ended 31 August 2024
Oplnlons on othèr matt&rs pr&s¢ribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course tsf the audit..
. the infomialion given in the Governors, Report (incorporating the Strategic Rèport and the GovernoTS' Rep)rtl for
the financial year for which the financial statements are prepared is consistent with the financial slalements., and
the Strategic Report and the Govemors, Rep)rt have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to ￿pOrt by exception
In the light of our kno￿edge and understanding of the Group and parent charitable company and its environment
obtained in the course of the audit, we have not idèntified materi81 tllisslatemenls in the Strategic Report and the
Governors, Report.
We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires
U5 to report to you if. in our opinion..
adequate accounting records havts not been kept by the parent charitable Company. or retums adequate for our
audit have not been received from bTanthe5 not visited by us., or
Ihe parent charitable company's finaneial statemènts are not in agreement with the accounting records and
returns; or
' certain disdosures of directors, rernuneralion SP￿l￿ed by law are not made.. or
' we have not ￿ceiVed all the infomiation and èxplanations we require for our audil.
Responsibilities of Governors
As expL2ined more fully in the Governors. responsibil￿e5 stslement Sel out on page 8 the Govemors (who are also
the Directors of the Charitable wmpany for the purposes of Company Law) are responsible for the p￿paratIon of
the financial st8temenls 8nd for being satisfied that they give a true and fair view, and lor such internal control as
the Govemors detemin8 Is necessary lo eriable the preparat*on of )Inancial staternents that are free from m8leii81
misstatement. whether due to fraud or error.
In prèpaiing the financial stslemenls, the Governors are ￿sponSible for assessing the Group's and parent
¢h8ritable company'$ 8bilily to continue as a going concern, disclosing, as applicable, matters related to going
¢on¢èrn and using the going wncem basis of accounting unless the Governors either intend to liquidate the Group
or the parent tharilable company or lo cease operations, or have no realistic alternative but to do so.
Audilorf$ ￿SponSibl1[11es for tre audit of the financial statements
We have been appointed auditor under the Companies Act 2006 and report in 8ccord8n¢e with this Act.
Our objectives are to obtsin reasonable assurance aboutwhether the financial statements as 8 whole are free from
rnateri81 misstalemenl, whether due to fraud or error, and to issue an auditorfs report Ihal includes our opinion.
Reasonable assurance is a high level of assurance. but is not 8 guarantee that an audit conducted in accordance
with ISAS IUKI will always detecl a material misstatement when it Èxists. Mi5518lements can arise from fraud or
errorand are considered material il, individually or in the aggiegale, they could reasonably be expected to influence
the economic decisions of users taken on the bas&8 ofthese finanoal stslements.
[¢ontinued...]
Page11

Independent Auditor's Report to the Governors of Highclare School
(A Company Limited By Guarantee) (Registration number 1074596)
(continued)
Year Ended 31 August 2024
Irregularities, including fraud. are instances of non-compliance wth laws and regulatitsns. We design procedures
in line with our responsibilttiès, including fraud as detailed below..
We obtained an understanding of the legal and regulatory frameworks that are applicable lo HighclaTe School.
('Ihe Group and Company'l and determined that the most sionificant are those that relate lo the UK reporting
framework under which the Company prepares ils accounts and reports its results and the relevant UK tax
Complian￿ regulations. In 8ddition. we concluded that the￿ are certain signifie8nl laws and regulations that may
have an effect on the delerminalion of the amounts and discbsures in the financial stslements and those laws and
regulations include those re181ing to health and safety. employee matters, environrnerrtal, and bribery and
corruption practices",
• Hav5ng due regard lo ISA 240 (Redraftedl, The Auditor's Responsibilities Relating lo Fraud in an Audit of Financial
Statements. we planned and designed our audrt procedures to undèrtake such enquiry and testing which we
deemed ne￿$S￿ry lo understand how the Company is complying with those frameworks. We made enquiries of
the directors. senior management and those responsible for legal and Complian￿ procedures wrthin the 'Group
and Company" and we corroborated our enquiries by reference to other docurnentary evidence, where available.
or other complimentary or compensating evidence and with other correspondence reTrived and noted that there
as no conlradiclory evidence.,
• In designing the scope and depth of our work to assess the Ilkdy impact on the financial statements of fraud and
other irregularilie5. we calculate a materiality level which is a peicent8ge b85ed upon turnover, profitabilily and
gro$s balance sheet assets. This calculation produces a figure against which financial statement errors and
irregularitie5 are compared and indicates a level at which, in Qui opinion and judgement, this would cause
transactions and balances within the finanaal statements to be misleading or materially incorrect.
* We also assessed the susceptibilty of the Consolidated Financial St8temenls of the °Group and Companf to
material mis518lement Using qualitative as well as quantitative factors, Including how fraud might occur. and
designed our audit teskn'ng and enquiries in such a way so as to enable us to identify the fraud risks across various
parts of the business. In addition, we utilised intemal and extemal information lo perforrn a fraud risk assessment
as part of our audit planning and testing pra￿dUreS.
Vve considered the risk of fraud through management ovèrride of controls and systerns and, in response. we
incorporated testing of large or unusual manual joumal entries into our audit approach. We also considered Ihg
POS5ibility of fraudulent or corrupt payments made through third parties and conducted detailed analyb'eal review
and 8ub$tanlive transaction testing on third party suppliers. Where instsnces of unusual behaviour pattems were
identified through our testing. we perforrned addition81 audit proTrdures lo address each identified risk. These
procedures induded testing of transactions bad( to sour¢e information and were designed to provide reasonable
assurance (hat the financial statements werè frèè from fraud or error. We a150 conducted specific audit procedures
in relation to the risk of bribery and corruption by means of remew of any marketing, promotion or discount activity
determined by a risk-based pro¢ess,
Based on the results of our risk 8ssèssment wè designed OUT audit procedures to identify n0n-eomp1ian￿ wrth
such laws and regulations identified abovè. Our procedure5 invofved journal entry testing, with a focus on joumals
meeting our defined risk crrteria based on our understanding of the business and enquiTies of 'Group and
Companf management., and
If any instances of non-compliance with laws and regulations were identffied, ihe audit team performed Sufficient
and appropriate audit procedures.
Because of the inhèrent limitslions of an audit, there is a risk that we will not detect all Irr¢gularilies, including those
leading to a material mi5Statement in the financial statements or non-compliance with regulation. This risk increases
the rn0￿ that compliance with a law or regulation is removed from the events and transactions reflected in the
financial slalements, 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.
[continued ...J
Page 12

Independent Auditor's Report to the Governors of Highclare School
(A Company Limited By Guarantee) (Registration number 1074596)
(continued)
Year Ended 31 August 2024
A further description of our iesponsibilities for the audit of the financlal stslemen15 is located on the Financial
Reporting Council's website al.. www.frc.org.ukJauditorsresponsibilities. This de5ciiplion fomis part of our auditor's
report.
U8e of our report
This report is made sowy lo the charitable company's members. as a body, in accordance with Chapter 3 of Part
16 of th8 Gompanies Act 2006. Our audit work has been undertaken so that we might state to the Group and
charitable ¢omp8ny's members those matters we are requirèd lo slate lo them in an audilor'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 t
roup and tharilable company and the charitable company's rrembers as a body, for our audit work, for
this
or for the opinions we have formed.
Pet
Whitehead BA FCA
Sènior Statutory Auditor
For and on behalf ol
MalGolm Piper & Gompany Limited
Kingsnorth House
Blenheim Way
Birrningharn
B44 8LS
Dated.. 30 January 2025
Page 13

Highclare School
Consolidated Statement of Financial Activities
(including Income and Expenditure Account)
for the year ended 31 August 2024
Unrestricted Restricted
funds
funds
2024
2024
Total
funds
2024
Totsl
fund$
2023
Income from:
Charitable activities
SchcM)I fees receivable
Registration fees
Schcol activities & trips
7,290,518
13,187
141,948
7,290,518
13,187
141,948
6,642,916
11,987
150,000
Investments
Rents and leth'ngs
8.250
8250
8.250
other
other income
382,528
382.528
314,129
Total income
7,836.431
7,836,431
7,127,282
Resources exp9nded
Expenditure on:
Charitable activities
School operating costs
School activities and trips
Governance costs
School finan￿ costs
17,282,643)
1141,9481
111,4251
145,6551
(301
17,282,673>
1141,9481
(11,4251
{45,6551
{6,666,5121
1150,0001
111,1501
(36,422}
Exceptional Expenditure
10
1177,0321
1177,0321
1157,102}
Total expenditure
17,658,703>
(301
17,658,733>
{7,021,1561
Net Incomg
177,726
(301
177,698
1C6,096
Transfers bgtween funds
20
Net rnovemgnt In funds for
year
177,728
1301
177,698
1C6,096
Total funds brought forward
at 1 September 2023
4,867,085
634
4,867,719
4,761,623
Total funds carried
foMard at 31 August 2024
5,044,813
604
5,045,417
4,867,719
Al income and expenditure is derived wholly from continuing operations.
The consolidated stat￿ent of financial activities includes all gains and losses recognised during the year.
The notes on pages 18 to 32 form an integral part of these financial slalements.
Page 14

Highclare School
Consolidated Balance Sheet at 31 August 2024 (Registration number 1074596)
Note
2024
2023
Fixèd assets
Tangible assets
12
5,167,058
5,039,149
5,167,058
5,039,149
Current assets
Debtors
Cash at bank and in hand
14
228,092
2,927,280
140,119
2,163,526
3,155,372
2,303,645
Creditors.. Amounts falling due within one year
15
12,808,235)
11,920.4001
Net current assets
347,137
383,245
Totsl assets less current liabilities
5,514,195
5,422,394
CreditOTS'. Amounts falling due more than one year
16
1468,7781
1554,6751
Total net assets
5,045,417
4,867,719
Charfty Funds
Restrfcted Funds
20
604
634
Unrestri¢t¢d Funds
General unrestricted funds
Revaluation reserves
20
20
4,693,337
351,476
4,515,609
351,476
5,045.417
4,867,719
These financial strdtements were approved and authorised for issue by the Board on 30 January 2025
and signed on its behalf by..
Govemor
Mrs L E Flowith
Govemor
J R Brain
The notes on pages 18 to 32 form an integral part of these financial statements
Page15

Highclare School
Balance Sheet at 31 August 2024 (Registration number 1074596)
Note
2024
2023
Fixed assets
Tangible assets
Investment
12
13
7,464,872
3,015,7
950,000
7,464,873
3,965,7
Current assets
Debtors
Cash at bank and in hand
14
228,092
2,927,280
2,345,418
2,163,520
3,155,372
4,508,938
CredStors.' Amounts falling due wthin one year
15
12.808.240)
{1,920,4001
Net current assets
347.132
2,588.538
Total assets less current liabilities
7,812,005
6,554.334
Creditors.. Amounts falling due after
more than one year
16
1468,7781
1554,6751
Total net assets
7,343,227
5,999.659
Charity Funds
Restricted Funds
20
604
634
Unrestricted Funds
General unrestricted funds
Revaluation reserves
20
20
7,258,593
84,030
5,914,995
84,030
7,343,227
5.999,659
These financial statemen15 were approved and authorised for issue by the Board on 30 January 2025
and sign
d on its behalf by..
Governor
Mrs L E Flowith
Governor
J R Brain
The notes on pages 18 to 32 fom an integr81 part of these financial statements
Page16

Highclare School
Consolidated Cash Flow Statement for the Year Ended 31 August 2024
Note
2024
2023
Net cash inflow from operating activities
22
1.192.423
179,197
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sale of tangible fixed assets
Rents received from investment properties
1305NOO)
1256,7321
422
8,250
8,250
Net cash flow from investing activities
895,273
1248,C631
Cash flow from financing activities
Repayment of loans
Loan interest paid
185.89n
145.6221
185,8981
136,4221
Net ¢ash flow from financing actlvltles
1122,3201
Net increase (decrease) in cash and cash
equivalents
763.754
1191,1861
Cash and Gash oquivalents at 1 September 2023
2.163,526
2,354,712
Cash and cash ¢quivalents at 31 August 2024
2,927,280
2.163,526
Cash and cash equlvalents eonsist of:
Cash al bank and in hand
2,927,280
2.163,526
Page 17

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024
1. Accounting Pollcles
General Informatlon and Basls of Accounting
The Charity is a Company Limited by Guarantee in the United Kingdom. The members of the
company are the Trustees named on page 1. In the event of the Charity being wound up, the liability
in respect of the guarantee is limited to £10 per member ofthe Charity. The address ofthe registered
office is given in the Charity information on page 1 of the financial statements. The nature of the
Charity's operations and principal activities are detailed in the Strategic Report on page 2.
The Company has taken advantsge of section 62 of the Companies Act 20(% and deleted the word
°Limiled" from its name.
The Charity constitutes a Public Benefit Entity as defined by FRS 102. The financial statements have
been prepared in accordance with Accounting and Reporting by ch2rilie5.' Statement of
Recommended Praelice ISORPI applicable to charities preparing their accounts In accordance with
the Financial Reporting Standards applicable in the UK and Republic of Ireland issued in October
2019, the Financial Reporting Stsndards applicable in the UK and Republic of Ireland IFRS 1021,
the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
The consolidated financial statements have been prepared under the historical cost accounting
convention, other than in the case of certain freehold properties and investment properties, which
are slated at valuation. The consolidated financial statements are prepared in sterling, which is the
fvnclion81 currency of the Charity and rounded to the ne8resl pound, There are no discontinued
operations.
The significant accounting policies applied in the preparation of these financial statements for the
Group and Charitable Company I'charity'l are set out below. These policies have been consistently
applied to all years presented unless otherwise stated.
Basls of Consolidation
The Group financial slalements consolidate the financial statements of the company and its
subsidiary undertakings, Highclare Investments Limited (company registered number 02963934)
and Highclare Limited (company registered number 029639381. Inlra-group transactions and profits
are eliminated on Consolidation.
No separate slalemenl of financial activities is presented for the Company as permitted by section
408 of the Companies Act 2006. The Company had total income from charitable activities of
£7,445,85312023'. £6.804,9031, income from investments of £1,174,12012023'. £8,250) and other
income of £382,528 12023.. £314,129). Total expenditure on charitable activities was £7,424,591
12023.. £6.816,4821, governance and finance costs of £57,08012023'. £47,572) and exceptional costs
of £177,032 (2023.. £157,102). The net income for the year amounted lo £1,343,598 12023..
£106,096).
Funds
Unrestricted funds are funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Restricted funds are fijnds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Charity for particular purposes. The cost of raising and
administering such ftjnds are Charged against the specific fund. The aim and use of each reslricled
funds is set out in the notes to the financial statements.
Income Recognition
All income is included in the Statement of Financial Acb'vities when the Charity is legally entitled to
the income after any performance conditions have been met,. the amount can be quantified with
reasonable accuracy.. and it is probable that the income will be received.
Page 18

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 {continued)
Accounting Policies l¢ontinuedl
Donations
For donations to be recognised the Charity will have been notified of the amounts and settlement
date in writing. If there are conditions allached to the donation, and this requires a level of
perfomance before entitlement can be obtained, then income is deferred until those conditions are
fully met or the fulfilmenl of those conditions is within the ¢ontrol of the Charity and it is probable that
they will be fulfilled. Donations receivable for the general purposes of the school are credited lo
unrestricted funds. Donations subject to specific wishes of the donors are credited lo relevant
restricted funds.
Charitable In¢omo
Fees receivable and charges for services are accounted for in the period in which the service is
provided. Fee5 receivable are slated after dedu¢ting allowances, scholarships and other remissions
allowed by the school.
Investmgnt Income
Investment income is eamed through holding assets for investment purposes such as property. It
includes interest earned and rent. Where it is not practicable lo identify investment management
costs Incurred within a scheme with reasonable accuracy the investment income is reported net of
these costs. 11 is included when the amount can be measured reliabSy. Interest and rental income
are recognised as the charity's right to receive payment is established.
Expenditure Recognitlon
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs re￿ted lo the category. Expenditure is Tecognised where there is a I￿al or
constructive obligation to make payments to third parties,. il is probable that the settlement will be
required,. and the amount of the obligation can be measured reliably. All costs are incurred in the
furtherance of the charitable aclimlies.
Costs of Raising Funds
Costs of generats'ng funds are those ¢osts incurred in allracling voluntary income and those incurred
in trading activities that raise funds.
Charitsble Activities
Charitable activities include expenditure on providing education and include both direct costs and
5UPPOrt costs relating to the activity.
Support Costs
Support costs are those that assist the work of the Charity but do not directly represent charitable
activities and include central functions and govemance costs. They are incurred directly in support
of expenditure on the objectives of the Charity. Where support costs Cannot be directly attributed to
particular headings they have been allocated to cost of raising funds and expenditure on charitable
activities on a basis consistent with the use of resources e.g. staff costs by the time spent and other
costs by their usage.
Governance Costs
Govemance costs comprise the costs of running the Charity, including strategic planning for ils
future development, exlemal audit, any legal advice for the Governors and all the costs of complying
with conslilutional and ststutory requirements. such as the cost of Board and Committee meetings
and of preparing statutory accounts and satisfying public accountability.
Leases
Rentals paid under operating leases are charged lo income in the period lo which they ￿late.
Page 19

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
Accounting Policies {contlnuedl
Tangible Fixed Assets
Tangible fixed assets acquired are Capitalised in the balance sheet at their original eosl or valuation.
Items costing less than £750 are wrttten off as an expense in the period in which they are acquired.
Depreciation is provided on all tangible fixed assets other than freehold land at rates calcu￿ted lo
write each asset down to rt$ estimated residual value evenly over its expected useful lrfe, as follows..
Freehold properties
Leasehold improvements
Fixtures, fittings and equipment
Computer equipment Iteachingl
Motor vehicles
Investment properties
up lo 50 years straight line
up to 50 years straight line
between 2 and 5 year3 straight line
a maximum of 4 years straight line
a maximum of 5 year5 straight line
not depreciated
Assets under Construction
Costs ineurred in fixed assets undeT construction are capilalised as they are incurred. The lolal cost
of the project will be assessed against its realisable value upon completion of the project and it will
then be transferred to the appropriate asset category. No depTeciation is charged during the project
constru¢lion. Where a project is aborted, the costs are immediately written off to the Statement of
Financial Activities l°SOFA'I.
Investment Properties
Investment properties are accounted for in accordance with FRS 102. which provides that these
should not be subject to periodic depreciation charges lunless held on lease), bul should be shown
at fair value. This is contrary to the Companies Act 2006, which slates that, subject to any provision
for depreciation or diminution in value. fixed assets are normally to be slated at purchase price or
produclion cost. Current cost accounting or the revaluation of specific assets to fair value, as
deterrnined at the date of their last valuation, is also permitted.
The treatment of investment properties under the Companies Act does not give a true and fair view,
as these assets are not held for consumption bul as investments. the disposal of which would not
materially affect the operations of the Group. In such a case, il is the current value of these
inveslmenls. and changes in that current value, which are of prime importance. Consequently, for
the proper appreciation of the financk31 position, the atteounling treatment required by FRS 102 is
considered appropriate for investment properties.
Details of the current value and historic81 cost information for investment properties are given in the
Tangible Fixed Asset note.
Investments
Fixed asset investments in subsidiarie5 are measured at historical cost less provision for any
permanent diminution in value.
Debtors and eredrtors receivable I payable within one yeav
Debtors and creditors with no ststed interest rate and receivable or payable within one year are
recorded at transaction price. Any losse5 arising from impairment are recognised in the SOFA.
Loan9 and borrowings
Loans and borrowings are initially recognised al the transaction price including transaction costs.
Subsequently, they are measured al amortised cost using the effective interest rate method, less
impaimient. If an aTrangement constitutes a finance transaction, it is measured at present value.
Page 20

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 {continued)
Accounting Policies leontinued}
Impairment
Assets not measured at fair value are reviewed for indications that the asset may be irnpaired at
each balance sheet date. If such indication exists, the recoveffjble amount of the asset, or the asset's
cash generating unil, is eslimaled and compared to the carrying value. Where the carrying amount
exceeds its recoverable amount, an impairment loss is recognised in the SOFA.
Provisions
Provisions are Ecogni5ed when the Charity has an obligation al the balance sheet dale because of
a past event,. il is probable that an outflow of economic benefits will be required in settlement.. and
the amount can be reliably estimated.
Employee Benefits
When employees have rendered service lo the Charity, short-term employ￿ benefits lo which the
employees are entitled are recognised al the undiscounted amount expected lo be paid in exchange
for that service.
The Charity operates a defined contribution pension plan for the benefit of ils employees.
Contributions are expensed lo the SOFA as they become payable in accordance with the rules of
the scheme.
Taxation
The Company is registered as a Charitable Educational Trust and, under the provisions of Section
505, Income and Corporation Taxes Act 1988, is exempl from liabilities to taxation on its charitable
aclivilies. No corporation lax liability arises on the results of the subsidiary undertakings for the year.
Government Grants
The company receives govemment grants in respect of the HM Job Retention Scheme and other
local government support initiatives. Income from government and other grants are ￿cOgniSed at
fair value when the company has entitlement after any performance conditions are mel, itls probable
that the income will be received and the amount can be measured reliably. If entitlement is not met.
these amounts are deferred.
Going concern
Having reviewed the cash position. the Govemors consider that the Group has adequate resources
to continue its current operations and pursue its Long Term Strategy. as they believe il has the ability
to meet ils debts as they fall due. Accordingly, they continue lo adopt the going concern basis in
preparing the annual report and accounts.
Income from Charitable Actlvltles
During the year, no donations were received and classified as restricted funds. All charitsble income
for the current and prior year is attribulabSe lo unrestricted funds.
Income from Investments
All investment income for the current and prior year is attributable to unrestricted funds.
Page21

Highclare School
Notss to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
Income from Other Activities
2024
2023
Other Income
382,528
314,129
Other Income is attributable to unrestricted funds.
School Operating Costs
Unrestricted
funds
2024
Restricted
funds
2024
Total
2024
Total
2023
Salaries
Teaching materials
Kitchen expenses
Rent, rates and insurance
Heat and light
Cleaning
Training
Repairs and maintenance
Motor and transport
School acts'vib'es and trips
4,965,169
215,940
548,618
109,001
215,003
213,072
13,049
396,966
43,892
141,948
4.965,169
215,940
548,618
109,001
215,003
213,072
13.049
396,966
43,892
141.948
4,469,297
232,449
507,945
111,660
220,532
207,515
14,841
244,590
43,164
150,000
Depreciation..
Fixtures, vehicles and equipment
Freehold buildings
Profil on disposal of fixed assets
134,193
40,438
134.193
40A38
130,840
42,134
11,6801
Supportcosts:
Printing and stationery
Advertising
Sundry expenses
Professional charges
Bank charges and interest
198,762
18,234
78,203
67,368
81,815
198,762
18,234
78,233
67,368
81,815
199,821
19,356
106,933
102,676
74,392
30
7,481,671
30
7,481,701
6.864,084
All expenditure for the current and prior year is in respect of the furtherance of the charitable activities
of which £30 (2023 £301 was attributable to restricted funds and £7,481,671 12023 £6,864,054}
was allribulable lo unrestricted funds.
Included within school operating costs are school activities and trips, governance costs Inole 61 and
school finan￿ costs {note 9), which have been disclosed separately on the Statement of Financial
Activities.
Page 22

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
Governance Costs
Unrestricted
funds
2024
Restricted
funds
2024
Total
2024
T¢)tal
2023
Auditors, remuneration {note 111
11,425
11.425
11,150
staff Costs
The average monthly number of empbyees and full-time equlva￿nts (￿E) during the yearwas
as follows..
2024
2023
Number
FfE
Number
Teachers
Adminislralion
Auxiliary staff
106
27
20
88
22
13
115
28
17
83
23
11
153
123
160
117
2024
2023
Staff costs for above persons".
Vvages and salaries
Social securty costs
other pension costs
4,371,883
359,910
233,376
3,964,898
303,188
201.211
4,965,169
4,469.297
There were five 12023.. three} employees whose emoluments as defined for laxalion purposes
amounted to over £60,000. Their emoluments fell within the following bands". three £60,000
£70,00012023.' one) one £70,001- £80,00012023'. one). one £80.001- £90,00012023= nill and nil
£120,000 - £130,000 {2023'. one).
Pension costs in respect of the above employee5 lotalled £31,68912023'. £28,512)-
Defined contributlon penslon scheme
The Group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Group in independently administered funds. Four12023.' kn) higher
paid employees are accruing benefits under the group defined contribution pension scheme and no
12023.. one) employee has their pension contributions paid into a private pension scheme. The total
pension Costs charge to all schemes represents contributions payable by the Group and amounted
to £233,37612023'. £201,211).
Page 23

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
Trustees. and Key Management Pgrsonnel Remuneration and expenses
The Governors do not receive any remuneration from the School, have no accruing pension
arrangements and had no expense5 reimbursed in either the year to 31 August 2024 or the previous
financial year.
The totsl amount of employee benefits received by key management personnel is £430,72712023.'
£504,272). The Charity considers its key management personnel are the Senior Leadership Team.
School finance costs
2024
2023
Bank loan Interest
45,622
36,422
10.
Exceptional Items
Exceptional items relate to amounts incurred during the year, which are not of a recurring nature.
These are as follows..
2024
2023
Legal and professional fee5 in respect of various planning and other
strategic related work
177,032
157,102
11.
Total Resources Expended
2024
2023
Total resources expenéed on charitable actmties includes-.
Depreciation of tangible fixed assets
Surplus on disposal of tangible fixed assets
Auditorfs remuneration in respect of non-audil services
177,491
159,288
{3751
7,524
5,670
Governance costs includes".
2024
2023
Auditors, remuneration in respect of audit services
for audit services
for other service5
11,425
5,670
11.150
7,524
17.095
18,874
Page 24

Highclare School
Notss to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
12.
Tangible Fix¢d Assgts
Fixtu￿$,
fittings,
vehicles &
equipment
Investment
propertles
Freehold
properties
Total
Group
Cost or valuation
Al 1 September 2023
Addib'ons
219,162
6,150,480
17,200
1,848,638
288,200
8,218,280
305.400
Al 31 August2024
219,162
6.167680
2,136,838
8.523.680
Depreclatlon
Al 1 September 2023
Charged in the year
1.687,220
40,438
1,491,911
137,053
3,179.131
177.491
Al 31 August 2024
1.727 658
1628 964
3.356,622
Net Book Value
Al 31 August2024
219,162
4,440.022
5167 058
Al 31 August 2023
219 162
4 463 260
356.727
5.039,149
Company
Cost or valuation
Al 1 Septerllber 2023
Tmnsfer frorn
subsidiary
undertaking
219,162
3.022.545
1,848,638
5.090,345
4.338.364
288,203
4,626,567
At 31 August 2024
219 162
7 360 909
2 136841
9716,912
Depreciation
Al 1 September 2023
Charged in the year
582.638
40.438
1,491.911
137.053
2,074,549
177,491
At 31 August 2024
623.076
1628.964
2.252,040
Net Book Value
At 31 August2024
219 162
6 737 833
7 464 872
Al 31 August 2023
219.162
2 439,907
356.727
3015796
Note: The Transfer from subsidiary undertaking represents the transfer of all freehold land and
buildings and leasehold improvements al revalued Carrying amounts to the company as
part of the Group simplification referred to in the post balance sheet events note.
Page 25

Highclare School
Notes to the Consolidated Financial Ststements
for the Year Ended 31 August 2024 (continued)
12. Tanglble Fixed Assets {¢ontinuedl
On an historical cost basis the freehold property would be included at..
Group
2024
Company
2024
2023
2023
Cost
DepreciatKsn
5,638,202
{1,695,6131
5,621,002
11,655,175)
7.309,374
1621,5251
2,791,010
1581,0871
3,942,589
3,965,827
6,687.849
2,209,923
Freehold land and buildings at 241 Birmingham Road, Wylde Green were re-valued during the year
ended 31 August 1995 al open market value with vacant possession by Weatherall, Green & Smith.
independent chartered surveyors. The Governors are satisfied that thi5 valuation remains appropriate.
and currently have no intention to perform further revaluations.
The transitional rules sel out in FRS 102 - 'Financial Reporting Standards applicable in the UK and
Republic of Ireland, were applied on implementation of FRS 102. Accordingly, the book values at
implementation have been retained as deemed cost. The Governors are aware of their responsibilities
to ensure that there has been no impaimienl to the value at which the properties are included in the
financial stalemenls. Based on advice and enquiry of appropriate professionals the Governors are
confident that the value of the freehold properties at the dale of transition lo FRS 102 is not impaired
and the ultimate market value exceeds the book values retained at implementation of FRS 102.
On a historical cost basis the investment propety would be included at..
Group
Company
2024
2024
2023
2023
Cost
Depreciation
219,162
219,162
219,162
219,162
219,162
219,162
219,162
219,162
In accordance with the requirements of FRS 102, but contrary to the requirements of the Companies
Act 2006, inveslrnenl properties are not depreciated. Instead, their ongoing current value is reviewed
annually, which the Governors consider necessary in order lo show a true and fair view.
The property was acquired in 2005 and is ststed at cost. The Govemors consider that its Cur￿￿1 market
value at 31 August 2024 is in excess of its accounts carrying value.
Included in Group freehold land and buildings is land with a total cost or valuation of
£1,027,500 {2023-. £1,027,500) which is not depreciated.
iv} All fixed assets other than the investment properties are used for direct charitable purpose5.
Page 26

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
13.
Investment
As noted in the post balance sheet events note. the ¢ompany substantially completed the legal
formalities to effect the simplification of the Group structure which involved the reduction of share
capital in the subsidiary undertaking, Highclare Investments Limited Icompany registered number
029639341, whereby 949,999 Ordinary Shares of £1 each were extinguished, reducing the cost of
investment to £1. The Investment represents 1 Ordinary Share12023'. 950,0001 of £1 in Highclare
Investments Limited, a wholly owned subsidiary. Highclare Investments Limited also has a wholly
owned subsidiary, Highclare Limited, (company registered number 029639381 in which a similar
transaction lo extinguish 899,999 Ordinary Shares of £1 each was subslanlially completed at the
year end. Highclare Investments Limited holds 1 Ordinary Share12023'. 900,0001 of £1 in Highclare
Limited. The principal activity of both subsidiaries is property ownership and management and both
are Incorporated in England. Neither company traded in the current or previous financial year.
Hlghclare Investments
Llmlted
Highclare Limited
2024
2023
2024
2023
Summary profit
account
and loss
Turnover
Administratve expenses
Exceptional items
1,304,122
993,692
Ngt profit for the year
1,304,122
993.692
The assets and liabilities of the
subsidiaries were..
Fixed assets
Current assets
2.048.350
875,000
Creditors: Amounts falllng due
within one year
(1,331,811)
1873,488}
Total net assets
716.541
1,515
Aggregate share capitsl and
reserves
716,541
1,515
Page 27

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
14.
Debtors
Group
2024
Company
2024
2023
2023
Due within one year.
Outstanding fees
Amounts owed by subsidiary
undertakings
Other debtors
Prepayments
13
13
2,205,351
58.130
81.924
144.190
83,897
58,182
81,924
144.190
83,897
228,092
140,119
228.092
2,345,418
15.
Creditors: Amounts falling due within one year
Group
2024
Company
2024
2023
2023
Bank loans
Trade creditors
Fees in advan
Other tsxalion and social security
Other creditors
Accruals
Deferred income
Friends of Highclare School Fund
Amounts owed to group
85,898
495.938
646,709
82,005
455.571
188.354
849.234
4.526
85,899
288,870
845,638
72,985
383,466
242,066
85,898
495,938
646,709
82,005
455,575
188,354
849,234
4,526
85,899
288,870
845,638
72,985
383,466
242,066
1,476
1,476
2￿08,235
1.920,41X)
2,808,240
1,920,400
8ank loans and overdrafts are SeCu￿d by a fixed charge over book debts and a floating charge over
all other assets of the Group, together with mortgage5 over certain freehold properties.
16.
Credltors: Amounts falling due after more than one year
Group
2024
Company
2024
2023
2023
Bank loans
468,778
554,675
468,778
554.675
See Maturity of borrowings note.
Page 28

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 {continued}
17.
Matuiity of Borrowlngs
Group
2024
Company
2024
2023
2023
Bank loans
Amounts fall due on the bank loans as follows..
Wf(hin one year
Beiween one and kn years
Be￿een kn and five years
Over five years
85,898
85.898
257,693
125.186
85,899
85,899
257,697
211,078
85.898
85,898
257,693
125,186
85,899
85,899
257,697
211,078
554.676
640,573
554,676
640,573
Bank loans for the group and company include the following..
{al A mortgage loan which had a remaining balance at the year-end of £438.009 {2023.' £507.240)
carries interest at the Bank's Sterling Base Rale plus 1'k12023 Bank's Sterling Base Rate plus
1 ty/ol.This loan is repayable by termly inslalments of £23,077 which ComMen￿d Seplember2013
and ends in 2028.
Ibl A second loan with a remaining balance at the ye8rend of £116,667 (2023.. £133,333), which is
repayable by termly capital inslalmenls of £5,556 payable on 1 September, 2 January and 1
May commencing on 1 September 2013 and ends in 2033. The loan carries interest al the Bank's
Sterling Base Rate plus 3.OOYo and is paid monthly
18.
Operating l¢a$es
At 31 August 2024, the School was committed to making the following payments under non-
cancellable operating leases. These commitments are analysed as follows..
Group
2024
Company
2024
2023
2023
Other
Within one year
Be￿en one and five years
Over five years
51,088
114.154
154,000
51,088
154,242
165,000
51,088
114,154
154,000
51,088
154,242
165,000
319,242
370,330
319.242
370,330
Included in the opemting leases disclosure above is a ￿enty-ffive ye8r len8n¢y lease with
Birmingham City Council signed on 6 September 2018 over land referfftd to 28 "Highclare Sports
Field". Under this agreement, there is a five yearly rent review.
19. Contlngent Ilabllltles
In the event that bank borrowings arise, the Company has guaranteed by a fixed and floating
charge the bank borrowing of other Group undertakings which tolalled £554,676 al the year-end
(2023 £640.5731. This charge was satisfied in full after the yearend and the cross guarantee
released.
Page 29

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
20.
Funds Reconeiliation
Group
Asat1
September
2023
Asat31
Augu$t
2024
Income
ExpendSture
Transfers
Restricted funds
Unrestricted funds
Revaluation
reserve
634
4,515,609
130}
{7,658.703}
604
4.693,337
7,836,431
351,476
351,476
Total funds
4,867,719
7,836.431
(7,658,733}
5.045.417
Company
Asat1
September
2023
A5at31
August
2024
Income
Expenditure
Transfers
Reslricled funds
Unrestricted funds
Revaluation
reserve
634
5,914,995
1301
(7,658,703)
604
7,258,593
9,002,301
84,030
84,030
Total funds
5.999,659
9,002,301
17,658,733}
7,343,227
Fund descrlptions
a) Unrestricted funds
The unrestricted funds are retained as necessary to meet the general requirements of the
School. The Charity aims lo retain consolidated unrestricted reserves equivalent to the carrying
value of the tangible fixed assets, which amount lo £5,167,058 as at 31 August 2024 12023..
£5,039,149) as a contingency in order to maintain the stable operation of the School In the ¢a5e
of future unforeseen events. 11 remains the objective of the Board of Govemors for the reserves
to continue to increase until this minimum target is met and through careful management and
control of operational costs. The unrestricted reserves have been maintained 81 the year-end.
Con501idaled unrestricted reserves at 31 August 2024 amounted lo £5,044,813 12023..
£4,867.0851, as shown in the notes above.
bj Restricted funds
During the yèar, prizes of £30 (2023.. £301 were awarded. The rerT7aining restricted funds £604
12023.. £6341 relate to donations received for prize funds at Seniors Speech Day and for use by
the Music, Modern Foreign Language and Physical Education departments.
CJ Revaluation reserye
The revaluation reserve represents unrealised surpluses on the revaluation of fixed assets to
market value in prior years. An amount is transferred to the unrestricted fund each year on the
same basis that the asset is depreciated.
Page 30

Highclare School
Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
21.
Analysis of net assets between funds
Group
Unrestricted
funds
Restricted
Funds
Total
Funds
Fund balances at 31 August 2024 are
represented by..
Tangible fixed assets
Current assets
Current liabilits-es
Long temi liabilities
5,167,058
3,155,372
12,808,235)
{468,7781
5,167,058
3,155,976
12,808,235)
1468,7781
604
Total net assets
5.045,417
604
5,046,021
Unrealised gain$ included above on tangib
fixed assets
Company
Unrestricted
Funds
Restricted
Funds
Total
Funds
Fund balances at 31 August 2024 are
represented by:
Tangible fixed assets
Investment
Current assets
Current liabilits'es
Long term liabilities
7,464,872
7,464,872
3,155,372
12.808.240)
1468.778)
604
3,155,976
{2.808,2401
1468,7781
Total net assets
7,343,227
604
7.343,831
Un￿aliSed gains included above on tangible
fixed assets
22.
Reconciliation of net income to net cash flow fTom operating activities
2024
2023
Nel income for year
177,698
1CE,095
Rents T￿lved from Investment properties
Depreciation of tangible fixed assets
Surplus on disposal of tangible fixed assets
Amortisation of intangible fixed assets
Interest payable
Ilncreaselldecrease in debtors
IDecrease)/increase in creditors
18,2501
177,491
18,250}
159,288
1375)
45,622
188,9731
887,835
36.422
21.023
1135,007}
Net cash flow from ope￿ting actNiities
1,192,423
179,197
Page 31

Highclare School
Note5 to the Consolidated Financial Statements
for the Year Ended 31 August 2024 (continued)
23.
Post Balan¢e Sheet Events
During the financial year, the company substantially completed the legal formalities to effect the
simplificab'on of the group structure which involved the reduction of share capitsl in the subsidiary
undertaking, Highclare Investments Limited, whereby 949,999 Ordinary Shares of £1 each were
extinguished, reducing the cost of investment to £1. These arrangements also included the transfer
of all freehold land and buildings and leasehold improvements al revalued carrying amounts to the
company. Whilst the transactions were concluded after dale, the decision was taken, and the
practical steps lo achieve this were substantially completed, before the year end. The process was
originally intended to have been concluded by 31 August 2024 but was delayed only by the
completion of the legal formalities. The nature and impact of the transactions is considered to be
material to the company and, therefore, the transaction has been reflected in these financial
statements as rf it had been completed a5 at 31 August 2024.
24.
Transactions involving Governors
Governors, Interests In contra¢ts.
During the financial year ending 31 August 2024, £90,848 12023.. £71,595) was invoiced by Jon
Flowith & Partners. The fees relaleé lo building, planning and other complex strategic property
matters for the school. Mrs Louise Flowith, the Chair of Governors and a partner in that consulting
practice, absented herself from discussions and instructions to the partnership, which were given
expressly to her husband Jon Flowith, a Chartered Surveyor, by designated Govemors. All
transactions were provided on an arm's length basis and appropriate safeguards and governance
processes observed. This amount was paid in the year ending 31 August 2024. An additional £6,000
has been accrued in respect of the work done prior to the year end bul not yet invoiced.
As part of its insurances the Group maintains cover for the Governors and officers against liabilities
in relation to their dutie5 to the School. The cost for 2024 was £3,08012023.. £3,151).
Related party transactlons
There is no controlling party. The Company has taken advantage of the exemptions not to disclose
inlra-group transactions on the basis that all subsidiaries are 1000/0 owned and all transactions with
other Group companies are elirninated in the consolidated financial statements.
Page 32

Highclare School
Governors, Report (continued)
Organisational Management
The Directors of the Company are also Charity Trustees for the purposes of Charity Law and under the
Company's Articles are known as Governors. The Governor5 are all members of the Company serving
in a non-execulive capacity and receive no emoluments. The day-to-day management of the School is
delegated to the Head and the Senior Leadership Tearn.
The Governors who served in the year ended 31 August 2024 were..
J A Barrett (Presidenll
Mrs L E Flowith (Chairman)
J R Brain (Treasurerl
Mrs P A Mayall
A l Hazel
Mrs S D Watson
A B Davison
Mrs A Moore lappoinled 21 February 20241
Mrs S D Watson and Mr J A Barrett retire by rotation at the forthcoming Annual General Meeting and,
being eligible", offer themselves for reelection al the Annual General Meeting.
Auditors
Maleolm Piper & Company Limited, as auditors, will be proposed to the GoveTnoTS for reelection at the
Annual General Meeting.
Approved by the Board on 30 January 2025 and signed on its behalf by".
J R Brain
Govemor
Page 9