**Charity number: 1068203** ## **THE MISBOURNE SCHOOL FUND** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2020** ## **THE MISBOURNE SCHOOL FUND** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 3| |**Independent examiner's report**|4| |**Statement of financial activities**|5| |**Balance sheet**|6| |**Notes to the financial statements**|7 - 12| **THE MISBOURNE SCHOOL FUND** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020** ## **Trustees** K Brannan (Goodwin) (appointed 3 December 2019) P Brown J Finch (resigned 19 June 2020) L Kelly (appointed 19 June 2020) J Meloni E Ranahan ## **Charity registered number** 1068203 ## **Principal office** Misbourne Drive Great Missenden Buckinghamshire HP16 0BN ## **Accountants** James Cowper Kreston Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Page 1 ## **THE MISBOURNE SCHOOL FUND** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020** The trustees present their report with the financial statements of the charity for the period ended 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities; Statement of Recommended Practice application 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 2015). ## **Objectives and activities** ## **Policies and objectives** The principal object of the charity is to advance the education of the students attending The Misbourne School. The Misbourne normally runs a number of educational trips throughout the year, across the span of the year groups. These would include one day excursions as well as residential trips, both nationally and overseas. The largest trips in terms of the numbers attending in 2019/20 were Year 11 History trip to the Maritime Museum, a series of Duke of Edinburgh expeditions and the Year 12 Trekko trip. Many planned trips (e.g. the annual Ski Trip and bi-annual Sports tour) were cancelled due to Covid-19 pandemic. The school fund is also used for fundraising purposes. One of the main fund raising activities in the current year has been for resources for the new sports hall that is being planned. Other general donations are received and the Trustees meet on a termly basis to agree how these should be spent in line with supporting the objectives of the charity to support all students in the school. ## **Main activities undertaken to further the charity's purposes for the public benefit** The Charity undertook educational trips to enhance pupils' greater understanding of their place in society and in selecting such educational trips the Trustees have had regard to the Charity Commission's guidance on public benefit. ## **Achievements and performance** ## **Review of activities** Income from charitable activities represents income received from educational trips. Proportionally, income and expenditure was significantly lower than in the previous year due to the Covid-19 Pandemic. ## **Investment policy and performance** Under the trust deed, the Trustees may invest money as they see fit. The charity will seek to maximise the return on any cash balances by utilising higher rate bank accounts where appropriate. The charity will not make any other form of investment. ## **Financial review** ## **Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **Reserves policy** The Trustees consider that a reserve in the region of £25,000 to be appropriate. The reserves policy is to be reviewed annually by the Trustees. Page 2 THE MISBOURNE SCHOOL FUND TRUSTEES REPORT ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2020 Struclure ovemarKo and mana om•nt Consllludon The Misboume Scho(A FWKI is a registernd ch￿. Nmnber 106B203. ar¥J 15 con51ituted under a Trust d88d. The ¢harity Is o)ntrolled ty govemhw doc￿ne￿l a deed of tntsL and ccMitules an unincorporated charity. Mothod$ of appolntment w •lectlon of Trust The management of Ihe charlty is the resrthsmy ol the Truslees who are elecled arKI co cpted under the lem)s of the Trust deed. Truslees are recnited to fil vacancies ￿ the basis of the skls sel they offer the Charity. New Trustees are acquainted th the Charity Commission's publicatThts partKularty wtlh regards to Gc￿l Govemance. Organlsatlonal •tnKturn and d•clslon maklng pollcles The day to day admlnlstratlon of Ihe c*arlty Is c￿d by slaff of The Ml&tx)ume School In conjunctlon wlth the Trustees. Plans for futur• pèrf(￿$ Thè Trustees will Contin￿ lo seek to advance the educabon of the students attending The MISb￿rne School by encouraging partiGipation in thl trips 5eekirwJ to supFhJt the sdKJoI wi its developmenL statoment of Trustees. rns onslbllltles The Trustees are responsi1￿e for weparKw the Trustees. repNt and th8 ￿a￿la1 statements in accordance wlth applicable law f￿d Urited Kinglom StarKlards {Uniled 1fr8dom Gen8raty Accepted Accounting Practice). The law appfi¢able to Char￿e$ In Er*r￿ & Wales rewires the Trustees lo prep¥e financial slalements for each flnancial w whlch give a Irue and falr of the stale of affalrs of the charity and of Its Incoming resources and applicalhm of resources. wicluding Its irKome expenditure. for that period. In preparlng these financi￿ statements. the Tnjstees we reyed to: sdect suitable acc(wnlirYJ wfKles and alwtyrlhem consL8tenty. observe Ihè methods and prindples of the Charltles SORP IFRS 102). mak&Judgmgnts and a¢￿rtI￿j estlmates thal are reastmable and prudentr. ¥tste whether appliGable UK AccountirwJ Stsndards {FRS 102) have been folkJw8d, subj8ct to any malerlal deparlures dknlosed and explalned in the Stat￿ne￿IS. epare the f￿ancIal $tslemenls (m the g)Iro basls ￿lesS it Is Inarprcylate lo presume that the charity wll conllnue kn tmjslness. The Tw$to0s aro rosponsible for keeplryJ adequate aeo)unllryJ r8coYds Ihat ￿ Suffic￿nI to show and explaln the charitys transac11￿$ and disclose with reasonable accuraoy al any tim• the financial position of the charfty and enable them to ensure that the financial 51at8menls comlly wlth thg Charities Act 2011. the Charfty (Accounts and Reports) Regulallons 2008 arKI the prtivi5*)ns of the Tn￿t deed. Thgy are a150 responslbl8 for safeguardng Ihe assets of thg tharity and hence for taking reasonable 51ep5 for the prevention and detethn of frwJd other IrregLkniknes. Approved by order of the membgr5 of the board OfT￿￿te85 signed on their bghay by. li THE MISBOURNE SCHOOL FUND INDEPENDEKf EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020 Indopendenl Examlnoes Report to th• Trustegs of The Mlsbourrn School FurKI (Ih• charlty) I report to the charity Twstee5 on my ewnlna1i￿ of thB acc(wJnts of the charity for the year ended 31 Auwst 2020. R•sponslbllltl•s and Basls of R•port As the Tntsle8s of the charity are resrxmknle for the wepwatbn of Ihe accounts kn accordance vhih the roquirements of the Chariti05 A¢1 2011 2011 *A*). I report in re5pe¢t of my examnation of the chèritrfs accounts earr*d (Art section 145 of the 2011 Art and in Carr￿ng out my ex￿Ination I hav8 the Direthxts by thè Charity Commlssk>n under Section 145(51(b) of the 2011 ACL Indep•nd8nt Examlnefs Statomont Your attenlion is drathm lo the faGI that the charity has prepared the accounts In accordance wlth ACCO￿15n9 and Reportlng by Charities.. Stslement of Recommended Practice applicable to charitses preparing their accounts in accordanGe vrflh the Financial Repryling Stsndard appltcable in the UK and Repubh'c of Ireland {FRS 1021 In preference lo the AGwunting and ReporforvJ by Charibe5: Staiemenl of R¥ommended PraGlice issued on 1 Aprfl 2005 is referred lo wi the exlant reg￿311￿$ trArt has been witt￿raWn. l under5tsnd that this has been in ¢xder lor the acc(Kmts to rxovide a twe fair view In a¢Gordar*ce wllh lh8 Generalty Accepted Accountrfj PractKe effective for rwbThJ perK)d5 beginning on or after 1 January 2015. I havg completed my examh1atlL￿. I confirm that no matters have come io my attention in Connectic￿ with Ihe eX￿{natIon glvlrKJ me Cause to believe that in ￿Y materHI respecL' accountkng fe¢ord$ ¥4we nol kept h res￿￿ of Ihe thardy as required by seclion 130 of the 2011 Act: or the accounts do not &cord with ItThe records; ( the accounts do not comply ￿ the appli¢abl& re￿Iernents ¢orwnlry the fomi and contenl of accounts set out in the Chatiti8s (ACc(￿nts and Reptytsl Regulations 2008 other than any requlrement that the accounts a Yrue and laie viaw *thlch 15 not a matter cons¥Jered as part of an iidependent examlnation. I have ￿ concems WKI have come acros5 ￿ other maller5 in (wneGlwJn with the examination lo whlch attention should be drawn in this rep(xi in order to enable a woper Understandy￿ of Ihe acGounts to be roached. Signed: Darren (Yconnor 8S¢ {H￿s) FCCA ACA James Cowper Kroston Chartered Accountants aThl Statuw Au(Itor Reading Brfdge H￿$8 Georg6 Street Reading Berkshlrg RGI 8LS Datad: Trl,J,, ## **THE MISBOURNE SCHOOL FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020** |**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**16,904**
**78,142**
**463**
**95,509**
**72,651**
**72,651**
**22,858**
**109,561**
**22,858**
**132,419**|**Total**
**funds**
**2020**
**£**
**16,904**
**78,142**
**463**
**95,509**
**72,651**
**72,651**
**22,858**
**109,561**
**22,858**
**132,419**|Total
funds
2019
£
13,686
112,723
985
127,394
134,803
134,803
(7,409)
116,970
(7,409)
109,561| |---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 7 to 12 form part of these financial statements. Page 5 THE MISBOURNE SCHOOL FUND BALANCE SHEEr AS AT 31 AUGUST 2020 2020 2019 Nol• Current assets Debtors Cash at bank and tn hand 10 20,803 124,369 121221 176,727 145.172 Credltors: smo￿ts fallrvJ due *ilhin (x 11 {44.308) 135.611) Ngt current assets 131419 109,561 Not as$ots 132.419 109,561 Charlty lunds Unrestricted funds 12 131419 109,561 Total funds 132.419 109.561 The financlal slatements were approved and arthori￿ for Issue by Tntstees Sigr￿d on their behalf by. Date: /%. IL. L¢LO . The notes on pages 7 to 12 fom part ofthese fm*Kial stalements. **THE MISBOURNE SCHOOL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. General information** The Misbourne School Fund is a school fund for The Misbourne academy trust, which is a public benefit entity under FRS102. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Misbourne School Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Expenditure relating to future educational trips is deferred into the financial year in which the trips occur. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. Page 7 **THE MISBOURNE SCHOOL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **2. Accounting policies (continued)** ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.6 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.7 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.8 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.9 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. ## **3. Critical accounting estimates and areas of judgment** Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no areas of judgment or accounting estimates involved in preparing the accounts. Page 8 ## **THE MISBOURNE SCHOOL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **4. Income from donations and legacies** |**Unrestricted**
**funds**
**2020**
**£**
Donations
16,904
Total 2019
13,686
**Income from charitable activities**
**Unrestricted**
**funds**
**2020**
**£**
Charitable activities
78,142
Total 2019
112,723|**Total**
**funds**
**2020**
**£**
**16,904**
13,686
**Total**
**funds**
**2020**
**£**
**78,142**
112,723|Total
funds
2019
£
13,686| |---|---|---| |||Total
funds
2019
£
112,723| |||| ## **5. Income from charitable activities** ## **6. Fundraising Income** |**Unrestricted**
**funds**
**2020**
**£**
Other income
463
Total 2019
985|**Total**
**funds**
**2020**
**£**
**463**
985|Total
funds
2019
£
985| |---|---|---| |||| Page 9 ## **THE MISBOURNE SCHOOL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2020**
**£**
Charitable activities
71,266
Governance costs
1,385
72,651
Total 2019
134,803|**Total**
**funds**
**2020**
**£**
**71,266**
**1,385**
**72,651**
134,803|Total
funds
2019
£
133,418
1,385
134,803| |---|---|---| |||| ## **8. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £1,080 (2019 - £1,080). ## **9. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2019 - £NIL). During the year ended 31 August 2020, no Trustee expenses have been incurred (2019 - £NIL). ## **10. Debtors** |Other debtors
Prepayments and accrued income
**11.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**2020**
**£**
**5,723**
**49,783**
**55,506**
**2020**
**£**
**44,308**|2019
£
5,723
15,080| |---|---|---| |||20,803| |||2019
£
35,611| Page 10 ## **THE MISBOURNE SCHOOL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **12. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General funds
**Statement of funds - prior year**
**Unrestricted funds**
General funds
**Summary of funds**
**Summary of funds - current year**
General funds
**Summary of funds - prior year**
General funds|**Balance at 1**
**September**
**2019**
**£**
**109,561**
Balance at
1 September
2018
£
116,970
**Balance at 1**
**September**
**2019**
**£**
**109,561**
Balance at
1 September
2018
£
116,970|**Income**
**£**
**95,509**
Income
£
127,394
**Income**
**£**
**95,509**
Income
£
127,394|**Expenditure**
**£**
**(72,651)**
Expenditure
£
(134,803)
**Expenditure**
**£**
**(72,651)**
Expenditure
£
(134,803)|**Balance at**
**31 August**
**2020**
**£**
**132,419**| |---|---|---|---|---| |||||Balance at
31 August
2019
£
109,561| |||||**Balance at**
**31 August**
**2020**
**£**
**132,419**| |||||Balance at
31 August
2019
£
109,561| ## **13. Summary of funds Summary of funds - current year** Page 11 ## **THE MISBOURNE SCHOOL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **14. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2020**
**£**
Current assets
176,727
Creditors due within one year
(44,308)
**Total**
132,419
**Analysis of net assets between funds - prior period**
Unrestricted
funds
2019
£
Current assets
145,172
Creditors due within one year
(35,611)
**Total**
109,561|**Total**
**funds**
**2020**
**£**
**176,727**
**(44,308)**
**132,419**
Total
funds
2019
£
145,172
(35,611)
109,561| |---|---| ## **15. Related party transactions** There were no related party transactions for the year ended 31 August 2020 or the prior year. ## **16. Controlling party** The ultimate controlling party is The Misbourne. Page 12