Charity number: 1070488
THE ORWELL PARK SCHOOL FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
THE ORWELL PARK SCHOOL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 19 |
THE ORWELL PARK SCHOOL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021
| Trustees | S Clark, Chair |
|---|---|
| P Milsom | |
| B Chevallier Guild | |
| G Quilter | |
| Charity registered number 1070488 Principal office Orwell Park School Nacton Ipswich Suffolk IP10 0ER Bankers Barclays Bank Plc 1 Princes Street Ipswich Suffolk IP1 1RJ Solicitors Barker Gotelee 41c Barrack Square Martlesham Ipswich Suffolk IP5 7RF Independent examiner MHA MacIntyre Hudson Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ |
Page 1
THE ORWELL PARK SCHOOL FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021
The trustees are pleased to present their report on the affairs of the Foundation, including the financial statements for the year ended 31 August 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The trust is governed by the provisions of the original Trust Deed set up in 1998.
Trustee appointment
Trustees are elected at a meeting of trustees for a period of three years and are eligible to stand for re-election.
Risk Management
The trustees have considered the Foundation’s business and operational risk and confirm that procedures have been put in place to manage this. The principal risk is the reliance on voluntary income to fund works; during the year greater efforts have been made to broaden the range of income to include regular gifting, legacies and paid events. Communication with alumni has improved in order to raise the level of donations and voluntary income. A small voluntary staff has been recruited to serve the agenda’s above and improve the links with the school’s Alumni. The intended programme of events for the year was affected by Covid and so links have been maintained via online and limited meetings; feedback on the plans for events remains very positive. Further risk management is ensured by adopting an approach whereby costs or expenditure on projects are not committed to until the income has been raised. Funds are invested in low risk deposits and the trustees review risk regularly to ensure the charity does not have contingent liabilities.
Related Parties
The charity has a very close relationship with Orwell Park School Educational Trust Limited, to which the charity provides support. Mr S. Clark is also a Governor and Director of Orwell Park School Educational Trust Limited.
OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES
Strategic Aim and Intended Effect
The objectives and purpose of the Foundation, as per its Trust Deed, are to provide for the advancement of education by providing support to Orwell Park School Educational Trust Limited. Traditionally the support provided involves helping the School to finance projects of an architectural or historical interest which it would not be able to afford from fee income alone, in addition, alumni have been increasingly interested in supporting a range of projects directly related to the curriculum and pastoral agendas of the School. During the year the Foundation Staff have held meetings with several Alumni who are interested in regular giving to support the award of Bursaries to pupils from more moderate financial means; a small number of subscriptions for this purpose have now been established. During the period of the Covid-19 pandemic there has been a campaign of fundraising aimed at support for Bursaries. In addition, the Wilkinson-Spurgeon fund has been established with the aim of supporting bursaries and wider access to the School from those requiring financial assistance; the fund has continued to grow.
Objectives and Activities undertaken for the Public Benefit
The Trustees have referred to the guidance contained in section 4 of the Charities Act 2011 and the Charity Commission’s general guidance on public benefit when reviewing aims and objectives and planning current and future activities.
Page 2
THE ORWELL PARK SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
The Foundation serves the public benefit through the preservation of a grade 2 listed building, creating a rich learning environment, developing the premises and contributing to the Schools ability to attract students which therefore helps the School achieve its objectives for the public benefit. Information regarding the School’s approach to public benefit is disclosed within the School’s financial statements.
Achievements
Given the simple nature of the charity key performance indicators are not used. During the year the number of fundraising activities/interactions has increased; the number of individual and group meetings with alumni to discuss specific support has also increased significantly to over forty meetings in the year.
Donations for specific purposes have been received in the year and these include renovations to windows in the observatory building, the funding of the purchase of a Steinway Grand Piano, the refurbishment of the school’s Cricket Pavilion, the repair of the school Clock Tower, the creation of a Digital Archive, plus numerous smaller donations towards school resources such as resources for the outdoor classroom and the orangery lectures programme. The Foundation has also overseen the establishment of the Wilkinson-Spurgeon Bursary Fund – an endowment fund to support bursaries.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The Foundation’s income is derived from donations and interest earned on bank deposits held to meet the Foundation’s financial commitments. This income is used to further the Foundation’s charitable objectives and finance the general running costs of the Foundation. During the year the Foundation received donations of £93,024 which is the charity’s principal funding source. In addition, bank interest of £42 and sales income of £223 was received. After expenditure of £104,982 and investment gains of £12,139, the Foundation had a net inflow of funds of £446. This report and the financial statements are for the year ended 31 August 2021.
Reserves Policy
The trustees consider the reserves level to be adequate to support its objectives. Income raised each year will be used to help finance projects in support of the School including those of an architectural or historical interest as well as support for Bursaries and School projects. The trustees intend that sums raised will be applied to projects meeting these criteria. This policy will be reviewed annually. The reserves held at the balance sheet date are £86,109 (2020: £85,663) of which £13,600 (2020: £22,955) are unrestricted.
The historical record project is a book containing a summary history of the school from the archive source material and memoirs of Old Orwellians, as well as serving as part of the school’s historical archive the aim is to maximise sales within the school community and raise further income for the Foundation.
Plans for the future
The Foundation will continue to provide support to Orwell Park School Educational Trust Limited through financing projects of an architectural or historical interest which it would not be able to afford from fee income alone as well as supporting the granting of Bursaries and School projects. In addition, the Foundation’s work on its own development with the aim of developing additional sources of income to support the funding of more improvement activities within the school has begun and looks increasingly promising.
The existing cricket pavilion continues to be considered a suitable future project for development. The pavilion dates from the 1930’s and has some historical significance but is limited in its use because of its design and small size. Initial thoughts on the project is to complete a relocation of the existing historical structure to a suitable location near to the Colts Cricket pitches and replace it with a more appropriate sports pavilion structure. Initial concept work on possible designs and pre-application meetings with the local planning authority have taken place to confirm a suitable development route. Discussions with potential donors have also taken place and it is hoped that these discussions can be progressed during 2022.
Page 3
THE ORWELL PARK SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
The School swimming pool has also been identified as a project suitable for development from within the School’s Strategic Development Plan. Initial conversations with potential donors have taken place, with the work of scoping the project and designing the proposed facility planned for 2022.
The School’s Observatory has received moderate improvement works to repair damaged windows on the second floor. Consultation is ongoing with visiting groups and local schools to create a strong case for support so that the Foundation can apply for funding from grant-making organisations. Meetings with potential donors from the alumni community are also ongoing and a donation from the Heritage Lottery Fund of £9,000 was received towards Observatory repairs in the course of the year. During the year, the Foundation was also invited to apply to Stage 2 of funding for The Pilgrim Trust. This application will be progressed in the year 2021-22.
The newly created Wilkinson-Spurgeon Bursary Fund has been a major success for the Foundation this year, and it is hoped that the fund will continue to grow through the coming years through proactive fundraising campaigns and individual meetings.
The Foundation developed a plan for the alumni activities over a 2 year period which included a fundraising balls. Sadly, owing to the Covid-19 pandemic, this event was cancelled. It is hoped that another fundraising ball can be organised for 2021-22. Within the calendar of events are more Alumni activities with appeal to a broader age range of alumni. These have included a number of drinks gatherings in London, as well as the opening up of School events to the alumni such as concerts with Old Orwellian drinks receptions. In addition to the calendar of events there is a detailed programme of meetings and appointments with selected Alumni to discuss projects for funding.
Trustees’ responsibilities in relation to the financial statements
The Charity Trustees are responsible for preparing a trustees annual report and 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 charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:
• select suitable accounting policies and then apply them consistently;
• observe the methods and principles in the applicable Charities SORP;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping 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 and the provisions of the trust deed. The trustees are responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
THE ORWELL PARK SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
S Clark Chair Date: 6th October 2021
Page 5
THE ORWELL PARK SCHOOL FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021
Independent examiner's report to the Trustees of The Orwell Park School Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 18 February 2022
Cara Miller ACCA
MHA MacIntyre Hudson, 910 The Crescent, Colchester Business Park, Colchester, Essex, C04 9YQ
Page 6
THE ORWELL PARK SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Note Income and endowments from: Donations and legacies 3 Other trading activities Bank interest receivable Total income and endowments Expenditure on: Charitable activities 4 Total expenditure Net (expenditure)/ income before net gains on investments Net gains on investments Net (expenditure)/ income Transfers between funds 10 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 20,099 223 42 20,364 22,339 22,339 (1,975) - (1,975) (7,380) (9,355) 22,955 (9,355) 13,600 |
Restricted funds 2021 £ 72,925 - - 72,925 82,643 82,643 (9,718) - (9,718) 7,380 (2,338) 12,708 (2,338) 10,370 |
Endowment funds 2021 £ - - - - - - - 12,139 12,139 - 12,139 50,000 12,139 62,139 |
Total funds 2021 £ 93,024 223 42 93,289 104,982 104,982 (11,693) 12,139 446 - 446 85,663 446 86,109 |
Total funds 2020 £ 103,506 2,668 36 |
|---|---|---|---|---|---|
| 106,210 | |||||
| 99,742 | |||||
| 99,742 | |||||
| 6,468 - |
|||||
| 6,468 - |
|||||
| 6,468 | |||||
| 79,195 6,468 |
|||||
| 85,663 |
The Statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 9 to 19 form part of these financial statements.
Page 7
THE ORWELL PARK SCHOOL FOUNDATION
BALANCE SHEET AS AT 31 AUGUST 2021
| Note Fixed assets Investments 6 Current assets Stocks 7 Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Endowment funds 10 Restricted funds 10 Unrestricted funds 10 Total funds |
13,090 19,458 61,800 94,348 (70,378) |
2021 £ 62,139 62,139 23,970 86,109 62,139 10,370 13,600 86,109 |
26,181 2,000 30,618 58,799 (23,136) |
2020 £ 50,000 |
|---|---|---|---|---|
| 50,000 35,663 |
||||
| 85,663 | ||||
| 50,000 12,708 22,955 |
||||
| 85,663 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
S Clark
Chair Date: 6th October 2021
The notes on pages 9 to 19 form part of these financial statements.
Page 8
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. General information
The Orwell Park School Foundation is a registered charitable trust (number 1070488) with the Charity Commission in England and Wales. The address of the registered office is given in the Charity information on page 1 of these financial statements.
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 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 in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Orwell Park School Foundation 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.
The financial statements are prepared in sterling which is the functional currency of the Charity, rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
Page 9
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.3 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.
Trading income is included in the Statement of Financial Activities when the Charity is entitled to the income, the amount can be quantified with reasonable accuracy and the recognition criteria has been met.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
2.4 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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
2.6 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.
Page 10
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.9 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.
2.10 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.
2.11 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.
2.12 Financial instruments
The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 8. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Liabilities – Accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 9. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
Page 11
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.13 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.
The Charity has a single expendable endowment fund, the Wilkinson-Spurgeon Bursary Fund, created by a gift. The income of this trust is restricted to provide bursaries for the pupils at Orwell Park School. The terms of the endowment allow the capital of the fund to be spent if the Trustees so determine.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
3. Income from donations and legacies
| Unrestricted funds 2021 £ Donations 20,099 Grants - 20,099 |
Restricted funds 2021 £ 63,925 9,000 72,925 |
Endowment funds 2021 £ - - - |
Total funds 2021 £ 84,024 9,000 |
|---|---|---|---|
| 93,024 |
During the year, a government grant of £9,000 was received from the National Lottery Heritage Fund. At the year-end, there were no unfulfilled conditions or commitments relating to this funding.
| Donations Analysis of expenditure by activities Charitable activities |
Unrestricted funds 2020 £ 28,085 Activities undertaken directly 2021 £ 51,644 |
Restricted funds 2020 £ 25,421 Grant funding - Bursaries 2021 £ 51,916 |
Endowment funds 2020 £ 50,000 Support costs 2021 £ 1,422 |
Total funds 2020 £ 103,506 |
|---|---|---|---|---|
| Total funds 2021 £ 104,982 |
4. Analysis of expenditure by activities
All grant expenditure in the year was provided to the Orwell Park School for the purpose of funding bursaries.
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Charitable activities | 98,584 | 1,158 | 99,742 |
Page 13
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
4. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Repairs and maintenance Equipment costs Postage and stationery Professional fees Publicity and marketing Events expenditure Travel expenses Old Orwellians Stock provision Sundry office expenses Lecture costs Books and teaching expenses |
Total funds 2021 £ - 13,021 16,369 2,665 - 197 - 530 4,028 13,091 175 1,000 568 51,644 |
Total funds 2020 £ 33,943 1,697 13,560 4,450 2,694 10,579 2,081 302 3,096 26,182 - - - |
|---|---|---|
| 98,584 |
During the prior year one member of staff employed by Orwell Park School performed work for the charity and a proportion of this individuals salary was recharged as is disclosed above. No salaries over £60,000 were paid. No staff costs have been incurred in the current year.
Analysis of support costs
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Governance costs - Independent examiners remuneration | 1,422 | 1,158 |
Page 14
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 August 2021, no Trustee expenses have been incurred (2020 - £NIL) .
6. Fixed asset investments
| Cost or valuation At 1 September 2020 Revaluations At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 All fixed asset investments are held in the UK. |
Listed investments £ 50,000 12,139 |
|---|---|
| 62,139 | |
| 62,139 | |
| 50,000 | |
7. Stocks
| Items held for resale Debtors Due within one year Prepayments and accrued income |
2021 £ 13,090 2021 £ 19,458 19,458 |
2020 £ 26,181 |
|---|---|---|
| 2020 £ 2,000 |
||
| 2,000 |
8. Debtors
Page 15
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
9. Creditors: Amounts falling due within one year
| Trade creditors Amounts due to Orwell Park School Educational Trust Limited Accruals and deferred income Resources deferred during the year |
2021 £ 12,071 56,570 1,737 70,378 2021 £ 297 |
2020 £ - 21,696 1,440 |
|---|---|---|
| 23,136 | ||
| 2020 £ - |
Deferred income represents income received in advance for events taking place in the following financial period.
Page 16
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
10. Statement of funds
Statement of funds - current year
| Balance at 1 September 2020 £ Unrestricted funds General Funds 22,955 Endowment funds Expendable endowment funds 50,000 Restricted funds Observatory improvements 1,713 Landscaping 1,434 Bursaries 3,500 Orangery lectures 5 Library books 500 Curriculum resources - Noticeboard - Digital archive 156 Recording studio 2,000 Clock tower 3,400 20-21 Year 8 Leavers Gift Artwork - Piano Steinway - 12,708 Total of funds 85,663 |
Income £ Expenditure £ 20,364 (22,339) - - 12,100 (12,071) - - 41,036 (51,916) 1,000 (1,000) - (500) 1,000 - 94 (94) - (105) - (1,007) - (950) 2,445 - 15,250 (15,000) 72,925 (82,643) 93,289 (104,982) |
Transfers in/out £ (7,380) - - - 7,380 - - - - - - - - - 7,380 - |
Gains/ (Losses) £ - 12,139 - - - - - - - - - - - - - 12,139 |
Balance at 31 August 2021 £ 13,600 |
|---|---|---|---|---|
| 62,139 | ||||
| 1,742 1,434 - 5 - 1,000 - 51 993 2,450 2,445 250 |
||||
| 10,370 | ||||
| 86,109 |
Page 17
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
10. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Endowment funds Expendable endowment funds Restricted funds Observatory improvements Landscaping Bursaries Orangery lectures Library books Digital archive Recording studio Clock tower Cricket covers Music lockers Total of funds |
Balance at 1 September 2019 £ 70,617 - 1,384 1,434 500 1,000 - - - - 4,260 - 8,578 79,195 |
Income £ 30,789 50,000 2,025 - 3,000 - 500 5,196 2,000 3,400 - 9,300 25,421 106,210 |
Expenditure £ (78,451) - (1,696) - - (995) - (5,040) - - (4,260) (9,300) (21,291) (99,742) |
Balance at 31 August 2020 £ 22,955 |
|---|---|---|---|---|
| 50,000 | ||||
| 1,713 1,434 3,500 5 500 156 2,000 3,400 - - |
||||
| 12,708 | ||||
| 85,663 |
Restricted funds:
Donations income received for restricted purposes is ring fenced by the Charity and spent in line with the donors wishes. The restrictions placed upon the income has been detailed above. Transfers have been made from unrestricted funds where expenditure has been incurred above the level of restricted income received.
Expendable endowment funds:
The Charity has a single expendable endowment fund, the Wilkinson-Spurgeon Bursary Fund, created by a gift. The income of this trust is restricted to provide bursaries for the pupils at Orwell Park School. The terms of the endowment allow the capital of the fund to be spent if the Trustees so determine.
Page 18
THE ORWELL PARK SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments - Current assets 83,978 Creditors due within one year (70,378) Total 13,600 Analysis of net assets between funds - prior year Unrestricted funds 2020 £ Fixed asset investments - Current assets 46,091 Creditors due within one year (23,136) Total 22,955 |
Restricted funds 2021 £ - 10,370 - 10,370 Restricted funds 2020 £ - 12,708 - 12,708 |
Endowment funds 2021 £ 62,139 - - 62,139 Endowment funds 2020 £ 50,000 - - 50,000 |
Total funds 2021 £ 62,139 94,348 (70,378) 86,109 Total funds 2020 £ 50,000 58,799 (23,136) 85,663 |
|---|---|---|---|
| Fixed asset investments Current assets Creditors due within one year Total |
12. Related party transactions
The purpose of the Foundation is to raise funds for Orwell Park School Educational Trust Limited, registered charity number 310481 and registered company number 912265. It is based at Orwell Park, Nacton, Ipswich. All direct expenditure has been incurred for the benefit of the School and its premises.
During the year the Foundation received donations of £47,066 (2020: £18,930) from Orwell Park School and were recharged wages costs of £Nil (2020: £33,943). During the year, bursary grant payments of £51,916 were made to the School (2020: £Nil).
At 31 August 2021 £56,570 (2020: £21,696) was owed to the School by the Foundation.
During the year, a donation of £20,000 was received from a Trustee, G Quilter, which was restricted towards the payment of bursaries (2020: £Nil).
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