ALL HALLOWS FARNHAPJI CHARITABLE TRUST (LIMITED BY GUARANTEE} FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Registered Company No.. 02925196 Registered Charity No.. 1041017
ALL HALLOWS FARNHAM CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Contents Report of the Trustees Report of the Auditors Statement of Financial Activrties Balance Sheet Statement of Accounting Policies 9-10 Notes to the Financial Statement$
ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES The Trustees present their report and audited financial statements for the year ended 31 March 2023. REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES C l Anderson M A Baines P J Jukes J V Madden T J S McGinn D Spare SECRETARY C S Anlrobus REGISTERED OFFICE All Hallows Catholic School Weybourne Road Farnham Surrey GU9 9HF REGISTERED COMPANY NUMBER 2925196 REGISTERED CHARITY NUMBER 1041017 AUDITOR Hay$ma¢1nty LLP Chartered Accountants 10 Queen stet Place London EC4R 1AG BANKERS HSBC Bank PIC 74 High Street Alton Hampshi GU34 1 EZ INVESTMENT MANAGERS Fundsmith 33 Cavendish Square London W1GOPW
ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES (CONTINUED) The financial statements have been prepared in accordan with the Companies Act 2006, the Charities Act 2011 and reporting by charities.. Statement of Recommended Practice applicable lo charities preparing their financi21 statements in accordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (second edition effective, 1 January 2019}. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The company was incorporated on 3 May 1994 as a company limited by guarantee and is a registered charity. The number of trustees is never less than three. The Iruslees may appoint new trustees as required and the secretary lo the Trust is appointed by the trustees. in accordance with the Memorandum & Articles of Association. Trustees The Trustees of the company, who are also the charity trustees, who served during the year and up to the date of this report are as follows'.- C Anderson M A Baines D Spare P J Jukes J V Madden T J S M¢Ginn Secretary C S Anlrobus Rlsk Assessment Whilst the emergence and spread of a coronavirus has significantly impacted economies and organisations worldwide during 2020 through lo present day in 2023, due to the nature of its activities the specific impact on the company lies solely on the economy's impact on the managed investment fund as sel out in note 3. The Trustees have assessed the major risks lo which the Trust is exposed, in parb"¢ular those related lo its operations and finances, and are satisfied that there are controls in place to mitigate exposure to such risks. Recruitmen( induction and training of trustees Existing trustees identrfy new trustees and one lo one induction takes pla wrf(h the Chair. Selective reading matefial is provided to all trustees. OBJECTIVES AND ACTIVITIES The objectives of the Trust are the advancement of Roman Catholic lIgiOn and educab.on 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. Public Bene 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 al All Hallows Catholic School is of benefit to the local community. The Sports Hall is hired OLrt to clubs in the evenings and at weekends. ACHIEVEMENTS AND PERFORMANCE The rents received from the School, together with donations from parents of students at the School. covered the cost of bank loan repayments. It was also possib5e to make donations lo the School towards the cost of capital improvements and equipment.
ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES ICONTINUEDI FINANCIAL REVIEW A summary of the results for the year is given on Page 7 of the financial statements. The Trustees consider the slate of affairs to be satisfactory. Treasury management and investment policy Investing the charitsble funds first took place in 2018119. There are no restrictions on the Charity's power to invest. The Charity's investments are managed day-to-day by Fundsmith, a third-paty fund manager, whieh 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 £1,121,015 12022." £932,336) at the year end. Ils accumulated surpluses are being applied towards providing grants and for future capital projects lo benefit All Hallows Farnham Catholic School. The Trustees find the current level of resetves to be satisfactory. FUTURE PLANS The Trust will make available to curriculum departments of the School matched-funding grants to enhance the provision of education and support the aims and objectives of the School. The Trust wll work lo save funds with the aim of contributing towards a new English Library and Media cent in the next few years. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who a also the directors) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting practi}. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial slatemenls, the Trustees are required lo". select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable aecounling standards have been followed, subject to any material departures disclosed and explained in the financial statements." and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the company will continue in busines$. The Trustees a resFX)nsible for keeping proper accounting records that disclose with reasonable accuracy at any lime of the financial position of the charitable company and enable Ihern to ensure that the financial statements comply with the Companies Act 2006. They are also spOnsIble for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Trustees is aware al the time the report is approved.. there is no relevant audrt information of which the company's auditors are unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audf( informab'on and lo establish that the auditors are aware of that informab"on. This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within part 15 of the Companies Act 2006. This report was approved by the Board of Trustees on l December 2023 and signed on its behalf by M A Baines Trustee
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST OPINION We have audited the financial statements of All Hallows Farnham Charitable Trust for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting 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 St8ndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial staternents- give a true and fair view of the state of the charitable company's affairs as at ended 31 March 2023 and of the charitable company's net movement in funds, including the income and expenditure, 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 Companies Act 2(x)6. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing {UKI IISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial stslements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to 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 the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded that the tnjstees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilib.es and the responsibilities of the trustees with spect to going concern a described in the relevant sections of this report. OTHER INFORMATION The trustees are responsible for the other infomiation. The other infomation comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements, we are required to determine whether there is a material misstslement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 n our opinion, based on the work undertaken in the course of the audit.. the infomi8b.on given in the Report of the Trustees (which includes the Direclorfs report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financi81 statements,. and the Dire¢lors' report included wthin the Report of the Trustees has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charitable eompany and ils environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees Iwhich incorporates the Trustees, reporti. We have nothing to report in respect of the following matters in relats'on to which the Companies Act 2006 requires us lo report to you rf, in our opinion.. adequate accounting records have not been kept by the charitable company", or the charitable company financial stslements are not in agreement with the accounting records and returns.. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the finaneial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the trustees, responsibilities stslement set out on page 3, the trustees (who are also the Trustees of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free trom material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are sponsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going ¢on¢ern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDrr OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5slatemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordan with ISAS IUKI will always dete¢t a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggrate, 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 regulations. Vve design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecbng irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as corporation tax, and sales tsx_
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST We evaluated managemenys incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of eontrolsl, and determined that the principal risks were related lo posting inappropriate journal entries lo revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regLJlators and lax authorities,. Discussions with management including consideration of known or suspected instances of non-complian with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularities", Identifying and testing joumals., Challenging assumptions and judgements made by management in their critical accounting estimates., and agreeing the validity of recognised receivables on a sample basis and challenging the recoverability assumptions, further assessing for any fraud or bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that comp5iance with a law or regulation is removed from the events and transactions refiected in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. A further description of our responsibilities for the audit of the financial statements is Iwaled on the Financial Reporting Council's website at". frc oru.uklaudiiorsres onsibililies. This description fomis part of our auditor's report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might state to the charitable company's members those matters we are required lo stale lo them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Lee Stokes. Senior Statutory Audltor for and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG I l December 2023 Dale..
ALL HALLOWS FARNHAM CHARITABLE TRUST STATEWIENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Total Unrestricted Funds 2023 Total Unrestricted Funds 2022 INCOME AND EXPENDITURE Income from: Donations 98,389 99.991 Other trading activities= Rental income 99,000 99,000 Investments.. Interest received Total Income 197,389 198,994 Expenditure on: Charitable activities 55,643 59,042 Total expenditure 55,643 59,042 Net income before gains on investments 141,746 139,952 Unrealised gains on investments 23,102 62,764 Net movement in funds 164,848 202,716 Balances brought fonmard at 1 April 2022 1,501,576 1,298,860 Balan$ carried forward at 31 March 2023 1,666,424 1,501,576 l activities a continuing. The accompanying notes form part of these finan¢ial statements.
ALL HALLOWS FARNHAM CHARITABLE TRUST Company Number: 02925196 BALANCE SHEET AS AT 31 PIiARCH 2023 2023 2022 Notes FIXED ASSETS Tangible fixed assets Investments 545,409 938,814 592,693 827,712 1,484,223 1,420,405 CURRENT ASSETS Debtors Cash at bank and in hand 29,924 162,732 30,089 84,485 192,656 114,574 CREDITORS: Amounts falling due within one year 110,4551 133,403) NET CURRENT ASSETS 182,201 81,171 NET ASSETS 1,666,424 1.501.576 UNRESTRICTED FUNDS General Reserve 1.666,424 1,501,576 Approved by the Board of Trustees and authorised for issue on l December 2023 and were signed below on ils behalf by.. M A Baines Trustee The accompanying notes fomi part of these financi81 statements.
ALL HALLOWS FARNHAM CHARITABLE TRUST STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023 al Basis of Accounting The financial statements have been prepared in accordanee with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 8pplic2ble in the UK and Republic of Ireland IFRS 1021 (second edition, effective 1 January 2019 - (Charities SORP {FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al histoncal cost or transaction value unless otherwise slated in the levant accounting policy notelsl. There were no critical areas of judgment or estimation used in preparing the financial statements. bl Going concern The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern. The review of our financial position and reseNes levels, particularfy including the investment porffolio, and future plans gives trustees confidence the charity remains a going concern for the foreseeable future. c} Income All income is included in the statement of ffnancial activities when the charty is entitled to the income, il 15 probable that income will be received and the amount can be quantified with reasonable accuracy. Income received for the year is wholly attributable to Ihe continuing aclivitses of the company and it is earned entirely within the United Kingdom. dl Expenditure The irrecoverable element of VAT is included with the item of expense to which rt relates. Charrtable activities relates to costs incurred in delivering the charills activf(ies and ServIS to its beneficiaries. Governan costs are costs incurred in meeting the consb'tutional and statutory requirements of the charty. el Cash Flow Statement The company has taken advantage of the exemptions provided by SORP IFRS 1021 and has not prepared a cash flow statement for the year. Tangible fixed assets Tangible fixed assets are slated at cost. Depreciation is provided to write off the cost of fixed assets over their eslimaled useful lives as follows.. Long Leasehold Propety Furniture and Fittings Life of the Lease 20,/0 per annum gl Investments Investments are a form of basic financial instrument and are initially shown in the accounts al market value. When shares are disposed, any realised gains or losses on the disposal of shares is recognised in the Ststement of Financial Activities. Movements in the mart(et values of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference betteen sales proceeds and their opening carying values or their purchase value if acquired subsequent to the first day of the financial year. unrealis gains and losses are calculated as the difference between the fair value at 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 CHARrrABLE TRUST STATEMENT OF ACCOUNTING POLICIES ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 h} Debto Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dIountS due. il Cash at bank and in hand Cash at bank and cash in hand includes cash and amounts held in liquid bank accounts. Il Credltors 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 lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due kl Financial instrurnents Basic financial instruments are initially recognised at transaction value and subsequently measured al amortised cost with the exception of investments which ao held at market value. Financial assets hekl amortised cost comprise cash al bank and in hand, together wff(h trade and other debtors. A specific provision is made for debts for which recoverability is in doubt Cash at bank and in hand is defined as all cash held in instant aecess bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except accruals and provisions. l} Taxation The company is a registered charity and no tax is payable on its charitable income and surpluses re-applied to its charitable purposes. 10
ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 EXPENDITURE Other Costs Total 2023 Depreciation Charitable activtsies.. Costs of operations Interest payable on bank loan Govemance costs 47,284 1.380 100 6,879 48,664 100 6,879 47,284 8.359 55,643 Other Costs Total 2022 Comparatlve perlod Depreciation Charitable activities.. Costs of operations Donations Interest payable on bank loan Governance costs 47,284 1,277 3,000 2,481 5,000 48,561 3,000 2,481 5,000 47,284 11,758 59,042 The govemance costs of the charity include only the auditorfs remuneration costs recognised in the year of £6,879 12022.. £5,000) which lakes into account an £1,12912022'. £nill recognition timing difference whereby fees charged were £5,75012022.' £5,000). No remuneffjtion was paid to any of the Tnjstees in the year 12022.. £Nill. No stsff were employed by the charily12022'. none.). FIXED ASSETS 6thFo Centre Furniture and fixturos Total COST Al 1 April 2022 and at 31 March 2023 945,674 9,951 955,625 DEPRECIATION Al l April 2022 Charge for the year 352,981 47,284 9,951 362,932 47,284 At 31 March 2023 400,265 9.951 410,216 NET BOOK VALUE Al 31 March 2023 545,409 545,409 Al 31 March 2022 592,693 592,693 The fixed assets are wholly used for the company's charitable purpose. The leasehold properties are wtth All Hallows Catholic School. On the 18 July 2014 a new 20-year lease was signed for the 6th Form Centre which was completed in the year to 31 March 2015 and the costs incurred have been depreciated from September 2014 when the building came into use. 11
ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH 2023 INVESTMENTS 2023 2022 As at 1 April 2022 Additions Unrealised gain 827,712 88,000 23.102 692,948 72.000 62,764 As at 31 March 2023 938,814 827,712 The above investment holding is held fully as equity units with a historic cost of £678,00012022.. £590.0001. DEBTORS 2023 2022 Trade debtors Other debtors Prepayments 9,900 19,310 714 9,900 19,571 618 29,924 30,089 CREDITORS: Amounts falling due within one year 2023 2022 Social security and other taxes Accruals Bank loan (see note 61 4,705 5.750 4,950 5,000 23,453 10,455 33,403 BANK LOAN 2023 2022 Due within one year 23,371 23,371 The loan is secured by a debenture comprising fixed and floating charyes over all the assets and undertaking of All Hallows Farnham Charitable Trust and a first legal mortgage over the 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 at 2.6°k per annum over the Bank of England Base Rate and the loan is for a temi of seven years and six months from the drawdown date of 13 January 2015. The loan was fully repaid during the year. 12
ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 SHARE CAPITAL The company is limited by guarantee and as such has no issued share capital. Each memberfs 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 6th Fomi Centre commenced on 18 July 2014. Rent of £8,250 per month is receivable for the life of the lease. One month's nt is included in trade debtors at 31 March 202312022. one month). Trustees donated £012022.. £301 to the Trust in the year. 13
ALL HALLOWS FARNHAM CHARITABLE TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 FOR TRUSTEES INFORMATION ONLY 2023 2022 INCOME Donations Gift aid receivable Rental income Bank interest 79,073 19,316 99,000 80.420 19,571 99.000 197,389 198,994 EXPENDITURE Professional fees Loan interest Sundry Donations 6.879 100 1.380 5,000 2,481 1,277 i,000 {8,359) (11,758) OPERAT5NG SURPLUS FOR THE YEAR 189,030 187,236 Depreciation {47,2841 147,284) SURPLUS FOR THE YEAR BEFORE GAINS ON INVESTMENTS 141,746 139,952 Unrealised gains on investments 23,102 62,764 SURPLUS FOR THE YEAR 164,848 202,716 This page does not fomi part of the statutory financial statements. 14