ALL HALLOWS FARNHAM CHARITABLE TRUST {LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Registered Company No.. 02925196 Registered Charity No.. 1041017 ALL HALLOWS FARNHAM CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Pago Contents Report of the Trustees Report of the Auditor's Statement of Financial Activities Balance Sheet Statement of A¢¢ounting Policies 9-10 Notes lo the Finanoial Slatements ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES The Trustees present their report and audited financial statements lor the year ended 31 March 2021. REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES C Anderson lappointed 13 November 2020) M A Baines lappointed 1 July 20201 P D Doyle (resigned 30 April 20201 P J Jukes J V Madden T J S McGinn D Spare G Stephens (resigned 9 June 2020} SECRETARY C S Antrobus REGISTERED OFFICE All Hallows Catholic School Weybourne Road Farnham Surrey GU9 gHF REGISTERED COMPANY NUMBER 2925196 REGISTERED CHARITY NUMBER 1041017 AUDITOR Haysmacinlyre LLP Chartered Accountsn15 10 Oueen Street Place London EC4R IAG BANKERS HSBC Bank PIC 74 High Street Alton Hampshire GU34 1EZ INVESTMENT MANAGERS Fund5milh 33 Cavendish Square London W1G DPW ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUEDI The financial statements have been prepared in accordance with the Co¢rpanies Act 2006. the Charities Act 2011 and reporting by charities.. Slalemenl of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (second edition efleclive. 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The company was incorporated on 3 May 1994 as a company limited by guarantee and is a ￿gIStered charity. The numt*r of trustees is never less than three. The Iruslees may appoint new Iruslees as required and the secretary lo the Trust is appointed by the trustees, in ac¢ordance with the Memorandum & Articles of Association. Trustees The Trustees of the company, who are also the charity Iruslees, who served during the year and up lo the date of this report are as follows'.- l Ander80n lappointed 13 November 2020) M A Baines (appointed 1 July 20201 P D Doyle {resigned 30 Apnl 20201 P J Jukes J V Madden T J S McGinn D Spare G Stephens (resigned 9 June 2020} Secretary C S Antrobus Risk Assessmont Whilst the emergence and spread of a coronavirus has significantly impacted economies and organisations worldwide during 2020 and 2021, due to the nature of its activities Ihe specific impact on the company lies solely on the economy's impact on the m8n8ged investment fund as set out in note 3. The Trustee5 have assessed the major risks lo which the Trust is exposed, in particular those related to its operations and finances, and are satisfied that there are controls in place lo miligate exposure to such risks. Recruitment, inductSon and tyainlng ol trustees Existing trustees identify new trustees and one to one induction takes place with the Chair. Selective reading material is provided lo all Iruslees. OBJECTIVES AND ACTIVITIES The objectives of the Trust are the advancement of Roman Gatholic religion and education and the provision of education and educational facilities to All Hallows Catholic School in Farnham, Surrey (the School). The principal activity throughout the year was managing the Trust's assets. leasing the Sixth Form Centre to All Hallows Catholic School and continuing to raise funds for the benefit of the School. Publlc Benefit The trustees have given due consideration to the Charity Commission's guidance on public benefit when considering the activities the charity undertakes. The provision of educational facilities at All Hallows Catholic School is of benefit to the local community. The Sports Hall is hired out lo clubs in the evenings and at weekends. ACHIEVEMENTS AND PERFORMANCE The rents received from the School. together wilh donations from parents of students al the School, covered the cost of bank loan repayments. It was also possible to make donations to Ihe School towards the c05t of capital improvements and equipment. ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUEDI FINANCIAL REVIEW A summary of the results for the year is given on Page 7 of the financial statements. The Trustees consider the state of affairs lo be satisfactory. Treasury management and investment policy Investing the charitable fLFnds first look place in 2D18J19. There are no restrictions on the Charlly's power lo invest The Charity's investments are managed day-to-day by Fundsmith, a third-party fund manager. which the Trustees meet with periodically to review performance, income requirements and market trends. Reserves Policy The charity has free reserves, namely unrestricted funds not represented by fixed assets or bank loan, of £774,573 12020". £542.3441 al the year end. Its accumulatèd surpluses are being applied towards providing grants and for future capital projects lo benefit All Hallows Farnham Catholi¢ S¢hool. The Trustees find the current level of reserves to be satisfactory. FUTURE PLANS The Trust will make available to curriculum departments of the School malohed-funding grants to enhance the provision of education and support the aims and objectives of the School. The Trust will work to save funds with the alm of contributing towards a new English Library and Media Centre in the next f&w years. STATEMENT OF TRUSTEES. RESPONSIBILITIES The TrLJStees (who are also the dire¢tors} are responsible for preparing the Report of the Trustees and the financial statement8 in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Ger7erally Accepted Accounting Practice}. Company law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable Company and of Ihe incoming resources and application of resources, including the income and expenditure, of the charitable Company for that period. In preparing these financial stalemenls, the Trustees are required to,. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP., • make judgements and eslimales that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls,. and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the company will continue in businèss. The Trustees are responsible for keeping proper accounting rewrds that disclose with reasonable accuracy at any lime ot the financial position of the charitable company and enable them lo ensure that the financial statements cornply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and deleGtion of fraud and other irregularities, So far as each of the Trustees is awa￿ al the time the report Is approved". there is no relevant audit information of which the company's auditors are unaware.. and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo es18blish that the auditors are aware of that information. This report has been prepared in accordance with the Special provisions relating lo companies subject to the small companies regime within part 15 of the Companies Act 2006. This report wa5 approved by the Board of Trustees on i*1 IZI 2021 and signed on its behalf by M A Baines Trustee INDEPENDENT AUDITOR'S REPORT TO THE MEPJiBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST OPINION We have audited the financial statements of All Hallows Famham Charitable Trust for the year ended 31 March 2021 which comprise the Slalement of Financial Aclivilie5, the Balance Sheet and notes to the financial stalemenls, including 8 summary of significant aceounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard appli¢ab18 in thg UK and Republic of Ir8land (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at ended 31 March 2021 and of the charitable company's nel movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordance with United ￿'ngdoM Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing {UK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in ac¢ordance with the ethical reqLJirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In 2iJditing the financial slalements, we have concluded that the Iruslees, use of the going Concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, May cast significant doubt on the group's ability to continue as a going concern for a peri(xl of al least twelve months from when the financial statements are aulhorised for issue. Our responsibllilies and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The trustees are responsible for the other information. The other information comprises the information included in the Report ol the Trustee5. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit Df the financial statements, our responsibility is to read the other information and, in doing so. considei whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be malertally misslated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information. we are required to report thal fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit." the information given in the Report of the Trustees (which includes the Direclorfs report prepared for the Wfposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financia1 slalements., and the Directors. report included within lle Report of the TrLtstee5 has been prepared in accordance with applicable legal requiremènts. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of th8 knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Report of the Trustees Iwhich incorporates the Trustees, report}. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company., or the charitable company financial statements are not in agreement with the accounting records and relurr¢s', or certain disolosures of Trustees, remuneration specified by law aTe not made". or we have not received all the information and explanations we require lor OUT audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and lake advantage of the small companies, exemptions in preparing the trustees, report and trom the requirement lo prepaie a strategic report. RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the trustees, responsibilities statement set out on page 3, the Iruslees (who are also the Trustees of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as Ihe Iruslees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charit8bSe company's abillty lo continue as a going concern, disclosing, as applicable, mallers related lo going concerrTr and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the linancial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opir¢ion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delect a material misstatement when il exists. Misstatements can arise from fraLtrd or error and afe considered material if, individually or in the aggr￿ate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. rregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are Capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the prin¢ipal risks of non1, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilits.es are initially recognised al historical cost or transaction value unless othe￿ise slated in the relevant accounting policy notelsl. There were no critical areas of judgment or eslimalion used in preparing the financial statements. bl Going ooncem The trustees consi¢Jer there are no material uncertainties about the ¢harity'$ ability lo continue as a going concern. The review Df our financial position and reserves levels, particularly including the investment portfolio, and future plans gives trustees Confidence the charity remairns a going concern for the foreseeable future. c} Income All income is included in the stalemenl of financial aclivikn'es when the charity is enlilled lo the income, il is probable that income will be received and the amount can be quantified with reasonabl8 accuracy. Income received for the year is wholly attTibutable to the continuing activities of the company and il is earned entirely within the United Kingdom. dl Expenditure The irrecoverable element of VAT is included with the item of expense lo which il relates. Charitable activitses relates to costs incurred in delivering the charity's ackn'vilies and servi¢es to its bener￿larieS. Governance cosls are cosls incurred in meeting the ¢onslilultonal and slatulory requirements of the charity. e} Cash Flow Statement The company has taken advantage of the exemptions provided by SORP IFRS 102} and has not prepared a cash Ilow statement f()r the year. Tang¥ble fixèd assets Tangible fixed assets are staled al cosL Depreciation is provided lo write off the cost of r￿ed assets over their eslimaled useful Ilves as follows.. Long Leasehold Property Furniture and Fittings Life of the Lease 20¥0 per annum g) Investments Investments are a form of basi¢ financial instrument and are initially shown in the accounts at market value. When sh8rès are disposed, any realised gains or losses on the disposal of shares is recognised in the Slalemenl of Financial Aclivilies. Movements in the market values of investments are shown as unreali5ed gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying values or their purchase value if a¢qui￿d subsequent to the first day of the financial year. Unrealised gains anij losses are calculated as the difference between the fair value al the end of the year and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. ALL HALLOWS FARNHAM CHARITABLE TRUST STATEMENT OF ACCOUNTING POLICIES ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 h) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts dLte. il Cash at bank and in hand Cash al bank and cash in hand includes cash and amounts held in liquid bank accounts. Il Crgditors and provislon5 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 lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount aller allowing for any trade discounts due kl Flnancial instruments Basic financial instruments are initially recognised al IransaGtion value and subsequently measured at amortised cost with the exception of investments which are held at market value. Financial assets held amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash al bank and in hand is defined as all cash held in instant a¢￿sS bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except accruals and provisions. l} Taxatlon The company is a registered charity and no lax is payable on its Gharilable income and surpluses re-applied to ils charitable purposes. 10 ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 EXPENDITURE other Costs Total 2021 Depreciation Charitable 8clivitses.' Costs of operations Donations Interest payable on bank Soan Governance costs 47,284 1,098 9,760 5.926 5.400 48,382 9,760 5,926 5,400 47,284 22,184 69,468 other Costs Total 2020 Comparatlve period Dopre¢lation Charit8bl6 activities.. Costs of operations Donations Interest payable on bank loan Governance costs 47.284 1.156 715 9,187 3,450 48.440 715 9,187 3,450 47,284 14,508 61,792 The goverrnance costs of the charity include only the audilof s remuneration costs recognised i the year of £5,40012020'. £3,450) which lakes into actounl an £800 recognition liming difference whereby fees charged were £4.600 {2020.. £4,250). No remuneration was paid to any of the Trustees in the year12020'. £Nil}. No staff were employed by the charity {2020.' nonel. FIXED ASSETS 6th Form C6ntr8 Furniture and fixtyres Total COST At 1 April 2020 945,674 9,951 955.625 DEPRECIATION At 1 April 2020 Charge for the year 258,413 47.284 9,951 268,364 47,284 Al 31 March 2021 305.697 9,951 315,648 NET BOOK VALUE Al 31 March 2021 639,9TI 639,977 At 31 March 2020 687.261 687.261 The fixed assets are wholly used for the company's charitable purpose. The leasehold properties are with All Hallow5 Catholic School. On the 18 July 2014 a new 20-year lease was signed for the 61h Form Centre which was completed in the year lo 31 hAarch 2015 and the costs incurred have been depreciated from September 2014 when the building came into use. 11 ALL HALLOWS FARNHAPA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEWIENTS l¢ontlnuad> FOR THE YEAR ENDED 31 MARCH 2021 INVESTMENTS 2021 2020 As at 1 April 2020 Additions Unrealised gainl{lossl 474,155 72,000 146,793 403,798 72,000 11,6431 As al 31 March 2021 692,948 474,155 The above investment holding is held fully a$ equity units with a histortc cost of £518,000 12020.. £446,000). DEBTORS 2021 2020 Trade debtors Other debtors Prepayments 9,900 19,072 618 9,900 19,304 1,148 29,590 30.352 CREDITORS: Amounls falllng due within one year 2021 2020 Social secLJrity and other taxes Accruals Bank loan {see note 71 4,950 4,600 94,800 4.950 3,450 94,800 104,350 103,200 CREDITORS: Amounts falling due after one year 2021 2020 Bank loan (see note 7) 20,890 109.764 BANK LOAN 2021 2020 Due within one year Due wilhin one to two years Due within Iwo to live years 94,800 20,890 94,800 94,800 14,964 115,690 204.564 The loan is secured by a debenture comprising fixed and Iloating charges over all the assets and undertaking of All Hallows Farnham Charitable Trust and a first legal mortgage over Ihe leasehold property of All Hallows Farnham Charitable Trust known as the Sixth Form Centre and Auditorium, All Hallows RC School, Weybourne Road, Farnham, Surrey. Interest on the loan will be charged al 2.5'/0 per annum over the Bank of England Base Rale and the loan is for a term of seven years and six months from the drawdown date of 13 January 2015. 12 ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuod) FOR THE YEAR ENDED 31 MARCH 2021 SHARE CAPITAL The company is limited by guarantee and as such has no issued share capital. Each mernberfs guarantee is limited to an amount of up to £1 per member. RELATED PARTY TRANSACTIONS A 20 year lease with All Hallows Catholic School for the 61h Forrn Cèntr8 commenced on 18 July 2014. Rent of £8,250 per month is receivable for the life of the lease. One month's rent is included in trade debtors al 31 March 2021 12020. one monthl. P Doyle, a Trustee of the Trust unlil 30 April 2020, acted as Headleacher of All Hallows Catholic School, Farnham, Surrey. M A Baines, a Trustee of the Trust since 1 July 2020. acted a5 interim Headteacher of All Hallows Catholi¢ School, Farnham, Surrey from June 2020. The Trust donated £nil to the School in the year 12020 - £7151. Trustees donated £3012020- £1201 to the Trust in the year. 13 ALL HALLOWS FARNHAM CHARITABLE TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 FOR TRUSTEES INFORMATION ONLY 2021 2020 INCOME Donations Gift aid receivable Rental income Bank interest 78,413 19,072 99,000 79,968 19,3(14 99,000 22 196.493 198,294 EXPENDITURE Professional fees Loan interest Sundry Donations 5,400 5,926 1,098 9,760 3,450 9,187 1,156 715 {22,184) 114.508) OPERATING SURPLUS FOR THE YEAR 174,309 183,786 Depreciation {47.284) 147,284) SURPLUS FOR THE YEAR BEFORE GAINSIILOSSESI ON INVESTMENTS 127.025 136,502 Unrealised gainslllossesl on investments 146,793 11,6431 SURPLVS FOR THE YEAR 273,818 134,859 This page does not form part of the statutory financial statements. 14