BOSTON HIGH SCHOOL- SCHOOL FUND ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 INDEX Contents Page General Information Trustees report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the financial statements 7-17
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 General Information Registered Charity Number: 1051531 Trustees: Mrs Jemma Curson Mr Andrew Fulbrook Mrs Lisa Smith Registered Office: Boston High School Spilsby Road Boston Lincolnshire PE219PF Independent Examiner: R E Barrett Duncan & Toplis Ltd Oxley House Lincoln Way Louth Lincolnshire LNII OLS Bankers: Lloyds Bank plc PO Box 1000 Andover BXI ILT
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 Trustees Report The trustees submit their annual report and financial statements for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Structurei governance and management The school fund is governed by a separate constitution to that of the school which was incepted on 27 November 1995 and updated on 19 July 1999. Its objects are to support the education of pupils at Boston High School by providing and 3SSlSting in the provision of facilities for the education of pupils not normally provided otherwise. Trustees, responsibilities statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the school fund and of the incoming resources and application of resources of the school fund 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 princi ples in the Charities SORP,. make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the school fund will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the school fund and enable them to ensure that the financial statements comply with the Charities Act, Accounts and Reports Regulations, and the provisions of the trust deed. They are also responsible for safegua rding the assets of the school fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 Public Benefit The Trustees confirm that they have complied with the duty to have due regard to the Charity Commission's general guidance on public benefit, 'Charities ond Public Benefit. Achievements and activities During the year under review, the charity has maintained its approach to supporting the educational, recreational and fundraisi ng activities of Boston High School. Financial Review and Going concern The trustees have considered the level of funds held and the expected level of income and expenditure for a period of 12 months from the date of authorising these financial statements and in their opinion these are sufficient for the charity to be able to continue as a going concern. The reserves levels are considered appropriate for the charity. All reserves are restricted and as at 31 August 2024 these amounted to £96,810 {£2023'. £71,862). None of the reserves were attributable to a Fixed Asset Reserve. The report was approved by the Trustees on: ndrew Fulbrook Date
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 Independent Examiner's Report to the Trustees of Boston High School Fund I report on the accounts of the school fund for the year ended 31 August 2024 which are set out on pages 5tol7. Responsibilities and basis of report The charity's trustees are responsi ble for the preparation of the accounts. The charitws trustees consider that an audit is not required for this year under settion 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I report in respect of my exami nation of the charity's accounts carried 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 section 145151(bl of the Act. Independent examiner'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 materia I respect: accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records I have no concerns and 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. Rachel Barrett FCCA Oxley House Lincoln Woy Louth Lincolnshire LNII OLS Date
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Funds Funds Total 2024 Total 2023 Note INCOMING RESOURCES Incoming resources from generated funds: School trips, events and activities 154,520 154,520 185,148 Fundraising events 2,481 2,481 2,553 Investment income 136 136 TOTAL INCOMING RESOURCES 157,136 157,136 187,706 RESOURCES EXPENDED Charitable Activities 131,627 131,627 145.826 Fundraising Costs 562 562 819 Governance Costs TOTAL RESOURCES EXPENDED 132,188 132,188 146,645 NET INCOMING (OUTGOING) RESOURCES FOR THE YEAR BEFORE TRANSFERS 24,948 24,948 41,061 Transfers between funds 13 NET INCOMING {OUTGOING) RESOURCES FOR THE YEAR AND NET MOVEMENT IN FUNDS 24,948 24,948 41,061 FUNDS BROUGHT FORWARD 13 71,862 71,862 30,801 FUNDS CARRIED FORWARD 13 96,810 96,810 71,862 All amounts derive from continui ng activities. All gains and losses recognised in the year are included above.
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 BALANCE SHEET Unrestricted Restricted Funds Funds Total 2024 Total 2023 Note CURRENT ASSETS Prepayments- amounts paid in advance for future activities io 42,636 42,636 21,100 Cash at Bank 160,170 160,170 106.008 202,806 202,806 127,108 CURRENT LIABILITIES Deferred income- amounts received in advance for future activities li 1105,996} 1105,9961 {55,2461 NET CURRENT ASSETS 96,810 96,810 71,862 FUNDS Unrestricted designated fund5 13 Restricted funds 13 96.810 96,810 71,862 TOTAL FUNDS 96.810 96,810 71.862 The financial statements were approved by the Trustee5 on MrAndrew Fulbrook Mrs Lisa Smith
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (a) Basis of preparation The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charitie5 SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, and the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, The financial statements have been prepared under the historical cost convention. Fund atcounting Unrestricted general funds are those funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the school fund and which have not been designated for other purposes. Designated funds comprise unrestritted funds that have been set aside by the trustees for particular purposes. The aim and use of each material fund is set out in the notes to the financial statement5. Restricted funds are funds which are to be used in accordance with specific restriction5 imposed by donors or which have been raised by the school fund for particular purposes. The cost of raising and administering such funds are charged against the specific fun(l. The main income and expenditure of the fund relates to the organisation of school trips, including foreign visits. Money is collected from the pupils and payments made to the relevant travel companies etc. There are a number of trips that take place each year. Money is collected in advance from pupils prior to the visit taking place. This results in a timing difference (amounts received in advance) for accounts purposes. Under UK accounting rules and the charity 50RP, this income is deferred into next year where it is matched against the related expenditure when the relevant trip takes place. The same principle applies to payments made in advance of trips taking place le.g. depositsl. Such expenditure is prepaid into the forthcoming year where the trip is scheduled to take place beyond the current year end.
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 Ic) Incoming resources All incoming resources are included in the SOFA when the school fund is legally entitled to the income le.g. when a trip or activity has occurredl and the amount can be quantified with reasonable accuracy. Gifts in kind (including volunteer timel cannot be meaningfully quantified and are therefore excluded from the financial statements. Investment Income On the grounds of prarticality and materiality, investment income is accounted for in the period received. (el Resources expended All expenditure is accounted for on an accruals basis li.e. when the obligation to pay becomes uncondition21, such as when a trip or event has occurred) and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objetts of the school fund and include project management carried out at Headquarters. Management and administration costs are those incurred in connection with administration of the school fund and compliance with constitutional and statutory requirements. All costs include attributable VAT, which cannot be recovered. {fl Taxation No provision for taxation is included in the financial statements as the school fund is exempt from tax.
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 Igl Going concern 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 held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. FUNDRAISING 2024 2023 Non Uniform 2122 Non Uni*orm 2223 Non Uniform 2324 290 2,263 2,481 Other charities 2.481 2,553 INVESTMENT INCOME 2024 2023 Bank interest 136 CHARTIABLE AcfiviTIES 2024 2023 School trips, events and activities 131,627 145,826
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 FUNDRAISING COSTS 2024 2023 Macmillan Cancer Non uniform 2122 Non Uniform 2223 Non Uniform 2324 290 529 562 Other charities 562 819 GOVERNANCE COSTS The management and administration of the school fund is dealt with by staff employed by Boston High School and much time is given voluntarily. No specific value can be attributed to the value of services so provided for the purposes of these financial statements. TRUSTEES, REMUNERATION The trustees neither received nor waived any emoluments during the year 12023.. £Nill and no amounts were reimbursed for expenses12023.' £Nill. EMPLOYEES As explained in note 6, the fund has no employees and thus no remuneration costs were incurred during the year. CONTROLLING PARTY The fund is controlled by the Trustees as a body. There is no single controlling party. io-
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 io. PREPAID EXPENSES This relates to amounts paid in advance for trips and similar activities that are scheduled to take place afterthe year end. 2024 2023 Cern 24-25 Ski 24-25 Spain 24-25 Italy 23-24 Opal 23-24 5.736 19,400 17,500 16,100 5.000 42,636 21.100 li-
BOSTON HIGH SCHOOL FUND YEAR ENDED 31 AUGUST 2024 ii. DEFERRED INCOME Deferred income relates to monies received or raised in advance for trips or activities that are scheduled to take place after the year end. 2024 2023 Castleton 23-24 Italy 23-24 Opal 23-34 Wicked Trip 23-24 Wellbeing 23-24 Ski 24-25 Spain 24-25 Warner Studio 24-25 Cern 24-25 Castleton 24-25 1,875 22,160 15,791 1,450 2,720 11,250 56,660 36,446 3,810 7,140 1,940 105,996 55,246 12. RELATED PARTY No related party transactions reported in this period. 12-
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