Charity registration number 1007778 MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs E Wilson Mr5 T Courtney Mrs C Kemp Charity number 1007778 Independent examiner Louise Hallsworth, FCA Baxter & Co Chartered Accountsnts Lynwood House. Crofton Road Orpington BR6 8QE
MAYFIELD GRAMMAR SCHOOL GRAVESEND {VOLUNTARY FUND) CONTENTS Page TTuslees' report Statement of Trustees, responsibiliti8S Independent examinerfs report Statement of financ4al activities Balance sheet Notes to the financial statements 7-13
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST2024 The Trustees present Ih8ir annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's constitution under a Memorandum of Association adopted on 11 September 1991 as amended on 1 September 2011. the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chatities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objective5 and activities The Trust's objectives are to promote and advance the education of students at Mayfield Grammar School. Gravesend. and its community. The policies adopted in furtherance of these objectives have given due consideration to general guidance published by the chatity commission and there has been no change in these during the year. Public benefit The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. Activities Activities include fund raising from parentsl¢arers at Mayfield Grammar School Grav8send. This fundraising supports students in extra-curricular activities, school events such as Workshops and resources to enhan¢e edu¢Ational experience for all students. The Trust had Ihe opportunity to d8ploy some of the fund to support major refurbishmentslprojects to 8nhance our external school environment, the Trustee's agreed this is an an appropriate use of funds to further improve the facilities within our estate which has had a positive impad on student wellbeing. Achievements and performance Significant activitias and aohievements against objectives The Gharity continues to support students across the school community in a variety of ways. The planned intemational trips including China, Singapore and USA were a huge sucGess and we ¢ontinue to offer a range of trips and events to widen our student exposure to intemational travel. The charity has continued to part fund curriculum based workshops throughout the year for a number of students. Financial review The trustees regularly review the adivilies in the chariiy to ensure that students in need receive the relevant financial support as we offer a variety of extracurricular opportunities for all students.. Trustees intend to continue to operate the Charity on the same basis to 5UPPOrt the school community. Going concem The Trustees. after rnaking appropriate enquiries, have a reasonable expeclation Ihal the charity has adequate resources to continue in operational existence for the near future. For this reason, the trust continues to adopt the going concem, principle in preparing the financial statements. R8serves policy It is the Trusvs policy of the Trust that unrestricted fvnds which have not been designated for a specific use should be maintained at a level equivalent lo meet current and ongoing school trip obligations and to cover restricted funds. Structure, governance and management The Trust is a registered Charity, number 1007778 and is constituted under a Memorandum of Association.
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees who served during the year and up to the date of signature of the financial statements w8re: Mrs E Wilson Mrs T Courtney Mrs C Kemp The Trustees, report was approved by the Board of Trustees. Mrs E Wilson Trustee 28 April 2025
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Trust and of the incoming resoUrS and application of resources of the Trust for that year. In preparing these financial statements. the Twstees are required to.. select suitable accounting policies and then appty them Consistently. obseNe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements- and prepare the finan(ial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting record$ that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Ad 2011, the Charity (A¢¢oLsnts and Reports} Regulations 2008 and the provisions of the trusl deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) I report lo the Trustees on my examination of the financial statements of Mayfield Grammar School Gravesend (Voluntary Fund) (the Trust) for the year ended 31 August 2024. Responsibilities and basis of report As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Chatiiies Act 2011 (the 2011 Act). I report in respect of my examination of the Trust's financial statements carried out under sects'on 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5>(b} of the 2011 Act. Independent examIn8S statement Since the Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institue of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm Ihal no matters have come to my attents'on in connection with the examination giving m8 cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the 2011 A¢t' or the financial statements do not accord wilh thos8 records; or the financial statements do not compty with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement thal the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Louise Hallsworth. FCA Baxter & Co Chartered Accountants Lynwood House. Crofton Road Orpington BR6 8QE Dated: 14 Max.2025
MAYFIELD GRAMMAR SCHOOL GRAVESEND {VOLUNTARY FUND) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restrlcted funds funds 2024 2024 Total Unrestri¢tsd Rostricted funds funds 2023 2023 Total 2024 2023 Notes In¢ome from: Donations and legacies Charitabl8 activiiies Investments 27,623 162,571 14 27,623 419,427 14 1,336 67,411 19 1,338 352,954 19 256,856 285,543 Total Income 190,208 256,856 447,064 68,766 285,543 354,309 Expenditiire on: Charitable activities 224.328 234,442 458,770 76,360 279.917 356,277 Totsl 8xpendiiure 224,328 234,442 458,770 76,360 279,917 356,277 Net Incomellexpendiiure> and movement in funds (34.120) 22,414 (11,706) (7,594) 5.626 (1,968) Re¢onclllatlon of funds: Fund balances at 1 September 2023 53,338 8,996 62,334 60,932 3,370 64,302 Fund balances at 31 August 2024 19,218 31,410 50,628 53,338 8,996 62,334 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Notss Current assets Debtors Cash at bank and in hand 11 31.920 237,251 150,196 101.843 269,171 252,039 Crodltors: amounts falllng due withln one year 12 {218,543) (189,705) Net current assets 50,628 62,334 The funds of the Trust Restricted income funds Unrestricted funds 14 15 31.410 19,218 8,996 53,338 50,628 62,334 The notes on pages 7 to 13 form part of these financial statements. The financial statements were approved by the Trustees on 28 April 2025 Mrs E Wlson Trnst80
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 A¢counting policies Charlty inforniation Mayfield Grammar School Gravesend Ivoluntsry Fund) is an unincorporated ¢haiity. 1.1 Accountlng ¢onv•ntlon The financial statements have been prepared in accordance with the Trusfs Memorandum ofA$sociation, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102.) and the Chariti8s SORP 'Accounting and Reporting by Charbties.. Statement of Recommended Practice appliGable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). {effe¢tNe 1 January 2019). The Trust is a Public Benefft Entty as defined by FRS 102. 1.2 Golng concem At the lime of approving the financial statements. the Trustees have a reasonable expectation Ihat the Trust has adequate resourc8S to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going ¢oncem basis of accounting in preparing the financial statement5. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in fijrtherance of their charitable objectives. Restricted funds are subje¢t to specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations e1Ved under Gift Aid or deeds of covenant is recognised al the tim8 of the donation. Legacies are recognised on receipt or otherwise rf the Trust has been notified of an impending distribution, the amount is known, and reIpl is expected. If the amount is not known, the legacy is treated as a contingent assel. 1.5 Expendlture Expenditure is recognised on¢e there is a legal or constructive obligation to transfer economi¢ benefit to third party, it is probable that a transfer of economi¢ beneffts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The cosls of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to a single aclivity are allocated direclty to that activity. Shared costs which contribute to more than one a¢tivity and support costs which are not attributable to a single activity are apportioned behyeen those aelivities on a basis onsistent with the use of resources. Central Slaff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of Ihree months or less, and bank ov8rdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles (Continued) 1.7 Financial Instruments The Trust has elected to apply Ihe provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finan¢ial instruments. Basie finanelal assets Basic finan¢ial assets, which include debtors and cash and bank balances, are initially measured at transaction price induding transaction ¢osts and are subsequently carried at amortised ¢ost using the effective interest method unless the arrangement constituies a financing Iransaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as recèivable within one year are not amortised. Baslc financial liabillues Basi¢ financi81 liabilities, induding Creditors and bank loans are initially recognisèd at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabi15ties classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or sep4ices that have been a¢quired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effe¢tive interest method. Critical ac¢ounllng estimates and Judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumpiions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to acCUntIng estimates are recognised in the period in which the estimate is revised where the revision affects onty that period, or in the period of the revision and fijture periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestrlcted Unrestricted fund$ funds 2024 2023 Donations and gifts 27,623 1,336
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from Gharitable activities Unrestrictsd Restrlctsd funds funds 2024 2024 Total Unrestricted Rostricted funds fund5 2023 2023 Totsl 2024 2023 Charftable activities Sale of goods seNis provided under contract Sales of servi$ by beneficiaries Perfomance related grants 239.907 239,907 282,922 282,922 16.949 16,949 2.621 2,621 127.961 127,961 54,531 54,531 34,610 34,610 12,880 12,880 162,571 256,856 419,427 67,411 285,543 352,954 Income from investments Unrestrlcted Unrestrf¢tsd funds funds 2024 2023 Other income 14 19
MAYFIELD GRAMMAR SCHOOL GRAVESEND {VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expendituro on charitable actlvltles Charitable actlvltles 2024 Charltable activitios 2023 Direct costs School trips and journeys Collections for other charities School activities School events 218,884 17,558 133,421 88,477 279,917 52,216 21,829 456,340 353,962 Share of 8UPPOrt and governance Costs (seo note 7) Governance 2,430 2,315 458,770 356,277 Anatysis by fvnd Unrestricted funds Restrided funds 224,328 234,442 76,360 279,917 458,770 356,277 Support costs allocated to activities 2024 2023 Govemance costs 2,430 2,315 Analysed between: Charitable activities 2.430 2,315 Net movement In funds 2024 2023 The net movement in funds is ststed after chargingl(crediting)'. Fees payable for the independent examination of the charity's financial statements 2,430 2,315 Trustees None of the Trustees (or any persons conneded with them) received any remuneration or benefits from the Trusl during the year. 10 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for chaTitable purposes. 10-
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 11 Debtor5 2024 2023 Amounts falling dug wfthln one year. Prepayments and accrued InMe 31,920 150,196 12 Creditors: amounts falling due withln one year 2024 2023 Notes Deferred income Other credilors 13 216,113 2,430 179,980 9.745 218,543 189,705 13 Deferred income 2024 2023 Other deferred income 216,113 179,960 Deferred income is included in the financial statements as follows: 2024 2023 Dèferred income is included within: Current liabilities 218,113 179.960 Movements in the year. Deferred income at 1 September 2023 Released from previous periods Resources deferred in the year 179,960 {179,960) 216,113 74,832 (74,832) 179,960 Deferred income at 31 August 2024 216,113 179,960 11
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 14 Reslrf¢ted funds The income funds of the charty include restricted funds comprising the following balances held for specific purposes: At1 Septen7ber 2023 Ineomlng resources Resources At 31 August expended 2024 School trips Funds for charities 6.668 2,328 239.907 16,949 (216,884> (17.558) 29.691 1.719 8.996 256.856 {234.442) 31.410 Previous year: At1 September 2022 Incoming resources Resources At 31 August expended 2023 S¢hool trips Funds for d)arities 3.863 (293) 282.922 2,621 (279,91n 6,668 2,328 3,370 285,543 279,917 8,996 Restricted funds School Trips - a separate restricted fund is created for each school trip. Any surplus or deficil made on each trip is transferred lofftom unrestricted reserves on completion of the trip account. Funds for Charities - fundraising events are held to raise money for charibes. These are passed on in due course after completion of the events. New Build fund - a donation received towards the new build. 15 Unrestricted funds The unrestricted fvnds of the charity comprise the unexpended balances of donations and grants which are not subjed to specific condiiions by donors and grantors as to how they may be used. These include designated funds which have been set aside oui of unrestricted funds by the trustees for specific purposes. At1 September 2023 Incoming resources Resources At 31 August expended 2024 School activities School events General funds 39,014 11,167 3,157 127,961 34,610 27.637 (126,322) (88,477) {9,529) 40,653 {42,700) 21,265 53,338 190,208 (224,328) 19,218 12-
MAYFIELD GRAMMAR SCHOOL GRAVESEND (VOLUNTARY FUND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 Unrestricted funds (Continued Previous year. At1 September 2022 Incoming Resources At 31 August resources expended 2023 School activities School events General Funds 36,699 20,116 4,117 54,531 12,880 1,355 (52,216) (21,829) {2,315) 39,014 11,167 3,157 60,932 68.766 76,360 53,338 16 Analysis of net assots between funds Unrestricted funds 2024 Restri¢ted funds 2024 Totsl 2024 At 31 August 2024: Current assetsl(liabililies) 19,218 31,410 50,628 19,218 31,410 50,628 Unrestri¢ted funds 2023 Restri¢tsd fund$ 2023 T¢)tal 2023 At 31 August 2023: Current assetsl(liabilities) 53,338 8,996 62,334 53.338 8.996 62,334 17 Related party transactions There were no disclosable related party transactions during the year (2023- none}. 13-