REGISTERED CHARITY NUMBER: 1060724
Report of the Trustees and
Financial Statements for the Year Ended 31 August 2023
for
The Royal Latin School Fund
The Royal Latin School Fund
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 12 |
The Royal Latin School Fund
Report of the Trustees
for the Year Ended 31 August 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. 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 sole objective of the trust is, 'within The Royal Latin School (RLS), to advance the education of students by providing and assisting in the provision of facilities for education of students at the school'.
Significant activities
The trust has had a successful year in terms of meeting its objectives as set out above. This is reflected in the financial statements attached with this report.
Throughout the year and in the period until the signing of this report and accounts, the trustees have had regard to the guidance issued by the Charity Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Following the completion of the first and second phases of the 600 Fundraising Campaign, the school fund activities in 2022-2023 focused on a series of events to commemorate the 600th Anniversary of RLS in 2023. The income received and payments made to the school to meet costs of work on these initiatives form a significant part of activities this year.
With the support of local sponsors and alumni donors, 600th Anniversary events involving RLS and the local community, were held throughout the year including a Garden Party on 1 July 2023 which generated a small amount of income for the trust. The majority of events were purposely not income-generating, in an effort to be as inclusive as possible and to allow as many people in the school community as possible to participate in and engage with the anniversary.
FINANCIAL REVIEW
Financial position
Sponsorship and event payments received by the trust, including ticket sales ahead of the Gala Ball which took place on 30 September 2023, totalled £70,020. A donation of £46,927 (funds carried forward from the second phase of the 600 Campaign) was received from RLS. This donation will help to provide initial funding towards the third phase of the 600 Campaign, a multi-use arts, drama, music and dance facility, which is currently at feasibility stage and not yet actively fundraising. A further £3,990 was received directly towards the third phase.
The trust also received a total of £47,707 from two charitable trusts: the Lillingstone Trust and the Alderman Newton Charity. The former sponsored the Lillingstone Trust Community Laboratory within the Discovery Centre at RLS, supporting the school to host a programme of free science lectures for the local community. From 2022 this donation also supported the hosting of sports science lectures in the Mind and Body zone of the school's new ek robotics Sports Campus (completed in 2021 as part of the second phase of the 600 Campaign) in addition to supporting the sports and science outreach teams at RLS.
Following these donations and 600th Anniversary event ticket sales the trust retained reserves of £147,926 (2022 £20,456).
FUTURE PLANS
2023/2024 will see fundraising for the third phase of the 600 Campaign.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Declaration of Trust was executed on 9 December 1996.
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The Royal Latin School Fund
Report of the Trustees
for the Year Ended 31 August 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1060724
Principal address
The Royal Latin School Chandos Road Buckingham MK18 1AX
Trustees
Dr A Clamp (resigned 31.8.23) P Dart (resigned 31.8.23) K Davis D W Hudson R L Wilson V Brown (appointed 1.9.23) L Hayhurst-France (appointed 1.9.23)
Auditors
NB Consulting Limited Chartered Accountants and Statutory Auditors 2 Foxglove Close Buckingham MK18 1FU
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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The Royal Latin School Fund
17/01/2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Report of the Trustees
for the Year Ended 31 August 2023
.................................................................... R L Wilson - Trustee
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Report of the Independent Auditors to the Trustees of The Royal Latin School Fund
Opinion
We have audited the financial statements of The Royal Latin School Fund (the 'charity') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Trustees of The Royal Latin School Fund
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable Trust and reviewed the academy's documentation on their policies and procedures relating to fraud and compliance with these laws and regulations;
We enquired of management whether they are aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud, supported by a review of the minutes of trustee meetings;
We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur;
Our testing considered unusual or unexpected accounting entries;
We performed analytical procedures to identify the existence of unusual transactions or events which may indicate risk of material misstatement due to fraud;
We reviewed the financial statements and tested the disclosures against supporting documentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The Royal Latin School Fund
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
NB Consulting Limited Chartered Accountants and Statutory Auditors 2 Foxglove Close Buckingham MK18 1FU 17/01/2024 Date: .............................................
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The Royal Latin School Fund
Statement of Financial Activities
for the Year Ended 31 August 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 9,662 Other trading activities 2 14,573 Investment income 3 7 Total 24,242 EXPENDITURE ON Raising funds - Charitable activities Donations to RLS Sports Campus - Other donations to RLS 10,250 Donations to other charities 14,189 Total 24,439 NET INCOME/(EXPENDITURE) (197) RECONCILIATION OF FUNDS Total funds brought forward 15,648 TOTAL FUNDS CARRIED FORWARD 15,451 |
Restricted funds £ 94,634 74,010 - 168,644 11,224 - 28,887 866 40,977 127,667 4,808 132,475 |
31.8.23 Total funds £ 104,296 88,583 7 192,886 11,224 - 39,137 15,055 65,416 127,470 20,456 147,926 |
31.8.22 Total funds £ 21,676 200,428 6 222,110 13,437 180,225 15,856 15,174 224,692 (2,582) 23,038 20,456 |
|---|---|---|---|
The notes form part of these financial statements
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The Royal Latin School Fund
Balance Sheet
31 August 2023
| Unrestricted funds Notes £ CURRENT ASSETS Cash at bank 15,451 CREDITORS Amounts falling due within one year 7 - NET CURRENT ASSETS 15,451 TOTAL ASSETS LESS CURRENT LIABILITIES 15,451 NET ASSETS 15,451 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 133,765 (1,290) 132,475 132,475 132,475 |
31.8.23 Total funds £ 149,216 (1,290) 147,926 147,926 147,926 15,451 132,475 147,926 |
31.8.22 Total funds £ 21,456 (1,000) 20,456 20,456 20,456 15,648 4,808 20,456 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 17/01/2024
.............................................
R L Wilson - Trustee
The notes form part of these financial statements
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The Royal Latin School Fund
Notes to the Financial Statements for the Year Ended 31 August 2023
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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.
2. OTHER TRADING ACTIVITIES
| Pupil Fundraising 600 Campaign Fundraising Other fund raising |
31.8.23 £ 14,299 74,010 274 88,583 |
31.8.22 £ 15,174 185,254 - |
|---|---|---|
| 200,428 |
continued...
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The Royal Latin School Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.8.23 | 31.8.22 | |
| £ | £ | |
| Deposit account interest | 7 | 6 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 20,776 Other trading activities 15,174 Investment income 6 Total 35,956 EXPENDITURE ON Raising funds - Charitable activities Donations to RLS Sports Campus - Other donations to RLS 15,291 Donations to other charities 15,174 Total 30,465 NET INCOME/(EXPENDITURE) 5,491 RECONCILIATION OF FUNDS Total funds brought forward 10,157 TOTAL FUNDS CARRIED FORWARD 15,648 |
Restricted funds £ 900 185,254 - 186,154 13,437 180,225 565 - 194,227 (8,073) 12,881 4,808 |
Total funds £ 21,676 200,428 6 222,110 13,437 180,225 15,856 15,174 224,692 (2,582) 23,038 20,456 |
|---|---|---|
continued...
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The Royal Latin School Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
6. AUDITORS' REMUNERATION
Audit fees of £1,290 (2022 - £1,000) are included in expenditure on raising funds on page 5.
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 8. MOVEMENT IN FUNDS Unrestricted funds Annual fund Other funds Restricted funds 600 Campaign Other funds Lillingstone Trust TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds Annual fund Other funds Restricted funds 600 Campaign Other funds Alderman Newton Lillingstone Trust TOTAL FUNDS |
At 1.9.22 £ 13,171 2,477 15,648 843 3,965 - 4,808 20,456 Incoming resources £ 9,662 14,580 24,242 120,937 - 4,946 42,761 168,644 192,886 |
31.8.23 31.8.22 £ £ 1,290 1,000 Net movement At in funds 31.8.23 £ £ (338) 12,833 141 2,618 (197) 15,451 105,440 106,283 (1,376) 2,589 23,603 23,603 127,667 132,475 127,470 147,926 Resources Movement expended in funds £ £ (10,000) (338) (14,439) 141 (24,439) (197) (15,497) 105,440 (1,376) (1,376) (4,946) - (19,158) 23,603 (40,977) 127,667 (65,416) 127,470 |
|---|---|---|
continued...
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The Royal Latin School Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.21 | in funds | 31.8.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Annual fund | 7,686 | 5,485 | 13,171 |
| Other funds | 2,471 | 6 | 2,477 |
| 10,157 | 5,491 | 15,648 | |
| Restricted funds | |||
| 600 Campaign | 9,251 | (8,408) | 843 |
| Other funds | 3,630 | 335 | 3,965 |
| 12,881 | (8,073) | 4,808 | |
| TOTAL FUNDS | 23,038 | (2,582) | 20,456 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Annual fund Alderman Newton Other funds Restricted funds 600 Campaign Other funds TOTAL FUNDS |
Incoming resources £ 15,485 5,291 15,180 35,956 185,254 900 186,154 222,110 |
Resources Movement expended in funds £ £ (10,000) 5,485 (5,291) - (15,174) 6 (30,465) 5,491 (193,662) (8,408) (565) 335 (194,227) (8,073) (224,692) (2,582) |
Resources Movement expended in funds £ £ (10,000) 5,485 (5,291) - (15,174) 6 (30,465) 5,491 (193,662) (8,408) (565) 335 (194,227) (8,073) (224,692) (2,582) |
|---|---|---|---|
| 5,491 (8,408) 335 |
|||
| (8,073) | |||
| (2,582) |
9. RELATED PARTY DISCLOSURES
The trustees are all employees or governors of RLS and any salaries are paid by RLS, as appropriate. The charity makes donations to RLS in accordance with its objects and terms of restricted donations. Donations to RLS totalled £39,137 (2022 - £196,081). During the year RLS also made a donation of £46,927 (2022 - £nil) to the trust's 600 Campaign. See page 1 of the Report of the Trustees for further details.
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