Registsred Charbty number.. 1020824 THE CITY OF LONDON SCHOOL CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR END 31 AUGUST 2023
THE CITY OF LONDON SCHOOL CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr T Levene lex officiol Chair Mr l Thomson Mr A Bird lex officbo) Mf I C N Seaton Ms A Comiskey- appointed l Decefflbef 2022 Mr l Hall lex officiol- appointed 19 May 2023 Charity Number 1020824 Prlnc5pal Address City of London School Queen Victoria Street London EC4V 3AL Auditors TC Group The Courtyard Shoreham Road Upper Beedin8 Steyning West Sussex BN44 3TN Bank HSBC plc I Centenary Square Birmingham BI IHQ Solicitors Bates Wells 10 Queen Street Place London EC4R IBE
THE CITY OF LONDON SCHOOL CHARITABLE TRUST CONTENTS Page Trustees, Report ststement of Trustees, Responsibilities Report of the Independent Auditor5 Statement of Financial Activities Balance Sheet io Cash Flow Statement li Notes to the Financial Statements 12
THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Introduction The trustees presenttheir report along with the actounts of theTrustforthe year ended 31 August 2023 for the City of London School Charitable Trust I'CLSCT, or the 'Charity'l. The accounts have been prepared in accordance with the a¢¢ounting policies set out on pages 12 and 13 and comply with the charlty's tfust deed and applicable law. Strurture Governance and Mana ement The Trust was set up under a Deed of Trust dated 5 April 1993. This was amended by a Trustee Resolution nd under 5ertion 280 Charities Act 2011 dated 2 November 2018. The following have been trustee5 during the year.. Mr T Levene lex officiol Chair Mr J Thomson Mr A Bird lex officiol Mr I C N Seaton Ms A Comi5key- appointed as Trustee as at l December 2022 Mr Arnold Flanagan lex officiol- retired as Trustee as at 18 May 2023 Mr john Hall lex officiol- appointed as Trustee as at 18 May 2023 None of the trustees received any remuneration in respect of their services to the Charity. Under the Governing strurture of the Charity. three trustees are appointed ex officio as officers of The City of London School, compiising the Chair of the Board of Governors. the Head. and the Chief Operating Officer. Additional trustèes are appointed according to Charity's Trust Deed and the skills required to operate the charity effectively. Decision making bythe trustees occurs in accordance with the Trust Deed. Nèw trustees are appointed by the existingtrustees. The Beneral governance of the charity is the respon5ibilty of the trustees, howeverthe financial administration of the charity was deleÉated to Mr Nicholas Basye, Secretary to the Trust, from 31 October 2022. Mf Basye is the Head of Finance at the City of London School and his salary is met by the school with no costs in relation to his employment being met by the charity- Indurtion and Tralnin of trustees Training is appropriate to requiremeftts and provided to trustees to undertake their duties. New trustee indurtion is overseen by existing trustees. During the course of 2022123, the trustees committed to a comprehensive review of the governance arrangements of the charity to recognI2e the growth of the charity in recent years and the anticipated further growth in future years. This governaTh review will be undertaken during 2023124.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 rtS¥es and Artlvltles forthe Publlt Benefrt The objects of the Charltyset out in the Deed of Trust are tocarry out¢haritable activities as dètermined by the trustees. Slnce 2018 the Charity has focused its charltable purpose to act as the School's maln vehicle for funds raised for the following.. (a) the promotion of education (including physical training) at the School by the provision of bursarles and other forms of financial assistance for fees and l or other costs Incurred throuBh attendance at the Sthool to enable pupils to further thelr educatlon at the School by fo¥ example providing financial asslstance to those who:. would not otherwise be able to enter the School havin8 been accepted, for financial reasons; or havin8 commenced education at the School would not be ablè to continue thelr education at the School, due to a change in financial circumstance. (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 edu¢ati¢n. including social and physical education and education In music and arts. The School recruited a professional development team to target fund ralsing for the School durlng 2018 and 2019. The School and trustèes agreed that funds raised by this team would be available. subject to trustee agreement, for use by the Charfjty for Its purposes. The trustees have due regard in these objectives to the Charity Commission's public benefit guidan¢e when setting objectives and planning activities. AchSevements and Performance In the year to 31 August 2023, the City of London School Charitable Trust's total income increased by 40.2% to £1,274,38512022.' £908,860) asthe Charity worked with donors to build a lon8-term base of fundlngto support pupils on transformational bur5arie5 at City of London School. Since the creation of a Development Offi within the School in 2018. work in this area has increased significantly, and the Charity now exists (ln line with its stated charitable objectives) as the main source o* funding to meet the School's Strategic aim to expand pupil access and financial support. Historically, funding to support bursaries at the School has drawn on legacy donations held with othèr historic donations. Goin8 fonard from September 2023 and beyond, this charity will become the main supporter for bursaries at City of London School, and the work of recent year5 has been to establish an appropriate financlal foundation to support that endeavour. This charity will also support the School's aspirations to increase the proportion of puplls admltted to the School In Year 7 on transformational bursarles to 15% by September 2025 and beyond. In 2022-23. the School had 80 pupils on means-tested and transformatlonal bursaries, primarily funded by the School and the Clty gf London Corporatlon itself, and other lega¢yfunds that had historically been established for thi5 purpose, along with a contributy'on of £280,726 received from the charity lequivalent to 13.3 full fee places). The trustees are gratefvl for the support of its donors, as it seeks to build the structure that will future-proof the funding of bursarie5 at City of London School land hence the Strategic Vision of the Sthooll into the future.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Achlevements and Perforniance continued The development team ran a numbèr of successful fundraising campaigns during the year, including regular 8ivin8 from alumni and parents a5 well a5 cultivating major prospects. A full report of activities and the impatt of donations received can be foL*nd at-. http5.'l/www.cityofflondonschool.org.uVsupport-us. The School's development team includes four members: Director of Development. Philanthropy Manager. Alumni Manager and Development Manager. The School's policy is to cover the entiTe cost of the development team activity, ensurin8 that as close to all funds raised from donors afe directed solely towards the charl5 purposes. During the year a total of £1,205,331 ineluding Gift Aid was raised towards means tested bursarie$12022'. £908.8601. These funds were held in bank deposits, with cash and deposits accordingly increa51ng to £3.366,908 by yearend12022.. £2,347.9681.The charitVs current policy is togenerate income frorn fund raising, wh¢ch will be accumulated in the charity's current attounts and if necessary, short-term deposits, until required. Publlc Benefit The tTUStees confirm that they have complied with the duty in Section 4 of the Charities Art 2011 to have due regard to the general guldance issued by the Charitie5 Commisslon on public benefit. Rlsk The Management Committee considers risk issues on a regular basis and arts to mitigate risk to which the charity is exposed as and when required. Finantlal Revlew General revlew The account5 of the Charity are given on pages 9 to 17 of this report. Total income for the year wa5 £1,274,385 12022.. £908,860>, of whlch £69.05412022.' £Nill was unre5trirted, £Nil was designated las per 20221 and £1,205.33112022'. £908,860) wa5 restrictèd toward funding bursaries. Expenses of £287,07012022.' £30.7881 in the yearto August 2023 largely relate to bursaries paid for during the year. There were no staff ortrustee costs, and other administrative and govemance costs were minimal, largely relating to the cost of examination and filing. Net in¢ome amounted to £987,31512022'. £878,072). The funds raised were held in deposit accounts with the Charivs banks.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Reseryes & Investment Pojlcv At the year end the Charity had cash deposits of £3,366,90812022: £2.347.9681. Thls follows the decision of the trustees to bulld a base of funding to support pupils at the School. The Charity's current reserve and investment policy 15 currentlyto hold funds Cash or short.temi deposits at UK banks until meaningful levels of funds have been amassed to ffinance the bursary pro8ramme ot 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 charitys purpose. Audltors Durlng the year, the TC Group was chosen to act as the independent audltor to the organisation. A5 far a5 each person who was a Trustee at the date of approving this report are aware, there is no relevant audit information of which the charit¢s auditor 15 unaware. Additionally, the trustees individvally have taken all the nècessary steps that they ought to have taken as trustees in order to make themsefves awa of all relevant audit information and to establish that the charity's auditor is aware of that information. This report was approved by the Trustees on and signed on their behalf, by: Trustee Date.. 18 June 2024
THE CITY OF LONDON SCHOOL CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 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 Prarticel. including Financial ReportingStandard FR5102'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Charity law requires the Trustees, to prepare accounts for each financial year which give a true and falr v¢ew of the state of affairs of the charity and of the incoming rèsources and application of resource5, including the income and expenditure, of the charrty for that year. In preparing these accounts, the Trustees are required to= select suitsble accounting policies and then apply them consistentlv.. observe the methods and principles in the Charitles SORP; make judgements and estimates that are reasonable and prudent,. 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 proper accounting records that disclose with reasonable accuracy at anv time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. 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 irregularlties.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlon We have audited the financial statements of The City of London School Charitable Trust for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financièl statements, includlng a summary of significant a¢counting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102 The Financlal Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the state of the charitVs affairs as at 31 August 2023 and of its incoming resources and application of Tesource5 for the year then ended- have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charltles Act 2011. Basis for opinion We condurted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audrt of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevantto our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrèments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis tor our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going toncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned, we have not identrfied any material uncertaintles relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a 8oin8 concern for a period of at least twelve months from when the financlal ststements are authorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sectlons olthls report. Other Inforniatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information ¢ontained within the annual report. Our opinion on the finantial statements does not tover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responslbllity is to read the other information and, in doing so. consider whether the other information is materialty inconsistent with the linancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi5Stated. If we identify su¢h material in¢onsiSten¢ies or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misststement of this other information, we arè requlred to report that fact We have nothing to report in this regard.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Mattèrs on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the directors, report. We have nothing to report in respett of the following matters in relation to which the Charities IAccounts and Reports) ReÉulations 2008 requires us to report to you if, in our opinion.. dequate accounting records have not been kept. or returns adequate for our audlt have not been received from branche5 not visited by us., or the financial statements are not in agreement with the accountin8 records and returns; or we have not received all the information and explanations we require for our audit. Responslbllltle5 of trustets As explained more fully in the trustees. responsibilities statemenl the tiustees are responsible for the preparation of thè financial statements and for being satisfied that they give a true and fair view, and for such internal control as the tru5tee5 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to gging concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltle5 for the audit of the ftnanclal ststements Our objectives are to obtain reasonablè assurance about whether the financlal statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurancè is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. The extent to which our procedures are capable of detecting irregularities. including fraud. 1% detailed below. Extent to which the audit was consSdered capable of detèrtlng Irregularftles, includlng fraud The objectives of our audit, in respect to fraud, are= to identify and assess the risks of material mlsstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regardin8 the assessed risk5 01 material misstatement due to fravd, through designing and implementing appropriate responses.. and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detettion of fraud rests with both those charged with governance ofthe entity and its maA8gement. Our approach was as follows.. We identified areas of laws and re8ulations that could reasorably be experted to have a material effect on the financial statements from OUT general commèrcial and sertor experience, and throu8h discusson with the directors and other management las required by auditlng standardsl, and discussed with the direttor5 and other management the polities and procedures regarding compliance with laws and regulations; We identified the following areas as those most Ilkely to have such an eflect.. hèalth and safety.. General Data Protection Regulation IGDPRI; fraud,. bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance wlth these laws and regulations to enquiry of the trustees and other management and inspertion of regulatory and legal correspondence. rf anv. We considered the legal and regulatory frameworks directly applicable to the tlnancial statements reporting framework IFRS 102 and the Charities Act 20111 and the relevant tsx compliance re8ulation5 in the LIK,.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS We considered the naturè of the Broup's operations. the control environment and business performance, including the key drivers for managemenys remuneration,. We communicated identified laws and reg¢Jlations throughout our team and remalned alèrt to any Indication5 of non-tompliance throughout the audit- We consldered the procedures and controls that the group has established to address risks identlfied, or that otherwise prevent, deter and detect fraud- and how senior management monitors those proBrammes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulation5. Where the risk was considered to be hlgher. we performed audit procedures to address each identified fraud rlsk. These procedures included.. testing manual journals,. reviewing the financlal statement disclosures and testin8 to supporting documentation.. performing analytical procedures,. and enquirin6 of management. and were desi8ned to provide reasonable assurance that the financial statements were free from fraud or error. Owlng to the inherent limitations of an audit, there is an unavoldable rlsk that we may not have detected some mater4al misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with audlting standards. For example, the further removed non-compliance with laws and regulations lirregularitie51 15 from the events and transactlons reflected in the financial st3temerbts, the less likely the Inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irlegularitiès occurring due to fraud rather than error, asfraud involves intentional concealment, forgery. collusion, omission or mi5repre5entstion. We are not responsible for preventing non-compliance and cannot be experted to detect non-complian¢e with all laws and regulations. A further deserlption of our responsibilities for the audit of the flnan¢lal statements is located on the Financlal ReportinB Council's website at-. htt www.frc.or Our-work Audit Audit-and-assurance Standard5-and- uidante Stanards-and- uidance-for-auditors Auditor5-res onsibilities-for-audit Descri tion-of-auditors- onslbilities-for-audit.as x. This description forms part of our auditorfs report. re5 Use of our report This report is made solely to the charity'5 mernbers, as a body, In accordance with the Charities Att 2011. Our audit work has been undertaken so that we might state to the charitws members those matters we are required to state to them in an auditorfs report and foi no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charit¢s members as a body, for our audit work, for this report, or for the opinions we have forrned. Mark Cummlns FCCA (Sènior Statutory Audltorl for and on behalf of TC Group Statutory Auditors Office: Sussex Dated- 20 June 2024
THE CITY OF LONDON SCHOOL CHARITABLE TRUST CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES IINCLUDING THE INCOME ANO EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST2023 Unrestrirted funds Desl8natÈd funds Restrfcted funds Total 2023 Total 2022 INCOME FROM.. Donations and gifts Investment5 Totsl income Notes 1,205,331 1,205.331 69.OS4 1,274,385 908,860 69.054 69.054 1,205,331 908,860 EXPENDITURE ON: Raisin@ funds Charitsble activities Total expendfture 104 286,966 287.070 104 3,137 27.651 30,788 286, 287,070 Net incomel1expendituI 69.054 918,261 987,315 878,072 Net movtment lfi funds 69,054 918,261 987.315 878.072 Recontlllatlon of fund5 Total funds brought forward 525 7.189 2.048359 2.056.073 1,178,001 Total funds carrSed forward 69,579 7,189 2.966.620 3,043,388 2,056,073 The Statement of Financial Activities includes all gains and losses CogniSed in the year. The notes on pa8es 12 to 17 form part of these financial statements.
THE CITY OF LONDON SCHOOL CHARITABLE TRUST BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Notes CURRENT AssFrs Debtors Cash at bank and in hand 384,160 3.366.908 67.016 2.347.968 12 3,751,068 2,414,984 CURRENT LIABILITIES Creditors due within one year 1707,680) 1358,9111 14Ff CURRENf ASSETS 3,043,388 2.056,073 TOTAL ASSErs 3.043.388 2,056,073 FUNDS Restricted funds Designated funds Unrestricted fund5 2,966,620 7.189 69,579 3.043.388 2,048,359 7,189 525 2,056,073 The financial statements were approved and authorised by the Board of Trustees on behalf bv.. and slgned on thelr JoHfvJ 14RtL Trustee 18 June 2024 The notes on pages 12 to 17 form part of these financial statements io
THE CITY OF LONDON SCHOOL CHARITABLE TRUST CASH FLOW STATEfvIENT FOR THE YEAR ENDED 31 AUGUST 2023 Notes 2023 2022 Cash flows from operating actlvities Net cash provided by operatin8 artivities li 949,886 1,018,557 Cash flows from Investlng artl¥ities Interest from investments 69.054 Net Cash used In In¥e5ting •¢tiyities 69.054 Change In ¢ash and cash equlvalents In the yèar 1.018.940 1,018,557 Cash and cash equivalents at the beginning of the year 2.347.968 1,329,411 Cash and lash 4uivalènts at the end of the year 3.366.908 2,347,968 The note5 on pages 12 to 17 form part of thesè financial statements li
THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2023 ACcoU1Nfj POLICIES 1.1 Basls of preparatlon of flnan¢lal statements The finaneial statements have been prepared in accordance with Charities SORP IFRS1021 Aecounting and Reporting by Charitie5.' Statement of Recommended Prartice applicablè to Charities preparing their accounts in accordance with Flnanclal reportlng Standard applicable in the UK IFRS 1021 leffertlve l January 20191, the Financial Reportlng Standard appli¢able in the UK IFRS 1021. The financial statements are prepared in sterling, which is the fijnctional CUrn(Y ol thè charity. Monetary amounts in these financial statements are rounded to the nearest pound. The City of London School Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historl¢al Cost or transactitsn value unless otherwise stated In the relant accountin8 politv. 1.2 Golng Concern At the time of approving the financial statèments, thè tru%tee5 have a reasonable expectatyon that the Charity has adèquatè resources to continue in operational existence for the foreseeable future. In arrivin8 at thls conclusion, the trustees have taken into account the ongoing economlc uncertainty on its artivities and finance5. Thu5 the trustees contlnue to adopt the golng concern basis Sn preparing the ftnancial statements. 1.3 Income All income is recognised oncè the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured rellablv. Donations and similar incoming resources are included when receivable. Investment income is included when ceIvable. Deferred income in relation to future fundralsing events is accounted for in the year the event takes place. 1.4 Expendlture Expenditure is induded on an accruals basis, with the irrecoverable element of VAT included with the item to which It relates. Costs of raisin8 funds comprises the costs associated with attractlng donatlon Income. Charltsble artitIeS comprlses those costs incurred by the charity in the delNery of Its adivffcies and servl¢es for its beneficiaries. 8ur5aries payable to the City of London School are recognised on a tem71y basis for each pupil for whom the Trustees have agreed to support. Governance ¢osts include those costs asSOClated wth meetingthe constitutional and ststutory requ4rements of the charity and include audit fees. independent examlners fees ènd costs linked to the strategic management of the Charity. 12
THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 AccoufrifiNG POLICIES Icontlnuedl 1.5 Dbt( Trade and other debtors are recognised atthe settlement amount after any trade discount offered. Prepayments are valued atthe amount prepaid net of any trade discoltnts due. 1.6 Cash at bank and In hand Cash at bank and in hand include cash and short-term highly Ilquid investments Wlth a short matuiity of three month5 Qr less from the date of acquisition or opening of the deposit or similar account. 1.7 Llabllltles and provlslons Lièbilitres are recogni5ed when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefitwill be required in settlement, and the amount of the settlementcan be estimated rèliably. Liabilities are recogni5ed at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activitie5 as a finance cost. 1.8 Fund ac<ountlnB General funds are unrestricted funds which are available for use atthe discretion of the Trustees in furtherance of the general objective5 of the Group and which have not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been Set 35ide by the Trustees for particular purposes. The aim and use of each designated fund 15 set out in the notes to the financial statements. Re5trirted funds are fund5 which are to be used in occordance with specific restrirtions imposed by donors which have been raised by the Group for particular purp05e5. The Costs of raising and administering suth funds are charged against such funds are charged against the specific fund. The aim and use of each restrirted fund is set in the notes tothe financial statements. INCOME FROM DONATIONS AND LEGACIES Unrestrtrted lunds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 General donations including Gift Aid 1,205,331 I,Z05,331 908,860 1.205.331 1.205.331 908,860 908,860 908,860 Total 2022 13
THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 INVESTMENT INCOME Unrestricted funds 2023 Restrfcted funds 2023 Totsl funds 2023 Total funds 2022 Interest received 69,054 69.OS4 EXPENDITURE Unrestrlrted DeslBnated funds funds 2023 2023 Restrlcted fund5 2023 Total fund5 2023 Total fund5 2022 Raising funds Bank charges Fundralslng Costs Sundry Total Ra151n8 funds 104 104 175 1,5CQ 1,462 3,137 104 104 Charitable activities Grant5lbursarie5 payable Support costs Other costs and bursaries Total Charltahle artlvltles 250,000 6,240 30,726 286.966 250000 25,611 30.726 286.966 27,651 Total expendlture 287,070 287.070 30,788 Grant fvndln¢ of artSvities Other costs 2023 2023 Total funds 2023 Total funds 2022 Activity costs 263,726 263.726 25,611 23,344 23,344 5,177 287.070 287.070 30,788 30,788 30,788 Totsl 2022 Support Support costs 2022 2023 Support costs Sncludlng Govemantt costs Fees payablè to the Charity's current auditor for the audit Independent examination fees 240 6,240 14
THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 TRUSTEES, REMUNERATION ANO EXPE145ES During the year, no Trustees received any remuneration or other benefits12022.. £Nill. Dyring the year, expensès totalling £Nil were 1MbUrSed or paid dirertly to Trustees12022= ENIII. DEBTORS 2023 2022 Due wlthln one year Accrued intome- donations 384,160 67,016 384.160 67,016 CREDITORS: AMoui¥fs FAWNG DUE wMIN ONE YEAR 2023 2022 Payments due to School Accruals 511,315 245,309 Deferred income- Note 8 190,365 707.680 111.562 358,911 DEFERRED INCOME 2023 2022 Deferred Income as at I September 2022 Income recognised in the year Income deferred during the year Deferred income as at 31 Au8U5t 2023 111.562 {111,5621 190365 190.365 111,562 111,562 Deferred income relates to donations received durin8 the Summer term 2023 in respect of the 2023124 financial year. An analysis of movements in the year is included above. 15
THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 STATEMEMf OF FUNDS Ati September 2022 At31 August 2023 Income Expendlture Transfers Vnrestrlcted general funds General funds 525 52$ 69,054 69,054 69.579 69,579 Desl8nated funds Bursaryfund 7,189 7,189 7.189 7,189 Restrirted funds Bursary fund 2,048,359 2,048,359 1,205.331 1.205.331 1287,0701 1287.0701 2.966,620 2,%6.620 Totsl funds 2,056.073 1.274.385 {287,0701 3.043,388 DESIGNATED FUNDS The bursary fund represent5 reserves set aside by trustees to fund future bvrsaries. RESTRICTED FUNDS The bursary fund represents funds received by the Charlty specifically to be spent on future bursaries. 10 ANALYSIS OF NEf ASSEfs BEtWEEN FUNDS Analysis of net assets between funds- current period Unrestrlcted funds 2023 DesFsnated funds 2023 Restrirted funds 2023 Total funds 2023 Current assets Creditors due within one year 69,579 7,189 3,674,300 1707,6801 2,966.620 3,751,068 1707.6801 3,043.388 69,579 7,189 Analysls of net assets betsveen funds- prior period Unrestricted funds 2022 Designated funds 2022 Restricted funds 2022 Totsl funds 2022 Current assets Creditors due within one year 525 7,189 2,407.270 1358,9111 2,048.359 2,414,984 1358.9111 2,056,073 525 7.189 16
THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11 RECONCILIATION OF NEf MOVEMENT IN FUNDSTO CASH FLOW FROM OPERATING ACTNITIES 2023 2022 Net income for the period las per SOFA) 987,315 878,072 Adjustments for.. Interest 169,0541 Ilncreasel / decrease in debtor5 Increase Sn creditors 1317,144) 3.072 348.769 137,413 Net cash Provid by operating artivttlès 949.886 1,018,557 12 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash in hand 3.366.9)8 2,347,968 Yotal cash and cash equlvalents 3.366.908 2,347,968 13 TAXATION No provision fortaxation is included in the accounts as the Charity is entitled to the èxèmption for tax afforded by Part 10 of the Income Tax Act 2007 and Section 256 of the Chargeable Gains Act 1992. 14 STATUS The City of London School Charitable Trust is a charity set up under Deed of Trust for grant giving purposes. 15 RELATED PARTY TRANSACTIONS There are no related party transactions in 2023 or 2022. 16 CONTROL No one trustee has overall control of the Trust. 17 POST BALANCE SHEEf EVENTS On 3110312024, the charity merged with City of london Schools Bursary Trust. All fund5 were transferred Into this charity. 17