FRIENDS OF ST MARY'S SCHOOL ANNUAL REPORT AND ACCOUNTS YEAR TO 31 MARCH 2024 CONTENTS: ANNUAL REPORT 2/3 INDEPENDENT EXAMINER'S REPORT RECEIPTS AND PAYMENTS ACCOUNT STATEMENT OF ASSETS AND LIABILITIES
Annual Re for the earto31M 024 The Friends of St. Mary's School, St. Mary's Catholic School, Windhill, Bishop's Stortford, Hertfordshire, CM23 2NQ, is registered with the Charity Commissioners No. 1050230 and constituted by Deed of Trust. The Charity is administered by a Management Committee comprising: Trustee Chairman/Trustee Secretary/ Trustee Secretary/ Trustee Trustee Trustee Mr. D. Wojcik Mr. P, Carroll Mr T. Johnston (Resigned) Mr J McHugh (Appointed) Mrs, K. Cockerton Ms C Saunders (Appointed) The Management Committee shall consist of not less than 4 nor more than 10 persons of which, excluding the Chairman (if any) of the Committee, not less than half the members of the Committee are, or have been, members of the Board of Governors of St. Mary's Catholic School or appointed by the said Board of Governors, or who are or have been staff or pupils of St. Mary's Catholic School. The Committee may elect any member of the Friends of st. Mary's Association to be a member OF the Committee to fill any vacancy to hold office until the conclusion of the Annual General Meeting then next following. The object of the Charity is to advance the education of the pupils of St. Mary's Catholic School, Bishop's Stortford, Hertfordshire, and particularly to raise Capital Funding for the provision of new buildings or improvement to existing buildings. It has initially done this by providing parents and other friends of St. Mary's with the opportunity to make donations, under GiftAid where appropriate, which are used to support loan repayments for the School's new buildings. In recent years this has enabled the following projects to be completed..- New Sixth-Form Centre Performing Arts Centre New Library, Science Laboratory and 4-Court Sports Centre Classroom Bloc1< Science Department Major Redevelopment 1998 2003 2005 2011 2018 Since 1998 the Trustees, in conjunction with the Board of Governors, have successfully negotiated a series of interest-free loans in the name of the School from the Diocese of Westminster, the most recent in 2010 being a 5-year loan in the amount of £150,000, to assist with a new classroom block. This loan has been fully repaid, the final payment to the Diocese in the amount of £15,000 having been made in the year to 31 March 2017. It is the intention of the Trustees to support the school's long term building plans by directing regular parental donations and any other capital donation that the Charity is able to obtain, toward scheduled repayments of future loans that may be negotiated with the Diocese, and also to outright gifts to the school. 100 % of parental donations pledged prior to July 2014 are directed to Capital Funding as described above. In July 2014 and subsequently, parents have been informed of the Charity's intention that approximately 75 % of their newly pledged donations to the Charity shall be directed to Capital Funding,. and thatthe remainder (approximately 25 % )
of their newly pledged donations shall be directed to School Activity Support to assist with day-to-day expenses that the school's state-Funded budget do not address, such as for the chapel, retreats and various sports, music and drama enhancements for pupils. Total funds raised in the financial year under report were £51,841 [2023 - £54,141), of which all arose from Parental Donations. Gift Aid Tax Refunds received in this financial year were £11,173.25 [2023 - £21,061.03). Investment ic The Trustees have the power to invest in such assets as they see fit. The Policy is to preserve the real value of the investment assets and as a secondary consideration to earn interest income from investment in inherently low risk instruments, For the time being the requiremerAt of the Trustees is for investment of funds to be restricted to mainstream Bank of England authorised deposit-taking institutions. The day-to-day management OF deposit funds rests with the Treasurer of the Charity under the direction of the Trustees. Rese Polic The Trustees have undertaken a thorough assessment of the needs of the Charity in relation to Reserves. The income of the Charity is dependent on the generosity of individuals and the business sector. The ability of the Charity to support its objectives is based on the success of the Trustees in raising such donations. The income of the Charity is for the purpose of providing CapitaE for new buildings and major building and sport field capital improvements for St. Mary's Catholic School, Bishop's Stortford and also assistance to the School with non-state-funded day-to-day expenses For the benefit of pupils (referred to above as "School ActÉvity Supporf,). The Charity does not have any employees and incidental expenditure is minim31. This positiotA is likely to continue for the foreseeable future. The Trustees therefore regard all fvnds within the Charity from time to time to be held in its unrestricted funds as a Reserve, forthe sole benefit of St. Mary's Catholic School capital projects and School Activity Support referred to above, to be distributed at the sole discretion of the Trustees. Risk na emen The Trustees exatnine the major risks thatthe Charity faces on a regularbasis andbelieve that maintaining the assets of the Charity as described above (see "Reserves Policy" and "Investment Policy") will provide sufficiently to reduce rislcto an absolute min1Um. For and o half of the Trustees Chairma Dated.. 171IL/£F
Independent Examlnevs Report to the Trnstees of Friends of St. Marfs School Charitable Trust I report on the accounts of the Trust for the year ended 31 March 2024 that are set out above. Respective Responslblllties of Trustees and Examiner As the Trustees of the Charity, you are responsible for the preparation of the accounts, you consider that the audit requirement of section 43(2) of the Charities Act 1993 ('the Act") does not apply. It is my responsibility to examine the accounts (under Section 43{3) Ca) if the 1993 Act) and to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under Section 43(7] (b) of the Ac¢ whether particular matters have come to my attention. Basis of Independent Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison with the accounts presented WAth those records. It also includes consideration of any unusual items or dlsclosures in the accounts, and seeking explanations from you as Trustees, concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent Examiner's Statement In connection with my examination. no matter has come to my attention.. l. that gives me reasonable cause to believe that in any materiat respect the requirements To keep accounting records in accordance with Section 41 of the Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met: or 2, to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Christopher Brolly Independent Examiner 5 Mill Croft Bishop's Stortford CM23 2BP Date: 31 Tr&/ 2é2+
RECEIPTS AND PAYMENTS ACCOUNT YEAR TO 31 MARCH 2024 2024 2023 Income Receipts Parental DonatiOllS'. Monthly Standlng Orders East Herts Lottery ATnazon Donations School Charity Events 51,841.00 428.00 16.97 54,141.00 112.50 283.45 21,061,03 NS1 Gift Aid Interest 11,173.25 Total Incorne Recelpts 63,459.22 75,597.98 Payments Dlrect Charitable Expenditure Banli Charges Refunds of Parent Payments Loan Repayments to DiDce5e ofwestminster Donations to School Activity Support Donation to School Building Fund Nil Nil [30.00) (10.00) Nil (5,118.00) (87,500.OOJ (52,500.00) Total Payments (52,510.OOJ (92,648,00) Net Income/Payments 10,949.22 (17,050.02) Bank Balances Brought Forward At l April 2023 At l Aprll 202Z 78,724.75 95,774.77 Bank Balances Carried Forward At31 March 2024 At 31 March 2023 89,673.97 78,724.75 STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2024 At 31 March 2024 At 31 March 2023 Assets Co-op Bank Current Account HSBC BankCommunltyAccount 89,675.97 Nll 78,724.75 Total Assets 89,673.97 78,724.75 Liabilities Nil Net Assets 89,673.97 78,724.75 For and on behalf of the Trustees Honorary Treasurer Dated: /2 IL