THE FRIENDS OF ROWAN ASSOCIATION
Registered Charity: 1058466
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2022
THE FRIENDS OF ROWAN ASSOCIATION
CONTENTS FOR THE YEAR ENDED 31 AUGUST 2022
| Pages | |
|---|---|
| Report of the Trustees | 3 to 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 to 14 |
THE FRIENDS OF ROWAN ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
The Trustees present their annual report together with the financial statements of The Friends of Rowan Association (“the charity”) for the year ended 31 August 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts.
OBJECTIVES AND ACTIVITIES
The object of the charity is to advance the education of the pupils at Rowan Preparatory School (“the school”, including Rowan Hill and Rowan Brae) by providing and assisting in the provision of facilities for education at the school and as ancillary thereto and in furtherance of this object the charity may:
a. Foster more extended relationships between the staff and parents and others associated with the school; and b. Engage in activities, which support the school and advance the education of the pupils attending it.
Events and activities organised during the year included fairs, social events, second-hand uniform sales, refreshments at the school’s sports days, auctions, pupils’ artwork sales, and Christmas card sales, involving pupils, parents, school staff, and the wider community. Funds from these activities were used to provide facilities at the school and also to support Princess Alice Hospice, the school’s chosen charity for part of the year, and charities offering aid to Ukraine’s humanitarian crisis. The Trustees are very grateful for the generous support of the parent volunteers who manage various aspects of the events and support the activities.
The Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit when reviewing the charity’s aims and objectives and in planning activities and priorities for the period.
ACHIEVEMENT AND PERFORMANCE
The charity had a very successful year with a large number of events and activities following the easing of covid-19 restrictions which had meant limited activity was possible in the previous year. The charity generated income of £71,321 during the financial year compared to £8,788 the previous year. The costs incurred to perform these activities were £32,438 (2021 - £4,925) resulting in a net surplus of £38,883 (2021 - £3,863). This net surplus provided £16,318 (2021 - £3,375) of facilities for the benefit of the pupils at the school and donations to other charities of £2,393 (2021 - £250).
The facilities provided at the school this year included initial payments of £4,323 for 16 Virtual Reality Headsets with educational content across the entire curriculum, and £8,500 for resurfacing the grass area in the Spinney with an allweather artificial grass surface to enable use of the area all year round. This is part of a co-funded project with the school to transform the Spinney, a wooded and grassed area at Rowan Hill that fuels imaginative play. Other facilities and experiences provided during the year for pupils included £1,440 for a Mobile Climbing Wall experience for Rowan Hill pupils and £355 for a Circus Skills workshop for Rowan Brae pupils during Wellbeing Week, £350 for a British Sign Language introductory session for all Rowan Hill pupils, £1,000 for new library books and £350 towards author visits.
The charity also facilitated the purchase of 25 wish list items (£3,605) by parents for the school through a silent auction during the school’s 85[th] Anniversary Ball in November 2021. The wish list items were resources identified by staff members across each department within school to enhance pupils’ learning experiences and enjoyment at school. They included, amongst other items, an outdoor water pump station for Kindergarten, primary electrics kit for Science, BOSE speaker for the Sports department, Lego and robotics kits for Engineering, A2 wooden drawing boards for Art, and high definition visualizers for Key Stage 1.
FINANCIAL REVIEW
The charity had closing reserves of [£53,885] at 31 August 2022 (£33,713 at 31 August 2021). This included £12,822 of designated funds (2021 - £Nil) for the final payments for the Virtual Reality Headsets and the resurfacing of the Spinney grass area.
The Trustees aim to hold sufficient funds to be able to organise the various fundraising events, which incur expenditure up-front.
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THE FRIENDS OF ROWAN ASSOCIATION REPORT OFTHE TRUSTEES-CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 STrUCTURE, GOVERNANCE AND MANAGEMENT Thè Friends of Rowan Assoclatlon is an unln¢orporatd assotlatlon and a registered Charity (No. 10584661 whose constitution is ruled by the governing document adopttd on 7 February 1996 and as amended on 25 lune 2015 and 23 June 20161"Rul•<l. A full Copy of thè Rule5 and Bylaws can be found on the charltvs w•bsSt•'. èrents-bnforfflation friendS)f-fowaII All Commlttee members including Officers and Trustees, shall hold office for the period of one year and shall retire, èxcept for thÈ Headrnistres5, at the Annual General Meetin8 following thelr election. Th vacancies created shall be fillèd at such Annual General Meeting but retiring members shall be eli8ible for r•-•l•etlon. Rètiring Officer5 may not hold th• same office for rnore th?n three years, while there Is no restrlctlon on retlrlng non-offlcartommltteè mernbers. Anyone on th• Committeè lother than the Headmistress) may at any time retire or be removed by a R•solutlon passed by a three*uartèrs majority of those present at a duly conv•n•d m•8tin8 of th• mtmbtrs. The Comrrsittee of the charity shall conslst of not less than tv40 elected members and the Officers and Trustees. Th• Committee may in addition co-opt not morè than three persons a5 rnembers of the Committee who shall s•rv• until tht next Annual General Me•ting. Vacan¢i•s among the Cornmitte? may be filled by the Committee until th• next Annual General Meetin8. Membèrshlp of thè chartty 15 available to parents of ehildr•n who are or havt bèen pupi15, former pupils, and staff, or former staff, of Rowèn Preparatory School upon payment of the subxription. Any other person connected with the school can b•com• a member If approved by an ordinary resolution of the Commltt••. REFERENCE AND ADMINISTRAnVE DAlL5 Charlty name Reglstered charlty number Charllrf$ prlnclpal address Thè Friènds of Rowan Association 1058466 Rowan Preparatory School 6 Fitzalan Road Clay8ate, Eshor Surrey KTIO OLX Officers and Trustees who mana8e the charlty: MrsTJurd Mrs V Buss Mrs V Buss Ms W Peng Mrs A Leighton-Davies Mr5 S Clarke Chairman Vl¢e-Chairman Honorary S•cretary Honorary Treasurer Honorary Treasurer Headmistress (Note 111 Appointed- 2110312022 Resl¢n•d - 2110312022 Appointed - 2110312022 DECLARATIONS The Trustees declare that th•y havè approved the Trustees, report abovè. Sign•d on behalf of the charttws Trustees: Mrs Taeryn Cadl B•mont Jurd - Chairman Iq June 2023 Page 4
THE FRIENDS OF ROWAN ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF ROWAN ASSOCIATION I reFbOrt to the trustees on my examination of the ¢t(wnts of Tht Friends of Roan Association {"the charirfl frjr the vear ended 31 August 2022 as set out on pages to fourteen. ResponsH>llltl•s and $L* of leport As the trustees ofthe charity. you are responsible for the preparation of the accounts in accordan¢e with the requirements of the Charrtles Act 20111.the AtVI. I report in respect of my examin3tlon ofthe charivs accounts carried out under section 145 of the Act and In carryin8 Out my examinatlon, I he followed all the appllcable Dlrettknns gl¥en by the Charity Comm1s5ion under section 145lSllbl of thE Act. Independent eXamhS statement I have ttsmpleted my examination. I confirm that no matthal matters have come to my attention In connertlon w6th thè examination giving me cause to belleve that. in any Material respect: accountin8 records were not kept In respert of the charrty as requlred by sect.on of the Acl; or the accounts do not accord with the accountin8 records- or the accounts do not tomply with the applicable requirements concerning the form and content of accovnts set out In the Charities (Accnts and Reports) Regtslations I118 other than any requirement that the accounts glve 'tTue and fairview whlch Is not a matter considered as part of an independent examlnatlon. I have no COern5 and have corne across no other matters in connethon wrth the examlnation to which attention should be drawn in this report In orderto enable a woper understanding of the accounts to be reathed. Si8ned: James Brlmlow FCA 43 Imperial Bulldlng 2 Duke of Wellington Avenue London SE18 6FR 11 June 2023 Pay5
THE FRIENDS OF ROWAN ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| INCOMING RESOURCES Income from: Donations and legacies Note 3 Other trading activities Note 3 Investments – bank interest Total RESOURCES EXPENDED Expenditure on: Raising funds Note 4 Charitable activities Note 4 Total NET INCOME/(EXPENDITURE) NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds Restricted income funds Total funds £ £ £ 2,461 - 2,461 66,238 2,602 68,840 20 - 20 68,719 2,602 71,321 32,229 209 32,438 16,318 2,393 18,711 48,547 2,602 51,149 20,172 - 20,172 20,172 - 20,172 33,713 - 33,713 53,885 - 53,885 |
Prior year total funds £ 1,518 7,269 1 |
|---|---|---|
| 8,788 | ||
| 4,925 3,625 |
||
| 8,550 | ||
| 238 | ||
| 238 33,475 |
||
| 33,713 |
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THE FRIENDS OF ROWAN ASSOCIATION BALANCESHEET AT 31 AUGUST 2022 Total funds this year 31.08.2022 Total funds last year 31.08.2021 CURRENT ASSETS D•btors Note 7 275 2,128 Cash at bank and in hand 53,666 32,797 TOTAL CURRENT ASSErs 53,941 34,925 LIABILinE5 Creditors- Amounts falllng due within one year Note 8 56 1,212 NEf CURRENT ASSETS 53,885 33,713 TOTAL Nrr ASSETS 53,885 33,713 FUNDS OF THE CHARITY Unrestrlcted funds General funds 41,063 33,713 D•si8nattd funds Note 9 12,822 TOTAL FUNDS 53,885 33,713 Signed by two Trustees on behalf of èll Truste•s.' Signature Dateofapproval Iq Juni zozg Mfs Tjurd Chzirrnan Mrs A Lei8hton-Davi•s Treasurer 19 3ur&e 2023 PaBe 7
THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022
1. BASIS OF PREPARATION
These accounts and the previous accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and with the Charities Act 2011.
2. ACCOUNTING POLICIES
2.1 INCOME
Recognition of income
Income is included in the Statement of Financial Activities (“SoFA”) when the charity becomes entitled to the resources; it is more likely than not that the trustees will receive the resources; and the monetary value can be measured with sufficient reliability.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS102 SORP.
Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. Bank interest is recognised on receipt into the charity’s bank account.
Income from membership subscriptions
Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies. Parents of pupils at the school are informed of the annual membership subscription amount and given the option to opt-out of membership each year.
Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. The charity has no gift aid claim receivable in the current or prior period.
Voluntary help
The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
2.2 EXPENDITURE AND LIABILITIES
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been shown separately within each expense heading.
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
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THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022
Governance and support costs
Where clearly identifiable, support and governance costs are allocated directly to each fundraising activity. Support and governance costs that are not directly related to an activity are not allocated but shown separately in Note 4.
Creditors and deferred income
The charity has creditors which are measured at settlement amounts less any trade discounts. No material item of deferred income has been included in the accounts.
Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
2.3 ASSETS
Fixed Assets
The charity has no tangible or intangible fixed assets, and no fixed asset investments.
Stocks and work-in-progress
Stocks held for sale as part of non-charitable trade are measured at the lower of cost or net realisable value. Goods or services provided as part of a charitable activity are measured at net realisable value based on the service potential provided by items of stock. Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Current asset investments
The charity has cash on deposit with a maturity date of less than one year to meet short term cash commitments as they fall due.
2.4 FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Suggestions for funding projects at the school may be made by the school, the Committee or any parent member by presenting their suggestion in writing to the Committee. On 25 June 2015, a Bylaw was adopted to require a Class Representative parent vote to approve proposals for funding facilities at school of more than £500. Designated funds are a subset of unrestricted funds which have been earmarked for planned future expenditure for the charity’s purposes but have not been paid as at the year-end date.
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 as specifically identified in appeal literature. The charity did not have any restricted funds at the year-end (2021 – £Nil).
3. INCOME FROM:
| Donations and legacies(unrestricted funds): Membership subscriptions Commission payments - easyfundraising - AmazonSmile - Surrey Flower Bee (Christmas wreaths) |
Year to 31.08.22 £ 2,330 31 15 85 2,461 |
Year to 31.08.21 £ 1,424 94 - - 1,518 |
|---|---|---|
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THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022
3. INCOME FROM (– continued):
| NCOME FROM(– continued): | ||
|---|---|---|
| Other trading activities Secondhand uniform sales Late Summer Fair (September 2021) Rowan 85th Anniversary Ball (Parents) - Silent Auction donations - Live Auction 1930s Artwork - pupils’ canvases sales Online Christmas Quiz, Stories and Crafts Christmas Art Cards Christmas Fair Valentine’s Discos Curry & Quiz Night (Parents) - Live Auction Online Art Auction - class canvases Summer Fair (June 2022) Sports Days Refreshments |
Year to Unrestricted Restricted 31.08.22 funds £ income funds £ Total £ 6,750 6,750 9,381 9,381 19,339 19,339 1,715 1,715 1,601 1,601 2,054 2,054 - - 408 400 808 7,022 7,022 3,092 3,092 3,015 - 118 1,000 3,133 1,000 1,083 1,084 2,167 8,748 8,748 2,030 2,030 66,238 2,602 68,840 |
Year to 31.08.21 Total £ 1,559 - - - - - 3,253 674 - - - - - 1,783 |
| 7,269 |
4. EXPENDITURE ON:
| Year to Unrestricted Restricted 31.08.22 Raising Funds Funds £ income funds £ Total £ Secondhand uniform sales 1,173 1,173 Late Summer Fair (September 2021) 3,740 3,740 Rowan 85th Anniversary Ball (Parents) 16,332 16,332 - Silent Auction winning bid donations - - - Live Auction 289 289 1930s Artwork - pupils’ canvases sales 222 222 Online Christmas Quiz, Stories and Crafts - - Christmas Art Cards - - - Christmas Fair 2,724 2,724 Online Valentine Disco/Halloween Party - - Valentine’s Discos 1,121 1,121 Curry & Quiz Night (Parents) - Live Auction 1,783 - - 1,783 - Online Art Auction - class canvases 208 209 417 Summer Fair (June 2022) 3,441 3,441 Sports Days Refreshments 998 998 General fundraising and governance costs unallocated: Parentkind (UK PTA) membership inc. insurance 116 116 Worldpay annual fee 52 52 One.com annual subscription - - Postage, printing etc. - - Thank you gifts to teachers 30 30 Cancelled 2020 Summer Fair – Refund of stall fee - - Non-refundable deposit for inflatables - - - 32,229 209 32,438 |
Year to 31.08.21 Total £ 1,269 - - - - - 1,557 - - 200 - - - - - 401 111 36 99 25 577 50 600 |
|---|---|
| 4,925 |
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THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022
4. EXPENDITURE ON (– continued):
| Charitable activities Unrestricted funds: Rowan Preparatory School Mobile Climbing Wall experience (Rowan Hill) Circus Skills Workshop (Rowan Brae) British Sign Language session (Rowan Hill) Library Books Author Visits VR Headsets (first instalment) Spinney resurfacing artificial grass (first instalment) Willow Weaving Workshops Restricted income funds: Battersea Dogs & Cats Home Disasters Emergency Committee (“DEC”) – Ukraine Humanitarian Appeal British Red Cross – Ukraine Crisis Appeal Princess Alice Hospice Total expenditure on charitable activities |
Year to 31.08.22 £ 1,440 355 350 1,000 350 4,323 8,500 - 16,318 - 1,000 438 955 2,393 18,711 |
Year to 31.08.21 £ - - - - - - - 3,375 3,375 250 - - - 250 3,625 |
|---|---|---|
The facilities provided at the school this year included 16 Virtual Reality Headsets with educational content across the entire curriculum to provide immersive learning experiences for pupils and to build discussion, collaboration and creative skills. In addition, the grass area of the Spinney was resurfaced during Summer 2022 with an all-weather artificial grass surface to enable use of the area all year round. This was a co-funded project with the school. The Spinney is a wooded and grassed area at Rowan Hill which is widely acknowledged as the pupils’ favourite place to play and enhances their wellbeing and imaginative and collaborative play. The winter weather had previously made the grass area muddy and unusable for most of October to March. The resurfaced area can now be used throughout the year to develop the girls’ social and imaginative play through games, lessons and free play.
The other approved funding projects in the period included a Mobile Climbing Wall experience for Rowan Hill pupils and a Circus Skills workshop for Rowan Brae pupils during Wellbeing Week, together with a British Sign Language introductory session for all Rowan Hill pupils, additional resources for the libraries at Rowan Brae and Rowan Hill, and a contribution towards author visits to the school.
In the prior year, £3,375 was provided to the school for Willow Weaving Workshops for all pupils from Preschool to Year 6. The workshops led to the creation of a long-term sculpture garden and living tree dome in recognition of the school’s 85[th] anniversary.
During the current period, the charity also organised a number of fundraising activities from which the monies raised were shared with other charities in a set proportion, as specified at the outset in the communications for each fundraising activity (Note 9). These included a Live Auction of special Rowan prizes during the Parents’ Curry & Quiz Night in March 2022, where the prizes ranged from a pupil being Headmistress for the day to a parent having a reserved parking space at Rowan Brae for a week. All the monies raised (£1,000) from the Live Auction were donated to the Disasters Emergency Committee’s Ukraine Humanitarian Appeal. The donation amounts made in the period to other charities are shown above.
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THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022
5. SURPLUS ON FUNDRAISING ACTIVITIES
| Unrestricted Restricted Funds £ income funds £ Secondhand uniform sales 5,577 Late Summer Fair (September 2021) 5,641 Rowan 85th Anniversary Ball (Parents) 3,007 - Silent Auction winning bid donations 1,715 - Live Auction 1,312 1930s Artwork - pupils’ canvases sales 1,832 Online Christmas Quiz, Stories and Crafts Christmas Art Cards 408 400 Christmas Fair 4,298 Online Valentine Disco/Halloween Party Valentine’s Discos 1,971 Curry & Quiz Night (Parents) - Live Auction 1,232 118 1,000 Online Art Auction - class canvases 875 875 Summer Fair (June 2022) 5,307 Sports Days Refreshments 1,032 General fundraising and governance costs unallocated (198) 34,009 2,393 |
Unrestricted Restricted Funds £ income funds £ Secondhand uniform sales 5,577 Late Summer Fair (September 2021) 5,641 Rowan 85th Anniversary Ball (Parents) 3,007 - Silent Auction winning bid donations 1,715 - Live Auction 1,312 1930s Artwork - pupils’ canvases sales 1,832 Online Christmas Quiz, Stories and Crafts Christmas Art Cards 408 400 Christmas Fair 4,298 Online Valentine Disco/Halloween Party Valentine’s Discos 1,971 Curry & Quiz Night (Parents) - Live Auction 1,232 118 1,000 Online Art Auction - class canvases 875 875 Summer Fair (June 2022) 5,307 Sports Days Refreshments 1,032 General fundraising and governance costs unallocated (198) 34,009 2,393 |
Year to Year to 31.08.22 31.08.21 Total £ Total £ 5,577 290 5,641 - 3,007 - 1,715 - 1,312 - 1,832 - - 1,696 808 674 4,298 - - (200) 1,971 - 1,350 1,000 - - 1,750 - 5,307 - 1,032 1,382 (198) (1,498) 36,402 2,344 |
|---|---|---|
| 34,009 2,393 |
During the period, changes were made to the second-hand uniform arrangements. With effect from 4 March 2022, the charity ceased working with online platform Uniformis and brought the stock of second-hand uniform back inhouse. The charity now runs one second-hand uniform sale per term onsite at the school. All proceeds from the sales of donated second-hand uniform go to The Friends of Rowan Association and commission is no longer payable to parents. The only exception to this is the sale of blazers, which are high-value items, where 50% commission is paid to parents donating a blazer. Parents continue to have access to Uniformis for direct sales to each other.
6.
FUNDS RECEIVED AS AGENT
| Name of party Related party Rowan Preparatory School Yes |
Amount received This year Last year £ £ 3,605 0 3,605 0 |
Amount paid out This year Last year £ £ 3,605 0 3,605 0 |
Balance held at period end 2022 2021 £ £ 0 0 0 0 |
|---|---|---|---|
The charity hosted a silent auction during the school’s 85[th] Anniversary Ball in which parents could bid to purchase 25 “wish list” resources for school. The wish list items were identified by staff members across each department within the school to enhance pupils’ learning experiences and enjoyment. The charity collected the winning bids from parents and reimbursed the school for the cost of the wish list items (£3,605). This amount is not recognised in the SoFA as the charity was acting as an agent. Where a winning bid exceeded the value of a wish list item, the excess donation is recognised in the charity’s SoFA (total £1,715).
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THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments Other debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Second-hand uniform parent commission Other accruals Deferred income Movement in deferred income account: Balance at start of reporting period Amounts added in current period Amounts released to income from previous period Balance at end of reporting period |
2022 £ 275 - 275 2022 £ 14 42 - 56 2022 £ 85 - (85) - |
2021 £ 500 1,628 2,128 2021 £ 877 250 85 1,212 2021 £ - 85 - 85 |
|---|---|---|
Deferred income in the previous period related to early payments by three external stall holders to attend the Late Summer Fair in September 2021.
9. CHARITY FUNDS
The restricted income funds in the period represented monies which the charity stipulated would be paid to other charities from particular fundraising activities. The proportion to be paid to each charity was specifically identified at the outset in communications for each fundraising activity.
| Fund name Restrictions: Amounts stipulated to be paid Restricted income funds Princess Alice Hospice (1) Half of the commission from Cauliflower Cards Christmas card sales DEC – Ukraine Humanitarian Appeal All funds raised from Live Auction of Rowan prizes at Curry & Quiz Night Princess Alice Hospice (2) 65% of funds raised from Rowan 100 Grid activity at Curry & Quiz Night (inc. winner’s donation) British Red Cross – Ukraine Crisis Appeal 25% of net amount (after costs) from Online Art Auction Princess Alice Hospice (3) 25% of net amount (after costs) from Online Art Auction Other funds Unrestricted |
Fund balances brought forward £ 0 0 0 0 0 0 33,713 33,713 |
Income £ 400 1,000 118 542 542 2,602 68,719 71,321 |
Expenditure £ (400) (1,000) (118) (542) (542) (2,602) (48,547) (51,149) |
Fund balances carried forward £ 0 0 0 0 0 |
|---|---|---|---|---|
| 0 53,885 53,885 |
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THE FRIENDS OF ROWAN ASSOCIATION
NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022
9. CHARITY FUNDS (- continued):
| UNRESTRICTED FUNDS Designated funds: Final instalment for Spinney resurfacing artificial grass Final instalment for 16 Virtual Reality Headsets General funds Total funds at end of reporting period |
2022 £ 8,500 4,322 41,063 53,885 |
2021 £ - - 33,713 33,713 |
|---|---|---|
The charity did not have any material restricted income funds during the prior period and had no restricted funds at the current year-end.
10. TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES
10.1 TRUSTEES’ RENUMERATION AND BENEFITS
The Trustees all give their time freely without being paid any form of remuneration or receiving any other benefits from an employment with the charity or a related entity (2021 - £Nil).
10.2 TRUSTEES’ EXPENSES
Expenses paid to the Trustees in the period amounted to £6,536 (2021 - £1,895). These expenses were made up of 3 Trustees reimbursed for purchases made on behalf of the charity for fundraising activities. There were also expenses of £1,986 (2021 - £Nil) paid to a non-trustee Committee member for the same purpose. Expenses are reimbursed for actual costs on presentation of valid receipts and other documentation.
No other types of trustee expenses have been incurred.
10.3 TRANSACTIONS WITH RELATED PARTIES
During the period, the charity reimbursed Rowan Preparatory School £222 for the purchase of A5 canvases for all pupils (2021 - £Nil). In celebration of the school’s 85[th] anniversary, the pupils each painted a canvas with artwork inspired by the 1930s golden age of art from when the school was established. The artwork was on display at the anniversary ball for parents to purchase.
The charity also transferred £3,605 of payments from parents to the school for the wish list items purchased by winning bidders in the silent auction during the 85[th] anniversary ball (Note 6).
The school administers the collection of the charity’s membership subscriptions from school parents £2,330 (2021£1,424) and transfers the total amount to the charity annually.
11. EVENTS AFTER THE END OF THE REPORTING PERIOD
Mrs Sarah Raja was appointed Headmistress of Rowan Preparatory School on 1 January 2023 following Mrs Susan Clarke’s departure on 31 December 2022. Under the charity’s Rules, the Headmistress is a Trustee of the charity ex-officio.
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