**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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. Page 6 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| Page 7 continued... ## **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: Page 8 continued... **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. Page 9 ## **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 Page 10