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← Birkenhead School Foundation Trust

2024-08-31-accounts

Charity registration number 1068650 (England and Wales)

THE BIRKENHEAD SCHOOL FOUNDATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N P Turner (Chair from 13
November 2023)
Mr M R Feeny LLB (Chair to 13
November 2023)
Mr H E R FitzHerbert BA (Hons)
PGCE
Mr Edward Rice FRICS
Mrs Kirsten Pankhurst
Mr P R Vicars MA
Mr A J Cross LLB (Hons)
Mr M R Cashin MA
Charity number (England and Wales) 1068650
Auditor Xeinadin Audit Limited
46 Hamilton Square
Birkenhead
Wirral
Merseyside
CH41 5AR
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 - 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10 - 19

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

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 £23,162 (2023 £267,790) to facilitate the provision of school bursaries, fundraising activities and other necessary expenditure. This is in addition to restricted donations of £49,952 (2023 - £46,462).

The investment property was sold during the year and realised a gain of £214,756.

Financial review

The Trust had income during the year of £369,678 (2023 £1,968,812) and expenditure of £119,933 (2023 £374,406) which together with surplus on investments of £811,615 (2023 deficit £171,746) left £1,061,360 to be added to the reserves brought forward of £7,235,106 leaving funds available to be carried forward of £8,296,466. Unrestricted free reserves of the Trust amounted to £8,105,955.

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.

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 BIRKENHEAD SCHOOL FOUNDATION TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Plans for future periods

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.

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: Mr N P Turner (Chair from 13 November 2023)

Mr M R Feeny LLB (Chair to 13 November 2023) Mr H E R FitzHerbert BA (Hons) PGCE 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.

.............................. Mr N P Turner (Chair from 13 November 2023) Trustee

Date: .............................................

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2024

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 2024 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including 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

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BIRKENHEAD SCHOOL FOUNDATION TRUST

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BIRKENHEAD SCHOOL FOUNDATION TRUST

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

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.

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 auditor’s 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.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BIRKENHEAD SCHOOL FOUNDATION TRUST

Helen Furlong FCCA (Senior Statutory Auditor)

For and on behalf of Xeinadin Audit Limited, Statutory Auditor Chartered Accountants 46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR Date: .........................

Xeinadin Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under 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 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
11,406
70,567
Other trading activities
4
1,218
12,844
Investments
5
270,533
3,110
Total income
283,157
86,521
Expenditure on:
Raising funds
6
38,373
-
Charitable activities
7
3,632
77,928
Total expenditure
42,005
77,928
Net gains/(losses) on
investments
13
811,615
-
Net income
1,052,767
8,593
Transfers between
funds
-
-
Net movement in
funds
10
1,052,767
8,593
Reconciliation of funds:
Fund balances at 1 September
2023
7,096,100
139,006
Fund balances at 31 August
2024
8,148,867
147,599		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
81,973
1,681,464
46,756
14,062
2,144
15,539
273,643
219,118
3,791
369,678
1,902,726
66,086
38,373
39,789
-
81,560
203,706
130,911
119,933
243,495
130,911
811,615
(171,746)
-
1,061,360
1,487,485
(64,825)
-
(67,790)
67,790
1,061,360
1,419,695
2,965
7,235,106
5,676,405
136,041
8,296,466
7,096,100
139,006		 Total
2023
£
1,728,220
17,683
222,909
1,968,812
39,789
334,617
374,406
(171,746)
1,422,660
-
1,422,660
5,812,446
7,235,106

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 2024

Notes
Fixed assets
Tangible assets
15
Investment property
16
Investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
20
Unrestricted funds
21		 2024
£
£
42,912
-
7,120,245
7,163,157
20,322
1,218,829
1,239,151
(105,842)
1,133,309
8,296,466
147,599
8,148,867
8,296,466		 2023
£
£
45,940
462,842
6,554,560
7,063,342
25,478
210,826
236,304
(64,540)
171,764
7,235,106
139,006
7,096,100
7,235,106		 2023
£
£
45,940
462,842
6,554,560
7,063,342
25,478
210,826
236,304
(64,540)
171,764
7,235,106
139,006
7,096,100
7,235,106
7,063,342
171,764
7,235,106
139,006
7,096,100
7,235,106

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

.............................. Mr N P Turner (Chair from 13 November 2023) Trustee

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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 or grantors 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 Income

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.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

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.

1.5 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. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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 the statement of financial activities.

1.7 Investment property

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 2024

1 Accounting policies

(Continued)

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 2024

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
11,406
70,567
Legacies
-
-
11,406
70,567		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
81,973
1,667,464
46,756
-
14,000
-
81,973
1,681,464
46,756		 Total
2023
£
1,714,220
14,000
1,728,220

4 Income from other trading activities

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Non-charitable trading
activities
1,218
-
Fundraising events
-
12,844
Other trading activities
1,218
12,844
Income from investments
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Rental income
90,592
-
Income from listed
investments
179,941
3,110
270,533
3,110		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
1,218
2,144
-
12,844
-
15,539
14,062
2,144
15,539
Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
90,592
44,502
-
183,051
174,616
3,791
273,643
219,118
3,791		 Total
2023
£
2,144
15,539
17,683
Total
2023
£
44,502
178,407
222,909

5 Income from investments

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Trading costs
Depreciation and impairment 3,028 3,028
Investment management 35,345 36,761
Total costs 38,373 39,789
7 Expenditure on charitable activities
Grants Grants
payable payable
2024 2023
£ £
Direct costs
Charitable donations 4,814 16,660
Grant funding of activities (see note 8) 73,114 314,252
Share of support and governance costs (see note 9)
Support 132 205
Governance 3,500 3,500
81,560 334,617
Analysis by fund
Unrestricted funds 3,632 203,706
Restricted funds 77,928 130,911
81,560 334,617
8 Grants payable
Grants Grants
payable payable
2024 2023
£ £
Grants to institutions:
Birkenhead School 73,114 314,252

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

9 Support costs allocated to activities

2024
£
132
Governance costs
3,500
3,632
Analysed between:
Grants payable
3,632
10
Net movement in funds
2024
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
3,500
Depreciation of owned tangible fixed assets
3,028
Profit on disposal of investment property
(214,756)		 2023
£
205
3,500
3,705
3,705
2023
£
3,500
3,028
-

11 Trustees

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

12 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2024
Number
-		 2023
Number
-

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 565,184 (169,992)
Sale of investments 31,675 (1,754)
Sale of investment properties 214,756 -
811,615 (171,746)

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

15 Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 September 2023 75,704
At 31 August 2024 75,704
Depreciation and impairment
At 1 September 2023 29,764
Depreciation charged in the year 3,028
At 31 August 2024 32,792
Carrying amount
At 31 August 2024 42,912
At 31 August 2023 45,940
16 Investment property
2024
£
Fair value
At 1 September 2023 462,842
Disposals (462,842)
At 31 August 2024 -

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.

During the course of the current year this property was sold.

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

17 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 September 2023
6,257,328
Additions
1,291,162
Valuation changes
564,574
Disposals
(1,086,048)
At 31 August 2024
7,027,016
Carrying amount
At 31 August 2024
7,027,016
At 31 August 2023
6,257,328
Investments at fair value comprise:
Government stocks
United Kingdom equities and fumds
Overseas equities and funds
The historical cost of the investments is £6,093,558 (2023: £5,733,570)
18
Debtors
Amounts falling due within one year:
Other debtors
19
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 Cash in
portfolio
Total
£
£
297,232
6,554,560
-
1,291,162
-
564,574
(204,003)
(1,290,051)
93,229
7,120,245
93,229
7,120,245
297,232
6,554,560
2024
2023
£
£
682,032
(442,250)
2,236,953
(2,448,176)
4,108,031
3,366,902
7,027,016
6,257,328
2024
2023
£
£
20,322
25,478
2024
2023
£
£
96,414
46,462
9,428
18,078
105,842
64,540

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 Incoming Resources **Transfers ** At 31 August
September resources expended 2024
2023
£ £ £ £ £
Bursaries 131,531 73,677 (73,114) - 132,094
Fundraising activities 7,475 12,844 (4,814) - 15,505
139,006 86,521 (77,928) - 147,599
Previous year: At 1 Incoming Resources **Transfers ** At 31 August
September resources expended 2023
2022
£ £ £ £ £
Bursaries 127,447 50,547 (46,463) - 131,531
Fubdraising activities 8,594 15,539 (84,448) 67,790 7,475
136,041 66,086 (130,911) 67,790 139,006
Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
not subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 Incoming Resources Transfers Gains and At 31 August
September resources expended losses 2024
2023
£ £ £ £ £ £
General funds 7,096,100 283,157 (42,005) - 811,615 8,148,867
Previous year: At 1 Incoming Resources Transfers Gains and At 31 August
September resources expended losses 2023
2022
£ £ £ £ £ £
General funds 5,676,405 1,902,726 (243,495) (67,790) (171,746) 7,096,100

21 Unrestricted funds

THE BIRKENHEAD SCHOOL FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

22 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
42,912
-
Investments
6,976,548
143,697
Current assets/(liabilities)
1,129,407
3,902
8,148,867
147,599
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 August 2023:
Tangible assets
45,940
-
Investment properties
462,842
-
Investments
6,423,028
131,532
Current assets/(liabilities)
164,290
7,474
7,096,100
139,006		 Total
2024
£
42,912
7,120,245
1,133,309
8,296,466
Total
2023
£
45,940
462,842
6,554,560
171,764
7,235,106

23 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).