HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
Registered Charity No. 1076273
HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
CONTENTS
| Page No | |
|---|---|
| Legal and Administrative Details | 1 |
| Trustees Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 - 11 |
HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
LEGAL AND ADMINISTRATIVE DETAILS
| Charity Name | Highworth Grammar School Trust, School Fund |
|---|---|
| Registered Number | 1076273 |
| Trustees | Mr Amer Khalil (Chairman) |
| Mr Paul Danielsen | |
| Mr Daniel Valentine | |
| Mr Steve Wellard | |
| Mrs Lynn Wilson | |
| Secretary | Mr Paul Danielsen |
| Principal Address | Highworth Grammar School |
| Maidstone Road | |
| Ashford | |
| Kent | |
| TN24 8UD | |
| Independent Examiner | M Wilkes FCA |
| Azets Audit Services | |
| 5th Floor | |
| Ashford Commercial Quarter | |
| 1 Dover Place | |
| Ashford | |
| Kent | |
| TN23 1FB | |
| Bankers | National Westminster Bank Plc |
| 20 High Street | |
| Ashford | |
| Kent | |
| TN24 8SH |
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
ANNUAL TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report and financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 published on 16 July 2014, as amended by Bulletin 1.
Objectives and activities
The objects for which the school fund is established are:
To advance the education of Highworth Grammar School by providing or assisting in the provision of educational, recreational and other charitable facilities in augmentation of such facilities financed by the Local Education Authority or the Department for Education.
Public Benefit Statement
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
Achievements and performance in the year
The school fund account continues to be primarily a holding account for student’s payments for trips and visits. The main source of income is parental donations [for which Gift Aid is claimed]. The income is used for enrichment activities, coach hire to competitions and matches, membership to clubs and societies, and various school resources.
The charities that were supported by the school during 2020-21 were SARI (Stand Against Racism & Inequality), The Samaritans, The Brain Tumour Charity, Kent Wildlife Trust, Holding On Letting Go, MND Association, Brain Tumour Charity, The Sam West Foundation, MIND, Parkinson UK, Kent Cancer Trust. The total amount the Students raised for these charities was £10,717. Various other events take place during the year to raise money for different good causes, which are initiated, promoted and organised by students.
Due to the COVID pandemic, no trips took or music events took place in this school year.
Financial review
Income for the year amounted to £103,259 (2020: £64,820). Expenditure amounted to £93,369 (2020: £77,694). As a result of these movements, net funds have increased by £9,890 (2020 decrease: £12,874) and funds total £103,180 at 31 July 2021 (2020: £93,290).
Reserves policy
At 31 July 2021 unrestricted reserves amounted to £66,075 (2020: £44,629). The trustees believe that holding an average of two month's expenditure, which amounts to £15,000 (2020: £12,000) is reasonable as funds are required to pay for certain costs in advance in respect of residential and day trips before the associated income is received from the students.
At 31 July 2021 designated reserves amounted to £37,105 (2020: £48,661) and further details are given in note 7.
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
ANNUAL TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
Pay policy for key management personnel
The trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee received remuneration in the year.
Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable the charity to lessen or mitigate those risks.
Various risks have been assessed to ensure that they do not impact upon the school’s ability to offer enrichment activities together with interesting trips to support the curriculum for the students. The major risk is the ability of parents to continue to pay for students to attend organised visits. Funds have been allocated in the school budget to allow the academy to offer help to parents who are suffering hardship.
Going Concern
Due to the COVID pandemic, no trips took or music events took place in this school year.
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.
Plans for the future
The plans for the future are to make provision to ensure that it is possible to arrange ongoing activities to enrich the school life of the students. The School fund is an extremely valuable voluntary contribution which funds many extracurricular student related resources and activities that add to the quality of school life, which otherwise would be difficult to provide. Families will continue to be encouraged to contribute as all students benefit during their time at Highworth Grammar School through the enrichment activities offered.
Structure
The charity which is registered with the Charity Commission under number 1076273, is established under a Trust Deed dated 26 November 1998.
Governance and management
During the year the following were Trustees of the charity:
Mr Amer Khalil (Chairman) Mr Paul Danielsen Mr Daniel Valentine Mr Steve Wellard Mrs Lynn Wilson
The governing document does not specifically contain details as to the minimum or maximum number of trustees. In addition, it does not specify as to how these trustees shall be appointed.
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
ANNUAL TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2021
Governance and management
The governing document allows the day-to-day management to be delegated to the head teacher of the school or other such persons as the trustees think fit, provided that all acts and proceedings of such persons be reported to the trustees.
Trustees responsibilities
The trustees are responsible for preparing the Trustees’ Annual 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 & 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures, disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.
The trustees are responsible for keeping proper 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.
By Order of the Board
………………………………………………………………… D Valentine Date: 3 March 2022
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report to the trustees on my examination of the accounts of the Highworth Grammar School Trust, School Fund for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
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:
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(1) accounts records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) 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.
………………………………….
M A Wilkes (FCA)
For and on behalf of Azets Audit Services
5th Floor, Ashford Commercial Quarter 1 Dover Place, Ashford, TN23 1FB
Date: 9 March 2022
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
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Unrestricted Funds
Note 2021 2020
£ £
Income from:
Donations 13,358 10,640
Raising funds 2 7,933 3,793
Charitable activities 2 81,948 49,977
Investment income 20 410
Total income 103,259 64,820
Expenditure on:
Charitable activities 93,369 77,694
Total expenditure 3 93,369 77,694
Net movement in funds 9,890 (12,874)
Reconciliation of funds:
Fund balances brought forward at 1 August 2020 93,290 106,164
Fund balances carried forward at 31 July 2021 103,180 93,290
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
BALANCE SHEET AS AT 31 JULY 2021
| Note CURRENT ASSETS Stock Debtors 5 Cash at bank and in hand Creditors: amounts falling due within one year 6 NET CURRENT ASSETS INCOME FUNDS Unrestricted funds Designated funds 7 8 |
£ £ 1,944 21,174 167,266 190,384 87,204 103,180 103,180 66,075 37,105 103,180 2021 |
£ £ 1,115 109,057 203,606 313,778 220,488 93,290 93,290 44,629 48,661 93,290 2020 |
|---|---|---|
The financial statements were approved and authorised for issue by the Committee of Trustees on 3 March 2022 and signed on its behalf by:
……………………………………………
D Valentine
Trustee
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
1.1 Basis of preparation
Highworth Grammar School Trust, School Fund is a registered charity with the Charity Commission in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities "is to advance the education of the students Highworth Grammar School by providing or assisting in the provision of educational, recreational and other charitable facilities in augmentation of such facilities financed by the Department for Education".
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 United Kingdom and Republic of Ireland (FRS 102) as amended by Bulletin 1, the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
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.
1.2 Funds
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
1.3 Income recognition
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All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
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Voluntary income including donations and gifts is included in the Statement of Financial Activities when receivable.
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Income is mainly for school visits and day trips which are accounted for in the period in which the trip or visit takes place.
1.4 Expenditure recognition
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All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Costs of generating funds are those costs incurred in attracting voluntary income.
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Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements.
1.5 Stock
Stock is included at the lower of cost and net realisable value.
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
1.6 Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
1.7 Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
1.8 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.
1.9 Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty.
| 2 Income Generated funds Fundraising Charitable activities School visits Activities Income from school shops etc. Other income 3 Expenditure Charitable activities Fundraising School visits Activities Purchases Other Support costs Independent examiner's fee |
2021 £ 7,933 7,933 - 13,974 23,902 44,072 81,948 Direct Costs Support costs Total £ £ £ 12,063 - 12,063 44 - 44 15,123 - 15,123 23,702 - 23,702 41,477 - 41,477 92,409 - 92,409 - 960 960 92,409 960 93,369 2021 |
2020 £ 3,793 3,793 14,161 7,168 3,189 25,459 49,977 2020 Total £ 21,955 22,354 7,295 2,308 22,870 76,782 912 77,694 |
|---|---|---|
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
4 Staff costs and Trustee remuneration
During the year, the charity had no employees (2020: None).
No trustee received remuneration or reimbursement of expenses during the year (2020: None).
| 5 Debtors 2021 £ Prepayments and accrued income 18,562 Other debtors 2,612 21,174 6 Creditors:amounts falling due within one year 2021 £ Creditors 43,115 Deferred income 43,129 Accruals 960 87,204 7 Designated funds - 2021 As at 1 August 2020 New Designations Designation Released £ £ £ Fundraising 13,161 12,469 (13,161) School visits 11,299 - (804) Activities 20,826 9,804 (20,826) Purchases - 775 - Other 3,375 3,562 (3,375) 48,661 26,610 (38,166) Designated funds - 2020 As at 1 August 2019 New Designations Designation Released £ £ £ Fundraising 3,870 13,161 (3,870) School visits 12,628 11,299 (12,628) Activities 17,301 20,826 (17,301) Other 1,353 3,375 (1,353) 35,152 48,661 (35,152) |
2020 £ 10,770 98,287 109,057 2020 £ 148,632 70,062 1,794 220,488 As at 31 July 2021 £ 12,469 10,495 9,804 775 3,562 37,105 As at 31 July 2020 £ 13,161 11,299 20,826 3,375 48,661 |
|---|---|
Fundraising School visits
Activities
Purchases
Other
This relates to competition prizes to be used within the school
This relates to school visits where excess funds are to carried into the following year to be used for the same trip
This relates to activities where excess funds are to carried into the following year to be used for the same activity
This relates to funds which have been held to be used to purchase items for the school in the following year
This includes funds that are to be used in the following year on Duke of Edinburgh, Hockey and Equestrian
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HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021
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8 Analysis of net assets between funds - 2021 Unrestricted Designated Total
£ £ £
Current assets 153,279 37,105 190,384
Liabilities (87,204) - (87,204)
66,075 37,105 103,180
Analysis of net assets between funds - 2020 Unrestricted Designated Total
£ £ £
Current assets 265,117 48,661 313,778
Liabilities (220,488) - (220,488)
44,629 48,661 93,290
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