Registered Chgrity Number: 1055718 THE ARCIIAI¥CEL TRUST 2021 INDEX Page Officth and AdvisorB
3 5iaiLfftCryt of Fiuonci81 Aetivitits BI1¢ Strttt Piiticipai Accounting Poli¢ies Not¢6 to the Fillall¢i Slaiements 1&14
THE ARCHANGEL TRUST 0CERs AND ADSoRs R¢yered C1}ty Numb¢r 1055718 Trustees R TychbornE {Cb)ir} D Gidiull U M Mtirrissey A Il'a15h r AjibJd¢ L Bluiil T O'She# CbaTity Addrejs St Michael'i Catholic GrammAr Schts)I Nethu Street NoTth Fin¢hley LolldoD N12 7NJ Audi Bwxt¢r & Co Lynwood Hous¢ C.Tiifton Rc)Ad Orpington Kent BR6 8QI Bankern Lloydb Batsk Pl 841 Higb Street Nortb FyTthchlry London N12 8PX Bank oftrcland PO Box 13949 Birniinghiim B: 2GB Pa8È1
THE ARC]UTh4GEL TRLST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The ttu51tes prcs¢Di thcir rcpori snd the fillan¥ial Statemen for ihc ycar Lded 31 MarLh 2021. The a¢collnts have becn pr¢pared ip a¢cotKlancc with th¢ accouniing policies sei oui on pages 9 10 1 l of th¢ 8¢¢ount5 and comply with the Tnjsi Drtd, Ihe Charilics Aci 2011 and "Accounting and Rep)ning by Lhari(i¢s'. S(aicm¢ni of lietommended Praclitc applicablc to ¢hariiies prepanng their uc¢ount5 in accordance with the FiJ]ancial Repomng Stslldard applic8blc in the UK and R¢publi¢(>f ]rcld {FRS 1021 {effeciive l JaDuary 20151" Slruetwr4 8ov¢rnaD¢¢ ADd mgllagement Th¢ iru$itts during the year w¢rc as follo¥'. D Giaeon C Blunt T O'shea R Tichbornc (Lhairl U M mlS5¢Y A Walsh r Ajibad¢ Trnining fornewtyusiees is availabl¢ ifr¢quired. During tho ycar the day io day ma¢Ment0fthC ¢harily -iiS delcbialC(I lu thL 14LddJllLisl¢r vfsi Michacl'5 Cailiu14L GTJllilJJ r Silioul i%'liv i'LpofiLd rc&Lil4irly 10 InLSt¢cs. Tru¥lCC5 ar¢ rcsponsiblc for IEking all strai¢gic d¢LiSiOllSand for mortiring th¢ implcmcnia150n thereof. The chwity is administ¢red by 8 couucil of rnanaB¢rneni nNid¢ up of ihcabovenomedtruste¢s.'fhe Lhanty Jocs iivi cmploy dny &14ili al[lIy. CoD8tltutloD gttd objtets T)1¥ Lharil). ii'os csitsblished by Tru51 D¢x¥l daied 24 JuDuary 1996 and is rL'¥isiLYrd with Eb¢ Lbariiy Lomrnission. NO 1055718. The ¢harily'S address L$ Si Mich#el'$ Caiho]ic Gr8millarSchool, Ntthersired, North Fincbl¢y. Londott. N12 7NJ. "rh¥ objLLI 0( th¢ ¥lLurily is iu promL)l¥ nd ddv¥n¥¥ Ihe eduLaiiun uf siu4lenls of Si MiLhael'¥ CaiholLL Gromniar Scbool. Th¢ charily raisL'S funds from par,18, ex-pupils, oiher frieDds of Ibe school and from capit&l grants wFLi¢h il apphcs 10 its objt. StAt¢mtnt of Iruite¢i' rosp0SIbIlItIeS Thc trusic&% arc rcsponsibk for pr¢paring the Tru$teC5' Annual R¢port w)d the f¢18] Mat¢m¢rtts in accordanLwith applicuble law and Unil¢d Kingdom AtIn¥ Standards (United Kinsdom Gon¢Tally A¢¢cpted Accouniing Pr8clice). Tho18w appli¢¥ble io th&riii¢s in England Wale5 requires the tsvsteC5 topr¢pgre fiD8ncial slutemcnt$ for ¢8¢11 financial y¢ar which 8lV¢ o and tair vicw of the siatc ot. aftairs ol. th¢ ch8riiy and of Ihe incoming r¢50urrcs and application of rcsourG¢sufthe clwityforthai p¢riod. In pr¢parin8 Ihesc fwanci&l statemeDls, the In]CeS requircd to: sclcci suilablg *ccvuthting poliLic$ and ihctt apply Ihcm tionsi8t¢nLIy,' obselve the methods and principle5 in the CbArities SORP,. make judg¢rncnis 8Dd estimal¢$ thai ar¢ reasonable and prudenl.. Slal4 ii'bciher &pplic&ble LIK ALLoulliiLig Si&ndurds hdle bLLI) lolluw¢d, subjeci io any maierial d¢pariuTQS discluscd and cxplaincd iti thc finJncial st#lcmcnis; and prepAr¢ the fwanci81 siaiem¢nts on tbe going concern basis unle$% it is inappropriate to presume Ihat iJlL chanty 111 conrinuc IL) operJi¥. Th¢ trusiee5 are r¢sponsibl¢ forkceping propera¢¢owiiiDgrt¢OTds thaidisclose with r¢a50nabl¢accuracyat an) iiniL IFEL iinanLioI posiiiun ofthc Lharil> CA<iblc Ihciii ia cnsuiL tIiL fsLliWbkn131 %U%LilJeu15knumply wilh thcchariiics A¢1 2011, thc Charily IA¢¢ouThts and Rcports} R¢gulaliON$ 2008 andth¢prov5sions of thc trust deed. They are akn responsible for safe8uaYdiDg the assets of the chariiy and h¢n¢e for takin rLasunable foF thL pr¢i'eniioo wid d¢iLLisoi) of fixud qod othLk IIILiTkl &rilAS. Page 2
THE ARCIIAJ¥GEL TRUST I'RUSI'EES. REPORT FOR I'HE YEAR EhlDED ?1 .MJlRCH 2021 (condnued) Pllbllt beDent statement In setiing the charity's objectiv¢s. the Trust have giyen egre7 cotjsiderdtion 10 the Charity Con)missiott's general 8uidan¢e on publie beDefJt. TnJste49 are satisfied tbat the eharity's activities have be¢ii for ilie ptsbl:c bencfii. Revlew •f progress A¢hievetheDts and plADS for fvtthre periodi The chlty donated £196.369 12020..£300,962) to the school io suppon the scbool with it5 budsei objcc¢iilCS. Future plart$ are to coLtirJue fiJndrni5ing fromp8T¢nt&l and other donarions to enable support to the %hool to be maintsined al similar levels. Fln4JAclal r¢vlew The 8tt8ched financial siol¢ments Show ihe sixte of the charity's [&e¢s. There wgs a surplus in the year of £72.686 12020.. £2.731). Accumulated reserves ot 31 March 2021 toi&l £410.40712020.. £337,721). which in¢ludc5 restrieled funds of £73.142 12020.. £103.414), a degigttated fund of £1 11.800 (2020: £115.40]) and a general untestricied fuDd of £225,465 12020.. £118.9061. The puryose of ch lljnd is described in llo1¢ 5 the accounts. colg concer Aflcr making appropriAteenquiri¢8. tbe trusthL have H rOnabletxPeCtstioD Ib thecharityhas adequAte resources to continue in operttlional existence for the foreseeablc future. For this reasots, tb¢ycootinu¢ to odopi the 80ing conwD basis of 8ccouniinB ILI pfep&iD8 tbc financial siatements. Pollcv on reserves Th¢ tru8lees' policy on reserve l¢v¢l8 i5 us follows.. a) Rcstrithcd fvt)ds should noi bc tsllowedlo accumulate si8t2ifL¢ani sums t¢lld will normally be spcni wiihin tbe fittancial yellr on the specific purpose for which the funds are reBtrieted. Occasionally. th¢ limin8 of And oiher re¢eipLq m•yresult in a bdlonce Rt year end and th¢s¢ Are expected to li¢ %pcnl Ihe follnth'117Lr finnnLilll I'kmr whLTi Ihcy HrisL'. bl Trusie¢s hove d¢sigDHtcd all other unre¥lricled surplus funds to be used forth¢ school'supilal Jnd oUi¢r Iirojeci%. Rl•k Managemen¢ Thc m•jorri5k51o which the ¢baTity is exposed. identifiedbytru8tee& h8ve betrt reviewed 8nd 8ySterns
nd pri)ccduTe% hAve been eRtablisheil to niantsge tbogL ri%lL%.
Audttors ID go far as the tru8¢¢es are ilWOTe.' there is llo rclcvani audit infonnation of which tbc charil&blc compony's auditlir is unowHrc: #nd the (iovernors have taken all Aep3 ihat tbey ought to bave tsken to Enake theDtselves aware of Any relevant audit ]nforntion and to e5tabiisb that the auditor is aw¢ of that ittfornation. L8 7th. Apptt7v¢d by thr Twsic¢$ 01] ......... lld $i8D¢d on thrir behalf by. U M Monisscy ITnJ5 PJ¥e 3
Th,DEPENENT AUDXTORYS .RE-. ORT TO THE TRUSTEES OF THE ARCIIANGEL TRUST Opinio We hav¢audited theflljallcidl 8t¢ments ofThe Arch8ng¢l Trust foT the yeareDded 31 March 2021 which ¢omprise the Staiemcn¢ofFinan¢ia5 Aciivilies, the B4lancc Sh¢ei and thenow io the fjnancial SlamCn1$, applied in thciT prcparaiion ssapplicabl¢ law 8Dd Unii¢d KitigdomAcLouniin8StandaTds Ib'nil¢dKingdotll Generally Acc¢picd Accouniin8 Pra¢iicel, including Financial R¢poriill8 Standard 102 artd the Charilies SOIiP 2015. In our opiniu)n thl. fuianciol 5lalLrncnis'. giv¢ * irnc and fair vicw of Ihc smte of ihc ¢hthriiy's tsffairs us ai 31 March 2Q21 ond of its incoming r¢sourcesand applieation ofr¢sources. 2ncludin8 its incom¢and ¢xpcnditwcforth¢year Ih¢n ended.. l)ttv¢ bL'Cn prop¢rlyp'paT¢d in #bcordL¢w1th Unikd KthgdumGen¢ruily A¢0d ALouniiD Practice,. ad have becn prepored ID ac¢ordanc¢ with the requirements of the cbltieS Acl 2011. B%is for opl#lo We Conduct our audit in ac¢ordonce with Inieni8tion&l Standards Oll Auditin8 (UK) IISAS (UK)) aTLd uppIiLiiblL lyw. ()ur N%pun%iTriiliiic4 undcr Ihii4c %iHn<l#Fils arL lunhcr dcs¢nbcLI ID Ihl 'AiiililOT' rexpon¥ibili¢i¢S for thc ¥udii ufihe findn¢ial Slaiemeniy, yeciiun ofuur rLTrL)rl. WL arL independ¢nl o(the charily in ac¢oTdaDCC wilh Ihe cihical r¢quirements thai areTclevatti to OUT 8udii of finoncial $iaicm¢nts irl IhL UK. iilLIiiLlinbT IhL fRC's fihiial Slai)Lt.. Jnd iir hJi'c fuifillLd viir othL'r cthical IL%pO1biliL¥s iu llccordonccwith ihese rcquirenicnls. We bcliev¢ thai the audii ¢videncew¢ have obtained ismfficient dnd ¥ppropriats io provide a buis fot our opiniotL. CoDtlusloDi reltlttg to going toncerD We have nothing to rtw in r05pertoftbe following mattcn in relahoDto which the ISAs(UK)T¢quire u$ io rcptsrt 10 you wh¢n'. th¢ truslec5' use of th¢ 8OiU8 concern basis of a¢atED in the PTepthtion of the fillaD¢ial statements LS Dot appropnate: or may cJ$i signifi¢afti doubt Jboui lh¢ ¢hily'S ubiliiy lo continu¢ 10 adopi th¢ goingwnc¢rn basis ofaccouniing for a period of at le851 twelve months from the date when th¢ finan¢ial $teMen1$ Rre authoriatyj for issue. Othtr IDform8tlott The other inf0mtion comprise8 the iDfonnation included itt tbe 8nnual report. otber than the rSn¢t81 $tai¢mcn15 Jnd uur uuditor's report ih¢reon. Thc trustces are Tcsptsnsibl¢ for th¢ othey information. Our opinion on Ilie fjnanciul slRtem¢nis d0¢5 ntsi wvLrtheoihu iThfomiaiiun and. Lxieptto theeKI¢Dtuih¢rwis¢ cxplicitly Swicd in uur report, WL do nol express Any torul ofasguraDCC ¢oncIuSiOD thereott. In conncciion Wlth OUT uudii ol'ihe linancial si8icmcnis. ourN'5ponsibilily 15 LO re4Ld the otherinforniaiion rtd, in doing so, consider whcihcr the oth¢r infonn&lion i5 maierially inconsi$i¢n¢ with the financidl giat¢meniS or our kDowled8c L)biaincd ID lh¢ 8udii or oth¢Thvk5e appears io bc maicriolly misslaied. If wc -dLiILify suLh indlLiiuI iiiLtsiisisl¥nbiLS oi uppTL111 Jn4icri¥l 1131¥slaiLiiILnls. w¥ ¥LLIUiILd 10 dLILIMiiiie whether ther¢ is & mai¢fLal misslat¢m¢ni in thc Iinancial ststcmenls or 8 mat¢rial misstaiemcni of theother infOrnli0n. Ir, badOn thc work w¢ have perform¢d, wc coucludcibai th¢rc iSL mai¢riuI mIsstam¢t of thj's Liihcr uilonll(IllVJJ. wc arL rcquircd ¢0 report Ilial faci. Wc have noihing to Teporl in this 88rd. Pa¥e 4
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ARCHANGEL TRUST (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of trustees’ financial responsibilities within the Trustees’ Report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to close and/or liquidate the charity, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the accounts
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the charity’s trustees, as a body. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Louise Hallsworth FCA (Senior Statutory Auditor) For and on behalf of Baxter & Co Chartered Certified Accountants Lynwood House Crofton Road Orpington Kent BR6 8QE
Dated: 27 January 2022
Page 5
THE ARCH.5,GEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE IAR ENI DED 31 MARCH 20&1 Unrextrkted Restrleted Getterul Designated Fund Fund Fllod Tgtlll 2021 Tgtal 2020 Nots Ittcome from: Dott&uL)DB alld Legacies Activities for Generatiti8 Funds In¥iestzocois- Its1¢51 DfE GraDI8 247,859 4.433 1,546 0.56 255,973 4.433 382,777 4,433 18.529 19.058 18,529 252,293 ,546 25.097 278,936 406,269 Eypendlthbr¢ oll: ChaEitable Adiviti Raisitig Funds 139,861 3,5(HJ 62,869 206250 403.538 Totsl KxpeDdltur• 139.881 3,51JO 66J69 206,250 403,538 Nei lll¢othlng (Outg•kng) Rowur Befort Transfer Gross Trlnsfers B¢tw¢¢n Funds 112,412 11.954) 137.772) 72.686 2.731 13.853) <1,647) 7,500 Net Movtment Ill Funds IV6,559 {3.601) 13U,272) 72.686 2,731 Total FndS Brou8ht Fonvard 118,906 115,401 103,414 337,721 334,990 Ttst•l Fundi C•rrkd F•rw•rd 225.465 111,800 73.142 410,407 337,721 Page 6
TKE ARCHANGEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE VEAR ENDED 11 MARCH 2021 SUPPLEMENTARY NOTE: Cowparallve InformtloD for the Year Ended 31 Mrch 2020 Unrestrkted Ruttitted Gener DeIated Fund Fund Fund Total 2020 Nots In¢ome from: DotiOnS and Legoci&4 Activities for G¢nerating Fund8 Investtn¢nis- B4Dk Interest Capitsl Grnnts (DtE) 274,208 4,433 103.704 4,865 382,777 4,433 19,058 19.058 Tot41 ID¢omé 278,642 103,704 23,923 406,269 Expelldlre ol: Charitable AbliviiiGS RaiBill8 FuDdA 277,111 14.95LI 111,477 403,53¥ TotAI Exp¢ttditure 277.111 14,950 111,477 403,538 Lyrt Incomllll (Out$) Hellr¢ Before TrAn8feYs Grog8 TrangfeT5 Between Fund& 1.531 88,754 (87,554) 2,731 117.175 (117,373) Nrf Mov•ment In Fuodl 118,906 (28,621) (87,554) 2,731 Tothl Fund8 Brought Fotward 144,022 190,968 334,990 To¢41 FllDd$ Cirrl¢d Ffjrward 118,906 115.401 103,414 337.721 Page 7
THE ARCHNGEL TRUST BAL4NCE SHEET AT 31 MARCH 2021 2021 2020 Note Cllrrent Asyets 42.7(K) 374,415 83.537 259289 Cash at BaDk 8t ID HaDd 417,115 342.826 Credll•M - Amounts faUiDg due withiti (6,708) {5.105) Net Asts 410,407 337.721 Fll•di oftbe ChArlty: Restricted kuDd8 Unrestri¢¢¢d Gen¢rni unTtrIc DeSitl 73,142 225,465 111.800 IU3.414 118.906 115.401 410.407 337.721 Th¢ ttot¢6 on pa8¢8 9 10 14 fom part of these leunts. Ig Approved by thv Truste1 OD .. .. U M Mvrrisscy Il"ru ' D Giacon (frus) Page 8
THE ARCHAIYGEL TRUST PRINCIPAL ACCOLTNfJNG POLICIES FOR THE VfAR V.NDED 31 ryIARCH 2021 la) Basls of Pr¢p¥rtl&ll Th¢se ac¢ounis have been prepared ID accordance with FRS 102 "The FÉnan¢ial Rcpofihng Stat]durd apiili¢ablE in Ihe UK and Rcpubli¢ of Irclartd" ("FRS 102").-Accouiiiitt.q lji RLPOrtin by Charities" the Staiemcnl of Rccommendcd Pra¢li¢e for chllrities applying FRS 102 and UK Generally Accept¢d A¢Louniing Praciic¢ it£tpplics from l January20I5. Thccharityis a Public Bezjcfjl Enlily dcfined by fRS 102. The accounis have beeD PfeP8red on the bistotical cost convention. Thc principal accountiDg poli¢ies 2dopt¢d hr¢ sel oui below. (t) Gokng ¢on¢ern At the lime ofappiovin8 the atLounl5. the Trustees have a rea50nableexpect3tion that thc ch8rity adcquaic resourccs to wntinu¢ in operaiional exist¢nee foT th¢ foresccable futUTC. Thus the Trusiees. conline io Adopt thc goin8 concern basis uf aecounling in preparing the #CcoL15. LnLral funds iirL uDrLslllLI lund5 thhiLh IITL J%'iiilabl4 ti>r u$4 ill Ihc dibLretiiin i)f thc IiustLC5 in turtheroncc ofthe generdl obJcetiY¢s of ¢he charity omd whi¢b have noi been desi8naied for uther PUTpo$es. Desial¢d funds compris¢ unrestricted fijnds that havebeen asithbythe InJstee5 forparti¢ultr purposes. Re5tri¢*d futtds are fiujds which are to be used in ac¢ordancewith spebific restri¢noDts tmposed by ¢he donoTS or which h8v¢ raised by Ihe ¢harity for parti¢ulRT purp05¢5. Thc 4u)d use ofknÉLcli fui)d i& sLt oui ui dic uoltss lo ihk, fiiidllLi•I blat¥lllL'JLIS. Id) In¢omt Income is reco8oised whcn ihc chatity is leg8lly¢ntstledto itaftcrAny pcrforn)aDce¢DDditions hovo bLL'li m¢1, alllLIL.'1IS C51n be mLasiirLd rLliabl>i li 1% probJbl¢ Ihtti inLoin¢ M'ill be rcLcii'Ld. 1¢) Resources F.xpend¢d All ¢xpcndiiure {intludinB I¢CO¥¢r0b7C VAT) is ac¢ouni¢d foron an I¥u1S bn5is and h48becn dir¢ctly attTibuted to particular hcadiu89, Ibey havc been allocatcd lo sclivili¢SOn abgsiseonsislenl with iise of lh¢ Te$ourc¢4. ID TuAtIo The Inisi is 8 reglslcred chariiy4ndAs such isexcinpi fromcoTporalioniax uDd¢r the provisionsof the Cl)Me and COor&i10n Taxes Acl 1988 lo Ihc ¢Xl¢nl Ihii il 15 applied Ici 11$ chlriiiblc objcctivcs. Tbe c05t of irrccoverable VAT incutred kn bccn included in the Stst¢meDlof Financial A¥livitie$.
TLV ARCHANGEL TRUST PRtNCtPAL ACCOUNTll¥G POLICIES OR I klE YEAR ENDED 31 MARCH 2021 (continued) 18) Govtrn*D¢¢ Co$ts Liov¢mance Co$ include ¢osis aitribuiable io ibe ehariiy's compliance with conslitU150fial tsnd staNiOry r4uiremcThls. thcludirtg Judst and strategic moDagcmeni. Such coms may includ¢ both direct gmd support Costs. Ih) Th¢ Lhari14ble compiiny ha$ elect¢d lo apply the p1DvisilS of Seclion I I 'B&sie Finallci81 Insfftimenis. 8nd Sc¢iion 12'0ih¢r Fingn¢ial tnsLTumcnis Issues, of FRS 102 10 all of lis fman¢ial instruTnenlS. Financial iDStnun¢nt8 ar¢ recoLiS¢d in the ¢barity'S balance sbeel when li betomes party to the eontr8cttEal provisions of the itsst. FinallLldl a¥sels ajjd liabilili¢b arL orrskn?I, Wllli thL nLI bmounlh presLhiul in Ihi fJnaJiLial $taiiYnenls, wben there is a Icgully ¢nforc¢abl¢ right 10 yel off Ihe rccogni%d 8mounts and th¢re is an inicntion ¢0 seiile on a nct basi5 or io rcalisc the as5ci and scill¢ ihe liability sirnuliancously. Basic Ih)Anclttl as5et5 Basic financia] ass¢ts, wbich includ¢d¢btors dea$b and ballkbJlances, are initidly rn<ed 8t traus8¢tion price iDcludio8 transaciion c0818 And arc 5ubscqllcnily Carricd ai amurtised ¢051 using tb¢ ¢ffeclive interest mcthod urtless the arrangement COnSiilUtcsa fin8nckngtrdtssaLiion, whrthe Irdosdcliun is rncu&urcd ul ihe prL'sLni valuL ufihc fuiurc TCCClPt& discuunted Al a inarkci rulr or intercsi. Financial a85cis clossifled as receivabl¢ within one year Are noi atN)rtised. Bi¢ flnattdil IIAbllltl IJilSiL fLuaDLldl li&biliiies, iHLludinB rrcditorb alld NLDk loans llrL iniiially rcroLP]iscd dl traaLl1 pricc unl&s$ ihc #rrangemeni consti¢uies a finonci118 trnDclI0n, wherc lh¢ debi instrum¢ni is measured al th¢ pres¢ni valuc of the lulU rcc¢2pts discouni¢d di a market Ta ol Inter1. Deb( instruttn(S 8re 8ubBequ¥ttily carried Bt Amortised COBt, USiA8 the effeettve ititerest rate metbod. Trade cr¢ditorn are oblh8ation8 lopay for8ood6 or serviceB ihat have been acquiredin th¢ordinBry £oursL of opcra12o1 froniyupplicrb. Anwunts PayLiblb (I¥L iliis5ifiLIl 115 ¥LIIT¢'III lisbiliiies if pajmciii is due wttbiD one Ye or lesB. If not, they are prc5cni¢d a5 non-¢urrcni liabilities. Trade ¢redilL)rs are rrcogmsed initially &¢trdDsa¢tioJ) price 8nd SU1cqUentIymCll5ura atatnortised cost USiDgthe effeaivo ititerest tnetbod. DtreeogDitiOts ol tlnA#¢lal liablllties Fitiancial liabiliti¢5 aredcrecognised whenthe charitable¢omppY'5 contrACtual obligations expite or disCged or cancelled. Page 10
THE ARCIIANGEL TRIJST PRINCIPAL AccouNfiNG POLICIES FOR THE YEAR ENDED 31 TrIARCH 2021 (conilDMed) CtI1 I¢thIg ettlmates Judge)lleDts Jn thc application of tbe ¢h#rii&ble CopAnY'S ac¢ouniing policies. the Trustees ar¢ required to Inakc.judgcnJonts. estimcllcs 4d assumptions nboui ihc canving amouni ofN5SCIS nd liabilitics thit ore noi Teadily appamt from other sources. The esiinuies aTbJ ass(Kiat¢d a5SUlnPtjOlJs aTe based OD historical experience otber factors tbat aTe considered io berelevant. A¢al resul miy differ from tho8¢ ulimaies. The ¢gtimJteB and undeTIyiD8 a86umpiioDS ore mi¢w•d on an ongoing b8siL Revisions to acgoullting estimates are r¢co8nised ID the period ID whi¢h the estirnate is r¢viscd wbere tbe revision affc¢ts' only that period. or in the period of the iei'iyiott and ltsiuri period5 wheTC th¢ revision ttffects both cuTra)t Ind trepen0dS. Pagell
THE cllGEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACTIVITIES FOR GENERATING FUNDS Iunrestrleted) 2021 2(J20 R£ntsl Ineoo)e- Car PaTk Rental In¢om¢- Substation 1.740 2.693 1,740 2.693 4.433 4,433 CIL4RITAHLE.ICTIVITIES 2021 2020 Direct Costs: Donsiion 10 St MiGhacl'b Catholic (iramnur SLhoul Rell} Donation io School (paid to The G8bri¢l Fund) 196,369 300,962 93.750 196,369 394,712 Support Co8t8: AdmiDi$tration Rxpenses GovernuuG¢ Los15 6.491 3.390 5,520 3.306 206,250 403,538 GOVERNANCE COSTS 2021 2020 Audit Ftts Other 3.3¥NJ 3,306 3J90 3.306 EXPENDITURE ON RAISING FUNDS 2021 2020 Professional Fundtai8illg Fe P¥g¢ 12
THI ARCHANGEL TRUST NOTES TO T]tE FINANCIAL STATEMENTS FOR TUE YEAR Ef4DED 31 NIARCH 2021 (eontillued) ANALYSIS OF FUI¥DS InCoMIg Re50urte8 Re8oDrteg Losses F.xpttsdÈd & Tr#ttxfm B418nee at 31 M8r¢h 2021 l Aprll 20211 Unrestslcted Flld., Gcrv21 Fund Designpted FtmdÉ Re8trlcted FuDd: Capitsl Projects Othor scliool prtsjc¢ts 118.906 115,401 252,293 .546 1139.8811 {3.$00) l<,g53) 11.6471 225,465 111.800 99.564 -7.850 18.529 6,508 {62,869) 55224 17,918 7,500 337.721 278.936 (206.250) 410.407 Genernl funds 8re Unn$trIct fuDd$ th&t are av8ilabl¢ for use at the discrEtioD of the trustees for the fvrtlwaDce of th¢ 8¢Deral objectives of tbe cbarity Degignaied futtds are unrestricted funds t4st trustees have Cl¢d for Specific purposes. Re51ri¢ted fund8 ar¢ funds which #r¢ io bts used iti &c¢ordae with sp¢cific JwtrieiioDS imposed by the donors or which huve beet) raised by thc cligTily fvr particular purposes. Fund9 of £55.224 arc io be applied to School copital prL>jecls. In a(Idiiion. £17,9111 rcmJincd unspcnl fiY)m th¢ i.fT fund. ANALYStS OF FVNDS- PIUOR YEAR Balanee ai IDcomlDi l Aprll Resources 21119 Ruourcei GI1, Loud B•lan¢e It Expended & Trafer 31 Mar¢h 2020 Unrutrl¢ted Fwid: Gencral Fund D¢sigtt&ted Fut Restrleted Fund: Capitsl Projects Other School projects 278,642 103,704 {?77.1111 (14.950> 117,375 (117,375) I 18.906 115,401 144,022 89,006 101,962 19,058 4.865 {8.500) 1102,977) 99.564 3.850 334,990 406269 {4103,5381 337,721 21121 2020 DEBTORS Gilt Aid taA Tecoitrable LegY receivable 42.700 46.681 36,856 83.537 13
THE ARCHANGEL TRUST NOTES TO THE FINANCIAL STATEMEprrs FOR THE YEAR ENDED 31 MARCH 2021 (continued) 2021 2020 7. CREDrroRS.. Amounts falling due within one year. Other Creditors 6,708 5,105 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrict¢d General Funds Unrestricted Rutrlcted Designated Fundg Funds Tot81 Funds 2021 Total Funds 2020 Currertt Assets Cuent Liabilities 228,855 (3,390) 111.800 76.460 (3,318) 417.115 342.826 (6.708) (5.105) 225.465 111,800 73,142 410,407 337,721 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestrl¢t General Fund Unregtrleted Restrleted Deslgnated Funds Fund$ TotAI Fund5 2020 Total Funds 2019 CuTr¢nl Assets cu¢Tr¢ Li4bilitieA 122.212 (3.307) 117200 (1,799) 103,414 342,B26 341,707 (5,105) (6,717) 118.906 115,401 103.414 337,721 334.990 9. EMPLOYEES There were no employtts during the year {2020-nil). 10.TRUSTEES AND CONNECTED PARTY TRANSAcfIoNS There were no tNstee expenses reimbursed during the perlod (2020- nil). There was Do trustee remuneration paid during ihe period {2020- nil). U M Morris5ey is a director and trustee of Th¢ Gftbriel Fund to which the ¢harity paid £nil during the year in 5at15faction of the school's rental obligations to The Gabriel Fwid (2020.. £93.750). Page 14