To the Governors of St James Church of England Primary School – Private
Funds
I have audited the attached financial statements in accordance with approved auditing standards and the requirements noted in the Haringey Financial Regulation for Schools. In my opinion from a sample check of the records and documentation presented and explanations received, the receipts and payments statement present a true and fair view of the fund’s accounts and comply with the fund’s objectives .
……………………………………………..
Andrew Crook ACA
Date: 26 March 2021
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FRIENDS OF ST JAMES’ SCHOOL
TRUSTEES REPORT
FOR THE YEAR ENDED 31[ST] AUGUST 2020
ADMINISTRATION DETAILS
Charity Number 1009141
Correspondence Address
St James CE Primary School, Woodside Avenue, N10 3JA
Committee Members
The committee members serving during the year were: Liam Morton (Chair) Carol O’Brien Lisa Thompson Penny Kirkley
STRUCTURE, GOVERNANCE & MANAGEMENT
Friends of St James’ School (“Friends”) is a charitable association. The Friends’ objectives and regulations are set out in its constitution adopted 15[th] October 1991, revised in 2012.
Committee members are elected by the members of the Friends at their Annual General Meeting.
Membership of the Friends consists of all parents and/or guardians of pupils attending the School and all past and present staff of the School.
OBJECTIVES AND ACTIVITIES
The Friends’ objective is to advance the education of the pupils in the School, which primarily involves the making of grants to the School and the funding both of pupil trips from the School and the provision of resources to the School.
ACHIEVEMENTS AND PERFORMANCE
Under normal conditions, there are four regular fundraising events – Family Disco, Christmas Fair, Quiz Night and Summer Fair, and other smaller events throughout the year. Additionally, every three years we hold a promises auction, last held in 2018. In 2018-2019, we held an art fair in the spring as well.
As a result of the COVID-19 pandemic, we were only able to host the Christmas Fair and Family Disco, with the Quiz night hosted virtually, and the summer fair cancelled. The total surplus from these fundraising activities was £25,026 (2019 - £39,477).
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Grants to the School totalled £18,253 (2019 - £54,504) and were made up as follows: £17,803 for classroom resources (teaching, materials and books); Lastly £450 was spent on the Year 6 leaving celebration.
FINANCIAL REVIEW
The statement of financial activities shows total funds of £29,885 at 31[st] August 2020 (2019 - £23,257).
Reserves policy
The Committee’s policy is to ensure that sufficient funds are held to allow for the provision of grants to the school for the following year.
Signed on behalf of the Committee
Liam Morton, Treasurer
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FRIENDS OF ST JAMES’ SCHOOL
STATEMTENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
| FOR THE YEAR ENDING 31STAUGUST 2020 | |||
|---|---|---|---|
| 2020 | 2019 | 2018 | |
| INCOMING RESOURCES | |||
| Activities for generating funds (note a) | 27,899 | 46,992 | 82,518 |
| TOTAL INCOMING RESOURCES | 27,899 | 46,992 | 82,518 |
| = | |||
| RESOURCES EXPENDED | |||
| Costs of generating funds (note a) | 2,872 | 7,515 | 14,001 |
| Charitable activities (note b) | 18,253 | 54,504 | 51,736 |
| Expenses/investments (note c) | 146 | 0 | 0 |
| TOTAL RESOURCES EXPENDED | 21,271 | 62,019 | 65,737 |
| NET MOVEMENT OF FUNDS IN YEAR | 6,628 | -15,027 | 16,781 |
| Total funds brought forward | 23,257 | 38,284 | 21,503 |
| TOTAL FUNDS CARRIED FORWARD | 29,885 | 23,257 | 38,284 |
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources expended derive from continuing activities,
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FRIENDS OF ST JAMES’ SCHOOL
BALANCE SHEET
AS AT 31[ST] AUGUST 2020
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| CURRENT ASSETS | |||
| Debtors | - | - | - |
| Cash at bank | 29,885 | 23,257 | 38,284 |
| 29,885 | 23,257 | 38,284 | |
| LIABILITIES | |||
| Creditors falling due within 1 year | |||
| Unbanked cheque | - | - | - |
| NET ASSETS | 29,885 | 23,257 | 38,284 |
| THE FUNDS OF THE CHARITY | |||
| Restricted funds | - | - | - |
| Unrestricted funds | 29,885 | 23,257 | 38,284 |
| TOTAL CHARITY FUNDS | 29,885 | 23,257 | 38,284 |
Notes on pages 5 to 7 form part of these accounts
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FRIENDS OF ST JAMES’ SCHOOL
NOTES ON THE ACCOUNTS
FOR THE YEAR ENDING 31[ST] AUGUST 2020
| (a) ACTIVITIES FOR |
|||
|---|---|---|---|
| GENERATING FUNDS | Costs | Income | Surplus |
| Family Disco | 1,388 | 2,654 | 1,265 |
| Christmas events | 194 | 4,576 | 4,383 |
| Summer fair* | 1,258 | 293 | -965 |
| Small Events | 33 | 3,145 | 3,112 |
| Quiz | 0 | 895 | 895 |
| Art Fair | 0 | 0 | 0 |
| EasyFundraising | 0 | 358 | 358 |
| Family Contributions | 0 | 10,232 | 10,232 |
| Local Corporate | 0 | 600 | 600 |
| Corporate Matching | 0 | 5,114 | 5,114 |
| Gift Aid | 0 | 0 | 0 |
| 2,873 | 27,899 | 25,026 |
-
- Summer fair income/expense relate to some of the 2018-2019 event expenses & income, for which payment was not processed until the 2019-2020 fiscal year.
(b) CHARITABLE EXPENDITURE
| Capital Expenditures | 0 |
|---|---|
| IT Expenditures | 0 |
| School Programming & Grants | 500 |
| Teaching Resources | 17,303 |
| Workshops | 0 |
| Year 6 Related | 450 |
| 18,253 |
(c) EXPENSES/INVESTMENT
| PTA membership | 110 |
|---|---|
| JustGiving Fees | 36 |
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FRIENDS OF ST JAMES’ SCHOOL
NOTES ON THE ACCOUNTS
FOR THE YEAR ENDING 31[ST] AUGUST 2020
ACCOUNTING POLICIES
BASIS OF PREPARATION
The principal accounting policies adopted in the preparation of the financial statements are set out below.
INCOMING RESOURCES
Income from fundraising activities is recognised as earned when the related goods and services are provided.
Investment income is recognised on a receivable basis.
Income from charitable activities is recognised where there is entitlement, certainty of receipt, and the amount can be measured with sufficient reliability.
RESOURCES EXPENDED
Expenditure is recognised when liability is incurred.
Costs of generating funds comprise the direct costs of the fundraising activities and any allocated support costs.
Charitable activities comprise either grants to the School or expenditure for the benefit of the School’s pupils, together with any allocated support costs.
ALLOCATION OF COSTS
Costs are allocated between direct charitable and other expenditure according to the nature of the costs. Where items involve more than one category they are apportioned between the categories according to the nature of the costs.
REALISED AND UNREALISED GAINS AND LOSSES
All realised gains and losses are recognised in the accounts.
RELATED PARTY TRANSACTIONS
The charity trustees were not paid or reimbursed expenses during the year and no charity trustee received any emolument or payment for professional or other services.
INVESTMENT INCOME
All of the investment income arises from an interest bearing bank account.
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