REGISTERED CHARITY NUMBER: 1040923
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2021
for
Boteler Educational Trust
Boteler Educational Trust
Contents of the Financial Statements for the Year Ended 31 August 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
Boteler Educational Trust
Report of the Trustees for the Year Ended 31 August 2021
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
The provision of items, services and facilities for the Sir Thomas Boteler Church of England High School (the School), including making payments to the governors of the School to be used by them in discharging their obligations under the Education Acts with respect to the maintenance of the School.
The promotion of the education of persons who are in need of financial assistance in the following order of priority.: (i) persons who are attending the School: and
(ii) persons who have at any time attended the School.
If, and in so far as, the income cannot be applied in any one year towards the above-mentioned objects, it shall be applied in the provision of items, services and facilities for any other school in the Borough of Warrington or, in otherwise promoting the education, including social and physical training, of persons under the age of 25 years who are or who have a parent or parents residing in the borough of Warrington and are in need of financial assistance.
Within the limits prescribed by this scheme, the trustees shall have full power to make rules for the award of exhibitions, bursaries or maintenance allowances or other benefits, including rules as to the value and period of tenure of the awards, and the qualifications and method of ascertainment and selection of persons to benefit.
Significant activities
The Trust financially supports a number of educational projects at the School as well as providing grants, where appropriate, to individual pupils who require financial assistance.
Public benefit
In setting our objectives and planning our activities, our trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
Grantmaking
The trust will provide financial assistance to pupils, where appropriate, following an application to and approval by the board of trustees.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Following discussion with the Headteacher, a number of projects at the school were funded during the year:
Educational visits and Rewards trips, Extra- curricular activities in sports and the arts, Emotional Wellbeing Worker's salary costs, Transition (Y6 to Y7) staffing and summer school, 'Boteler Elite' programme (able and gifted pupils) and School Council, Contribution to capital work, and Leasing mobile classrooms.
There was also a grant to the school of £200,000 which was a contribution to revenue.
FINANCIAL REVIEW
Investment policy and objectives
The Trustees, after taking professional advice, have invested the Trust's free reserves in a mixture of unit trusts and deposit funds held with COIF Charities Investment Fund. The market value of such investments amounted to £1,613,955 at the year end.
Page 1
Boteler Educational Trust
Report of the Trustees for the Year Ended 31 August 2021
FINANCIAL REVIEW
Reserves policy
The charity's income is from investments held. As the charity gifts its income to Sir Thomas Boteler Church of England High School, the charity does not hold any significant cash reserves. Any reserves held reflects the value of the investments.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The scheme, which is the governing document, combining the Boteler Educational Trust and The Religious Instruction Fund and known as Boteler Educational Trust, was set up in 1994, being amended on 3 August 2003. There is also an amendment concurring a resolution by the trustees to spend £900,000 of capital, dated 1 March 2016, and, and the final instalment of this grant was made in 2018, followed by a grant of £400,000 approved by the Charity Commission on 27 August 2019, the final instalment was paid in 2020/2021.
Charity constitution
The constitution of the charity is the scheme ordered by the Charity Commission dated 1st August 2003.
A brief history of the charity
The will of Sir Thomas Boteler, Lord of the Manor of Warrington, made provision for the purchase of land and property to support a free grammar school (founded 1526) "which shall endure forever".
The governors were the trustees until 1932 when the school lost its independent status and the local authority - Warrington, then Cheshire (in 1974) - acted in that capacity but continued to make grants to the grammar school.
When the school was reorganised as a comprehensive in 1979 the funds were frozen. In 1983, the Sir Thomas Boteler High School was amalgamated with the Richard Fairclough High School to form Victoria Park County High School. The name of the school was changed to Sir Thomas Boteler High School in 1988.
After several attempts, a scheme to allow the trust funds to be applied for the benefit of the Boteler School was agreed with the Charity Commission in 1994. Trustees were appointed and the funds (£1.3M) re-invested.
The school became a Voluntary Aided Church of England High School in 2002 and the 2003 scheme reflects that change. The trustees agreed to also become the trustees of the church school. The school is now part of the Challenge Academy Trust (2017) but the Trust funds continue to be used solely for the benefit of the Sir Thomas Boteler High School.
Page 2
Boteler Educational Trust
Report of the Trustees for the Year Ended 31 August 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
There should be 4 nominated trustees and 3 co-opted trustees.
The nominated trustees must be appointed as follows:
-
2 by Warrington Borough Council,
-
1 by The Diocese of Chester, and
-
1 by the Diocese of Liverpool.
Any appointment must be made at a meeting held according to the ordinary practice of the appointing body. Each appointment must be made for:
- (a) 4 Years; or
(b) if the appointment is being made to fill a casual vacancy, the unexpired term of the appointee's predecessor. The appointment will be effective from the later of:
(a) the date of the vacancy; and
(b) the date on which the trustees or their secretary or clerk are informed of the appointment.
The person appointed need not be a member of the relevant appointing body.
The appointment of a co-opted trustee must be made by the trustees at a special meeting called under clause 17 of the Scheme.
An appointment may, but need not, be made before the date on which the term of office of an existing co-opted trustee comes to an end, to take effect on that date. In these circumstances:
(a) the appointment may not be made more than 3 months before the date on which the existing co-opted trustee's term of office is due to end; and
(b) any co-opted trustee whose term of office is about to come to an end must not vote in favour of their own re-appointment.
Each appointment must be for a term of 4 years.
The trustees must give each new trustee, on their first appointment:
-
a copy of this scheme and any amendments made to it;
-
a copy of the charity's latest report and statement of accounts
Induction and training of new trustees
New trustees undergo an induction session to brief them on their legal obligations under charity law and the content the governing document. New trustees are also briefed on the committee structure, future plans and decision making processes, along with a review of recent financial performance of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1040923
Principal address
Sir Thomas Boteler CE High School Grammer School Road Warrington Cheshire WA4 1JL
Trustees
Councillor P Walker Co-opted C R Penn Diocese of Chester J Taylor Chair Mrs A Taylor Co-opted Councillor S P Wright Warrington Borough Council Councillor H Mundry Warrington Borough Council Rev W Matthews
Page 3
Boteler Educational Trust
Report of the Trustees for the Year Ended 31 August 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW
Solicitors
FDR Law 21 Bold Street Warrington WA1 1DG
Advisers Chartered Surveyors Jolliffe Daking LLP 37 Broadway Peterborough Cambridgeshire PE1 1SQ
Morgan Williams 720 Mandarin Court Centre Park Warrington WA1 1GG
CCLA Fund Managers Limited
Senator House 85 Queen Victoria Street London EC4V 4ET
Bankers
Lloyds Bank Horsemarket Street Warrington WA1 1TP
Clerk to the Trustees
C Kressel
Treasurer
B Timmis
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 4
Boteler Educational Trust
Report of the Trustees for the Year Ended 31 August 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements 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.
Approved by order of the board of trustees on 30 March 2022 and signed on its behalf by:
J Taylor - Trustee
Page 5
Independent Examiner's Report to the Trustees of Boteler Educational Trust
Independent examiner's report to the trustees of Boteler Educational Trust
I report to the charity trustees on my examination of the accounts of Boteler Educational Trust (the Trust) for the year ended 31 August 2021.
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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
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.
L M Warburton FCA Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW
30 March 2022
Page 6
Boteler Educational Trust
Statement of Financial Activities for the Year Ended 31 August 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Sir Thomas Boteler High School - school projects Property costs Sir Thomas Boteler High School - revenue support Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 120 15,476 15,596 3,900 2,345 927 - - 7,172 - 8,424 2,863 11,287 |
Endowment fund £ - 59,648 59,648 - 70,000 - 200,000 - 270,000 157,169 (53,183) 10,999,586 10,946,403 |
Year Ended 31.8.21 Total funds £ 120 75,124 75,244 3,900 72,345 927 200,000 - 277,172 157,169 (44,759) 11,002,449 10,957,690 |
Period 1.4.19 to 31.8.20 Total funds £ 550 113,644 114,194 - 80,000 983 200,000 4,070 285,053 115,727 (55,132) 11,057,581 11,002,449 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
Boteler Educational Trust
Balance Sheet 31 August 2021
| Notes FIXED ASSETS Tangible assets 6 Investments Investments 7 Investment property 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - - - - 13,327 (2,040) 11,287 11,287 11,287 |
Endowment fund £ 9,149,000 1,613,955 151,000 10,913,955 32,448 - 32,448 10,946,403 10,946,403 |
31.8.21 Total funds £ 9,149,000 1,613,955 151,000 10,913,955 45,775 (2,040) 43,735 10,957,690 10,957,690 11,287 10,946,403 10,957,690 |
31.8.20 Total funds £ 9,149,000 1,654,441 151,000 10,954,441 50,048 (2,040) 48,008 11,002,449 11,002,449 2,863 10,999,586 11,002,449 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2022 and were signed on its behalf by:
J Taylor - Trustee
The notes form part of these financial statements
Page 8
Boteler Educational Trust
Notes to the Financial Statements for the Year Ended 31 August 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a 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.
Governance costs
Governance costs include external audit fees, legal and professional fees, clerk to the trustees' fees and expenses, and trustees' expenses.
Tangible fixed assets
School Buildings and Other Buildings in Use : These are valued in accordance with the valuation carried out by The Challenge Academy Trust in September 2017. Included in the valuations are provisions for the cost of hire of buildings to provide temporary accommodation after damage to or destruction of schools. Surpluses/deficits arising on the revaluation exercise, less any loss on disposals, are shown on the Statement of Financial Activities.
Depreciation : In accordance with the terms of trust on which they are held, the school buildings and other buildings have to be maintained in good working order in perpetuity and are therefore considered to have an indefinite useful economic life.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Investment property valuation is based on income and reflects the market value of the property subject to the tenancy agreement.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 9
Boteler Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
2. INVESTMENT INCOME
| Year Ended 31.8.21 £ Rents received 17,821 Income from CIOF investments 57,291 Deposit account interest 12 75,124 3. RAISING FUNDS Raising donations and legacies Year Ended 31.8.21 £ Support costs 3,900 4. GRANTS PAYABLE Year Ended 31.8.21 £ Sir Thomas Boteler High School - school projects 72,345 Sir Thomas Boteler High School - revenue support 200,000 272,345 The total grants paid to institutions during the year was as follows: Year Ended 31.8.21 £ Sir Thomas Boteler Church of England High School 272,345 |
Period 1.4.19 to 31.8.20 £ 16,677 96,593 374 |
|---|---|
| 113,644 | |
| Period 1.4.19 to 31.8.20 £ - Period 1.4.19 to 31.8.20 £ 80,000 200,000 |
|
| 280,000 | |
| Period 1.4.19 to 31.8.20 £ 280,000 |
continued...
Page 10
Boteler Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the period ended 31 August 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the period ended 31 August 2020.
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| COST At 1 September 2020 and 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 |
Freehold property £ 9,149,000 |
| 9,149,000 | |
| 9,149,000 |
Included in cost or valuation of land and buildings is freehold land of £9,149,000 (2020 - £9,149,000) which is not depreciated.
The valuation of the property was performed by Jolliffe Daking, Chartered Surveyors, 37 Broadway, Peterborough, PE1 1SQ on 22 December 2017 on behalf of The Challenger Academy Trust. Sir Thomas Boteler Church of England School is part of that Academy Trust. The land was valued at £805,000 and the buildings at £8,495,000 including the investment property.
This amount has been included in the 2018 accounts as a prior year adjustment as the property had previously been included at £nil.
Following discussions with the Board, a separate valuation has been obtained, in August 2019, for the part of the property which is subject to a 10 year lease from 2 February 2017. A valuation amount of £151,000 has been transferred to investment properties.
Fair value has been calculated using the method of Depreciated Replacement Cost. This means that the cost of constructing the property is calculated, and depreciated for factors such as age and obsolescence. An addition is then made for the value of the land on which the property is situated.
The above land and all other land and interests in land held by the charity at 26th July 1994 where vested in the Official Custodian for Charities by a Commissioners Scheme of that date.
continued...
Page 11
Boteler Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 September 2020 Disposals Revaluations At 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 There were no investment assets outside the UK. Cost or valuation at 31 August 2021 is represented by: Valuation in 0 |
COIF Investment fund £ 1,654,441 (196,969) 156,483 1,613,955 1,613,955 1,654,441 COIF Investment fund £ 1,613,955 |
|---|---|
On 27th August 2019, the Charity Commission gave permission for the withdrawal of capital from the endowment fund by accepting the Trustees' resolution under section 282 of the Charities Act 2011. The capital has been withdrawn in two tranches, with the last tranche being £200,000 in the current year. The income is included within Net gains/(losses) on investments. The funds were donated to the Sir Thomas Boteler Church of England High School to fund a capital project.
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 September 2020 and 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 |
£ 151,000 |
|---|---|
| 151,000 | |
| 151,000 |
The valuation of the property was performed by Morgan Williams, Chartered Surveyors, 720 Mandarin Court, Centre Park, Warrington, WA1 1GG on 21st August 2019 on behalf of The Trustees of Boteler Educational Trust.
The valuation basis is income based as the property is leased to tenants, Cheshire Day Nursery, for a term of 10 years from 14 February 2017, on a full repairing and insuring basis. The expected income is £12,200pa.
continued...
Page 12
Boteler Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Endowment Fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund Endowment funds Endowment Fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Endowment funds Endowment Fund TOTAL FUNDS |
follows: Incoming resources £ 15,596 59,648 75,244 |
At 1.9.20 £ 2,863 10,999,586 11,002,449 Resources expended £ (7,172) (270,000) (277,172) At 1.4.19 £ 689 11,056,892 11,057,581 |
31.8.21 £ 2,040 Net movement in funds £ 8,424 (53,183) (44,759) Gains and losses £ - 157,169 157,169 Net movement in funds £ 2,174 (57,306) (55,132) |
31.8.20 £ 2,040 At 31.8.21 £ 11,287 10,946,403 10,957,690 Movement in funds £ 8,424 (53,183) (44,759) At 31.8.20 £ 2,863 10,999,586 11,002,449 |
|
|---|---|---|---|---|---|
continued...
Page 13
Boteler Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment Fund TOTAL FUNDS |
Incoming resources £ 17,227 96,967 114,194 |
Resources expended £ (15,053) (270,000) (285,053) |
Gains and Movement losses in funds £ £ - 2,174 115,727 (57,306) 115,727 (55,132) |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2021.
Page 14
Boteler Educational Trust
Detailed Statement of Financial Activities for the Year Ended 31 August 2021
| Period | ||
|---|---|---|
| 1.4.19 | ||
| Year Ended | to | |
| 31.8.21 | 31.8.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 120 | 550 |
| Investment income | ||
| Rents received | 17,821 | 16,677 |
| Income from CIOF investments | 57,291 | 96,593 |
| Deposit account interest | 12 | 374 |
| 75,124 | 113,644 | |
| Total incoming resources | 75,244 | 114,194 |
| EXPENDITURE | ||
| Charitable activities | ||
| Insurance | 927 | 913 |
| Secretary's expenses | - | 70 |
| Grants to institutions | 272,345 | 280,000 |
| 273,272 | 280,983 | |
| Support costs | ||
| Governance costs | ||
| Independent examiners fee | 2,040 | 2,040 |
| Professional fees | - | 930 |
| Secretary's fees | 1,060 | 550 |
| Treasurer's fees | 800 | 550 |
| 3,900 | 4,070 | |
| Total resources expended | 277,172 | 285,053 |
| Net expenditure before gains and losses | (201,928) | (170,859) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 157,169 | 115,727 |
| Net expenditure | (44,759) | (55,132) |
This page does not form part of the statutory financial statements
Page 15