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2020-08-31-accounts

Charity Registration No. 1068650

THE BIRKENHEAD SCHOOL FOUNDATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs L A C Dodd BA (Hons) Chartered
FCSI (Chair)
Mr M R Feeny LLB
Mr H E R FitzHerbert BA (Hons)
PGCE
Dr J K Moore OBE FRCA MBA
Mr E N Rice FRICS
Mrs Kirsten Pankhurst
Mr P R Vicars MA
Mr A J Cross LLB (Hons)
Mr M R Cashin MA
Charity number 1068650
Auditor McLintocks (NW) Limited
46 Hamilton Square
Birkenhead
Wirral
Merseyside
CH41 5AR
Bankers National Westminster Bank Plc
2 Grange Road West
Birkenhead
Wirral
Merseyside
CH41 4DF
Solicitors DWF LLP
5 St Paul's Square
Old Hall Street
Liverpool
Merseyside
L3 9AE
Investment advisors Rathbone Investment Management
Port of Liverpool
Pier Head
Liverpool
Merseyside
L3 1NW

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Statement of financial position 8
Statement of cash flows 9
Notes to the financial statements 10 - 19

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2020

The trustees present their report and financial statements for the year ended 31 August 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Trust's stated objects are;

'To assist and support Birkenhead School to further its charitable objects'

(The above is extracted from the Declaration of Trust).

It is currently envisaged that the Trust will assist the School in various ways:

By giving money to the School for the provision of bursaries

 By providing money to the School for capital and special projects; such money to be as a gift or loan.

Money for bursaries comes from the Trust's income; money for capital or special projects may be from income or from the Trust's capital.

The Trust seeks to increase its income and capital over time, so that it can provide increased levels of support to the School.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Trust has continued its aims of supporting the School throughout the year, and has granted a further £135,000 (2018-£144,794) to facilitate the provision of school bursaries and other necessary expenditure. This is in addition to restricted donations of £46,333 (2018 - £49,944).

The trustees consider the value of the investment property remains unchanged at £330,000, however the Trustees are actively exploring the building of an extension to the property at the request of the longstanding tenant which is agreed and calculated to result in an increased rental income and property value. At the year end, relevant agreements to lease were in negotiation before any tender / contract process for the construction.

Financial review

The Trust had income during the year of £336,922 (2019 £718,395) and expenditure of £237,145 (2019 £225,081) which together with gain on investments of £238,390 (2019 £85,031) left £338,167 to be added to the reserves brought forward of £4,987,4023 leaving funds available to be carried forward of £5,325,569.

Investment income from its reserves is used to provide fee assistance to pupils and thereby to widen access to the School. More fee assistance is provided by the School than can be funded by the income of the Foundation Trust and it is therefore the policy of the Trustees to seek to increase the capital held by the Trust.

The Trustees have a reasonable expectation that the Trust has adequate resources to continue to fulfil its aims for the foreseeable future. For this reason it continues 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.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

Trustees have an investment policy which aims to secure a balance of income and capital growth. Professional investment managers are employed.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The Trust aims to increase its level of income, both through encouraging donations and from sound management of its capital. It will respond, on request, to the strategic development needs of the School, considering how it can best support the School's charitable objectives.

Covid-19

At present there is an unprecedented degree of uncertainty regarding the longer-term effects of the Covid-19 crisis. In the short term it is anticipated that the investment income of the charity may be reduced, however the board are continually being updated by the investment advisors and appropriate action taken to mitigate this effect.

Structure, governance and management

The Birkenhead School Foundation Trust (the Trust) is a registered charity (charity no. 1068650). It is under the effective control of Birkenhead School (the School), a company limited by guarantee (company no. 4492250) and a registered charity (charity no. 1093419).

Trustees, who are appointed by the governors of the School are as listed. They are drawn from current or former governors of the School, senior executives of the School and a representative of the Old Birkonian Society.

Trustees delegate the day to day running of the Trust's business to their Secretary, who is the Bursar of the School.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs L A C Dodd BA (Hons) Chartered FCSI

(Chair) Mr M R Feeny LLB Mr H E R FitzHerbert BA (Hons) PGCE Dr J K Moore OBE FRCA MBA Mr Edward Rice FRICS Mrs Kirsten Pankhurst Mr P R Vicars MA Mr A J Cross LLB (Hons) Mr M R Cashin MA

Trustees are conscious of the need to keep within its number a wide range of skills and experience. New trustees are offered training on appointment and training for all Trustees is arranged from time to time.

The trustees' report was approved by the Board of Trustees.

.............................. Mrs L A C Dodd BA (Hons) Chartered FCSI (Chair) Trustee Dated: .........................

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2020

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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 BIRKENHEAD SCHOOL FOUNDATION TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE BIRKENHEAD SCHOOL FOUNDATION TRUST

Opinion

We have audited the financial statements of The Birkenhead School Foundation Trust (the ‘charity’) for the year ended 31 August 2020 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BIRKENHEAD SCHOOL FOUNDATION TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor's report 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BIRKENHEAD SCHOOL FOUNDATION TRUST

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.

McLintocks (NW) Limited

.........................

Chartered Accountants Statutory Auditor

46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR

McLintocks (NW) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
162,064
15,214
Other trading activities
4
1,878
10,901
Investments
5
143,664
3,201
Total income
307,606
29,316
Expenditure on:
Raising funds
6
35,367
-
Charitable activities
8
138,325
63,453
Total resources
expended
173,692
63,453
Net gains/(losses) on
investments
12
238,390
-
Net movement in funds
372,304
(34,137)
Fund balances at 1
September 2019
4,836,033
151,369
Fund balances at 31
August 2020
5,208,337
117,232		 Total Unrestricted
funds
2020
2019
£
£
177,278
537,092
12,779
2,549
146,865
142,570
336,922
682,211
35,367
37,690
201,778
140,266
237,145
177,956
238,390
85,031
338,167
589,286
4,987,402
4,246,747
5,325,569
4,836,033		 Restricted
funds
2019
£
21,049
11,170
3,965
36,184
-
47,125
47,125
-
(10,941)
162,310
151,369		 Total
2019
£
558,141
13,719
146,535
718,395
37,690
187,391
225,081
85,031
578,345
4,409,057
4,987,402

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2020

Notes
Fixed assets
Tangible assets
13
Investment properties
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current (liabilities)/assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2020
£
£
55,024
332,918
4,956,186
5,344,128
14,587
154,774
169,361
(187,920)
(18,559)
5,325,569
117,232
5,208,337
5,325,569		 2019
£
£
58,052
332,918
4,575,583
4,966,553
142,497
68,667
211,164
(190,315)
20,849
4,987,402
151,369
4,836,033
4,987,402		 2019
£
£
58,052
332,918
4,575,583
4,966,553
142,497
68,667
211,164
(190,315)
20,849
4,987,402
151,369
4,836,033
4,987,402
4,966,553
20,849
4,987,402
151,369
4,836,033
4,987,402

The financial statements were approved by the Trustees on .........................

.............................. Mrs L A C Dodd BA (Hons) Chartered FCSI (Chair) Trustee

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of investment property
Purchase of other investments
Proceeds on disposal of other investments
Interest received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
2019
£
£
£
£
81,455
339,669
-
(2,918)
(1,156,605)
(1,167,920)
1,014,392
586,193
146,865
146,535
4,652
(438,110)
-
-
86,107
(98,441)
68,667
167,108
154,774
68,667

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

Charity information

The Birkenhead School Foundation Trust is an unincorporated charity established under a trust dated 23 January 1998 with deeds of variation dated 26 November 2001 and 28 October 2002.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

1.5 Resources expended

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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 4% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Donations and gifts
162,064
15,214
Legacies receivable
-
-
162,064
15,214		 Total Unrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
177,278
526,092
21,049
-
11,000
-
177,278
537,092
21,049		 Total
2019
£
547,141
11,000
558,141

4 Other trading activities

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Income from energy
created
1,878
-
Fundraising events
-
10,901
Other trading activities
1,878
10,901		 Total Unrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
1,878
2,549
-
10,901
-
11,170
12,779
2,549
11,170		 Total
2019
£
2,549
11,170
13,719

5 Investments

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Rental income
27,500
-
Income from listed
investments
115,695
3,201
Interest receivable
469
-
143,664
3,201		 Total Unrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
27,500
27,500
-
115,695
114,603
3,965
469
467
-
146,865
142,570
3,965		 Total
2019
£
27,500
114,603
467
146,535

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

6 Raising funds

7
8		 Unrestricted
Unrestricted
funds
funds
2020
2019
£
£
Trading costs
Depreciation and impairment
3,028
3,028
Investment management
32,339
34,662
35,367
37,690
Charitable activities
Grants
payable
Grants
payable
2020
2019
£
£
Charitable donations
16,622
-
Grant funding of activities (see note 8)
181,831
183,866
Share of support costs (see note 9)
175
175
Share of governance costs (see note 9)
3,150
3,350
201,778
187,391
Analysis by fund
Unrestricted funds
138,325
140,266
Restricted funds
63,453
47,125
201,778
187,391
Grants payable
2020
2019
£
£
Grants to institutions:
Birkenhead School
181,831
181,334
Other
-
2,532

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

9 Support costs

Sundries
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
175
-
-
3,150
175
3,150
175
3,150		 2020 Support costs Governance
costs
£
£
£
175
175
-
3,150
-
3,350
3,325
175
3,350
3,325
175
3,350		 2019
£
175
3,350
3,525
3,525

Governance costs includes payments to the auditors of £3,150 (2019- £3,350) for audit fees.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

There were no employees during the year.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Revaluation of investments 312,914 96,553
Gain/(loss) on sale of investments (74,524) (11,522)
238,390 85,031

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

13 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2019 75,704
At 31 August 2020 75,704
Depreciation and impairment
At 1 September 2019 17,652
Depreciation charged in the year 3,028
At 31 August 2020 20,680
Carrying amount
At 31 August 2020 55,024
At 31 August 2019 58,052

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

14 Investment property

Investment property
2020
£
Fair value
At 1 September 2019 and 31 August 2020 332,918

Investment property comprises a commercial property let to Specsavers on a 15 year lease, which commenced in 2003. The fair value of the investment property has been arrived at on the basis of a valuation carried out at December 2012 by Smith & Sons Property Consultants, who are not connected with the charity. The valuation was made in accordance with guidelines issued by the Royal Institution of Chartered Surveyors.

The charity is currently re-negotiating this lease for a further long term period after extending the property. As part of this process the property will be professionally revalued during the year to 31 August 2021.

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 September 2019
4,294,483
Additions
1,156,605
Valuation changes
312,914
Disposals
(999,351)
At 31 August 2020
4,764,651
Carrying amount
At 31 August 2020
4,764,651
At 31 August 2019
4,294,483
Investments at fair value comprise:
Government stocks
United Kingdom equities and funds
Overseas euities and funds		 Cash in
portfolio
281,100
-
-
(89,565)
191,535
191,535
281,100
2020
£
208,568
1,733,435
2,822,648
4,764,651		 Total
£
4,575,583
1,156,605
312,914
(1,088,916)
4,956,186
4,956,186
4,575,583
2019
£
214,710
2,390,413
1,689,360
3,897,513

The historical cost of the investments is £3,961,184 (2019 £3,768,638)

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

15 Fixed asset investments

16 Debtors

16
Debtors
Amounts falling due within one year:
Other debtors
17
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
14,587
2020
£
239
177,231
10,450
187,920		 2019
£
142,497
2019
£
-
178,833
11,482
190,315

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 September
2018
£
Bursaries
161,510
Fundraising
activities
800
162,310		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 September
2019
£
£
£
25,014
(46,332)
140,192
11,170
(793)
11,177
36,184
(47,125)
151,369		 Movement in funds
Incoming
resources
Resources
expended
£
£
18,415
(46,831)
10,901
(16,622)
29,316
(63,453)		 Balance at
31 August
2020
£
111,776
5,456
117,232

19 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 August 2020 are represented by:
Tangible assets
55,024
-
Investment properties
332,918
-
Investments
4,838,954
117,232
Current assets/(liabilities)
(18,559)
-
5,208,337
117,232		 Total
£
55,024
332,918
4,956,186
(18,559)
5,325,569

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

20 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).

21 Cash generated from operations
Cash generated from operations 2020 2019
£ £
Surplus for the year 338,167 578,345
Adjustments for:
Investment income recognised in statement of financial activities (146,865) (146,535)
Loss on disposal of investments 74,524 11,522
Fair value gains and losses on investments (312,914) (96,553)
Depreciation and impairment of tangible fixed assets 3,028 3,028
Movements in working capital:
Decrease in debtors 127,910 268
(Decrease) in creditors (2,395) (10,406)
Cash generated from operations 81,455 339,669

22 Analysis of changes in net funds The charity had no debt during the year.