Registered Charity Number: 1055718 THE ARCHANGEL TRUST FINANCIAL STATEME'T5 2022
THE ARCHANGEL TRUST OFFICERS AI%D AD'IsoRs Regibtered Charity Number 1055718 Trustees R Tichborne (Chair) D Giacon U M Morrissey A Il'alsh F Ajibade C Blunl T O'shea Chariry Address St Michael's Catholic Grammar S¢hool Nether Strcet North Finihley London N12 7NJ Indcpend¢nt Examincr Baxter & Co Lynwood House Crofion Road Orpingion Kcnt BR6 8QE Bankers Lloyds Bank PIC 841 High Street North Finlhley London Nl 2 8PX Bank of Ireland PO Box 13949 Binningham B2 2GB Page I
THE ARCHANGEL TRUST TRUSTEES, REPORT FOR THE YEAR EliDED 31 MARCH 2022 The trustees prcscnt Iheir report and ihe financial 51at¢rnenis for the year ended 31 March 2022. The accounts have been prepared in accordance with the accouniing policies set oui on pages 8 to 10 of the accounis and comply wilh Ihe Trust Deed, the Charitics Aci 2011 and "Accounting and Rcporting by Charities.. Staiemcnt of Re¢ornmended Practi¢e applicable io ¢harities prcparing* their accounts in ac¢ordancc with lh¢ Financial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102) (effective l January 2015)" Structure, governanee and management The trustees during the year were as follows.. R Tichbome (Chair) U M Morrissey A Walsh F Ajibade D Giacon C Blunt T O'shea Training for new trustees is available if required. During the year the day to day management of the charity was delegat¢d io Ihe Headmaster of St Michael's Catholic Grammar S¢hool who reported regularly to the Iwstees. Trust¢es are responsible for laking all sirdtegic decisions and for monitoring the implementation iher¢of. Thc chariry is administcred by a council of managemcnt illade up of the above namcd tNstees. The ¢harity docs noi employ any siaff directly. Con5ti¢ution and objects The charily was established by Trusi Deed dat 24 January 1996 and is registercd with the Charity Commission, No 1055718. The cbarity's address is Si Mi¢hael's Catholic Grammar School, Nether Street, North Finchley, London, N12 7NJ. Th¢ object of the Charity is to promote and advance the cducaiion of studcnls of 5t Michael's Caiholi¢ Grammar SLhool. Th¢ Charity raises funds from parents, ex-pupils. othcr friends of the school and from capital grdnts which li applies lo ils object. Statement of trustee5' responsibililies The trustees are responsible lor preparing the Trustec5' Annual Report and the financial statements in accordance with applicable law and Llnited King¥dom Accounting Standards (United Kingdom Generally Accepted Ac¢ounting Pra¢tice). The law applicable io charities in England and Wales requires the trnstees to prepare financial statemenis for each financial year iN'hich give a trne and fair view of the siaie of affairs of lh¢ charity and ol the incoming resources and applicaiion ofi¢sources of thc Chariiy forthai peri(Trd. In preparing these financial slatcm¢nis, thc truste¢s are requircd io". sele¢1 suiiable a¢iouniing policies and thcn apply them consistently,. observe ihe methods and principl¢s in the Ch&riii¢s SORP: make Judgcnicnis and eslimates that arc rcasonable and prudent; siar¢ whethcr applicable UK Accouniing Siandards haN'e bccn folloived, subjcct io any material departurcs discloscd and explained in ihc financial statcments- and prepare the financial sta¢¢m¢nts on ihc going concern basis unless it is inappropriate to presume that the charity will continue to opernie. The trustees are responsible for k¢eping proper accounting COrdS ihat disclose with reasonable a¢¢uwy at any time ihe financial p()sition of the iharity and cnable them 10 ensure that ihe financial giarements comply with the Charities Act 2011. the Ch2riry (Accounis and Repons) Regulaiions 2008 and (he provisions of the trust deed. They are also responsible lor sale&buarding the assets of ihe charity and hence tor taking rcasonable steps for the prevention and detection of fraud and other irregularities. Page 2
THE ARCHANGEL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 (continued) Public benefit statement sctting the charity's objeciiN'es, the Trustccs have giN'en careful consideration io the Charity Commission's gencral guidance on public benefjt. Trnstees arc 5alisficd that the ¢hariry's activilies have b¢en for the public bcnefil. Review of progress achievements and plans for future periods The charily donaied £155,896 (2021= £196,369) lo ihe school io support the school with ils budget objectives. Fuwre plans are io continue fundraising from parental and other donations lo enable support io the school to be maintained at similar lel'els. Flnancial review The allached tin)n¢ial statements show the state of the ch3riry's finances. Th¢re was a surplus in thc year of £106,402 (2021: £72,686}. Accumulaied reserves at 31 March 2022 total £519,809 (2021.. £410.407}, which includes restricted funds of £66,287 (2021: £73,142), a designatcd fund of £ 111,800 {2021.' £111,800) and a g¢neral unrestricted fund of £338,722 (2021.. £225,465). The purpose of each fund is des¢ribed in note 5 io the accoutkls. Going concern Afier Inaking appropriate cnquiries, tbe Irusttts hawe a reasonablc CTpe¢iation that the chariiy has adequatc rcsour¢¢s io continue in operntional cxis¢en¢e for thL forcsccable fuiure. For ihis reason, they ontinue to adopi the going con¢¢rn basis of accounling in preparing thc financial siatemcntb. Policy on re$erves The irusi¢eb' lIcY on resetve levels is as follows.. a) Restrictcd funds should not bc allowed to accumulatc significani sums and ,111 nvtmally be spent within the financial year on thc specifiL purpose for which the funds are re5tricied. O¢¢asionally. the timing of grant and oiher receipts may result in a balance ai year cnd and these are exp¢cted io be spent the following financial year "hen ihey arise. b) Trustees have designated all othcr unresiricied surplus funds to be used for the school's capital and other projects. Risk Management The major risks to which lh¢ charity is exposed, as identified by tyusiees, have been reviewed and systems and procedures have been established to manage ihose risks. Approved by the Trnstees on .11 J &v*. 2 o l_) and signed on their bchalf by.. U M Morrissey (Trustee) Page 3
INDEPENDENT EXAfill.NER'S REPORT TO THE TRUSTEES OF THE ARCHANGEL TRUST (Continued) I report to ihe Trnsiecs, on my examiiiaiion ol the financial statcmcnts of The Archangcl TTUSt (the charity) for the year cndcd 3 1 March 202? Re$ponslblllties and basls of reporl The trustees are responsible for the preparation of ihc fina¥Jcial siaiements. Thc charity's trustccs consider that an audit is not required for this year under seciion 144 of th¢ Charities A¢t 2011 (the Charities Aci} and that an independent examination is needed. It is my responsibility lo.. examine the financial statemenis under section 145 of the Charities Act, ro follow the procedures laid down in th¢ general Direction8 given by the Chariry Commission (und¢r s¢ciion 145{51(b) of the Charilies Act. and to siare whether particular matters have come to my atieniion My eXnination 'aS carricd oui in accordance ii'irh general Dire¢iions giNen by the Charity Coinmission. An examinalion includes a review of the accouniing records kcpi by (he charity and a comparison of the tinanrial statemcnt% presented '1(h ihose records_ li also includes consideration of any unusual itcms or disclosures in the financial stsiements and seeking explanaiions from the trustees concerning any such Tnatters. The procedures undertaken do not proi'ide all the ¢Yidence Ihat QUId be required in an audit. and consequently no opinion is gii'cn as io whethcr ihe a¢counts prcsent a 'true and fair, view and the report is limited to those matlcrs s¢1 out in thc staternent below. Independent examiner's Statement The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qUdlifi¢d membcr of ICAEW. I have completed my examination_ I confirnj thai no matters have come to my attcntion in connection with thc examination giving me cause io belicvc thai in any matcrial respect.. accounting re¢ords were not kepl in respect of the charity as required by seciion 386 of ihe 2006 2 the financial statements do not accord with ihose records. or 3 the financial statemenis do not comply with the accounting requirements of section 396 of the 2006 Act other ihan any requirement ihai the accounts give a Irue and fair leW w'hich is not a matter considered as part of an independcDt examination. or 4 the finan¢ial staiemenis have not been prepared in accordance with ihe meihods and principles of ihe Stateineni of Recommended Practice for accouniing and reporling by charities applicable to chariii¢s preparing iheir accounts Ill accordance with th¢ Financial Reporting Siandard applicable in the UK and Republic of Ircland IFRS 1021. I have no concerns and have Come across no other matters in connection wilh tbe examination to which attcnfion should bc drdwn in this re)rt in order io enablc J proper undcr5tanding of the financial statements to be rea¢hed. Loui5¢ Hallsworth F"CA For and on behalf of Bter & Co Chartcrcd Certified Accountants Lynwood House Crofton Road Orpington BR6 8QE Dal¢d.. 27 January 2023 Page 4
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THE ARCHANCEL TRUST STATEMENT OF FINANCIAL ACTII'ITIES FOR THE YEAR ENDED 31 MARCH 2022 Unresirleted General Designated Fund Fund Restri¢t¢d Fund Tolal 2022 Total 2021 Note Infome from: Donations and Legacies A¢tii'ities for Generating Funds Investm¢nts- Bank InTerest DfE Grants 244,681 2,693 901 245,582 2.693 255,973 4,433 19,386 19,386 18,529 Total Income 247J74 20287 267,661 278,936 Expenditure on: Charitable Activities 133,427 27,142 160.569 206,250 Total Expenditure 133.427 27,142 160.569 206,250 Net Incomlng (Ouigoing) Resoure¢s ¢fore Transfers Gross Transfers Between Funds 113,947 {6,855) 107.092 72,686 Net Movement in Fund$ 113,947 (6,855) 107,092 72,686 Total Funds Brought Forward 225,465 111,800 73,142 410,407 337.721 Total Funds Carried Fonvard 339.412 111,800 66.287 517,499 410,407 Page 6
THE ARCHANGEL TRUST STATEMENT OF FINAN'CIAL ACTII'ITIES FOR THE YEAR EIYDED 31 IIIARCH 2022 SLPPLEMENTARY NOTE: Comparative Information lor the Year Ended 31 March 2021 Llnrestrlcied Restricted General Designated Fund Fund Fund Total 2021 Note Income from: Donations and Lega¢i¢s Actii'ities for Generdting Funds In&estnienis - Bank Inter¢sl Capital Grants {DtE) 247,859 4.433 1,546 6.568 255,973 4,433 18,529 18,529 Total Income 252.293 1.546 25,097 278,936 Expendlture on: Charitable Activities 139,881 3,500 62,869 206,250 Total Expenditure 139.881 3.500 66,369 206,250 Net Incoming (Outgoing) Resources Before Transfers 12,412 {1.954) (37,772) 72.686 Gross TTansfers Between Funds (5.853) {1.6471 7.500 Net Movement ill Funds 106.559 (3,601) (30,272) 72,686 Total Funds Brought Fonvard 118.906 115,401 103,414 337,721 Totol Funds Carried Fornard 225,465 111,800 73,142 410,407 Pag¢ 7
THE ARCHANGEL TRUST BALANCE SHEET AT 31 lARCH 2022 2022 2021 Note Curreni A5set$ Debtors Cash at Bank and in Hand 41,622 478.217 42.700 374,415 519,839 417,115 Creditors - Amounts falling due within one year (2,3401 {6.708) Net Assets 517.499 410,407 Funds of the Charity: Reslricied Funds. Unre5rri¢ted Gcneral Unr¢5tricted Dcsignated 66,287 339,412 111,800 73,142 225.465 111.800 517.499 410,407 The notes on pages 8 to 12 fomi part of these accounts. Approved by ihe Trustecs on U M MorriSY (Trnstec) D Giacon (TNsiee) Page 8
THE ARCHANGEL TRUST PR1CIPAL ACCOLYTING POLICIES FOR THE YEAR EINDED 31 TrIARCH 2022 (a) Basis of Preparatlon Thesc accounts havc been prcparcd in accordance wilh FRS 102 "The Financial Rcporting Standard applicable in the UK and Rcpublic of Ireland" ("FRS 102"),"'Accounting and Reponing by Charities" the Siaiement of Recommended Practice for ¢hariiies applying FRS 102 and UK Generally Accepied Accounting Practice as It applies from l January 2015. The charity is a Publi Benefit Entity as defined by FRS 102. The aecounls have been prepared on the historical Cost convention. The PTincipal accounting policies adopted are sei out below. (b) CoiDg concern At the lime of approving the accounts, the Trusi¢¢s have a reasonable expectation that tlie chariiy has adequate rcsources to CODlinue in opcrational existenec for the foresceable future. Thus the TTUStees' conlinue io adopi ihe ¥oing conc¢m basis of accounting in preparing ihe accounts. (c) Fund Accounting General funds ar¢ unrestricted fill)ds which ar¢ available forus¢ ai ihe discretion of the trusie¢s in furtherance of the general obje¢tii'es of the Chariry and M'hich hal'e not been desigiiatcd for other pury>oses. D¢signatcd funds comprise unrestricied funds ihat have been set aside by thc lrnstees for particular purposes. Restrict¢d funds arc funds which are io be used in accordance with specific restrictions imposed by the donors or whiLh have been raised by thc chatity for particular purposes. The aim and use of each fund is set out in the notes lo ihe financial statcm¢nts. (d) Income Income is recognised whcn the charity is legally entitled to li after any perfornianc¢ Conditions have been met, the aTnounis can bc measured rcliably, and it is probable that income will be received. (¢) Resources Expended All expenditur¢ {including iffecoi'erdblc VATI is accounted for on an accruals basis and has been classificd under headings ihat aggregaie all costs relaied to the category. Where oosis cani)ot b¢ dirccily attributcd to particular headiIigs. they have bccn allocaied to aciiN'ities on a basis consisient with use of Ihe resources. 10 Tax*¢ion The irnst is a regist¢rcd chariiy and as such is exeii)pt from corporation undcr thc provisions of the Inconie and Corporation Taxcs Aci 1988 to ihe ¢xient that it is applicd io its charitable objectivcs. The cost ol irr¢coverabl¢ VAT incurred has been included in the Sthiement of Financial Aciivities. Page 9
THE ARCHANGEL TRUST PIUNCIPAL ACCOUNTING POLICIES FOR THE YEAR E.YDED 31 MARCH 2022 (continued) Ig) GoN'ernanfe Costs Govemance costs include ¢osts aitributsble to the charity's complian¢e with constilutional and statulory requirements, including audit and siraiegi¢ managcmcni. Such costs may include both direct and support costs. (h) Financial illstruments The charitable company has elected io apply the provisions of Section I I 'Basic Financial Insinjmenls. and Section 12 '0thcT Financial Instrumenis Issues. of FRS 102 10 all of its financial instrumenls. Financial instNments are re¢ognised in ihe Charity's balance sheei when it becomes party to the contractual provisions of ihe insirument. Financial assers and liabilitie8 are offsel. Ii'iih Ihe nei amounis presenied in th¢ finanLial slaiements. when Ihere is a legally ent-orceable righi lo set off the recognised amounts and there is an intention 10 8eiile on a net basis or io realis¢ the asset and settl¢ the liability simultaneously. Basic financial asset5 Basic financial asscts. which include dcbiors and cashaiid bank balances. are initially measurcd at transaction price including transaction costs and are subsequently carricd al amoniscd cost using the effcclive interest mcthod unless the arrangement constitulcs a financing iransaction, where the transaction is measurcd ai th¢ prescnl value of the futurc rcip(S discountcd at a market rate or interest. Financial assct5 c13ssified as receivable within one year are noi amortiseil. Basic financlal liabilitie5 Basic financial liabilities. including creditor5 and bank loans are initially re¢ognised at transaction pri¢e unless ihe aangenient Constitutes a linan¢ing rransaction. where the debi instrument is measured at the presenl value of ihe furure r¢¢¢ipis discountcd at a market rat¢ of interest. Finan¥ial liabilitics clLssified as payabl¢ iviihin one year are noi amortised. Debt instruments are subsequently carried ai amortised cost, using the etTective interest rate method. Trade ¢reditOTS are obligations io pay for goods or services thai hav¢ been acquircd in the ordinar). Course ot'operations froTll suppliers. Amounis payable are classified as curreiit liabilities if payment is due w'ithin one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised iniiially at transaction price and subs¢quently mcasured at amortised cosi using the cffcctive intercst Tnethod. Derecognition of financial liabilitles Financial liabilities are derecognised when thc charitable company's contractual obligations expire or are dis¢harged or cancelled. Critlc#l accounting estimates and judgements In th¢ applicaiion ofihe charitablc Company s accounting policies. the Trustees are required to m¢ike judgcmcn15. estimates and assumpiions abour ih¢ Carrying amounl of asscts and liabilitics that are noi readily apparent from othei sources. Thc cstimates and associated assutnplions are bascd on historical cxperiencc and other factors thal are ¢onsidercd to bc rel¢vant. Actual results may differ from these estimates. The eslimatcs and underlying assumptions are reiiewed on an ongoing basis. Revisions lo accountinb) estimales are recogniscd in the period in "hich the estimate is revised where the revision aftects only that period, or in ihe peri(Kl of ihe revision aTLd fijture periods where the revision affects both current and rnre periods. Page 10
THE ARCHANGEL TRUST 'OTES TO THE FINANCIAL STATE.%IENTS FOR THE I'EAR E,YDED 31 MARCH 2022 (continued) ACTIVITIES FOR GENERATING FUI%DS (Unrestricted) 2022 2021 Rental Income- Car Park Rental Income- Substation 1,740 2,693 2,693 2,693 4,433 CHARITABLE ACTIVITIES 2022 2021 Direit Costs.. Donation to Si Michael's Catholic Grammar School Donation to Luanda (Kenya} 155,164 732 196,369 155.896 196,369 Support Cosis.. Administration Expcnscs Govcrnance costs 2.333 2,340 6,491 3,390 160,569 206.250 GOVERNANCE COSTS 2022 2021 Independeni Examinaiion Fees 2.340 3,390 Page 11
THE ARCHANGEL TRUST NOTES TO THE FIlyNCIAL STATEMENTS FOR THE YEAR E.YDED 31 MARCH 2022 (continued) ANALYSIS OF FUNDS Balance at l April 2021 Ineoming Resources Resources Expended Gains. Losses & Transfer$ Balance at 31 Thlarch 2022 Unrestricted Fund: General Fund De8ignated Funds Restrieted Fund: Capital Projects Other school projects 2?5.465 111.800 247.374 (133,427) 339.417 111,800 55,224 17,918 19,386 (25,164) (1,9781 49,446 16,841 410,407 267.661 (160.569} 517,499 General funds are unreslri¢ied funds that arc available for use at the discretion of the trustees for ihe funherancc of ihe general objectives of thc charity Designated funds ar¢ unrestrictcd funds that trustees havc carmark¢d for specific purpos¢s. Restricted funds are fimds which are io be used in accordance with specific restrictions imposed by ihc donors or which have been rdiscd by th¢ chariry for particular purposes. Funds of £49.446 are to be applied lo S¢hool capilal proj¢¢ts. In addition. £16,841 remained unspcni from the LET fund. ANALYSIS OF FuDS- PRIOR YEAR Balanee at l April 2021) Incoming Resources Resour¢es EApended Gains, Losses & Trans(er5 Balance at 31 larch 2021 Unrestricted Fund: CFeneral Fund D¢%i¥nated Funds Restricted Fund: Capital Projects Other school proje¢is 118.906 115.401 252,293 1.546 (139.1181) (3,500) (5.853) (1,647) 225,465 111,800 99,564 3.850 18.529 6,568 (62,869) 55,224 17,918 7,500 337,721 278,936 {206.2501 410.407 2022 2021 DEBTORS Gift Aid tax re¢overable 41,622 42,700 2022 2021 CREDITORS: Amounts falling due within one year-. Other Creditors 2.340 6,708 Page 12
THE ARCHANGEL TRUST OTES TO THE FII%AYCIAL STATEIIIENTS FOR THE YEAR ENDED 31 MARCH 2022 (continued) ANALYSIS OF NET ASSETS BETWEEN FuDs Unr¢stricied General Funds Ilnrestricted Restricted Designated Fulld$ Funds Total Funds 2022 Total Funds 2021 C¢nt Ass¢ts Current Liabilities 341.752 (2,340) 111,8(K) 519,839 (2,340) 417,115 (6,708) 339,412 111,800 66,287 519,499 410,407 ANALYSIS OF NET ASSETS BETWEEP¥ FuDS- PRIOR YEAR Unrestricted General Fund5 Unrestricted Restricted Designated Funds Funds Total unds 2021 Total Fund5 2020 Currcnl Assets Currcnl Liabilities 228,855 (3.390) 111,800 76.460 {3,3181 342.826 (5,105) (6,7081 225.465 111,800 73.142 410.407 337,721 EMPLOYEES There werc no ¢mployees during the year (2021-nil). 10. TRUSTEES AND CONLYEcfED PARTY TRANSACTIO.YS There were no trust¢e expenses reimbursed during the period (2021 There was no trustee remuneraTion paid during the period (2021 nil). Page 13