Registrt¢d Charlty NMb¢r, 1043158 Report of the Trustees and Unaudited Financial Statements for the Period ended 3 IS( March 2021 for The St George Educational Trust Hugh Williams HWBTS 20 Barra Close Highworth Wilts. SN67HX
The St George Educational Trust Contents of the Financial Statements For the year ended 31" March 2021 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements General infollnation Accounting wlicies Income from donations and legacies Expenses on charitable activities 4.a Expenditure by activities 4.b Analysis of support costs Independent examiner's remuneration Trustees, remuneration and expenses Tangible fixed assets Debtors Creditors 10. Loans Statement of fimd8 12 12 12 12 13 13 13 13
The St George Educational Trust Reference and Administrative Details of the Trns( its Trustees and Advisers For the Period ended 31°, March 202 1 Trustees: M. Fishwick P. N3coletti T. Grey Charity Registered Number 1043158 Registered Office: 225 Andover House George Yard Andover Hampshire SPIO IPB Independent Examlner: Hugh Williams 20 Barra Close Highworth Wilts SN6 7HX
The St George Educational Trust Trustees, Report for the Period ended 31" March 2021 l. Introductory The trustees present their annual repx)rt together with the fmancial statements of The Saint George Educational Trust for the period ended 31" March 2021. The annual report serves the purposes of a Trustees, Report under charity law. The trustees confirni that the Annual Report and financial statements of the charitable company comply with the requirements of the charitable trust's governing document and the provisions of the Statement of Recommcnded Practice Statement (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) effective 1° January 2019. 2. Objectlves and Actlvitles . Summary of the purposes of the Charity as set out in its governing document To promote the traditional Catholic Faith and to provide the means and facilities for its study. propagation and practice, especially in its social dimensions relating to civil society: In setting objectives and planning for activities. the trustres have given due consideration to the general guidance published by the Charity Commission relating to public benefit. b. Summary of the main activities in relation to those purposes for the public benefit, in particular the activities, projects or services identified in the accounts During this reporting period the trust concluded the successful sale of a property bequeathed to it some years ago. The Trust was pleased to be able to provide grants to Catholic associations and individuals for a variety of religious purposes, including the development of home-school programmes, pro-life work, book publishing and Sacred Chant. The trust was also pleased to be able to provide a small grant to a family in need of help with funeral expenses for a young father of many children who died suddenly and unexpectedly.
The St George Educational Trust . Statement confirniing whether the trustees have had regard to the guidance issued by the Charity Commi&8ioD on public benefit. Having regard to the guidance issued by the Charity Commission in relation to public benefit, grants totalling £87.767, including costs were provided to associations of Christian faithful and priests whose activities are in keeping with the aims and objectives of the Trust. 3. AchievemeDts and PerformaDce Summary of the main achlevements of the charity, identifying the difference the charity's work has made to the circumstances of its wider beneficiaries and any wider benefits to society as a whole. In summary, the Trnt is pleased to have been able to help with the provision and development of educational frameworks for both Catholic and general leaming in home-school environments. This undoubtedly helps students appreciate the value of solid Christian and classical education which prepares young people for their role in civil society. The Trust is also pleased to have been able to help with an exciting cultural project which aims to w)pularise sacred chant for enjoyment by a much wider audience than might nomially be expected. The trustees believe that good spirttually uplifting music that can appeal to a wider range of people is a powerful way of hclping to change people's lives for the better. 4. Financial Review . Review of the charity's financial position rdt the end of the period. The trustees are pleased to report that with a successfvl conclusion to the sale of a bequeathed property the Trust is now in a healthy financial position. Although officially valued at £700,000 the trustees managed to sell the propety for £800,000, realising a net surplus of £71,740. The Trust will now be able to reinvest the great bulk of money from the proceeds of the sale by purchasing a suitable property from which the Trust can pursue its objectives, especially in regard to the reception of the Christian Sacraments, spiritual retreats and study facilities. During this reporting period the Trust has continued to raise large amounts of donaiions by working with British bas¢d for¢ign Gommuniti¢s for furth¢r
The St George Educational Trust projects in their own county. As well as helping develop community relations within the UK, this project based co-operation is of financial help to the Trust, as it is able to benefit from a certain proportion of Gift Aid monies from donations provided by foreign nationals who live and work in the UK. b. Going Concern After making appropriate enquirie& the Trustees have a re&sonable expectation that the company has adequate resources to continue in operation for the for¢s¢eable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. c. Reserves Policy Reserves in the financial statements at the end of the financial period were £683,885 (2020 - £670,689). All reserves represent unrestricted and restricted funds, when applicable, and are held: In furtherance of the charity's objectives in the short tenns To provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice, To cover administration, fund-rdising and support costs, without which the charity could not function. d. Delayed submission of aceounts It should be noted that the filing of these accounts is considerably overdue for reasons thal the trustees were unable to avoid. This delay was caused by H M Revenue and Customs (HMRC) deciding to investigate the affairs of the trust and removing all of the trust's financial records for more than eighteen months. These records have recently been returned to the trustees, with no apparent cause for complaint by HMRC about the activities of. or record keeping by, the trustees, and this return has. at last, enabled the preparation of these accounts, albeit many months late. 5. Structure, Government and Management . Constitution The St Gcor8e Educational TTht is resistered 29 a charitable trust 2nd was set up by a trust deed.
The St George Educational Trust b. Method of appointment or election of Trustees The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom and Generally Accepted Accounting Practice). Charity Law requires the trustees to prepare fmancial statements for each financial year or period. Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the company and of its incoming resources and application of resources. including its income and expenditure for that period. In preparing these financial statements the trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles of the Charities SORP (FRS 102). Make judgements and accounting estimates that are reasonable and prudent. State whether applicable UK Accounting Standards (FRS K 02) have been followed, subject to any material departures disclosed and explained in thc accounting statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are suffjcient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the company and enabl¢ them to ensure that the financial statements comply with the Charity Law. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other ]egular1ties. Approved by order of the members of the Board of Trustees and signed on their behalf by: Michael Fishwick, Date 16 io
The St George Educational Trust Independent Examiner*s Report For the Year ended 31" March 2021 Independent Examiner's Report to the Trustees of The St George Educational Trust (The Trust) I report to the charity trustees on my examination of the accounts of the company for the period ended 31" March 2021. Responsibilities and basis of the Report As the trustees of the trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charity Law. Having satisfied myself that the accounts of the tt are not required to be audited and are eligible for independent examination. I report in respect of my examination of the company's accounts carried out under Section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examinatton I have followed the directions given by the Charity Commission under Section 145(5) of the 201 l Act. Independent Examiner's Statement I have completed my examination. I can confinn that no matters have Come to my attention in connection with the examination giving me cause to believe: l. Accounting records were not kept in respect of the company as required by Charity Law; or 2. The accounts do not accord with those records. or 3. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice (SORP) for accounting and reporting by charities. While I have no concerns as to the meticulous way in which the accounts have been kept, I have been unable to verify the balance held in the PayPal account at the year end, namely £3,088 which is included in the figure of cash at bank in the balance sheet. I 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. This report is made solely to the company's trustees, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent pern]itt¢d by law I do not accept or assume responsibility to anyone other than the trust and its trustees as a body, for my work or for this report. Signed Hugh Williams, 20 Barra Close. Highworth. Wilts, SN6 7HX Dated
The St George Educational Trust Statement of Financial Activities Uncorporating Income and Expenditure Account) for the Period ended 31" March 2021 Restricted I Unrestricted Endownent Funds Funds 2021 2021 Total Funds 2021 Total Funds 2020 Note Income from: Donations Other Charitable Act]ltIeS Total Income 69,243 71,740 140,983 0 69.243 0 71,740 0 140,983 239.487 15,000 254,487 Expenditure on: Charitable Activities Total Expenditure l27,787 127.787 0 127,787 255,132 0 127.787 255,132 Net Movement in Funds 13.196 0 13,196 (645) Reconcfi15ation of Funds Total funds brought forward Movernent in funds per above Total Funds carried fornrd 670,689 13,196 683,885 0 670,689 13.196 0 683.885 671,334 645 670,689 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9-13 forni part of these fmancial statements.
The St George Educational Trust Balance Sheet as at 3111 March 2021 2021 2020 Note Fixed Assets Tangible Assets 1,000 700,000 Current Assets Debtors C&sh at bank 76,661 637,916 714,577 1,065 1,065 Current Liabilities Creditors, amounts falling due within one year 1,000) 500 Net Current Assets 713,577 565 Less Liabilities falling due after one year Loans 10 TotAI Net Assets 30.692 £683,885 29.876 £670.689 Charity Funds Unrestricted Funds 683,885 £683,885 670,689 £670.689 The Charity was entitled to exemption from audit and the trustees have not required the Trust obtsin an audit. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The financial statements were approved and authorised for issue by the trustees and signed on their behalf by: M. Fi5hwick Date 76 The notes on pages 9-13 fonn part of these financial statements. LO ZCZ?
The St George Educational Tt Iyotes to the FiDancial Statements for the period ended 31" March 2021 l. General InformatlOD The St George Educational Trust is a charity, registered in England and Wales. The charity registered number and registered oifices can be found on page l. The presentation currency of the financial stal¢ments is the Pound Sterling (£). 2. Accounting Polieies a. Basis of Preparation of Financial Statements Thc financial statements havc been pr¢par¢d in accordance with Charities Sotip (FRS 102) accounting and reporting by charities: Slalement of r¢commcndcd accounting prdLlice applicable to charities prcpuring th¢ir accounts in accordance with the Financial and RqK)rting Standard applicabl¢ in the UK and the Republic of Ireland {FRS 102) and thc Compani¢s Act 2006. Th¢ St G¢orge Educational Trust meets the definition of a public benefit entity, undcr FRS 102. Assets and liabilities are 01Cla11Y recognised at historical cosl or transaction valuc unless otherwise staled in the rclevanl accounting polic),. b. CritlC21 ateounting judgements and key sources of estimation uncertainty Management makes estimates and assumplions conc¢rnin8 thc future. 'fh¢ rcsuliing arrounling estimalcs and &ssumptions by definilion scldom cqual the related aclual results. 'I'here ar¢ no ¢StImatL and as¥umptions that have significant risk ol" causing material adjustment to the carrying amounts of assets and liabilitics within the next financial pcriod. Income All income is recognised once the company has entitlemcnt to the incomc, it is prvbable ihe income will be received and the amount of income receivablc can be measurcd reliably. d. Expenditure F.xpenditure is r¢cogni8ed oncc thcre is a Icgal and constructive obligatlOD to trS1¢r ¢¢onomic benefjt to a third party, it is probable that a transfer of cconomic benefits will k required in settlement and the amount of the obligation Can bc mcasur¢d r¢liably. Expenditure is classifi¢d by activity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs in undertaking each activity. Direct costs attributabl¢ to a singl¢ activity arc allocatcd to that a¥livity. Sharcd costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betwe¢n those activities on a basi5 consistent with the uy¢ of resources. Interest Receivable Int¢r¢st on tunds held on deposit is included when ¢¢iVable and the amount can be measured reliably by the company. This is normally upon notification of the intCT¢St paid or payablc by the institution with whom the funds arc deposit¢d. f. Taxation The charity is cxctnpt from UK tax on its charitable activities. g. Tangible Fixed Assets and Depreciation Tangible fixed as5¢ts arc LdPiti*liscd rccognised when futur¢ cconomi benefits are probable and the cost or valu¢ of the asset can b¢ MSUred reliably. Tangible fixed assets are inÈtially recognised at cosL After recognition, under the
The St George Educational Trust Notes to the Financial Statements for the Period ended 31" March 2021 (Continued) cost modcl, tangiblc fixcd ass¢ts are measur¢d at cost less accumulated depreciation and any accumulated impairnient losses. All costs incurred to bring a tangible fixed assel into its intended working condition should be included in th¢ measurement cost. Depreciation, where appropriatc. is charged so as to allocate the cost of tangible fixed assets l¢ss thL'ir residual value ov¢r their cstimat¢d useful livcs. D¢pr¢Liation is provided on the following basis: Plant and Machinery: 250/0 Reducing balance basis. b. Deblors Trade and other debtors arc r¢cognised at the settlement amount after any trade discount offered. Prcpaymcnts are valued at the amount prepaid net of any trade discounts due. Cash Ydt Bank and in Hand Cash at bank and in hand includ¢s cash and short-t¢rni highly liquid invcstments with a short maturity of three months or less from the date of acquisition or opening of the deposii or similar acLounl. Liabilities and Provisions Liabilities arc recognised when there is an obligation at the balance sh¢et date as a result of a past event. it is probable that a transfcr of ¢conomic benefit will b¢ requir¢d in settl¢m¢nL and the amount of the scttlement Can be estimated reliably, Liabilities arc rccognised at the amount that ihe company anticipatcs it will pay to settl¥ th¢ debt or the amounl it has receivcd as advanc¢d payment for goods or serviccs it must provtd¢. Provisions are measured at the best estimate of thc amounts r¢quired to sell1¢ the obligation. Whcrc th¢ ¢ffect of thc time value of money is mat¢rial, the provision is based on th¢ present value of those amounts. discounted at th¢ pre-tax discount rate that rcflects the risks specific lo the liability. I"he unwinding ofthe discount is recognis¢d in the statemcnt of financial acliviti¢s as a fmance cost. k FinaneiAI Instruments The company only has financial assets and fmancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised at transaction value and subsequently measured at their seltlcm¢nt value with thL exception of bank loans. whcn appliublc. which are subs¢qucntly measured at amortised cost using the effective instrument method. L Pensions Thc charity has no Cmployees and does not operate a defmed Contribution pension scheme. Fund Aecounting Gcncral funds are unrestricted funds which are available for use at the discretion of the trustecs in furtherance of th¢ gencral objextivcs of th¢ company and which havc not bcfjn d¢Jignat¢d for other purpos¢$. io
The St George Educational Trust Notes to the Financial Statements for the Period ended 31, March 2021 (Continued) Restricted funds, should they become appropriate for thc charity, will be funds which are to be used in accordance with specific restriclions imposcd by donors or which have been raised by the company for particular purposcs. The costs ot. raising and administering such funds would be charged against the specific fund. The charity currently holds no striCted funds but, when held, the aim and use of each r¢strict¢d fund is set out in the notes to the financial statemenls. 3 Income from Donations and other ineome IhCstrIcted R¢stri¢led Funds Funds 2021 2021 Total Funds 2021 Totsl Funds 2020 Donations sUlUs from property sale Fee earned 69,243 71,740 69,243 71,740 239,487 15,000 254,487 140.983 140.983 TotaL8 2020 254,487 254.487 4. Expenditure on Charitable Aetivities Unrestrict¢d Restricled Funds Funds 2021 2021 Total Funds 2021 Tolal Funds 2020 Resources expendcd 127 787 127,787 255 132 Total 2020 255,132 255.132 4.a Analysis of Eipenditllre by Activities Support costs 2021 Total funds 2021 Total Direct Costs 2021 2020 Resources expended 87,767 40,020 127,787 255.132 Total 2020 237,399 17,733 255.132
The St George Educational Trust $t Notes to the Financial Statements for the Period ended 31 March 2021 (Continued) 4.b Analysis of Support Costs Charitable Activities 2021 Total Funds 2021 Total Funds 2020 Legal fccs ReliOu$ items Bank charges Security of property Rcpairs and r¢p]acements Accountancy Sundry 1,500 1,673 1,493 34,022 464 500 368 40,020 1.500 1.673 1,493 34,022 464 500 368 40.020 8.309 1,728 1,240 5,726 500 230 S. Independent Examiner's Remuneration The indLpcndent ¢xaminer s remun¢ralion amounts to an independent examiner fee of £500. (2020 £500.) 6. Trustees Remunerntion and Expenses During the ycar no trusl¢e recetved any remuneration or other bencfils (202[ £Nil). During the year no trustees. expenses have been incurred (2020 - £Nil.) 7. Tangible Fixed Assets Fr¢ehold Property Other InSlment Total Cost or valuation 3 1st March 2020 Purchases (sales) during the period 3 1st March 2021 700,000 700.000 700,000 69C).(11}I) 1,000 1,000 1,000 Depre¢iotion 31st March 2020 Charge for the year 3 1st MarLh 2021 Net Book Value 3 1st March 2020 3 Ibt MarLh 2021 700.000 700.000 1,000 1.000 12
The St George Educational Trust st Notes to the Financial Statements for the Period ended 31 March 2021 (Continued) 8. Debtors 2021 2020 Loans granted for Catholic charitable purposes less sums repaid 76,661 9. Creditors: amounts falling due Ivithin one year 2021 2020 Trade Creditors - Accountancy 1,000 1.000 500 500 10. Loans (Creditors. Amounts Falllng due after more than one year) 2021 2020 M. Fishwick A Rowland 30,692 24,876 5.000 l i. Statement of Funds (UDrestri¢t¢d) Statement of FuDds - Current Period Balance at 30th March 2020 Balance at 3 1st March 2021 Income Expenditure Unrestricted Funds General tiinds 670,689 140,983 127,787 683 885 Stydtement of Funds - Prior Year Balance at 30th March 2019 Balan¢¢ at 30th March 2020 Incomc Expenditu Unrestricted Funds General funds 671,334 254.487 255 132 670,689 13