REGISTERED CHARITY NUMBER: 1057441
Report of the Trustees and
Financial Statements
For The Year Ended 31 August 2022
for
Welton St Mary's School Fund
Welton St Mary's School Fund
Contents of the Financial Statements For The Year Ended 31 August 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
Welton St Mary's School Fund
Report of the Trustees For The Year Ended 31 August 2022
The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The purpose of the fund is to advance the education of students at Welton St Mary's CE Primary Academy by providing and assisting in the provision of facilities for the education of students not normally provided elsewhere, the fund supported day visits, theatre visits and activities to support the curriculum.
Public benefit
The trustees have had regard to guidance published by the charities commission on public benefit. The purpose of the charity is to provide educational activities for children within the Welton St Mary's CE Primary Academy this in turn educates and improves the childrens' outlook and way of life.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The managing and organising of school trips for children within Welton St Mary's CE Primary Academy.
FINANCIAL REVIEW
Financial position
During the year parents have continued to contribute to the fund by paying for school trips, school productions and school uniforms, this resulted in income for the year totalling £40,394. Expenditure for these sources of income, for the year totalled £12,504, resulting in a net £27,890 being transferred to distributable reserves.
Reserves policy
The general reserves policy is to carry forward minimal amounts of cash as all activities are organised on a break even basis. Therefore any reserves in addition to the float limit of £1,000 is in relation to money received in advance, for future activities.
Going concern
The trustees having considered the charity's expectations and intentions for the next twelve months and the availability of current and future sources of funding or support, have concluded that the charity is a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The school fund at the time of this report has six trustees. The trustee board has carried out an analysis of the strengths and weaknesses of the board and based on the outcome of this have decided not to increase the number of trustees further at this time.
Page 1
Welton St Mary's School Fund
Report of the Trustees For The Year Ended 31 August 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1057441
Principal address
School Drive Welton LINCOLN Lincolnshire LN2 3LA
Trustees
Mrs N Gough Mrs L Cassidy (resigned 10.10.21) Ms C Tunstall Ms V O'Mahony Miss D Sylvester Rev J E Foster-Smith Ms S Lawford
Independent Examiner
Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN
Approved by order of the board of trustees on 28 September 2023 and signed on its behalf by:
Mrs N Gough - Trustee
Page 2
Independent Examiner's Report to the Trustees of Welton St Mary's School Fund
Independent examiner's report to the trustees of Welton St Mary's School Fund
I report to the charity trustees on my examination of the accounts of Welton St Mary's School Fund (the Trust) for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) 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 material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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.
Emma Murray FCA The Institute of Chartered Accountants in England and Wales
Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN
29 September 2023
Page 3
Welton St Mary's School Fund
Statement of Financial Activities
For The Year Ended 31 August 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Voluntary income 40,389 Other income 5 Total 40,394 EXPENDITURE ON Charitable activities School fund expenditure 12,504 NET INCOME/(EXPENDITURE) 27,890 RECONCILIATION OF FUNDS Total funds brought forward 25,716 TOTAL FUNDS CARRIED FORWARD 53,606 |
2021 Total funds £ 12,531 4 12,535 19,816 (7,281) 32,997 25,716 |
|---|---|
The notes form part of these financial statements
Page 4
Welton St Mary's School Fund
Statement of Financial Position
31 August 2022
| 2022 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 71,915 CREDITORS Amounts falling due within one year 3 (18,309) NET CURRENT ASSETS 53,606 TOTAL ASSETS LESS CURRENT LIABILITIES 53,606 NET ASSETS 53,606 FUNDS 4 Unrestricted funds 53,606 TOTAL FUNDS 53,606 |
2021 Total funds £ 27,459 (1,743) 25,716 25,716 25,716 25,716 25,716 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 September 2023 and were signed on its behalf by:
Mrs N Gough - Trustee
The notes form part of these financial statements
Page 5
Welton St Mary's School Fund
Notes to the Financial Statements For The Year Ended 31 August 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
VAT
The school fund is not registered for VAT, irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Financial Instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Cash at bank is classified as a basic financial instrument and is measured at transaction price.
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continued...
Welton St Mary's School Fund
Notes to the Financial Statements - continued For The Year Ended 31 August 2022
1. ACCOUNTING POLICIES - continued
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
3. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accruals and deferred income Accrued expenses |
2022 £ - 16,874 1,435 18,309 |
2021 £ 441 - 1,302 |
|---|---|---|
| 1,743 |
4. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.9.21 in funds £ £ 25,716 27,890 25,716 27,890 |
At 31.8.22 £ 53,606 |
|---|---|---|
| 53,606 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 40,394 | (12,504) | 27,890 |
| TOTAL FUNDS | 40,394 | (12,504) | 27,890 |
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Welton St Mary's School Fund
Notes to the Financial Statements - continued For The Year Ended 31 August 2022
4. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.9.20 in funds £ £ 32,997 (7,281) 32,997 (7,281) |
At 31.8.21 £ 25,716 |
|---|---|---|
| 25,716 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 12,535 | (19,816) | (7,281) | |
| TOTAL FUNDS | 12,535 | (19,816) | (7,281) | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Net | ||||
| movement | At | |||
| At 1.9.20 | in funds | 31.8.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 32,997 | 20,609 | 53,606 | |
| TOTAL FUNDS | 32,997 | 20,609 | 53,606 | |
| A current year 12 months and prior year | 12 months combined | net movement | in fund | |
| included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 52,929 | (32,320) | 20,609 | |
| TOTAL FUNDS | 52,929 | (32,320) | 20,609 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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Welton St Mary's School Fund
Notes to the Financial Statements - continued For The Year Ended 31 August 2022
5. RELATED PARTY DISCLOSURES
There were no related party transactions for the years ended 31 August 2022 or 31 August 2021.
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Welton St Mary's School Fund
Detailed Statement of Financial Activities For The Year Ended 31 August 2022
| INCOME AND ENDOWMENTS Charitable activities Grants Charities Commission Concert Donations Miscellaneous income Outside visits Rand farm School uniform Other income Bank interest Total incoming resources EXPENDITURE Charitable activities Accountancy Books Charities Miscellaneous expenses Outside visits Materials and equipment Total resources expended Net income/(expenditure) |
2022 £ 5,006 681 928 336 - 6,182 22,035 5,109 112 40,389 5 40,394 (317) - - 3,468 9,353 - 12,504 12,504 27,890 |
2021 £ - 374 937 - 30 901 10,274 - 15 12,531 4 12,535 434 19 623 2,207 16,443 90 19,816 19,816 (7,281) |
|---|---|---|
This page does not form part of the statutory financial statements
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