**Charity Registration No. 1011711**
# **THE SCHOOL FEES CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **THE SCHOOL FEES CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr M. C. Gowar, Chairman|
|---|---|
||Mr T. Love|
||Mr N. Wallace|
||Mr A. K. B. Cater|
||Ms H. Berry (Appointed 22/6/2023)|
||Mr N. Roskilly (Appointed 22/6/2023)|
|**Charity number**|1011711|
|**Principal address**|37 Swan Street|
||Kingsclere|
||Newbury|
||Berkshire|
||RG20 5PR|
|**Independent examiner**|Matthew Cleghorn FCA BSc (Hons),|
||Anova The Barn, Meadow Court|
||Faygate Lane|
||Faygate|
||Horsham|
||West Sussex|
||RH12 4SJ|
## **THE SCHOOL FEES CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 11|
## **THE SCHOOL FEES CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
The Trustees present their report and financial statements for the year ended 31 August 2023
. 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 governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016).
## **Objectives and activities**
The main activity of the Trust is to provide financial assistance to families suffering temporary hardship in order that the education of their children attending independent schools may be maintained (for public benefit).
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
The main source of the Trust's income was by way of unassigned claims from SFTS Trustees Limited.
Seven grants were made during the financial year to a value of £18,731. All grants by the Trust are at the Trustees' discretion. Commitments at 31 August 2023 are disclosed in note 6 to the accounts.
The usual maximum award granted is 25% of the net fee. Grants are generally made for a maximum period of one year, to cover three academic terms. However, this may be extended to cover a further three academic terms following receipt of confirmation, prior to the start of the next academic year that the applicant's financial situation has not materially changed. From time to time the trustees ask the recipient to return all or part of the bursary to enable other parents to be assisted in the future.
## **Public Benefit**
The Trustees confirm they have complied with the duty in section 17(5) of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'. The charitable purposes of the Trust are set out in its constitution.
## **Achievements and performance**
The Trustees are reporting a net surplus of £9,564 (2022: surplus of £10,198). They also report reserves of £37,163 (2022: £27,599).
The Trustees are satisfied with the financial position of the Charity and confirm that:-
1. Cash is held on interest bearing bank accounts, with the exception of balances required for day to day expenditure.
2. The accounts comply with current statutory requirements.
## **Financial review**
The year produced a reduced number of applications. The Trustees made such awards as they felt they prudently could to meet the level of need.
The level of income received by the Trustees is irregular. In addition, the primary source of that income is from surplus benefits accruing on policies written by SFTS Trustees which are likely to reduce in the future. Further, those surplus benefits are subject to administrative charges which dilute the net amount receivable by the Trustees.
Accordingly, unless other or new sources of income emerge, the scope for the Trustees to make awards in the future may well be reduced. The Trustees will keep the Trust’s financial position under careful review and will only make awards which they consider prudent.
## **Reserves policy**
The Trustees have agreed that a figure amounting to no less than the grants required for the current term and the agreed awards for any future terms should be held in reserve at any one time.
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## **THE SCHOOL FEES CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_
## **Investment policy**
The Deed of Trust of the Charity does not place any specific restrictions on the way in which the Charity can operate nor on its investment powers.
## **Risk Management**
The Trustees are responsible for assessing and controlling the risks to which the Charity is subject. Risk management is an ongoing process during the year and there is a formal review of the Charity's risk management process on an annual basis. Particular areas of risk addressed by the Trustees include the following: governance; operational; financial and law and regulation compliance.
## **Structure, governance and management**
The School Fees Charitable Trust is a registered charity (registered number 1011711). The Trust was constituted under a trust deed dated 18 October 1991, as amended 27 May 1992.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr M C Gowar - Chairman
Mr B Richards (Resigned 17 November 2022) Mr T Love Mr N Wallace Mr A K B Cater Ms H Berry (Appointed 22 June 2023) Mr N Roskilly (Appointed 22 June 2023)
New Trustees are appointed by current Trustees and will usually have a knowledge of independent education; the term of trusteeship is unlimited. The Trustees meet three times a year for decision making purposes.
The Trustees' report was approved by the Board of Trustees.
**Mr M C Gowar - Chairman** Trustee
**Mr A K B Cater**
Trustee
Dated: 14 March 2024
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## **THE SCHOOL FEES CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE SCHOOL FEES CHARITABLE TRUST**
I report to the Trustees on my examination of the financial statements of The School Fees Charitable Trust (the Trust) for the year ended 31 August 2023.
## **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 Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 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 examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
- 1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
Matthew Cleghorn FCA BSc (Hons), Anova
The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ
Dated:
- 3 -
## **THE SCHOOL FEES CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
||||**Unrestricted**|Unrestricted|
|---|---|---|---|---|
||||**funds**|Fund|
||||**2023**|2022|
|||**Notes**|**£**|**£**|
|**Income**
**from:**|||||
|Donations and legacies||**3**|30,000|25,000|
|**Total income**|||30,000|25,000|
|**Expenditure**
**on:**|||||
|Charitable activities||**4**|20,436|14,802|
|**Net income/(expenditure) for the year/**|||||
|**Net movement in funds**|||9,564|10,198|
|Fund balances at 1 September 2022|||27,599|17,401|
|**Fund balances at 31 August 2023**|||37,163|27,599|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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## **THE SCHOOL FEES CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 AUGUST 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**9**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2023**
**£**
-
39,422
39,422
(2,279)|**2022**
**£**
**£**
-
25,000
5,965
30,965
(3,366)
37,163
37,163
37,163
37,163|**£**
-
27,599|
|---|---|---|---|
||||27,599|
||||27,599|
||||27,599|
The financial statements were approved by the Trustees on 14 March 2024
Mr M C Gowar - Chairman Mr A K B Cater **Trustee Trustee**
- 5 -
## **THE SCHOOL FEES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
## **1 Accounting policies**
## **Charity information**
The School Fees Charitable Trust is an unincorporated charitable trust and the principal address is 37 Swan Street, Kingsclere, Newbury, Berkshire, RG20 5PR.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors 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 Incoming resources**
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 received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.5 Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to a particular headings, they are allocated to activities on a cost basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
- 6 -
## **THE SCHOOL FEES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **1.7 Impairment of fixed assets**
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.8 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 three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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## **THE SCHOOL FEES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised 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 liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified 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 effective interest method.
## **2 Critical accounting 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 assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|Donations from related entities
**Donations from related entities**
From SFTS Trustees|**2023**
**£**
30,000
30,000
30,000
30,000|**2022**
**£**
25,000|
|---|---|---|
|||25,000|
|||25,000|
|||25,000|
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**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_
## **THE SCHOOL FEES CHARITABLE TRUST**
## **4 Charitable activities**
|**Support**
**Charitable**
**costs**
**grants**
**2023**
**2023**
**£**
**£**
Grant funding of activities
(see note 5)
-
18,731
Share of support costs (see
note 6)
1,165
-
Share of governance costs
(see note 6)
540
-
1,705
18,731
**Grants payable**
Grants to individuals|**Total**
Support
Charitable
Total
**2023**
costs
grants
2022
2022
2022
**£**
**£**
**£**
**£**
18,731
-
12,952
12,952
1,165
224
-
224
540
1,626
-
1,626
20,436
1,850
12,952
14,802
**Charitable**
**grants**
Charitable
grants
**2023**
2022
**£**
£
18,731
12,952
18,731
12,952|Total
2022
**£**
12,952
224
1,626|
|---|---|---|
|||14,802|
|||12,952|
## **5 Grants payable**
The charity calculates the funds available for grants on a cash received basis. The financial statements are prepared on an accrual basis.
## Commitments
As at 31 August 2023, the charity had proposed to pay grants to individuals in three installments over the 2023-24 academic year of £20,724 (2022: £19,554).
- 9 -
## **THE SCHOOL FEES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_
## **6 Support costs. Basis of allocation**
|**Support Governance**
**costs**
**costs**
**£**
**£**
Depreciation
-
-
Website
Miscellaneous
1,104
61
-
Independant examiners'
remuneration
-
540
Secretarial fees
-
-
1,165
540
Analysed between
Charitable activities
1,165
540|**2023**
**£**
-
1,104
61
540
-
1,705
1,705|**2022**
**£**
190
0
34
1,626
-|
|---|---|---|
|||1,850|
|||1,850|
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
## **8 Employees**
There were no employees during the year.
## **9 Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
||**Computer equipment**|
||**£**|
|**Cost**||
|At 1 September 2022|942|
|At 31 August 2023|942|
|**Depreciation and impairment**||
|At 1 September 2022|942|
|Depreciation charged in the year|0|
|At 31 August 2023|942|
|**Carrying amount**||
|At 31 August 2023|-|
|At 31 August 2022|-|
- 10 -
## **THE SCHOOL FEES CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
|**10**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**
Other creditors
Accruals (owed to SFTS Trustees from 2021)|**2023**
**£**
-
**2023**
**£**
540
1,739
2,279|**2022**
**£**
25,000|
|---|---|---|
|||**2022**
**£**
1,626
1,740|
|||3,366|
## **12 Related party transactions**
There were no other disclosable related party transactions in the year. The compensation paid to key management personnel is carried by Endsleigh Insurance Services Ltd.
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