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2020-07-31-accounts

Charity Registration No. 1076564

ST MICHAEL'S SCHOOL ASSOCIATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

ST MICHAEL'S SCHOOL ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rachel Maynard Giles Taylor Alicia Pivaro Josephine Freeman Jane Fluckiger Anja Barnes Vaness Frances-Giorgianna Olivia Reshat (Appointed 24 September 2019) Michael Spyrou (Appointed 15 March 2021) Frederic Ireland (Appointed 15 March 2021) Katrina Charles (Appointed 15 March 2021) Sarah Grundy (Appointed 15 March 2021) Philippa Neame (Appointed 15 March 2021) Merle Parker (Appointed 15 March 2021) Jeremy Smith (Appointed 15 March 2021) Charity number 1076564 Principal address St Michael's School North Road Highgate London N6 4BG Independent examiner Peter Edwards Beatty & Co Suites 3 & 4, 63 - 67 Athenaeum Place London N10 3HL

ST MICHAEL'S SCHOOL ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of Cash Flows 7
Statement of cash flows 7
Notes to the accounts 8 - 12

ST MICHAEL'S SCHOOL ASSOCIATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2020

The Trustees present their report and accounts for the year ended 31 July 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Constitution , 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) (effective 1 January 2015)”

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' Report and the accounts 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 accounts 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 accounts, 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 accounts 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.

Objectives and activities

The Charity's objects are to advance the education of the pupils of St Michael's Church of England School, Highgate, London N6 by providing and assisting in the provision of facilities for education at the school (not formally provided by the local education authority). To further these objects, the SMSA may:

-Engage in activities which support the school and advance the education of the pupils attending it;

-Provide funds to rent purchase and/or finance improvements to the school buildings, grounds and facilities as agreed and in discussion with the Governors and teaching staff; and

-Purchase equipment, educational products and other items not provided by the local authority or school governors that the teaching staff believe will further the objects of the Association. T here has been no change in these objectives during the year.

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

ST MICHAEL'S SCHOOL ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

The Charity hosts a number of events to raise money, which is then donated to the school to provide much needed funds to support the school infrastructure and education of the pupils. A major contribution is made by many parents. The Trustees are very grateful for the many hours spent by parents in arranging the vast array of fund-raising events. The usual major fund-raising events during the year are;

Coronavirus

This year the SMSA’s activities were severely curtailed by the coronavirus lockdown and restrictions, starting in late March and continuing until the end of the school year. All spring and summer events, including the Fun Run and Summer Fair were cancelled, and cake sales ceased. The effect of this was to reduce gross income and profits from fundraising events by more than 40 percent.

With socially distanced school in the autumn term and a second lockdown in the spring term, there have so far been virtually no fundraising in the subsequent year either.

Achievements and performance

The SMSA made a number of significant contributions to the school infrastructure during the period, including;

The charity also underwrites all school trips and productions. This ensures that all children can take part and benefit from the school's diverse activities. In addition to raising funds for the SMSA, members also oversee the School Library and the Gardening Club.

Financial review

The Charity holds a single unrestricted fund and the trustees aim to minimise the balance at all times in order that the school benefits from the money raised at the earliest opportunity. In the current year the income of the Association was £38,400 (2019 - £ 6 6 , 4 00 ). With costs of generating income of £17,500 (2019 - £33, 0 00), fundraising activities generated £20,900 (2019 - £33,400). The costs of charitable activities during the period were £22,100 (2019 - £35,300) giving rise to net decrease in funds of £1,200 (2019 - de crease of £ 1 ,900). As a result, the funds in hand at the period end were £7,300 (2019 - £8,500).

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.

Structure, governance and management

The Charity is governed by a Constitution adopted 27 January 1997, amended 3 July 2014 and 27 February 2016. It is constituted as an Association - all parents of the school are members of the SMSA.

The constitution states that trustees and Officers shall be appointed at the Annual General Meeting of the charity. Appointments shall be made from the majority vote on a show of hands vote of Members. Secret or written ballots may be held at the outgoing Committee's discretion. In the event of an Officer or Trustee resigning or no longer fulfilling the criteria to be an Officer or Trustee before the end of their term, additional Officers and Trustees may be appointed at a General Meeting from the majority vote on a show of hands of Members.

ST MICHAEL'S SCHOOLASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2020 Each of the Officer$ and Trustees shall retire wlh effect from the conclusion of the Annual General Meeting IAGMI or General Meetsng next after his or her appointment bul shall be eligible for re-election lor another term at thatAGM. No-one may be ele¢ted a Twslee or an Officer at any AGM or general meeting unless prior to or during the meeting the Charity is given notice that.. lal a M¢mber proposes th6 individual for that position eilhef in writing or in person,. and Ibl the person who is to be proposed shows his or her willingness to be appointe<l' and Icl the person fills any necessary criteria for appoinlmenl,. and Idl norninees for Officers are Members 8nd will remain so for Iheir term. The Members may not appoint a person to be an Officer unless the position is vacant ¢Y the incumbent has resigned, save that persons may be removed against their wll en a resolution al an AGM or General Meeting by a majority vote of Members of the TnJstees and Officers using th¢ disputes process. Each officer can server no more than 6 consecutive tems as an Officer14 ¢onse¢utiv& years in one individual rolel. Tru8tee8 can Serve no mor8 th* 6 consecutive terns ay a Tru$t$o. spent as Officers is disregarded. None of the Trustees ha8 any beneficial interest in the charity. The Trustees who seNed during the year were.. Rachel Maynard Clare Leach Giles Taylor Alicia Pivaro Kenneth Michaels Josephine Freeman Jane Fluckiger Anja Bames Pamela Cheshire Vaness Frances-Giorgianna Maria Ohrman Olivia Reshal Michael Spyrou Freder￿ Ireland Katrina Chades Sarah Grundy Philippa Neame Merle Parter Jeremy Smith IRe8lgned 17 July 2020) IResigned 17 July 2020) IRe$igned 17 July 20201 IRe$igned 17 July 2020) (Appointed 24 September 20191 IAppointed 15 Mar¢h 2021) (Appointed 15 March 2021) (Appointed 15 March 2021) {Appointed 15 March 2021) {Appointed 15 March 20211 (Appointed 15 March 20211 (Appolnted 15 March 20211 The le&$. port was approved by the Board of Trustees. Glles Taylor Trustee Dated..

ST MICHAEL'S SCHOOLASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST MICHAEL'S SCHOOL ASSOCIATION I report on the finanual stalements of the Chality for the year ended 31 JLdy 2020, which are set out on pages 5t012. Rèspactiv• rnsponsibilities of Trusteos and ￿Minar The Charity's Trustees are responsible for the preparation of the finanryal str1e￿ents. The charity's Trustees consider that an audst 15 not required for this year under secbon 14412) of the Charibes Act 2011 (the 2011 Act} and that an independent ex8mination 18 needed. It is my re$pon$ibillty to.. examine the financial statements under section 145 of the 2011 Act., {iil lo followthe procedure5 laid in the general Directions given by the Charity Commission under section 145{5}(bl of the 2011 A(I'. {iiil to ¥trdle whether particular matters have come to my aitenlion. Bas1$ of Ind•ynd8nt axaminorfs raport My examination was carried out in accordance vnth the general Diredtons given by the Charity Commission. An examination includes a review of the accountin9 records kept by the charity and a ctsmparison of the )Inancial statements presented with Ihose records. 11 also includes considerab.gn of any unusual items or disclo$ur8s in the financial statements, and See￿n9 explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be r4uir8d in an audit and consequentjy no opinion is given as to vh)ether the financial statements present a and fair view and the report is limited 19 those rnatters set OLrt in the next statement Indepondgnt gxamlngrf$ statsmgnt Your attention is drawn lo the fact that the charity hag prepared finanaal $talements in accordance wth Accounting and reporkn'ng by Charities preparing their accounts in accordarKe wrth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to Ihe Accounting and R￿po￿ng by Charities.. Statement of Recommended Practice issued on 1 2005 whith is referred to in the extant regulations but has now been ￿thdra￿￿. l understand that this has been done in order for the financial statements to PTowde a true and fair view in accordance wlh Generalty Accepted Accounting Practice effective for re￿tIng period5 beginning on or after 1 January 2015. In connection with my examination. no olher matter exceptthat referred to in the prewous par8graph has come to my attent'on= lal which gives me reasonable Cause to believe that In any material lesl￿t the requ1￿men15,. l)1 to keep a¢¢ounting records in accordance WTih section 130 of the 2011 Act.. and (111 to prepare financial statements Ithich accord thith the accounting records and comply wth the accounting requirements ofthe 2011 ACL have not been mèt or Ibl to which, in my Opinion, attention shO￿d be dravm in order to enable a proper understanding of the accounts to b Peter Edwards Chartered Certifie Beatty & Co Suites 3 & 4, 63- 67 Athenaeum Place London N103HL Account D¥led-. £7

ST MICHAEL'S SCHOOL ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2020

Notes
Income from:
Donations and legacies
2
Other trading activities
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total resources expended
Net expenditure for the year/
Net movement in funds
Fund balances at 1 August 2019
Fund balances at 31 July 2020		 2020
£
5,000
33,365
38,365
17,459
22,141
39,600
(1,235)
8,511
7,276		 2019
£
4,782
61,627
66,409
32,997
35,323
68,320
(1,911)
10,422
8,511

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

All income and expenditure derive from continuing activities.

ST MICHAEL'S SCHOOL ASSOCIATION BALANCE SHEET AS AT31 JULY2020 2020 2019 Curr•nt a$$•ts Stocks Debtors Cash * bank and in hand 440 1,254 17.127 440 1,347 42,400 10 18,821 44.187 Cr8dStors: amounts falllng duo ￿rfth{n on8 year 11 111,5451 135,6761 Nel current assets 7,276 8.511 Incom• funds Unrestricted lunds 7.276 8.511 7,276 8.511 The ncl81 S ments were approved by the Trustees on ... .. 2oLI Giles Taylor Tru¥tO0

ST MICHAEL'S SCHOOL ASSOCIATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2020

2020
2019
Notes
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
13
(25,273)
Net cash used in investing activities
-
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(25,273)
Cash and cash equivalents at beginning of year
42,400
Cash and cash equivalents at end of year
17,127		 £
154
-
-
154
42,246
42,400

ST MICHAEL'S SCHOOL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

Charity information

St Michael's School Association is a charitable association governed by its constitution.

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) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

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 a mounts 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 freehold properties and to include 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

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.

1.5 Resources expended

Resources expended are recognised on an accruals basis and are allocated to the appropriate activity, Fundraising costs are the costs of activities to generate funds, these are allocated to the appropriate event. Charitable activities consist of donations made directly to the school or expenditure on behalf of the school to assist in the provision of facilities not normally provided by the local education authority. Governance costs consist of the costs associated with statutory requirements such as independent examination of the charity's accounts and on the strategic management of the charity.

ST MICHAEL'S SCHOOL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

(Continued)

1.6 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7 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.

1.8 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 p aymen ts 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.

ST MICHAEL'S SCHOOL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Donations and gifts 5,000 4,782
3 Other trading activities
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Fundraising events 33,365 61,627
4 Raising funds
2020 2019
£ £
Staging fundraising events 17,459 32,997
17,459 32,997

ST MICHAEL'S SCHOOL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

5 Charitable activities

Charitable Other Total Total
Expenditure
Expenditure		 2020 2019
£ £ £ £
Charitable expenditure 20,579 - 20,579 33,682
Share of support costs (see note 6) - - - 84
Share of governance costs (see note 6) - 1,562 1,562 1,557
20,579 1,562 22,141 35,323
Analysis by fund
Unrestricted funds 20,579 1,562 22,141
20,579 1,562 22,141
For the period ended 31 July 2016
Unrestricted funds 33,682 1,641 35,323
33,682 1,641 35,323
Support costs
Support
Governance		 2020 2019 Basis of allocation
costs
costs
£
£		 £ £
Administration expenses -
-		 - 84 Support
Independent Examiners Governance
Fees -
1,440		 1,440 1,440
NCPTA -
122		 122 117 Governance
-
1,562		 1,562 1,641
Analysed between
Charitable activities -
1,562		 1,562 1,641

6 Support costs

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. (2019 - none)

8 Employees

There were no employees during the year.

ST MICHAEL'S SCHOOL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

9 Stocks

Finished goods and goods for resale
10
Debtors
Amounts falling due within one year:
Other debtors
11
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2020
£
440
2020
£
1,254
2020
£
-
11,545
11,545		 2019
£
440
2019
£
1,347
2019
£
1,330
34,346
35,676

12 Related party transactions

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

13
Cash generated from operations
2020
£
Deficit for the year
(1,235)
Movements in working capital:
(Increase) in stocks
-
Decrease in debtors
93
(Decrease)/increase in creditors
(24,131)
Cash (absorbed by)/generated from operations
(25,273)
14
Analysis of changes in net funds
The Charity had no debt during the year.		 2019
£
(1,911)
(40)
625
1,480
154