CITY OF LONDON SCHOOL CHARITABLE TRUST
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST
2021
REGISTERED CHARITY NO 1020824
CITY OF LONDON SCHOOL CHARITABLE TRUST
CONTENTS
| Trustees’ report | 1 |
|---|---|
| Independent examiner’s report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the accounts | 10 |
CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES REPORT 2021
Introduction
The trustees present their report along with the accounts of the Trust for the year ended 31 August 2021 for the City of London School Charitable Trust (‘CLSCT’ or the ‘Charity’). The accounts have been prepared in accordance with the accounting policies set out on pages 10 and 13 and comply with the charity’s trust deed and applicable law.
Structure, Governance and Management
The Trust was set up under a Deed of Trust dated 5 April 1993. This was amended by a Trustee Resolution under section 280 Charities Act 2011 dated 2[nd] November 2018.
The following have been trustees during the year:
Mr T Levene (ex officio) Chair Mr J Thomson Mr A Bird (ex officio) Mr C Griffiths (ex officio) – retired as Trustee January 2022. Mr I C N Seaton
Mr Arnold Flanagan (ex officio) – appointment to be confirmed May 2022
None of the trustees received any remuneration in respect of their services to the Charity.
Under the Governing structure of the Charity, three trustees are appointed ex officio as officers of The City of London School, comprising the Chair of the Board of Governors, the Head, and the Bursar. Additional trustees are appointed according to Charity’s Trust Deed, and the skills required to operate the charity effectively. Decision making by the trustees occurs in accordance with the Trust Deed. New trustees are appointed by the existing trustees.
Trustees control the day to day running of the Charity as there are no paid employees.
Induction and Training of Trustees
Training is appropriate to requirements and provided to trustees to undertake their duties. New trustee induction is overseen by existing trustees.
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CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES REPORT 2021 cont.
Objectives and Activities for the Public Benefit
The objects of the Charity set out in the Deed of Trust are to carry out charitable activities as determined by the trustees.
Since 2018 the Charity has focused its charitable purpose to act as the School’s main vehicle for funds raised for the following:
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(a) the promotion of education (including physical training) at the School by the provision of bursaries and other forms of financial assistance for fees and / or other costs incurred through attendance at the School to enable pupils to further their education at the School by for example providing financial assistance to those who:-
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i. would not otherwise be able to enter the School having been accepted, for financial reasons; or
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ii. having commenced education at the School would not be able to continue their education at the School, due to a change in financial circumstance.
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(b) the advancement of education of pupils of the School in particular but not exclusively by providing or assisting in the provision of buildings or facilities for education, including social and physical education and education in music and arts.
The School recruited a new professional development team to target fund raising for the School during 2018 and 2019. The School and trustees agreed that funds raised by this team would be available, subject to trustee agreement, for use by the Charity for its purposes.
The trustees have due regard in these objectives to the Charity Commission’s public benefit guidance when setting objectives and planning activities.
Achievements and Performance
In the year to 31 August 2021, the City of London School Charitable Trust’s income increased by 45% to £731,337. The Trustees are hugely grateful for the continued generosity of the donors to the Trust.
As in prior years, the majority of donations received in the year went to supporting transformational bursaries for children hoping to attend CLS but unable to pay the fees.
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The development team ran a number of successful fundraising campaigns during the year, including regular giving from alumni and parents as well as cultivating major prospects. This includes125 parents supporting the school via the Parents’ Bursary Scheme, raising over £100,000 in year. A full report of activities and the impact of donations received can be found at: https://www.cityoflondonschool.org.uk/support-us/reasons-to
The School’s development team reached full staffing in 2019 comprising 3.8 FTE’s (2 in 2018) and commencing fund raising for the School, focused on means tested bursaries and capital projects, throughout 2019 and 2020. The School’s policy is to cover the entire cost of the development team activity, ensuring that as close to all funds raised from donors is directed solely towards the charity’s purposes.
During the year a total of £731,337 was raised towards means tested bursaries (2020: £403,588). These funds were held as short-term bank deposits, with cash and deposits accordingly increasing to £1,399,499 by year end (2020: £689,356). The charity’s current policy is to generate income from fund raising, which will be accumulated in the charity’s current accounts and if necessary, short term deposits, until required
Public Benefit
The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the general guidance issued by the Charities Commission on public benefit.
Risk
The Management Committee considers risk issues on a regular basis and acts to mitigate risk to which the charity is exposed as and when required.
Financial Review
General review
The accounts of the Charity are given on pages 8 to 13 of this report. Total income for the year was £731,337 (2020: £403,588), of which £nil (as per 2020) was unrestricted, £nil was designated (as per 2020) and £731,337 (2020:403,588) was restricted toward funding bursaries.
Expenses of £112,962 in the year to August 2021 largely relate to bursaries paid for during the year. There were no staff or trustee costs, and other administrative and governance costs were minimal, largely relating to the cost of examination and filing. Net income amounted to £618,375 (2020: £273,143).
The funds raised were held in short-term deposit accounts with the Charity’s banks.
Fundraising for bursaries
The Development and Alumni Relations Office was fully staffed throughout 2020/2021. Team members include a Director of Development and Alumni Relations, a Philanthropy Manager, an Alumni Engagement Manager and a Development Officer.
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CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES REPORT 2021 cont.
During the year, key projects included:
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The launch of the 1442 Society, to recognize those individuals who support the school via a legacy in their Will
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The production and sending of the 2020/2021 Impact Report
Reserves & Investment Policy
During the academic year funds are raised and invested in such a way as to earn the maximum bank interest to support the objectives of the Charity.
At the year end the Charity had cash and short-term deposits of £1,329,411 (2020: £649,290).
The Charity’s current reserve and investment policy with respect to the Designated Funds is currently to hold funds in cash or short-term deposits at UK banks until meaningful levels of funds have been amassed to finance the bursary programme at the School. Such bursary awards, when made, will be at the discretion of the trustees.
Future Plans
The future plans of the charity are to support the School’s bursary provision by building a meaningful fund for disbursement in line with the charity’s purpose.
Independent Examination
As permitted by both charity law and the Charity’s own trust deed, the trustees have removed the requirement for the annual accounts to be audited by means of a deed of variation to the original trust deed.
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CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES REPORT 2021 cont.
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts 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 to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe 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 disclosed and explained in the accounts; and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES REPORT 2021 cont.
Professional Advisors
The following persons and companies act for the trustees:
Independent Examiner: Mark Cummins FCCA, FCIE TC Group The Courtyard Shoreha Road Upper Beeding Steyning West Sussex BN44 3TN Bankers: CAF Bank Ltd. & HSBC 25 Kings Hill Avenue 60 Queen Victoria Street Kings Hill London West Malling EC4N 4TR Kent ME19 Solicitors: Bates Wells 10 Queen Street Place London EC4R 1BE Trustee Trust City of London School Queen Victoria Street London EC4V 3AL address: Dated: 16 June 2022
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF THE CITY OF LONDON SCHOOL CHARITABLE TRUST
I report to the trustees on my examination of the City of London School Charitable Trust (the Trust) for the year ended 31 August 2021, which are set out on pages 8 to 13.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the trustee’s accounts carried out under section 145 of the 2011 Act and 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
Since the charity’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 I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(i) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(ii) the accounts do not accord to those records; or
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(iii) the accounts 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.
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(iv)
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.
Mark Cummins FCCA, FCIE
On behalf of TC Group Office: Steyning
Date: 20 June 2022
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CITY OF LONDON SCHOOL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THR YEAR ENDED 31 AUGUST 2021
| Notes INCOME FROM: Donations 2 TOTAL INCOME EXPENDITURE ON: Raising funds 3 Charitable activities 5 TOTAL EXPENDITURE 4 NET INCOME/EXPENDITURE TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted Year Year Funds Funds Funds ended ended 31/08/2021 31/08/2020 £ £ £ £ £ - - 731,337 731,337 403,588 |
|---|---|
| - - 731,337 731,337 403,588 |
|
| - - 690 690 675 - - 112,272 112,272 129,770 |
|
| - - 112,962 112,962 130,445 |
|
| - - 618,375 618,375 273,143 525 7,189 551,912 559,626 286,483 |
|
| 525 7,189 1,170,287 1,178,001 559,626 |
The notes on page 10 to 13 form part of these accounts
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CITY OF LONDON SCHOOL CHARITABLE TRUST BALANCE SHEET AS AT 31 AUGUST 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 6 | 70,088 | 40,066 |
| Short Term Deposits & Cash at Bank | 1,329,411 | 649,290 | |
| 1,399,499 | 689,356 | ||
| CREDITORS AND ACCRUALS: amounts falling | |||
| due within one year | |||
| Payments Due to Charities | 7 | 219,698 | 126,550 |
| Accruals | 7 | 1,800 | 3,180 |
| 221,498 | 129,730 | ||
| NET CURRENT ASSETS | 1,178,001 | 559,626 | |
| NET ASSETS | 1,178,001 | 559,626 | |
| REPRESENTED BY: | |||
| Unrestricted Fund | 14 | 525 | 525 |
| Designated Fund | 12 | 7,189 | 7,189 |
| Restricted Fund | 13 | 1,170,287 | 551,912 |
| ACCUMULATED FUND | 1,178,001 | 559,626 | |
| The notes on page 10 to 13 form part of these accounts | |||
| Approved by the Trustees on 16 June 2022 and signed on their behalf by:- |
Trustee
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CITY OF LONDON SCHOOL CHARITABLE TRUST
NOTES TO THE ACCOUNTS
1. STATEMENT OF ACCOUNTING POLICIES
Basis of accounting:-
The accounts have been prepared in accordance with Accounting and Reporting by the 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland.
City of London School Bursary Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). There are no material uncertainties about City of London School Bursary Trust ability to continue as a going concern.
Cash Flow Statement:-
In accordance with Section 7 of FRS 102 the charity is claiming exemption from the requirement to prepare a cash flow statement on account of its size.
Investments:-
Fixed asset investments are stated at their fair value at the balance sheet date using the closing quoted market price. Interest, dividends and realised and unrealised gains/losses are accounted for an on accruals basis.
Income:-
Donations and similar incoming resources are included when receivable.
Investment income is included when receivable.
Deferred income in relation to future fundraising events is accounted for in the year the event takes place.
Expenditure:-
Expenditure is included on an accruals basis, with the irrecoverable element of VAT included with the item to which it relates.
Costs of raising funds comprises the costs associated with attracting donations income.
Charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Bursaries payable to the City of London School are recognised on a termly basis for each boy for whom the Trustees have agreed to support.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include independent examiners fees and costs linked to the strategic management of the charity.
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CITY OF LONDON SCHOOL CHARITABLE TRUST
NOTES TO THE ACCOUNTS cont
Debtors:-
Trade and other debtors are recognosed at the settlement amount due after any trade discount offered.
Cash at bank and in hand:-
Cash at bank and in hand includes cash and short term highly liquid investments. The trustees seek to use short term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.
Creditors and provisions:-
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Critical accouning estimates and judgements:-
In the application of the Charity’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.
The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.
Accumulated funds
Unrestricted funds are funds which can be applied for any purpose. Designated funds are funds set aside by trustees to be spent on a specific purpose. Restricted funds are funds whereby the donor has specified how such funds should be spent.
2. VOLUNTARY INCOME
| Donations and gifts | Unrestricted Designated Restricted 2021 2020 £ £ £ £ £ - - 731,337 731,337 403,588 |
|---|---|
| - - 731,337 731,337 403,588 |
3. COSTS OF RAISING FUNDS
| Bank Charges Fundraising Costs Sundry |
Unrestricted Designated Restricted 2021 2020 £ £ £ £ £ - - 36 36 83 - - 594 594 592 - - 60 60 - |
|---|---|
| - - 690 690 675 |
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CITY OF LONDON SCHOOL CHARITABLE TRUST
NOTES TO THE ACCOUNTS cont
4. TOTAL EXPENDITURE
| Grant funding | Other | Total | Total | |
|---|---|---|---|---|
| of activities | costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Costs of generating funds per note 3 | - | 690 | 690 | 675 |
| Charitable activities: | ||||
| Grants / Bursaries payable | 93,148 | - | 93,148 | 126,550 |
| Support costs | - | 1,200 | 1,200 | 3,220 |
| Other Bursaries | - | 17,924 | 17,924 | - |
| 93,148 | 19,814 | 112,962 | 130,445 |
Support costs (including governance costs) were as follows:
£1,200 (2020 - £1,200) Independent examiners fees. £nil (2020 - £nil) Adminstration costs.
None of the trustees (or any persons connected with them) received any remuneration from the charity during the year.
There were no employees during the year.
| 5. CHARITABLE ACTIVITIES - Grants City of London School - Bursaries payable SUPPORT COSTS (INCLUDING GOVERNANCE COSTS) 6. DEBTORS Accrued Donations 7. CREDITORS Payments due to charities Accruals |
2021 2020 £ £ 93,148 126,550 |
|---|---|
| 93,148 126,550 |
|
| 2021 2020 £ £ 1,200 1,200 |
|
| 2021 2020 £ £ 70,088 40,066 |
|
| 70,088 40,066 |
|
| 2021 2020 £ £ 216,698 126,550 1,800 3,180 |
|
| 218,498 129,730 |
8. TAXATION
No provision for taxation is included in the accounts as the Charity is entitled to the exemption for tax afforded by Part 10 of the Income Tax Act 2007 and Section 256 of the Chargeable Gains Act 1992.
9. STATUS
The City of London School Charitable Trust is a charity set up under Deed of Trust for grant giving.
10. RELATED PARTY TRANSACTIONS
There are no related party transactions in 2021 or 2020.
11. CONTROL
No one trustee has overall control of the Trust.
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CITY OF LONDON SCHOOL CHARITABLE TRUST
NOTES TO THE ACCOUNTS
12. DESIGNATED FUNDS
| Bursary fund | As at Income Expenditure Transfers As at 01/09/2020 31/08/2021 £ £ £ £ £ 7,189 - - - 7,189 |
|---|---|
| 7,189 - - - 7,189 |
The bursary fund represents reserves set aside by trustees to fund future bursaries.
13. RESTRICTED FUNDS
| Bursary fund | As at Income Expenditure Transfers As at 01/09/2020 31/08/2021 £ £ £ £ £ 551,912 731,337 ( 112,962) - 1,170,287 |
|---|---|
| 551,912 731,337 (112,962) - 1,170,287 |
The bursary fund represents funds received by the Charity specifically to be spent on future bursaries.
14. NET ASSETS BETWEEN FUNDS
| Balances as at 31 August 2021 Current assets Current liabilities Balances as at 31 August 2020 Current assets Current liabilities |
Unrestricted Designated Restricted Total £ £ £ £ 525 7,189 1,391,785 1,399,499 - - ( 221,498) ( 221,498) |
|---|---|
| 525 7,189 1,170,287 1,178,001 |
|
| Unrestricted Designated Restricted Total £ £ £ £ 525 7,189 681,642 689,356 - - ( 129,730) ( 129,730) |
|
| 525 7,189 551,912 559,626 |
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