REGISTERED COMPANY NUMBER: 02039847 (England and Wales)

REGISTERED CHARITY NUMBER: 0294944

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 August 2025

for

The Heights Educational Bursary Trust

Limited

(A Company Limited by Guarantee)

Previously known as

Haslemere Preparatory School Trust

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

15

INTRODUCTION

The Trustees, who are also the directors of the charitable company for the purposes of the Companies Act 2006, present their report with the financial statements of the charitable company for the year ended 31st August 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR FINANCIAL MATTERS

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the Trustees to prepare financial statements for each financial year which 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 those financial statements the Trustees are required to:

- select suitable accounting policies and then apply them consistently

- observe the methods and principles in the Charities SORP (FRS 102)

- make judgements and estimates that are reasonable and prudent

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable 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 any 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The charitable company is governed and controlled by its Memorandum of Association dated 28th May 1986, as amended by special resolution of 13 March 2000 and by its Articles of Association adopted by special resolution dated 14th March 2019, and is a limited company, limited by guarantee, as defined by the Companies Act 2006.

Constitution and Objects

The charitable company is constituted under its said Memorandum of Association and is a registered charity, number 0294944. The principal objects of the charitable company are set out in the charitable company's Memorandum of Association and Articles of Association, being: - the promotion and provision for the advancement of education of children in the United Kingdom, designed to give a sound Christian and moral basis to all pupils and in particular the grant of bursaries for that purpose.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02039847 (England and Wales)

Registered Charity number

0294944

Registered office

39 Station Road

Liphook

Hampshire

GU30 7DW

Trustees

T R Cannell

Educational Consultant

A D Cook

Accountant

A P Gardner

Managing Director and Art Dealer

A U Woodman

Deputy Headmaster

Company Secretary

Tropman & Co. Limited

Accountants

Tropman & Co Limited

39 Station Road

Liphook

Hampshire

GU30 7DW

Independent examiner

Nikki Roberts (FCCA)

Traviss & Co Ltd

Chartered Certified Accountants

Newtown House

38 Newtown Road

Liphook

Hampshire

GU30 7DX

THE BOARD OF TRUSTEES AND DECISION MAKING

The Trustees who served as both Trustees and as directors of the charitable company during the year are shown above. Trustees are recruited to provide a broad range of complementary professional, management and social skills which are deemed suitable for and in harmony with the charitable company's charitable objects. Board meetings have been held by way of Zoom video conferencing supplemented by the Trustees receiving regular reports and bulletins from the Bursar. The Trustees are advised and guided by the Bursar and they and he seek professional advice whenever they deem it necessary. The Trustees endeavour to make all their decisions unanimously. All decisions which they made for this accounting year were made unanimously. None of the Trustees claimed or were paid any fees or reimbursed any expenses they incurred.

RISK MANAGEMENT

The Trustees are responsible for the monitoring and management of the risks faced by the charitable company and are advised and assisted in that regard by the Bursar. Risks are identified, assessed and provided against on a regular ongoing basis, as are the controls and risk prevention systems that are in place. Consequently, the Trustees believe that those controls and systems have allowed and should continue to allow major risks to be identified, avoided and mitigated as far as possible within the resources available to the charitable company.There were no material, reportable matters arising from risk management processes during the year.

PURPOSE, MAIN ACTIVITIES AND OBJECTIVES

The charitable company's main charitable purpose has been to promote and to provide for the advancement of education of children in schools located in Surrey, West Sussex and Hampshire which are designed to give a sound Christian and moral basis to their pupils. This financial year the charitable company has once again done so by granting bursaries to assist parents and guardians in the payment of school fees for the 2024-2025 academic year for children in school Years 7 to 8. Upon closure and after payment and satisfaction of all its debts and liabilities the charitable company will be left with surplus funds in hand. In accordance with and pursuant to the provisions of regulation 20.1 of its Articles of Association, those surplus funds will be given or transferred to some other charitable institution or institutions having an object similar to the object of the charitable company and whose constitution prohibits distribution of income and property among its or their members. Due to the orderly depletion of its funds arising from the annual granting and payment of bursaries since 2017, the charitable company's charitable activities ceased with effect from 1 September 2025, and it will now be closed. The public benefit from the granting and payment of bursaries constituted the charitable company's sole charitable activity during this financial year.

ACHIEVEMENTS AND PERFORMANCE

The charitable company's bursary policy and procedures

Before the charitable company's bursary application process began for the 2024-2025 academic year, the Trustees reviewed and updated the charitable company's Bursary Policy, Bursary Application Form and its website Guidelines for parents wishing to make a bursary application.

When considering bursary applications for the 2024-2025 academic year, the Trustees decided to take into account the impact of inflation and the rising cost of living and any continuing financial and personal consequences which the COVID-19 pandemic was still having upon family health, finances and parents' ability to pay school fees.

As for the previous year, the Trustees resolved to actively encourage parents whose children were awarded bursaries for the 2023-2024 academic year and who would age-qualify for a bursary for the 2024-2025 academic year, to apply again for a bursary if they needed help in paying school fees for that academic year.

Accordingly, in April 2024 the Bursar contacted all parents of children who were then currently enjoying a bursary from the charitable company, and who would age qualify for a bursary for the 2024-2025 academic year, informing them of the timeline for bursary applications for the 2024-2025 academic year and encouraged them to make another bursary application, drawing their attention to the fact that the charitable company would be closing at the end of 2025 and so would not be granting bursaries for any subsequent academic years.

The grant of bursaries for the 2023-2024 Academic Year

For the 2023-2024 academic year, the charitable company received thirty-two bursary applications and granted twenty-nine bursaries for children attending eleven independent schools in Surrey, West Sussex and Hampshire and one state secondary school with academy status, Gordon's School, which charges for virtual boarders. Those bursaries had a total value amounting to £304,011, which represented approximately 42% of the total funds held by the charitable company at its year-end on 31 August 2023.

The grant of bursaries for the 2024-2025 Academic Year

For the 2024-2025 academic year, the charitable company received nineteen bursary applications and granted eighteen bursaries for children attending eleven schools in Surrey, West Sussex and Hampshire, comprising ten independent schools and the aforementioned state secondary school with academy status (Gordon's School). Those bursaries had a value amounting to £71,119 for the 2024 autumn term, £81,432 for the 2025 spring term (to include VAT) and £73,710 for the 2025 summer term (to include VAT) thus having a total value for the 2024-2025 academic year of £226,261 which represented 55.97% of the total funds held by the charitable company as at its year-end on 31 August 2024.

The charitable company's IT systems

The charitable company's IT systems continued to ensure that all financial and personal information provided by applicants for bursaries, or created and processed by the charitable company in digital form, enjoyed enhanced protection from: (i) the hosted desktop services which the charitable company receives from its hosted desktop provider (and which ensures that all the charitable company's data is protected to the highest level available to the charitable company with servers being located in two of Europe's most secure data centres, accredited and certified to ISO27001 and PCI DSS security standards), and (ii) the charitable company's firewall and malware products and other multi-layered internet IT security services provided and updated regularly by ESET Internet Security.

General Data Protection Regulation

Since the implementation of the General Data Protection Regulation (GDPR) in May 2018, the charitable company has continued to keep under review the way in which it receives, handles, processes, stores and disposes of the financial and personal information which it receives every year from parents applying for bursaries for their children. The Bursar conducts information audits across the charitable company's charitable activities identifying the data which the charitable company processes and how it flows through and out of those charitable activities.

During each year the Bursar reviews and reports to the Trustees upon the charitable company's privacy impact assessment employed to identify, reduce and where possible eliminate the privacy risks associated with the charitable company's annual bursary application process. In consequence, the Trustees and charitable company are satisfied that all aspects of its activities are fully compliant with the GDPR and Data Protection legislation.

FINANCIAL REVIEW - THE BURSARY FUND, INVESTMENTS AND RESERVES POLICY

The Bursary Fund

As at 31 August 2025, total unrestricted funds held in the Bursary Fund stood at £118,472. There were no restricted funds, and the charitable company held no other assets.

Banking and Investments

During this financial year, the charitable company operated three bank accounts held with Lloyds Bank Plc, being: a current account called a Business Account, an interest-bearing account called a Commercial Instant Access Account and a 32-day Notice Deposit Account. As at 31 August 2025, the total credit balance of these three accounts was £126,583. The charitable company has no bank loans or overdraft facilities and does not need nor anticipates that it will ever need any such financial support.

During the previous financial year, the charitable company's holdings in the Abrdn Balanced Bridge Fund and the Abrdn Phoenix Fund were sold. The total proceeds of sale of £165,868 were remitted to the charitable company's Business Account at Lloyds Bank Plc on 3 September 2024.

PUBLIC BENEFIT

The Trustees confirm that (i) throughout the accounting year they have complied with all guidances concerning the operation of the public benefit requirement published by the Charity Commission pursuant to section 17 of the Charities Act 2011, and (ii) at all times the charitable company has been administered and has been operated exclusively for its charitable purposes. The charitable company's bursary policy continued to be means-tested and was gender, socially and racially neutral and had been widened to bring into account other factors which could make payment of school fees unexpectedly difficult and stressful, such as a parent suffering a serious illness or accident or the social needs of the child where, for example, they have suffered and been materially affected by bullying or racial abuse, or some family or personal issue.

THE CHARITABLE COMPANY'S INDEPENDENT EXAMINER

Reason for and person appointed

Under the legislation for Charity reporting and accounting, and because the charitable company's gross annual income for the foreseeable future will not exceed £1,000,000, Nikki Roberts of Traviss & Co Ltd has been retained by the charitable company to be its Independent Examiner of the charitable company's accounts.

Disclosure of information to the Independent Examiner

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the independent examination of these Financial Statements and of which the Independent Examiner has not been made aware and that they have taken appropriate steps to establish all such relevant information and to ensure she has been made aware of them.

Approved by order of the board of trustees on 17 May 2026 and signed on its behalf by:

A P Gardner - Trustee

Independent examiner's report to the trustees of The Heights Educational Bursary Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nikki Roberts (FCCA)

Traviss & Co Ltd

Chartered Certified Accountants

Newtown House

38 Newtown Road

Liphook

Hampshire

GU30 7DX

Nikki Roberts (FCCA)

The Association of Chartered Certified Accountants

19 May 2026

31.8.25

31.8.24

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Investment income

2

5,074

-

5,074

23,728

EXPENDITURE ON

Charitable activities

3

Investment costs

-

-

-

4,152

Bursary preparation costs

64,515

-

64,515

65,091

Bursaries

226,262

-

226,262

304,011

Other

4

101

-

101

85

Total

290,878

-

290,878

373,339

Net gains on investments

-

-

-

27,454

NET INCOME/(EXPENDITURE)

(285,804

)

-

(285,804

)

(322,157

)

RECONCILIATION OF FUNDS

Total funds brought forward

404,276

-

404,276

726,433

TOTAL FUNDS CARRIED FORWARD

118,472

-

118,472

404,276

CONTINUING OPERATIONS

The statement of financial activities includes all gains and losses recognised in the year.

All other income and expenditure has arisen from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

31.8.25

31.8.24

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

8

-

-

-

165,868

CURRENT ASSETS

Debtors

9

1,120

-

1,120

7,192

Cash at bank

126,583

-

126,583

242,327

127,703

-

127,703

249,519

CREDITORS

Amounts falling due within one year

10

(9,231

)

-

(9,231

)

(11,111

)

NET CURRENT ASSETS

118,472

-

118,472

238,408

TOTAL ASSETS LESS CURRENT LIABILITIES

118,472

-

118,472

404,276

NET ASSETS

118,472

-

118,472

404,276

FUNDS

11

Unrestricted funds

118,472

404,276

TOTAL FUNDS

118,472

404,276

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 17 May 2026 and were signed on its behalf by:

A P Gardner - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Preparation of Financial Statements on a non-going concern basis

Since the charitable company's activities of The Heights Educational Bursary Trust Limited ceased with effect from 1st September 2025 with the award of the final bursaries for the summer term being made in 2025, the trustees have prepared the financial statements on a basis other than on a going concern basis. The use of a basis other than the going concern basis of accounting has not resulted in any changes to the recognition, measurement or presentation of transactions and balances in these financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charitable company has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charitable company is exempt from corporation tax on its charitable activities.

Fund accounting

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

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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

Investments

Investments are valued at fair value with surplus or deficit on revaluation recognised in net income/expenditure for the year.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise of cash at bank, cash in hand and short term deposits with an original maturity date of three months or less.

2.	INVESTMENT INCOME

31.8.25

31.8.24

£

£

Bank interest received

5,074

2,017

Investment income

-

21,711

5,074

23,728

3.	CHARITABLE ACTIVITIES COSTS

Bursaries

Bursary

31.08.2025

Awarded

Preparation

Costs

£

£

£

Direct

226,262

-

226,262

Support (see note 7)

-

9,582

9,582

Governance (see note 7)

-

54,933

54,933

Total

226,262

64,515

290,777

4.

OTHER

31.8.25

31.8.24

£

£

Interest payable and similar charges

101

85

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Investment income

23,728

-

23,728

EXPENDITURE ON

Charitable activities

Investment costs

4,152

-

4,152

Bursary preparation costs

65,091

-

65,091

Bursaries

304,011

-

304,011

Other

85

-

85

Total

373,339

-

373,339

Net gains on investments

27,454

-

27,454

NET INCOME/(EXPENDITURE)

(322,157

)

-

(322,157

)

RECONCILIATION OF FUNDS

Total funds brought forward

726,433

-

726,433

TOTAL FUNDS CARRIED FORWARD

404,276

-

404,276

7.	SUPPORT COSTS

All support and governance costs are allocated to the charitable activities.

Support and governance costs, allocated to the charitable activity of 'bursary preparation', were as follows:-

Support costs

2025

2024

£

£

Computer and Software

759

676

Website

-

-

Other

577

1,175

Insurance

2089

2,089

Offices services and supplies

6,157

5,177

9,582

9,177

Governance costs

2025

2024

£

£

Independent Examiner fee

1,320

1,320

Legal and Consultancy fees

47,618

46,794

Bookkeeping and professional fees

5,995

7,860

54,933

55,974

8.	FIXED ASSET INVESTMENTS

Cash and

settlements

pending

£

MARKET VALUE

At 1 September 2024

165,868

Disposals

(165,868

)

At 31 August 2025

-

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

165,868

There were no investment assets outside the UK.

The movement in value of the fixed asset investments has been adjusted in the financial statements.

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Prepayments, other debtors and

accrued income

1,120

7,192

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Other creditors

1,461

1,461

Accruals

7,770

9,650

9,231

11,111

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1.9.24

in funds

31.8.25

£

£

£

Unrestricted funds

General fund

404,276

(285,804

)

118,472

TOTAL FUNDS

404,276

(285,804

)

118,472

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

5,074

(290,878

)

(285,804

)

TOTAL FUNDS

5,074

(290,878

)

(285,804

)

Comparatives for movement in funds

Net

movement

At

At 1.9.23

in funds

31.8.24

£

£

£

Unrestricted funds

General fund

726,433

(322,157

)

404,276

TOTAL FUNDS

726,433

(322,157

)

404,276

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

23,728

(373,339

)

27,454

(322,157

)

TOTAL FUNDS

23,728

(373,339

)

27,454

(322,157

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.9.23

in funds

31.8.25

£

£

£

Unrestricted funds

General fund

726,433

(607,961

)

118,472

TOTAL FUNDS

726,433

(607,961

)

118,472

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

28,802

(664,217

)

27,454

(607,961

)

TOTAL FUNDS

28,802

(664,217

)

27,454

(607,961

)

12.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2025.