FRIENDS OF ST MARY'S SCHOOL ANNUAL REPORT AND ACCOUNTS YEAR TO 31 MARCH 2025 CONTENTS: ANNUAL REPORT 2/3 INDEPENDENT EXAMINER'S REPORT RECEIPTS AND PAYMENTS ACCOUNT STATEMENT OF ASSETS AND LIABILITIES
Annual Re ort for the ear to 31 March 2025 The Friends of St. Marl s School, St. Marfs Catholic School, Windhill, Bishop's Stortford, Hertfordshire, CM23 2N(L is registered with the Charity Commissioners No. 1050230 and constituted by Deed of Trust. The Charity is administered by a Management Committee comprising.. Chairmannrustee Trustee Treasurernrustee Trustee Trustee Mr P. Carroll Mr D. Wojcik Mrj McHugh Miss D. McHugh Mrs. C Saunders The Management Committee shall consist of not less than 4 nor more than 10 persons of which, excluding the Chairman lif 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'sAssociation to be a member of the Committee to fill any vacancy to hold ofPice until the conclusion of the Annual General Meeting then next following. The objett 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. Mavs with the opportunity to make donations, under Gift Aid where appropriate, which are used to support loan repayments for the School's new buildings. In recent years this has enabled the following projetts to be completed-_ New Sixth-Form Centre Performing Arts Centre New Library, Science Laboratory and 4-Court Sports Centre Classroom Block Purchase of new minibus Science Department Major Redevelopment Redevelopment of T Block 1998 2003 2005 2011 2017 2018 2021 Since 1998 the Trustees, in conjunrtion 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 2021 to assist with a newly renovated T block and 11 new classrooms. This loan has an outstanding balance of £60,450, £20,150 is paid every three months with the final payment to the Diocese in the amount of £20.150 due to be paid in January 2026. It IS the intention of the Trustees to support the school's long term building plans by directing reBular 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 2024 are directed to Capital Funding as described above. In July 2024 and subsequently, parents have been informed of the Charity's intention that approximately 75% of their newly pledged donations to the Charity shall be diretted to Capital Funding. and that the remainder (approximately 250AI of their newly pledged donations shall be direrted to School Attivity Support to assist with day-to-day expenses that the school's state-funded budget do not address, such as new exercise books, retreats and various sports, music and drama enhancements for pupils. Total funds raised in the financial year under report were £42,33212024- £51,841), of which all arose from Parental Donations. Gift Aid Tax Refunds received in this financial year were £10,778.71 {2024- £11,173.25). Investment Poli 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 requirement 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. Reserves Poli 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 Capital for new buildings and major building and sport field capital improvements for St. Marls 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 Attivity Support"). The Charity does not have any employees and incidental expenditure is minimal. This position is likely to continue for the foreseeable future. The Trustees therefore regard all funds within the Charity from time to time to be held in its unrestricted funds as a Reserve, for the sole benefit of St. Marls Catholic School capital projetts and School Activity Support referred to above, to be distributed atthe sole discretion of the Trustees. Risk Mana ement The Trustees examine the major risks thatthe Charityfaces on a regular basis and believe that maintaining the assets of the Charity as described above (see "Reserves Policty, and "Investment Policf'l will provide sufficiently to reduce risk to an absolute minimum. For and on behalf of the Trustees Chairman Dated:
Independent Examinerfs Report to the Trustees of Friends of St. Marfs School Charitable Trust I report on the accounts of the Trust forthe year ended 31 March 2025 that are set out above. Respective Responsibilities of Trustees and Examiner As the Trustees of the Charity, you are responsible for the preparation of the accounts, you onsiderthatthe audit requirement of section 4312) of the CharitiesAct 1993 ("the ACY,) does not apply. It is my responsibility to examine the accounts (under Section 43(3) (al 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 Act, whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance with the General Directions given by the Charity Commi55ioners. An examination includes a review of the accounting records kept by the Charity and a comparison with the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you asTrustees, 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 Examinerfs Statement In connection with my examination, no matter has come to my attention: l. that gives me reasonable cause to believe that in any material 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 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 1("44 5 Mill Croft Bishop's Stortford CM23 2BP Date:
RECEIPTS AND PAYMENTS ACCOUNT YEAR TO 31 MARCH 2025 2025 2024 Income Receipts Parental Donations= Monthly Standing Orders East Herts Lottery Amazon Donatlons Benevtti Causes Charity cheques 42,332.00 314.50 51,841.00 428.00 16.97 238.52 70.00 10,778.71 Gift Aid Interest 11,173.25 Total Income Recèipts 53,733.63 63.459.22 Paymèr Direct Charitable Expenditure Bank Charges Refund5 of Parent Payments Loan Repayments to Diocese of Westminster Donations to School Artivity Support Donation to School Building Fund iio.001 Nil 170,000.001 Nil 152,500.001 Total Payments 170,000.001 152,510.001 Net Incomelpayments 116.266.271 10.949.22 Bank Balances Brought Forward At l April 2024 At l April 2023 89,673.97 78.724.75 Bank Balances Carried Forward At 31 March 2025 At 31 March 2024 73A07.70 89.673.97 STATEMENT OF ASSETS AND UABILMES AT 31 MARCH 2025 At 31 March 2025 At31 March 2024 Assets Co-op Bank Current Account HSBC BankCommunityAccount 73,407.70 89,673.97 Nil Totsl Assets 73,407.70 89.673.97 Liabilities Net Assets 73,407.70 89.673.97 For and on behalf of the Tru ees oraryTreasurer Dated: