2023-08-31-accounts - New Maranatha Christian School Trust

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REGISTERED CHARITY NUMBER: 1092273

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2023

for

New Maranatha Christian School Trust

Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA

New Maranatha Christian School Trust

Contents of the Financial Statements for the Year Ended 31 August 2023

		Page
Report of the Trustees	1	to	2
Independent Examiner's Report		3
Statement of Financial Activities		4
Balance Sheet		5
Notes to the Financial Statements	6	to	11
Detailed Statement of Financial Activities		12

New Maranatha Christian School Trust

Report of the Trustees

for the Year Ended 31 August 2023

The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's principal activities comprise the advancement of education for children between the ages of 3 and 18 years together with the provision of adult education classes promoting the Christian Faith, in particular by the provision of a School or Schools based on Christian principles, values and doctrines.

Public benefit

Our vision is to be the school of choice for Christian parents who want their children to achieve academic and vocational excellence, developing Godly character and a Biblical worldview in an affordable, loving Christian environment. Our school supports families and students from a diverse range of backgrounds. By providing a fully rounded education to a high standard the school is able to ensure each student fulfils the potential they have been given equipes them to make a useful contribution to society as a whole. For most families the cost of sending their children to the school requires significant sacrifice. The bursary fund assists in meeting the public benefit requirement by providing funds for students from low income families. All staff work at lower pay scales than comparative roles in state schools in order to support the school in fulfilling its vision and ensure the school is financially accessible to as many families as possible.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During this period the school had between 70 and 85 pupils ranging from 3 to 17 years old. We have continued to invest in employing more experience and qualified teaching staff. We continued to support staff studying for teaching qualifications via Bradford College in the 2022/23 academic year. Other staff members completed apprenticeships to assist them in the performance of their duties.

We successfully prepared for an Independent School Inspection (ISI) and have made significant improvements in the administration, safeguarding, curriculum and communications. A school improvement plan was developed and implemented during the year. All policies and procedures have been reviewed and, where necessary, updated to reflect latest regulations and advice. The school remains part of the Independent Schools Association (ISA) which is affiliated to the Independent Schools Inspectorate (ISI) and with that subject to their inspection regime. We were not inspected by ISI during this period but expect a visit in the 2023/24 academic calendar.

We are also actively collaborating with other charitably run Christian schools in our region to share best practice, resources and opportunities for students to broaden their networks.

The trustees are confident that the school operates to high education and welfare standards. Safeguarding is prioritised across the operation. We continue to work closely with the local authority where appropriate for Safeguarding guidance and support. There were no significant Health and Safety incidents, and the school continues to ensure routine inspections are carried out and that we are compliant to all relevant legislation and guidance.

Parents continue to show high levels of satisfaction with the school and over 80% of the parents are regularly contributing to the school through a 3 hour per family volunteering commitment.

The school continued to operate from premises that are provided by a beneficiary on a very low-cost basis. These premises are provided on a long-term lease.

The Trust’s financial status is poor, and the school operated at a loss during this period. The Trust is sustained on the basis of charitable gifts. Despite the loss for the current financial year, the Trust have explicit support from a beneficiary and from parents. This gives the Trustees confidence that it can meet its financial obligations. We expect to receive further gifts in 2023/24 to support the operation of the school and the trustees aim to build a cash surplus by 2025/26 with the addition of new pupils, further charitable gifts and increases to fees.

During the year D Perrot (July 2022), H Storm (July 2023) and N Frost(July 2023) resigned as Trustees. B Agwu (Oct 2022) was appointed as a trustee. Additional trustees will be appointed in 2023/24. We continue to encourage parental involvement in the running of the school and have launched a Friends of Maranatha support group.

FUTURE PLANS

The Trust is ambitious to meet the educational needs of more families and children. We enjoy a good relationship with the parents of our students, and we will continue to work towards growing the connection between us. We continue to communicate to churches across Swindon and through our website reach parents across the UK to highlight the opportunities the school provides. Our short-term aim is to reach the capacity of the current premises and our vision is to extend the model and provide Christian Education to more families and pupils.

There is a significant threat to our work in the form of the proposed addition of VAT should the Labour party be elected to govern. They have made it a key part of their proposed legislation intentions and along with many other smaller Independent Schools whose fees are low we are vulnerable to this significant increase in our costs.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust drawn up on 10th May 2002

Recruitment and appointment of new trustees

The trustees are appointed at general meetings of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1092273

Principal address

Queenlaines Farm Sevenhampton Wiltshire SN6 7SQ

Trustees

L Morava (Chair) H W Storm (to July 2023) N Frost (to July 2023) B Pike B Agwu (from Oct 2022)

Independent Examiner

Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA

Advisers

Bankers

The charity's bankers are Lloyds TSB PLC, 5 High Street, Swindon, Wiltshire.

Approved by order of the board of trustees on 30 June 2024 and signed on its behalf by:

B. Pike – Trustee

Independent Examiner's Report to the Trustees of New Maranatha Christian School Trust

Independent examiner's report to the trustees of New Maranatha Christian School Trust

I report to the charity trustees on my examination of the accounts of New Maranatha Christian School Trust (the Trust) for the year ended 31 August 2023.

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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the ERROR - relevant professional body must be completed, which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the 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.

Christopher Vaughan

Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA

30 June 2024

New Maranatha Christian School Trust

Statement of Financial Activities

for the Year Ended 31 August 2023

Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 94,073 Charitable activities Education 318,044 Investment income 2 20 Other income 10,189 Total 422,326 EXPENDITURE ON Charitable activities Education 454,016 NET INCOME/(EXPENDITURE) (31,690) RECONCILIATION OF FUNDS Total funds brought forward (34,676) TOTAL FUNDS CARRIED FORWARD (66,366)	Restricted funds £ 3,360 - - - 3,360 174 3,186 693 3,879	31.8.23 Total funds £ 97,433 318,044 20 10,189 425,686 454,190 (28,504) (33,983) (62,487)	31.8.22 Total funds £ 100,876 305,479 4 7,685 414,044 409,292 4,752 (38,735) (33,983)

The notes form part of these financial statements

New Maranatha Christian School Trust

Balance Sheet

31 August 2023

					31.8.23	31.8.22
		Unrestricted	Restricted		Total	Total
		fund	funds		funds	funds
	Notes	£	£		£	£
FIXED ASSETS
Tangible assets	6	6,542	519		7,061	3,864
CURRENT ASSETS
Stocks	7	10,000		-	10,000	10,000
Debtors	8	6,503		-	6,503	2,387
Cash at bank		619	3,360		3,979	23,089
		17,122	3,360		20,482	35,476
CREDITORS
Amounts falling due within one year	9	(90,030)		-	(90,030)	(73,323)
NET CURRENT ASSETS/(LIABILITIES)		(72,908)	3,360		(69,548)	(37,847)
TOTAL ASSETS LESS CURRENT
LIABILITIES		(66,366)	3,879		(62,487)	(33,983)
NET ASSETS/(LIABILITIES)		(66,366)	3,879		(62,487)	(33,983)
FUNDS	11
Unrestricted funds					(66,366)	(34,676)
Restricted funds					3,879	693
TOTAL FUNDS					(62,487)	(33,983)

The financial statements were approved by the Board of Trustees and authorised for issue on 30 June 2024 and were signed on its behalf by:

B Pike - Trustee

The notes form part of these financial statements

New Maranatha Christian School Trust

Notes to the Financial Statements

for the Year Ended 31 August 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance Motor vehicles - 25% on reducing balance School equipment - 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

New Maranatha Christian School Trust

Notes to the Financial Statements - continued

for the Year Ended 31 August 2023

2. INVESTMENT INCOME

INVESTMENT INCOME
	31.8.23	31.8.22
	£	£
Deposit account interest	20	4

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

4. STAFF COSTS

The average monthly number of employees during the year was as follows:

5.

Teaching Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 97,006 Charitable activities Education 305,479 Investment income 4 Other income 7,685 Total 410,174 EXPENDITURE ON Charitable activities Education 405,190 NET INCOME/(EXPENDITURE) 4,984 RECONCILIATION OF FUNDS Total funds brought forward (39,660) TOTAL FUNDS CARRIED FORWARD (34,676)	31.8.23 14 2 16 Restricted funds £ 3,870 - - - 3,870 4,102 (232) 925 693	31.8.22 13 2 15 Total funds £ 100,876 305,479 4 7,685 414,044 409,292 4,752 (38,735) (33,983)

continued...

New Maranatha Christian School Trust

Notes to the Financial Statements - continued

for the Year Ended 31 August 2023

6. TANGIBLE FIXED ASSETS

6.	TANGIBLE FIXED ASSETS
		Fixtures
		and			Motor	School
		fittings			vehicles	equipment	Totals
		£			£	£	£
	COST
	At 1 September 2022	1,956			10,587	39,289	51,832
	Additions			-	-	5,552	5,552
	At 31 August 2023	1,956			10,587	44,841	57,384
	DEPRECIATION
	At 1 September 2022	1,937			10,041	35,990	47,968
	Charge for year			5	137	2,213	2,355
	At 31 August 2023	1,942			10,178	38,203	50,323
	NET BOOK VALUE
	At 31 August 2023		14		409	6,638	7,061
	At 31 August 2022		19		546	3,299	3,864
7.	STOCKS
						31.8.23	31.8.22
						£	£
	Stocks					10,000	10,000
8.	DEBTORS: AMOUNTS FALLING	DUE WITHIN ONE YEAR
						31.8.23	31.8.22
						£	£
	Prepayments					6,503	2,387
9.	CREDITORS: AMOUNTS FALLING DUE WITHIN		ONE YEAR
						31.8.23	31.8.22
						£	£
	Trade creditors					66,573	67,816
	Taxation and social security					5,537	4,655
	Other creditors					17,920	852
						90,030	73,323

continued...

New Maranatha Christian School Trust

Notes to the Financial Statements - continued

for the Year Ended 31 August 2023

10. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand: Other loans MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Bursary School Equipment School Development Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Bursary School Equipment School Development Fund TOTAL FUNDS	At 1.9.22 £ (34,676) - 535 158 693 (33,983) Incoming resources £ 422,326 3,360 - - 3,360 425,686	31.8.23 31.8.22 £ £ 15,000 - Net movement At in funds 31.8.23 £ £ (31,690) (66,366) 3,360 3,360 (134) 401 (40) 118 3,186 3,879 (28,504) (62,487) Resources Movement expended in funds £ £ (454,016) (31,690) - 3,360 (134) (134) (40) (40) (174) 3,186 (454,190) (28,504)

11. MOVEMENT IN FUNDS

continued...

New Maranatha Christian School Trust

Notes to the Financial Statements - continued

for the Year Ended 31 August 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

				Net
			movement			At
	At 1.9.21		in funds		31.8.22
		£		£		£
Unrestricted funds
General fund		(39,660)		4,984		(34,676)
Restricted funds
School Equipment		714		(179)		535
School Development Fund		211		(53)		158
		925		(232)		693
TOTAL FUNDS		(38,735)		4,752		(33,983)
Comparative net movement in funds, included	in the above are as follows:
	Incoming		Resources		Movement
	resources		expended		in funds
		£		£		£
Unrestricted funds
General fund		410,174	(405,190)			4,984
Restricted funds
Bursary		3,870		(3,870)		-
School Equipment		-		(179)		(179)
School Development Fund		-		(53)		(53)
		3,870		(4,102)		(232)
TOTAL FUNDS		414,044	(409,292)			4,752
A current year 12 months and prior year 12 months combined position is as follows:
				Net
			movement			At
	At 1.9.21		in funds		31.8.23
		£		£		£
Unrestricted funds
General fund		(39,660)	(26,706)			(66,366)
Restricted funds
Bursary		-		3,360		3,360
School Equipment		714		(313)		401
School Development Fund		211		(93)		118
		925		2,954		3,879
TOTAL FUNDS		(38,735)	(23,752)			(62,487)

continued...

New Maranatha Christian School Trust

Notes to the Financial Statements - continued

for the Year Ended 31 August 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Bursary School Equipment School Development Fund TOTAL FUNDS	Incoming resources £ 832,500 7,230 - - 7,230 839,730	Resources Movement expended in funds £ £ (859,206) (26,706) (3,870) 3,360 (313) (313) (93) (93) (4,276) 2,954 (863,482) (23,752)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2023.

13. RESTRICTED FUNDS

The charity's restricted funds have the following purposes -

(i) Bursary Fund

Provision for assistance with school fees for disadvantaged students.

(ii) School Equipment Fund
Funds made available for the provision of school equipment.
(iii) School Development Fund
Resources employed for improving and developing the school premises.

New Maranatha Christian School Trust

Detailed Statement of Financial Activities
for the Year Ended 31 August 2023
	31.8.23	31.8.22
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Gifts	47,337	45,373
Grants	-	15,000
Grant -Swindon Borough Council	50,096	40,503
	97,433	100,876
Investment income
Deposit account interest	20	4
Charitable activities
School fees	318,044	305,479
Other income
Miscellaneous income	10,189	7,685
Total incoming resources	425,686	414,044
EXPENDITURE
Charitable activities
Wages	338,542	311,931
Accommodation costs	32,243	24,671
Insurance	6,522	5,837
Sundries	19,961	4,884
Curriculum	20,369	17,478
Motor expenses	885	1,005
Donations and gifts	-	3,870
School trips	1,218	1,217
Examination fees	-	12,171
Publications	-	1,374
Consultancy fees	13,908	-
	433,648	384,438
Support costs
Management
Office expenses	13,397	21,524
Accountancy	4,620	852
Legal and professional fees	-	1,021
Depreciation of tangible and heritage assets	2,355	1,289
	20,372	24,686
Finance
Bank charges	170	168
Total resources expended	454,190	409,292
Net (expenditure)/income	(28,504)	4,752

This page does not form part of the statutory financial statements