SPALDING HIGH SCHOOL FUND CHARITY NUMBER 1043903 STATEMENT OF ACCOUNTS for the year ended 31 March 2024 F• Spalding High School "An Outstanding Girls, Grammar School with a Mixed Sixth Form"
SPALDING HIGH SCHOOL FUND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 INDEX Page Annual Report Independent Examiners Report Statement of Financial Activities Balance Sheet 5t012 Notes to the Financial Statements
SPALDING HIGH SCHOOL FUND ANNUAL REPORT for the year ended 31 March 2024 The Spalding High School Fund is a registered charity No. 1043903. Its address is Spalding High School, Stonegate, Spalding, Lincolnshire. PE112PJ. The object of the charity is to advance the education of the students by providing and assisting in the provision of facilities for the education of the students al the school not normally provided. This should develop more rounded members of the public when the students leave school. The Headmistress, the Chairman of the Governors and the Chairman of Finance shall be the Administrators of the Fund with the Schools Bursar acting in an exe¢utive capacity in the daily operation of The fund is governed by a constitution approved by the Administrators on 11 May 1999. The following people were responsible for the management of this fund during the year 8nd8d 31 March 2024: Mrs. M. Anderson Mrs D Mulley Mr P Barks Mr A Fragale Mr S Williams Headmistr8SS Chair of Governors Chair of th8 Finance Committee (appoint8d 20 June 2023) Trustee Chair of the Finance Committee {retired 31 May 2023) Mrs R Fox, who is the School Bursar Manager of Spalding High School, acts in an executive position on a day to day basis. The bankers ara Lloyds, Hall Place, Sp21ding, Lincolnshire, PE1118D. The Independ6nt Examiner is K J Maggs, FCA of Moore Thompson, Hoekman Way. Spalding, Lincs. PE11 3HE. During the year under review, Ihere have been trips to Sicily. Italy, Iceland and Austria, fundralsSng events have taken place including Easter Extravaganza, Children In Need, Fright Night, Macmillan Coffee Morning, Christmas Disco and Red Nose Day. Students have been very active in their charitable collecting and conducted their fundraising in a variety of imaginative ways and these were forwarded to Ihe relevant charities on their behalf. The fund has purchased a small numb8r of items that were not funded by Local Authority. The Trustees consider that all of the above activities show that the fund operales in a¢¢ordanc8 With the Charity Commissions, general guidance on public benefit The Trustees are responsible for the management of risks faced by the fund. Risks are identified, assessed and controls established. The Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. All trips and activities are done through the school and underwritten only by the fimi. The charity holds funds held as Custodian Trustee on behalf of Lincolnshire County Council and the school's pupils in respect of the school canteen. No transactions are included in the Statements of Financial Activities but the balances are shown in notes 12 and 13. This report was approved by the Trustees on 16 Aprll 2024. Mrs. M. Anderson Headmistr8SS Page 1
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF SPALDING HIGH SCHOOL FUND I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024. which are set out on pages 3 to 12. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011 ('the Act,). I report in respect of my examinatlon of the charittys accounts carrier out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sectlon 145(51{b} of the Act. Independent examlner'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 charity as required by section 130 of the Act., or 2. the accounts do not accord with those records. or 3. the accounts do not Complywith th8 applicabla rèqulrements concerning the form and content of accounls set out in the Charities (Accounts and Reports) Regu18tlons 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 wlth the examination to which attention should be drawn in this report in order to enabl8 a proper understanding of the accounts to be reached. K. J. Maggs F.C. Chartered Accou Spa5ding Dated...i. . 2024 Page 2
SPALDING HIGH SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Restricted Funds 2023 Unrestricted Fund Notes Total Total Income from: Grants and donations Charitable activities Investments 170 68,561 12 870 212,138 21 1,040 280,699 33 1,368 295,216 32 Total income 68,743 213,029 281,772 296,616 Expenditure on: Charitable activities 63,287 218,071 281,358 298,392 Total expenditure 63,287 218,071 281,358 298,392 Gains l (losses) on investment assets 23 Net expendlture 5,456 {5,041) 415 {1,799) Transfers b8tw•èn funds 15 2,202 2,202 Net movement to funds 7,658 {7,243) 415 (1,799) Reconciliatlon of funds: Fund balances brought fotward 27.183 20,440 47,623 49,422 Fund balances carried forward 34,841 13,197 48,038 47,623 The notes to the accounts set out on pages 5 to 12 fomi an integral part of these accounts Page 3
SPALDING HIGH SCHOOL FUND BALANCE SHEET AT 31 MARCH 2024 2024 2023 Unrestricted Restricted Fund Funds Notes Total Total Investments 332 332 331 Current assats Stock 10 323 323 1,990 129,802 522 1,611 145.107 Debtors Bank and cash balances 1,990 52,576 12 77,226 54,889 77.226 132,115 147,240 Creditors Amounts falling due within one yea 13 (20,048) {64,361) (84.409) (99,948) Net current assets 34.841 12,865 47,706 47,292 47,623 34,841 13,197 48,038 Income Funds Restricted Funds Unrestricted Fund 15 16 13,197 13,197 34,841 48,038 20,440 27,183 47,623 34,841 34.841 13.197 These statements were approved by the Trustees on behalf by: 2024 and signed on their Mrs. M. Anderson Headmistres Mr P Barks Chair of the Finance Committee Tho notos to the a¢¢ounts set out on pag8s 5 to 12 fom? an integr81 part of these accounts Page 4
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. A¢countlng pollcles The charity is an unincorporated charity registered in England and Wales wilh the Charity Commission with the registration number 1043903. The charitls registered address is Stonegate, Spalding, Lincolnshire. PE112PJ. The principal accounting polici@s adopted in the pparation of the financial statements are set out below. a) The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with th8 Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) issued in October 2019 and the Charities Acl 2011. b) The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts report8d. These estimates and judgements are continually r8viewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumst8nces. Revisions to accounting estimales are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and Cut off - The only estimatlon applied in th&se accounts regarding cut off is concerning accruals and prepayments where an 8Stimation of the costs relaling to the relevant period were applied when relating to a different period. c) All income is recognised in the statement of financial activities when the conditions for receipt have been met, the amount can be measured reliably and it is probable that the income will be received Whèr8 a claim for repayment of income tax has or will be made, such income is grossed for the tax r8cover8bl8. Donations and all other rec81Pts from fundraising and events are reported gross and ar8 accounted for on a r8C8ivable basis. Investment income is accounted for in the period in which the charity is entitled to receipt. d) Expenditure is included in th8 statement of financial activities on an accruals basis and is allocated to a particular fund where Ihe costs relate directly to that fund. Expenditure is categorised under the headings recorded in the statement of financial activities and has been allocated as detailed below: Charitable aclivities include the costs of the activities defined by the charivs aims for the benefit of the persons sited in the charity objects. Expenditure for the school and students includes the costs of the equipment and other items bought for the benefit of the school. e) Gift5 in kind are broughl into the accounts where there is either a reasonable ostimate of Iheir fair value to the fund5 or the amount which is actually realised. Where a value cannot be determined, or a reasonable estimate applied, the gift is not included in the statement of financial activities. fj Stocks are valued at the lower of c05t or net realisable value. g) Debtors and creditors with no stated interest rate and raceivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. h) Investments are the result of gifts made to the charity. The charity does not purchase inveslments. They are capitalised at the market value at time of reGeipt and recorded at fair value annually through Ihe Statement of Financial Aclivities. Page 5
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 1. Accounting poliGies (Gontinued) i) Restricted funds are funds which are to be used in accordance with specific restriclions imposed by donor5 or which have been raised by the charity for particular purposes. The costs of administering such funds are charged against the specific fund. j) Unrestricted funds are donations and other income received or generated for the objectives of the charity for use at the discretion of the Truslees in the furtherance of the genaral objects of the charity and which have not been designated for other purposes. k) Students will from time to time arrange to make a collection or raise funds for a particular charity. The money collecled by the pupils is banked by thls charity and th8n distributed to the relevant charity when all or a majority of the pupils, money has been received. Where a collection has commenced but has not been concluded the money collected and remaining to be distributed is deferred unlil the next accounting period. Throughout the year various trips of a social and education81 natur8 havo baan arranged. Where the students have been unable to finance these in full, the Unr8Stricted Funds have paid tha shortfall. Income is deferred to the extent that the cost of a trip has not fallen due at the balance l) The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds hald and the expected leval of income and expenditure for the next 12 months from authorising the financial 2. Income from grants and donatlons 2024 Restricted Funds Unrestri¢ted Fund 2023 Total Total Grants: Tesco grant Donatlons: Gift aid donations Gift for Excellence Scheme Geography Squad Prize giving 500 500 170 170 210 100 60 431 854 210 100 60 83 170 870 1,040 1,368 3. Income from charitable activities 2024 Restrlcted Funds Unrestrlcted Fund 2023 Total Total Sales School Trips Fund raising and events Charitable Collections 33,722 6,010 191.862 10,147 4,119 39,732 191.862 44,986 4.119 29,712 218,752 42,515 4.237 34,839 68.561 212,138 280.699 295,216 Page 6
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 4. Investments 2024 Restricted Funds Unrestrlcted Fund 2023 Total Totsl Bank Interest Dividends 12 12 21 21 21 12 21 33 32 5. Expenditure on charitablo actlvlties 2024 Rostricted Funds Unrostrlcted Fund 2023 Total Total Cost of sales School Trips Charitable collections Expenditure for school and students 29,475 10,860 192,082 4,119 11,010 40,335 192,082 5,519 43,422 32,379 218,532 4,237 43,244 1,400 32,412 63,287 218,071 281,358 298,392 6. Charitabl8 Collections 2024 2023 Action Aid Agape Children In Need Macmillan Cancer Support Red Nose Day Other Gharities 2,046 169 775 380 775 1,374 970 550 925 1,792 5,519 4,237 7. Expendlture for the school and the students The expenditur8 covers items of equipment needed by the school including computers and other types of equipment. 8. Trustees remuneration and exp&nsas None of the Trustees received any remuneration or expens8s during either the current year under review or the previous year. Page 7
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 9. Investments - Restricted funds Lloyds Banking Group PIC 6.475 /0 non cumulative preference shares of £0.25 each - 330 shares Valuation At 1 April 2023 Changes in market value 331 At 31 March 2024 332 The historical cosl of the investment was £323. 10. Stock 2024 2023 stationery Fair trade 323 442 80 323 522 11. Debtors 2024 Unrestrietod Restricted Fund Funds 2023 Total Total Balances b8tW08n funds {note13) 1,990 1,990 1,611 12. Bank and Cash balances 2024 Unrestricted Restrictod Fund Funds 2023 Total Total Bank current aGGount Prize fund account Fitness and Leisure account canteen account Cash on hand 52,506 60,222 3,766 112,728 3,766 135,237 3.766 6,034 13,238 13,238 70 70 70 52,576 77,226 129,802 145,107 Page 8
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 13. Credltors 2024 Unrèstrict6d Restricted Fund Funds 2023 Totsl Totsl Amounts due to third parties Balances beeen funds (note11) Balanc8 held on behalf of students re Canteen Balance held on behalf of Lincolnshire County Council re Canteen Deferred incoming resources Book deposits 86 23 1,990 109 1.990 4,618 1,611 6,010 6,010 7,228 7,228 6,724 50.687 11,661 57,411 11,661 80,412 13,307 20.048 64,361 84,409 99,948 14. Daferrnd incoming resour¢o8 2024 Donatlons 2023 Total Trips Total Balance at 1 April 2023 Amount released to Incoming resources Amount deferred in the year 13,365 (13,365) 48,124 67,047 167,047) 2,563 80,412 (80,412) 50,687 13,433 {13,433) 80.412 Balance at 31 Merch 2024 48,124 2,563 50,687 80,412 Page 9
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS {continu8d) FOR THE YEAR ENDED 31 MARCH 2024 15. Summary of Restricted Funds Incomlng I (outgoing) resources Transfers I investment galns At 1st April 2023 At31st March 2024 Debate Club Drama Department Fitness and Leisure Fund Geography Squad Gift for Excellence Scheme Locker Fund Music Department Prize Fund Tesco Fund - Sports equipment 53 1.589 {4,223) 72 53 3,497 1.811 177 1,908 6.034 105 1.326 7,853 1.237 2,082 {140) 1,186 2,685 1,203 2,085 500 (5,168) {341 500 20,440 {2,181) {2,165) (444) 57 {89) (220) 15,062) 2,165 444 13,197 Book Deposits Duke of Edinburgh Awards Stsff gifts Summer Fair Trips and Wisits (57) 89 220 20,440 0421 2,201 13,197 Transfers out of restricted funds and into the G8neral Funds are requlred to tie up monies spent by the General Fund on behalf the restricted fund. Current assots Investments Llabilitie$ Nat assets Debate Club Drama Departmant Fitness and Leisure Fund Geography Squad Gift for Excellence Scheme Locker Fund Music Departrnent Prize Fund Tesco Fund - Sports equipment Book Deposits Charitable Collections Trips and Visits 53 3,497 1,811 177 1,186 2,685 1,203 3.766 500 11,661 2,562 48,125 53 3,497 1,811 177 1,188 2,685 1,203 2.085 500 332 {2,013) (11,661> 12,562> (48,125) 332 77,226 (64,361) 13,197 Page 10
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 15. Summary of Restricted Funds (continued) Where a department has raised funds for Ihat particular d8partm8nt the funds ar8 kepl separate as above. The different funds are named above. If a fund is used for the specific purpose but the required expenditure exceeds the monies available the deficit is funded by the General Fund. Monies donated by the Parent Teacher Association are for expenditure agreed by the relevant association and therefore are considered to be restricted. Generally, the Parent Teacher Association will donate towards specific expenditure. If tho required expenditure exceeds the funds available th8n the deficit is funded by the General Fund. The Restricted Fund includes items which are expected by the Trustees, to be funded by the PTA. where there are insLtffici8nl funds received then the General Fund covers any deficit. Memorial funds are established as reslri¢ted funds where specific spending requirements have been stipulated within the will or legacy. Any deficit on these funds will be funded out of Unrestricted Funds until sufficient resources are available to cover the relevant project. Restricted funds described above as Irips and visits, Summer Fair, Charitable collections, 8th Form Leaver's Ball and Christmas Paty will usually result in a deficit rather than surplus. The puplls are not charged more than the expected expenditur8 for trips but on occasions this may happen and if the excess exceeds £1 per pupil then it is repaid. Excesses are also evident where in previous accounting periods General Funds have been used to cover deficits but the parents later make a payment for the trip then the funds are transferred back. Any surplus on the 6th Form Leaverfs Ball or Summer Falr is made available to the 6th Form to spend. Otherwise, any surplus or deficlt is transferred tolfrom the General Fund. The Duke of Edinburgh Awards fund is monies raised for the purpose of assisting pupils with the aforemenlioned award scheme, any deficit is funded by the Unrestricted funds, The Summer Sports School fund has bean r8designated as the Summer Holidays Activities Week fund. These have also been split on the basis of years. When one of the weeks falls within the accounting year, for example Summer 2023 falling within the 2024 accounling year end, this has been transferred to the annual funds category and the surplus or deficit transferred to or from the General Fund in the same manner as the other annual funds. 16. Unr8Stricted Fund During the year, funds have been raised for the general benefit of the school, It is the trustees opinion that funds raised for general purposes should be kept to a minimum in order to focus the charity on the specific needs of the school. The general funds are available for unexpected urgent requirements and adminislration of Ihe fund. 17. Control No one trustee or group of trustees has a dominant control of the charity. 18. Related Partles Mrs. M. And8rson {Headmistress) is also a trustee of Spalding High School Parents and Staff Association (PTA). During the year, the PTA did not donate (2023- no donations) towards specific projects. Page11
SPALDING HIGH SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of Financial Activities - Funds Comparatlve 2023 unstrICted Restrlcted Fund Funds Total Income Irom Donations Charitable activities Invastments 410 57,156 32 958 238,060 1,368 295,216 32 Total income 57,598 239,018 296,616 Expendlture on Charitable activities 60,504 237,888 298,392 Total expendlture 60,504 237,888 298,392 Losses on investment assets Transfers between funds 123) 287 (23) (287) Net expenditure (3,193 1,394 1,799 Page 12