Reglstered Charity Number: 1055718 THE ARCHANGEL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ARCHANGEL TRUST Contents REFERENCE AND ADMINISTRATIVE DETAILS ......................................................... . .............................. TRUSTEES, REPORT...... .. INDEPENDENT EXAMINER'S REPORT...................................................................................................... STATEMENT OF FINANCIAL ACTIVITIES....................................................... ... BALANCE SHEET............................................................................. .. ....... .. PRINCIPAL ACCOUNTING POLICIES.................... ..... NOTES TO THE FINANCIAL STATEMENTS... . .. .12
THE ARCHANGEL TRUST REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 1055718 Trustees R Tichborne {Chair) D Giacon U M Morrissey A Walsh F Ajibade C Blunt T O'shea Charity Address St Michael's Catholic Grammar School Nether Street North Finchley London N12 7NJ Independent Examiner Baxter & Co Lynwood House Crofton Road Orpington Kent 8R6 8QE Bankers Lloyds Bank PIC 841 High Street North Finchley London N12 8PX Bank of Ireland PO Box 13949 Birmingham B2 2GB
THE ARCHANGEL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and the financial statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 9 to 11 of the accounts and comply with the Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practtce applicable to charities preparing their accounts in accordance with the Financial Reportin8Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2019)". Structure* governance and management The trustee5 during the year were as follows: R Tichborne (Chair) D Giacon U M Morrissey C Blunt A Walsh T O'shea F Ajibade Training for new trustees is available if required. Ouring the year the day-to-day management of the charity was delegated to the Headmaster of St Michael's Catholic Grammar School who reported regularly tothe trustees. Trustees are responsible fortakingall strategic decisions and for monitoringthe implementation thereof. The charity is administered bya council of management made up of the above- named trustees. The charity does not employ any staff directly. Constitution and objects The charity was established by Trust Deed dated 24 January 1996 and is registered with the Charity Commission, No 1055718. The charity'saddress is St Michael's Catholic Grammarschool, Netherstreet, North Finchley. London, N12 7NJ. The object of the charity is to promote and advance the education of students of St Michael's Catholic Grammar School. The charity raises funds from parents, ex-pupils, otherfriends of the school and from capital grants which it applies to its object. Statement of trustees. responsibllfrtles 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 Accountin8 Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statementsfor each financial yearwhich give a true and fairview of the state of affairs of the charity and of the incoming resources and application of resources of the charityforthat period. In preparingthese financial statements, the trustees are required to: selert suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP FRSIO2. make judgements and estimates that are reasonable and prudent.
THE ARCHANGEL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) state whetherapplicable UK Accounting Standards have been followed, subjecttoany material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The trustees are responsible for keeptng Proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible forsafeguardingthe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Public benefit statement In setting the charity's objectives, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. Trustees are satisfied thatthe charivs activities have been for the public benefit. Review of progress. achievements and plans for future periods The charity donated £244.69012023: £nil) tothe schoolto supportthe school with its budgetobjective5. Future plans are to continue fundraising from parental and other donations to enable sUPPOrt to the school to be maintained at similar levels. Flnanclal review The attached financial statements showthe state of the chariwsfinances. Therewas a deficit in theyear of1£38,566} (2023: £264,580}. Accumulated reserves on 31 March 2024total £743,513 {2023: £782,079), which includes restricted funds of £104.521 (2023: £125,091), a designated fund of £119,80012023.. £111,800) and a general unrestricted fund of £519.192 (2023: £545,188). The purpose of each fund is described in note 5 to the accounts. Going conrn After making appropriate enquiries. the trustees have a reasonable expettation that the charity has adequate resourcesto continue in operational existence forthe fore5eeablefuture. Forthis reason.they continue to adopt the going concern basis of accounting in preparing the financial statements. Policy on reseThes The trustees, policy on reserve levels is as follows: a) Restricted funds should not be allowed to accumulate significant sums and will normally be spent within the financial year on the specific purpose for which the funds are restricted. Occasionally, the timing of grant and other receipts may result in a balance at year end and these are expected to be spent the following financial year when they arise. b) Trustees have designated all other unrestricted surplusfundsto be used forthe school's capital and other projects.
THE ARCHANGEL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Rlsk Management The major risks to which the chartty is exposed. as identified by trustees, have been reviewed and systems and procedures have been establtshed to manage those risks. Approved by the Trustees on ...20 . 0( . . and signed on their behalf by: R Tichborne (Chair of Trustees)
THE ARCHANGEL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ARCHANGEL TRUST I report to the Trustees on my examination of the financial statements of The Archangel Trust (the charity) for the year ended 31 March 2024. Responslblllties and basls of report As the charity'5 trustees. you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 20111.the ACV). I report in respect of my examination of the Trusys accounts carried out under section 145 of the 2011 Act and in carrying out my examination. I have followed all the applicable Directions given bythe Charity Commission under section 14515){bl of the Art. 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 which gives me cause to believe that in. any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act; or the 3ccounts did not accord with the accounting records; or the accounts did not complywith the applicable requirements cOnrningthef0rrn and content of accounts set out in the Charities {Accounts and Reports) Regulations 2CQ8 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come acro55 no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a properunderstanding of theaccountsto be reached Louise Hallsworth FCA For and on behalf of Baxter & Co Chartered Accountants Lynwood House Crofton Road Orpington BR6 8QE Dated.. 24 January. 2025
THE ARCHANGEL TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrirted funds Restricted funds General Total funds 2024 Total funds 2023 Note General Deslgnated Income from: Donations and legacie5 Activities for generating funds Investments- Bank interest DfE Grants Total income 184.759 3,000 187,759 209,152 67 67 21,634 209,460 21,634 24.634 60,804 269.956 184.826 Expenditure on: Charitable activities Total expenditure 203,336 203.336 44,690 44.690 248,026 248,026 5,377 5,377 Net incoming (outgoing) resources before transfers {18,510) {20.056) {38,566) 264,580 Gross transfers between funds (7,682) (318) Net movement in funds 126,192) (20,374) (38,566) 264,580 Total funds brought forward 545,384 111,800 124,895 782,079 517,499 Total funds carried forward 519.192 119.81x1 104.521 743,513 782,079
THE ARCHANGEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Comparative Year Information: Year Ended 31 March 2023 Unrestrlrted funds Restrlcted Total funds funds General Note General Designated 2023 Income from: Donations and legacies Activities for generating funds Investments- Bank interest DfE Grants Total income 209,152 209,152 60,804 60,804 269,956 209.152 Expendlture on: Charitable activities Total expenditure 3.180 3,180 2,196 2.196 5,377 5.377 Net Incomlng (outgoing) resources before transfers 205.972 58,608 264,580 Gross transfers between funds Net movement In funds 205.972 58.608 264,580 Total funds brought forward 339,412 111.800 66,287 517,499 Total fund5 carried forward 545,384 111,800 124,895 782,079
THE ARCHANGEL TRUST BALANCE SHEET AT 31 MARCH 2024 Note 2024 2023 Flxed assets Tangible Assets Current Assets Debtors Cash at Bank and in Hand 41.622 710,747 41,622 745,977 752,369 787,599 Current liabilities Creditors: amounts falling due withing one year (8,856) (5,5201 Total net assets 743.513 782,079 Funds of the Charity: Restricted funds Unrestricted funds General Designated 104,521 125,091 519192 119,800 545,188 111,800 Total funds 743.513 782,079 The notes on pages 12 to 13 form part of these accounts. Approved by the Trustees on . U M Morrisey (Trustee) R Tichborne (Chair of Trustees)
THE ARCHANGEL TRUST PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2024 la} Basis of Preparation These accounts have been prepared tn accordance with FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"),"Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102 and UK Generally Accepted Accounting Practice as it appliesfrom lJanuary2015. The charity is a Public Benefit Entity as defined by FRS 102. The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. (b) Golng concern At the time of approving the accounts. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existencefor the foreseeable future. Thus the Trustees, continue to adopt the going concern basis of accounting in preparing the accounts. Fund Accounting General funds are unrestricted funds which are available for use atthediscretion of thetrustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds arefundswhich are to be used in accordance with specific restrittions imposed by the donors or which have been raised by the charity for particular purposes. The aim and use of each fund is set out in the notes to the financial statements. {dl Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. (e) ReSoUrS Expended All expenditure (including irrecoverableVAT) is accounted foron an accruals basis and has been classified under headings that aggregate all costs related tothe category. Where c05tscannot be directly attributed to particular headings. they have been allocated to activities on a basis consistent with use of the resources. Taxation The trust is a registered charity and as such is exempt from corporation tax underthe provisions of the Income and Corporation Taxes Act 1988 to the extent that it is applied to its charitable objectives. The cost of irrecoverable VAT incurred has been included in the Statement of Financial Activtties.
THE ARCHANGEL TRUST PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2024 (Continued) (gl Governance Costs Governance costs include costs attributabletothe chariws compliancewith constitutional and statutory requirements. including audtt and strategic management. Such costs may include both direct and support costs. (h) Financial instruments The charitable company has elected to apply the provtsions of Section 11 'Basic Financial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102to all of its financial instruments. Financial instruments are recognised in the chariwsbalancesheetwhen it becomes partytothe contractual provisions of the instrument. Basic financial assets Basic financial assets. which include debtors and cash and bankbalances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at tran53Ction price. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operationsfrom suppliers.Amounts payable areclassified as current liabilities if payment is due within one year or less. 101 Page
THE ARCHANGEL TRUST PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2024 (Continued) Critical accounting estimates and judgements In the application of the charitable companvs accounting policies, the Trustees are required to makejudgements, estimates and assurnptions aboutthe carrying amountof assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. 11 I Page
THE ARCHANGEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l. AcrivrriES FOR GENERATING FUND5 (Unrestrirted) 2024 2023 Rental income- Car park Rental income- Substation 2. CHARITABLE ACtIVlTIES 2024 2023 Dlrect costs: Donations to St Michael's Catholic Grammar school Donation to Capital Project Costs of above 200,000 40,069 240,069 Support costs: Administration expenses Governance costs 4,621 3,336 7,957 2,197 3,180 5,377 Total charitable expenditure 248,026 5,377 3. GOVERNANCE COSTS 2024 2023 Independent Examination Fees 3,336 3,336 3,180 3,180 4. MOVEMENT IN FUNDS Balan at l April 2023 Income Expenditure Gains, losses and transfers Balan at 31 March 2024 Unrestricted funds General Designated Restrirted fund5 Capital projects Other school projects 545,384 111.800 184,826 (203,336) {7,682) 8,000 519,192 119,800 110.250 14,645 782.079 21.634 3.000 209,460 (40,069) 14,621) (248,OZ6) 91,815 12.706 743,513 (318) General funds are unrestricted funds that are available for use at the discretion of the trustees for the furtherance of the general objectives of the charity Designated funds are unrestricted funds that trustees have earmarked for specific purposes. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by the donors or which have been raised bythe charityfor particular purposes. Funds of £91.815 areto be applied to School capital projerts. In addition. £12,706 rernained unspent from the fund. 121 Page
THE ARCHANGEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (Contlnued) MOVEMENT IN FUNDS- PRIOR YEAR Balance at l April 2022 Income Expenditure Gains, losses and transfers Balance at 31 March 2023 Unrestricted funds General Designated Restrlcted funds Capital projects Other school projects 339,412 111.800 209,152 (3.180) 545,384 111,800 49,446 16,841 517,499 60,804 110,250 14,645 782,079 12,196) (5,3771 269.956 2023 5. DEBTORS 2024 Gift Aid tax recoverable 41,622 41,622 41,622 41,622 6. CREDITORS: Amounts falling due within one year 2024 2023 Other creditors 8,856 8,856 5,520 5,520 7.ANALYSIS OF NEf ASSETS BETWEEN FUNDS Restricted fund Unrestricted General fund Unrestricted Designated fund Total 2024 527,853 (8,856) 518,997 119,800 752,369 18,856) 743.513 Current assets Current liabilities Net A5setS 104.716 104,716 119.800 ANALYSIS OF NEf ASSErs BETWEEN FUNDS- PRIOR YEAR Restricted fund UnrestrScted General fund Unrestricted Designated fund Total 2023 787,599 (5,520) 782,079 Current assets Current liabilities Net Assets 125,091 550,708 (5,520) 545.188 111,800 125.091 111,800 8. EMPLOYEES There were no employees during the year (2023- nil). 9. TRUSTEE AND CONNECTED PARTYThANSAclloNS There were no trustee expense5 or remuneration paid during the period (2023- nil). There were no related party transactions during the year12023- nil). 131 Page