**Registered number: 4156143 Charity number: 1093301** ## **BISHOPSLAND EDUCATIONAL TRUST** # **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the company, its Trustees and advisers**|1| |**Trustees' report**|2 - 7| |**Independent examiner's report**|8| |**Statement of financial activities**|9| |**Balance sheet**|10| |**Notes to the financial statements**|11 - 24| ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**Trustees**|H J Dellar, Chairman| |---|---| ||A Nugee| ||R van Rooijen| ||G McIntosh (appointed 1 September 2021)| ||K Paynter (appointed 12 July 2021)| ||J Mather (resigned 12 July 2021)| ||L de Vroomen (resigned 10 May 2021)| ||N Ekubia MBE (resigned 13 May 2021)| ||R Ransome Wallis (resigned 16 December 2021)| ||W Makower (resigned 12 July 2021)| |**Company registered**
**number**
4156143
**Charity registered**
**number**
1093301
**Registered office**
Bishopsland
Dunsden
Oxfordshire
RG4 9NR
**Principal**
Mrs P A Makower MCSD
**Accountants**
James Cowper Kreston
Chartered Accountants
Reading Bridge House
George Street
Reading
RG1 8LS
**Bankers**
National Westminster Bank PLC
18 Market Place
Henley-on-Thames
Oxon
RG9 2AP
**Solicitors**
Lee Bolton Monier-Williams
1 The Sanctuary
Westminster
London
SW1P 3JT|| Page 1 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021** The Trustees present their annual report together with the financial statements of the company for the 1 October 2020 to 30 September 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ## **a. Policies and objectives** The Charity’s purposes are the provision of postgraduate training in the fine and applied arts and crafts to persons who are in financial need and the assistance in the establishment of such persons as artists, craftsmen and designers. In furtherance of these objects it provides a postgraduate programme in silversmithing and jewellery. The Charity seeks to be a Centre of Excellence. It requires high standards of endeavour and achievement from all its participants. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **Achievements and performance** ## **a. Key performance indicators** Bishopsland Educational Trust has been founded to support prospective silversmiths and jewellers in the establishment of their careers as self-employed makers. Funds provided to the Trust are regarded as restricted if they are used directly or indirectly for this purpose. Where donors offer funds for other purposes they are considered to be unrestricted and their use is to be for the general benefit of BET. The financial statements reflect the current financial status of the Trust. Income received from donations was £244,938 of which £46,494 was donated for the programme. Income generated from charitable activities for general use was £70,561. Resources expended in the year amounted to £198,882 of which £123,080 was for restricted use. There was a surplus of £158,630 of charitable income over expenditure. The investments had an unrealised gain of £35,628 which lead to an overall surplus of £194,258. Page 2 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **Achievements and performance (continued)** ## **b. Review of activities** Besides instruction in advanced silversmithing techniques, its programme also provides an oversight of the key business skills required to work as a self employed maker, such as basic book keeping skills, sales skills and the best approaches for costing and pricing work. Residents are shown how to teach silversmithing and they take part in teaching a ‘Ring in a Day’ course, with the aim that Bishopsland is equipping them to generate income from a number of sources, including potentially teaching. Despite Covid disruptions the 2020/21 programme was delivered. The timings of many of the Masterclasses changed but the Trust delivered both onsite and offsite instruction. The residents were taught Chasing and Repoussé with Bryony Knox, raising with Ndidi Ekubia, enamelling with Sheila McDonald, mixing Alloys with Patrick Davison, beginners engraving with Miriam Hanid, hinges & catches with Leo de Vroomen. In addition, some of the group went to Buxton to continue developing their engraving skills with Angus McFadyen and others chose to go to the Shetland Isles to continue learning chasing and repoussé with Rod Kelly. The course also gave these talented silversmiths and jewellers the opportunity to exhibit and sell their work online. Covid restrictions meant that the onsite Christmas at Bishopsland exhibition was unable to go ahead so an online shop was created to increase the makers profile and provide sales opportunities. Jacobs the Jewellers Young Designer Competition also went ahead online. The retrospective exhibition in August 2021 provided makers with the opportunity to take part in an on-site exhibition as well as promoting their work online. At the Retrospective, the first award from the Jane Goodman legacy donation received by the Trust of £100,000 was made. The endowment is invested and its income (anticipated to be £1,000 based on stock market volatility) is awarded on merit to an individual from each year group whose practice, in the opinion of the judges, will benefit most from a grant. The prize can be used for any purpose that the resident identifies. For example it could cover additional tuition, purchase of tools, studio rent etc. Residents are asked to submit their plans for using the prize money and their input, along with the tutors assessment of their progress during the course, is assessed by the staff and Trustees of Bishopsland. The award for 2021 was given to Alice Fry. There are no exams at Bishopsland although a grading system is in place. The one to one teaching is designed to ensure that all work is to a very high standard. Those who successfully complete the course become Fellows of Bishopsland. The course had 9 full time members, 3 of whom returned from the year before due to the disruption Covid caused to their first year. The charity has accreditation from the British Accreditation Council No. 001070, enabling Bishopsland to enrol Overseas Students on six-month courses. During the year 2020/21, the Trust updated its research into the number of Fellows (alumni of the Trust) who were still active in the profession for which they had studied at Bishopsland, since its foundation in 1993. The results showed that the percentage of Fellows still employed or self-employed in silversmithing or jewellery or allied occupations is still over 70%. On 2 May 2013 HRH the Prince of Wales presented Bishopsland with the inaugural National Craft Skills Award, to recognise and celebrate ‘Encouragement of Craft Skills in an Educational Setting’. On 24 November 2015 the Radcliffe Trust awarded Bishopsland’s Principal, P A Makower, The Balfour of Burleigh Tercentenary Prize (for Achievement in Crafts). Page 3 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **Achievements and performance (continued)** ## **c. Fundraising activities and income generation** November/December 2020 Christmas at Bishopsland June 2021 Jacobs The Jewellers, online exhibition August 2021 Retrospective Exhibition onsite and online The launch of the Bishopsland online shop in November 2021 (https://bishopsland.org.uk/shop) gave the current makers and Fellows a welcome opportunity to increase their profile and sales. Jacob’s online competition was also successful. Both current makers and Fellows hugely appreciate the opportunity to participate in both inperson and online events. ## **d. Awards and Prizes** The Arts Society, Chiltern Hills, again offered awards for excellence which were presented to Sorrell van Allen and Georgia Piggott. The winners of the Jacobs the Jewellers Young Designer Competition were Freya Jeavons for the best silver design and Georgia Piggott for the best jewellery design. In 2021, The Jane Goodman Award was established in remembrance of a generous benefactor. The annual award will give financial support to a talented student to help them progress their career. Alice Fry was the inaugural winner. The Trust is grateful for sponsorship and help from many sources, including private donors. We would especially like to mention Arts Council England, Arts Society Chiltern Hills Area, Arts Society Goring Area, The Clothworkers’ Company, The Garfield Weston Trust, Gilbert & Eileen Edgar Foundation, Gold and Silver Wyre Drawers Company, The Goldsmiths’ Centre, The Pearson Silver Foundation, PF Charitable Trust and South Square Trust. The trustees are very conscious that it is impossible to name all those generous friends and sponsors who help Bishopsland in many ways and in particular enable us to offer bursaries to applicants for the course who would not be otherwise able to afford the cost of fees and precious metals. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 4 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **b. Reserves policy** Reserves are reviewed regularly and adapted to meet any changing situation. Minimum reserves are currently set at £150,000. The Trustees regularly review the reserves policy to ensure it is in line both with the day-day operations of the charity as well as any future capital requirements. When reviewing the 2021 accounts and the charity’s operations the Trustees agreed that both a Revenue Reserve and a Capital Reserve should be set. It is the Trustees' intention to apply the below reserves across future annual accounts. Funders might therefore wish to make note of the Trustees' intent. The Revenue Reserve considers the need to provide ongoing continuation of the course should there be a hiatus once the course has started. This could be due to a change in policy by existing funders, additional tutoring, housing requirements, administrational support or a general decline in earned income due to a variety of reasons. This is especially relevant given the health and safety issues related to silversmithing and jewellery making. The Revenue Reserve will be set at £200,000. The Capital Reserve considers both the fabric of the current buildings and the need for extraordinary and cyclical maintenance. The Trustees are also mindful that whilst the Trust has an existing lease (which they expect to be renewed) they do not have long-term accommodation tenure and may need to purchase suitable accommodation in the future. The Capital Reserve will be set at £200,000. Page 5 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **Structure, governance and management** ## **a. Constitution** Bishopsland Educational Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed. ## **b. Methods of appointment or election of Trustees** The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## **c. Organisational structure and decision-making policies** The Company took over the running of the Bishopsland Postgraduate Programme from P & O Makower, who founded it in 1993. The Company has five members as listed on page 1. It is limited by guarantee and was incorporated on 8 February 2001. It is registered at Companies House No. 4156143. The Charity was registered with the Charity Commission on 6 August 2002 No. 1093301. The trustees who have served during the period are set out on page 1. All Trustees are also Directors of the Company and they are appointed in accordance with the requirements of the Companies Act 2006. The Trustees meet as required throughout the year to conduct the business of the Charity. In the event of a winding up or dissolution the liability of the members is limited to £1 each and any property remaining after all the debts and liabilities have been discharged shall be given to another Charity or charities having similar objects, such Charity or charities to be as chosen by the members. The day to day running of the Charity is managed by Pope Makower. Claire Murdoch is the Executive Director. During the year in question part time tutors were Chris Green MA, Nan Nan Liu MA RCA, Peter Musson MA RCA and Rachel Jones MA RCA. Masterclasses were given by Rod Kelly MA RCA, Sheila McDonald MA RCA, Angela Cork MA RCA, Ndidi Ekubia MBE, Nan Nan Liu MA RCA and by tutors. Part-time Administrative staff were Emma Boutell. ## **d. Policies adopted for the induction and training of Trustees** There are no formal policies for training trustees. All trustees are professionals in their own area and are from time to time provided with copies of the charity commission publications on the responsibilities of trustees. New trustees are inducted by the chairman and provided with copies of the most recent accounts and trustee minutes. They are supported in their role by the continuing trustees. ## **e. Risk management** The trustees keep the risks associated with Bishopsland continually under review. The key risk at present is of inadequate funding being available for the programme due to the impact of COVID 19. Policies are in place to ensure that the risk of this occurring is minimised. Health and safety issues have also been reviewed. Page 6 BISHOPSLAND EDUCATIONAL TRUST IA company Ilnthd by gurntso) TrUSTEES' REPORT (COPrnNUED) FOR THE YEAR ENOED 30 SEPTEMBER 2021 Statement of Tru3t•es' re¥>￿IbUll The Truslees (W￿ are alg) the direcl(¥ts of IhE ts)mpany for the Nwposes of c£*npany18w> 8re responsiblè lor preparing the Tru5t885' report the financial stal8mants in accordanc8 ￿th applicaL40 law and Unitad Kingd￿ AccoLEnting StaTh£ards (Uniled I(￿gI￿)M Generally Accepted Accounting PTactice). Company law requires ts Tn￿tee$ lo prep￿ finan¢ial statements for each fmandal . Under company18w. the Ttuslees mLtSt not approve the financia staternents ￿lesS they are sali5fi8d that they give a true fair view of Ihe state of aff￿r$ of Ihe company and of its Incxjmlng resources and applicztion of fesource5. including it5 Income arKI expendrture. for that P￿10d. In prepwing these finaTrial stalements. the Tnt5tse5 are rewired to: seled sutable accwnting polKi8s aThJ Ih8n aFsty them Cl￿Sistenty. observe the methods and principles of Ihe Chaiiti¢$ SORP {FRS 102}: make judgments and a(z(wnlmg e51imale5 thal are rea$￿at￿8 a￿j prwlenL $lale whether applicable UK AccounbThJ SfarMJ¥ds IFRS 1021 have been fcarA¥ed. subject to malgrial departures disdosed and exrAaned wi the fH)ancial 51aiemen prepaTe the financial slalements the ccrtem basis ￿lesS it Is napwopriale to presurne that thè companywim c(￿lir￿e in bU￿A&S The Trustees are responsible for keeping adgquale accounting records thal arg sufficignl lo show and explain the compan¥s transactbons arKI disdose with ￿natIe acuJra¢y al any lime the fm8n¢ial positi(￿ of the company and enable them to en$￿ Ihal Ihe financial statements comply *fjlh the Corrwanies Act 2006. They 8re also respM$itAe for safeguarding the assets of Ihe for tsking reasonablo $leps for the pravention and delecli(Jn of frdud arKI olPer 1r￿g￿3￿1*S. Approved by order the membws of t￿ bo*d ofTntslees and signed on behaf by. H J Dollar Chalr of TNsteos Dal8- ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **Independent Examiner's Report to the Trustees of Bishopsland Educational Trust ('the company')** I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 September 2021. ## **Responsibilities and Basis of Report** As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. 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: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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: 15 June 2022 Ian Miles FCA ICAEW ## **James Cowper Kreston** Chartered Accountants Reading Bridge House George Street Reading RG1 8LS Page 8 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net income/(expenditure) before net**
**gains on investments**
Net gains on investments
**Net income/(expenditure)**
Transfers between funds
16
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**127,544**
**70,561**
**33,169**
**8,844**
**240,118**
**-**
**75,802**
**75,802**
**164,316**
**35,628**
**199,944**
**(51,759)**
**148,185**
**333,300**
**148,185**
**481,485**|**Restricted**
**funds**
**2021**
**£**
**117,394**
**-**
**-**
**-**
**117,394**
**19,730**
**103,350**
**123,080**
**(5,686)**
**-**
**(5,686)**
**51,759**
**46,073**
**121,875**
**46,073**
**167,948**|**Total**
**funds**
**2021**
**£**
**244,938**
**70,561**
**33,169**
**8,844**
**357,512**
**19,730**
**179,152**
**198,882**
**158,630**
**35,628**
**194,258**
**-**
**194,258**
**455,175**
**194,258**
**649,433**|_Total_
_funds_
_2020_
_£_
_99,105_
_51,149_
_20,335_
_7,466_
_178,055_
_28,294_
_180,593_
_208,887_
_(30,832)_
_24,597_
_(6,235)_
_-_
_(6,235)_
_461,410_
_(6,235)_
_455,175_| |---|---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 11 to 24 form part of these financial statements. Page 9 BISHOPSLAND EDUCATKJNAL TRUST (A company Ilmlted by guaranto91 REGISTEReD NUMBEIL. 4156143 BALANCE SHEET S AT 30 SEPTEMBER 2021 2020 Flxod assets Tanglble assets 12 179.333 180,775 179.333 180.775 Curr•nt ass•ts 13 14 32.587 309.013 173,616 IZ177 173,355 111,930 Inveslments Ca6h al bank and kn hand 515216 297,492 Credilors: arnO￿ts falling the W&ilhln one y8ar 15 {23,092J N•t curnnt asgèts 470,100 274,4IXI Total net ass•ts 649.433 455,175 Charlty funds R8Stricled funds Unrestri(*ed funds 16 16 167,94B 481,485 #21,875 333,3Lk) Total funds 649.433 455.775 Thè ￿MpaThY was entlU8d to eX6mpllon fmm a￿111 und8r secllcn 4T1 co￿vanI•S *Lt 2006. Thg members heve not requlred the company lo ol*aln ￿ audlt th8 year In q￿st￿)n kn arcorylanco with sectIc￿ 476 of Companl•s Act 2006. The Trusiees acknowledge thek responsPJlillgs fLY thg re(wlremgnt5 of thg Aci wth re5POCt k¢ accounilng rac(xds preparaknn offlnwthl statements. The fnancial stalemenls have been wep¥eil in a¢¢(*dwtt ihe pr￿m)n5 applicable lo ￿titio5 subject to the small companies regime. t8m8nls ￿re aFvoYed arwj aUlkn1￿ lor issue by the TrLK51ees and 4ned M thelr behall by. HJ Chair of Trustees Page 10 ## **BISHOPSLAND EDUCATIONAL TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **1. General information** Bishopsland Educational Trust is registered as a charitable company limited by guarantee in England and Wales and was set up by a Trust deed. The registered office address is Bishopsland, Dunsden, Oxfordshire, RG4 9NR. ## **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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Bishopsland Educational Trust 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. ## **2.2 Income** All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 11 ## **BISHOPSLAND EDUCATIONAL TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **2. Accounting policies (continued)** ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: Plant and machinery - 25% on cost Fixtures and fittings - 5% on cost ## **2.6 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. ## **2.7 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. ## **2.8 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 company 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.9 Financial instruments** The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 12 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **2. Accounting policies (continued)** ## **2.10 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 company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company 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. ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2021**
**£**
**Donations**
General Donations
126,354
The Programme
-
Bursaries
-
Friends of Bishopsland
1,190
**Total 2021**
127,544
_Total 2020_
_25,461_|**Restricted**
**funds**
**2021**
**£**
58,000
46,494
12,900
-
117,394
_73,644_|**Total**
**funds**
**2021**
**£**
**184,354**
**46,494**
**12,900**
**1,190**
**244,938**
_99,105_|_Total_
_funds_
_2020_
_£_
_23,571_
_62,894_
_12,750_
_1,890_| |---|---|---|---| ||||_99,105_| ||||| Page 13 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **4. Income from charitable activities** |**Unrestricted**
**funds**
**2021**
**£**
Commission Sales
19,411
Workshop Fees
51,150
**Total 2021**
70,561
_Total 2020_
_51,149_
**5.**
**Investment income**
**Unrestricted**
**funds**
**2021**
**£**
Rental Income
30,648
Investment Income
2,510
Interest income
11
**Total 2021**
33,169
_Total 2020_
_20,335_|**Total**
**funds**
**2021**
**£**
**19,411**
**51,150**
**70,561**
_51,149_
**Total**
**funds**
**2021**
**£**
**30,648**
**2,510**
**11**
**33,169**
_20,335_|_Total_
_funds_
_2020_
_£_
_9,413_
_41,736_| |---|---|---| |||_51,149_| |||_Total_
_funds_
_2020_
_£_
_20,335_
_-_
_-_| |||_20,335_| |||| Page 14 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **6. Expenditure on raising funds** ## **Fundraising trading expenses** ||**Restricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2021**|**2021**|_2020_| ||**£**|**£**|_£_| |Allocated centrally incurred fundraising and governance|||| |costs|19,730|**19,730**|_28,294_| ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2021**
**£**
The Programme
75,802
_Total 2020_
_71,153_|**Restricted**
**funds**
**2021**
**£**
103,350
_109,440_|**Total**
**funds**
**2021**
**£**
**179,152**
_180,593_|_Total_
_funds_
_2020_
_£_
_180,593_| |---|---|---|---| ||||| ## **8. Analysis of expenditure by activities** |The Programme
_Total 2020_|**Direct costs**
**2021**
**£**
114,334
_119,841_|**Support**
**costs**
**2021**
**£**
64,818
_60,751_|**Total**
**funds**
**2021**
**£**
**179,152**
_180,592_|_Total_
_funds_
_2020_
_£_
_180,592_| |---|---|---|---|---| |||||| Page 15 **(A company limited by guarantee)** ## **BISHOPSLAND EDUCATIONAL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Exhibition Costs
Masterclasses
Admin Support
Commission payable
Tutors' Fees
Materials, Tool Hire and Maintenance
Professional Fees
Bursary Fund Payments
_Total 2020_|**The**
**Programme**
**2021**
**£**
13,561
4,181
16,319
6,167
12,627
12,569
1,367
4,044
43,500
114,335
_119,841_|**Total**
**funds**
**2021**
**£**
**13,561**
**4,181**
**16,319**
**6,167**
**12,627**
**12,569**
**1,367**
**4,044**
**43,500**
**114,335**
_119,841_|_Total_
_funds_
_2020_
_£_
_22,013_
_3,661_
_13,049_
_6,280_
_6,034_
_19,884_
_10,649_
_2,543_
_35,728_| |---|---|---|---| ||||_119,841_| ||||| Page 16 **(A company limited by guarantee)** ## **BISHOPSLAND EDUCATIONAL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Staff costs
Depreciation
Rent
Admin Support
Utility Expense
Insurance
Telephone
Post and Stationery
Travel and Subsistence
Sundry Expenses
Hospitality
IT Costs
Governance costs
_Total 2020_|**The**
**Programme**
**2021**
**£**
3,014
17,565
15,000
1,371
13,293
834
1,427
694
1,417
760
303
4,087
5,053
64,818
_60,751_|**Total**
**funds**
**2021**
**£**
**3,014**
**17,565**
**15,000**
**1,371**
**13,293**
**834**
**1,427**
**694**
**1,417**
**760**
**303**
**4,087**
**5,053**
**64,818**
_60,751_|_Total_
_funds_
_2020_
_£_
_4,893_
_17,363_
_11,000_
_1,396_
_10,220_
_1,121_
_1,426_
_755_
_2,659_
_31_
_3,710_
_1,951_
_4,226_| |---|---|---|---| ||||_60,751_| ||||| Staff costs and admin support have been allocated 45% fundraising to The Programme, 45% direct costs on the programme and 10% to support costs. ## **9. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £900 ( _2020_ - _£900_ ). Page 17 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **10. Staff costs** |**2021**
**£**
Wages and salaries
**30,137**
**30,137**
The average number of persons employed by the company during the year was as follows:
**2021**
**No.**
Employees
**1**|_2020_
_£_
_48,918_| |---|---| ||| ||_48,918_| ||_2020_
_No._
_1_| No employee received remuneration amounting to more than £60,000 in either year. ## **11. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ . During the year ended 30 September 2021, no Trustee expenses have been incurred _(2020 - £89)_ . Page 18 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **12. Tangible fixed assets** |**Cost or valuation**
At 1 October 2020
Additions
At 30 September 2021
**Depreciation**
At 1 October 2020
Charge for the year
At 30 September 2021
**Net book value**
At 30 September 2021
_At 30 September 2020_
**13.**
**Debtors**
Other debtors
**14.**
**Current asset investments**
Listed investments|**Plant and**
**machinery**
**£**
**28,509**
**-**
**28,509**
**19,642**
**4,389**
**24,031**
**4,478**
_8,866_||**Improve-**
**ments to**
**Property**
**£**
**259,482**
**16,123**
**275,605**
**87,573**
**13,176**
**100,749**
**174,856**
_171,909_
**2021**
**£**
**32,587**
**32,587**
**2021**
**£**
**309,013**|**Total**
**£**
**287,991**
**16,123**| |---|---|---|---|---| |||||**304,114**| |||||**107,215**
**17,565**| |||||**124,780**| |||||**179,334**| |||||_180,775_| |||||_2020_
_£_
_12,177_
_12,177_
_2020_
_£_
_173,385_| Page 19 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **15. Creditors: Amounts falling due within one year** |Other creditors
Accruals and deferred income|**2021**
**£**
**10,983**
**34,133**
**45,116**|_2020_
_£_
_18,879_
_4,213_| |---|---|---| |||| |||_23,092_| Page 20 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **16. Statement of funds** ## **Statement of funds - current year** |**Unrestricted**
**funds**
General Funds -
all funds
**Restricted**
**funds**
The Programme
Bursaries
Development -
Buildings
Bookbinding
Study
Website
Maintenance
Maintenance -
Driveway
**Total of funds**|**Balance at 1**
**October**
**2020**
**£**
**333,300**
**-**
**-**
**121,875**
**-**
**-**
**-**
**-**
**121,875**
**455,175**|**Income**
**£**
**240,118**
**46,494**
**12,900**
**-**
**5,000**
**3,000**
**33,877**
**16,123**
**117,394**
**357,512**|**Expenditure**
**£**
**(75,802)**
**(67,653)**
**(43,500)**
**(9,325)**
**-**
**(2,400)**
**-**
**(202)**
**(123,080)**
**(198,882)**|**Transfers**
**in/out**
**£**
**(51,759)**
**21,159**
**30,600**
**-**
**-**
**-**
**-**
**-**
**51,759**
**-**|**Gains/**
**(Losses)**
**£**
**35,628**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**35,628**|**Balance at**
**30**
**September**
**2021**
**£**
**481,485**| |---|---|---|---|---|---|---| |||||||**-**
**-**
**112,550**
**5,000**
**600**
**33,877**
**15,921**| |||||||**167,948**| |||||||**649,433**| Page 21 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **16. Statement of funds (continued)** ## **Statement of funds - prior year** |**Unrestricted**
**funds**
General Funds -
all funds
**Restricted**
**funds**
The Programme
Bursaries
Development -
Buildings
**Total of funds**|_Balance at_
_1 October_
_2019_
_£_
_330,210_
_-_
_-_
_131,200_
_131,200_
_461,410_|_Income_
_£_
_104,411_
_60,894_
_12,750_
_-_
_73,644_
_178,055_|_Expenditure_
_£_
_(71,153)_
_(92,681)_
_(35,728)_
_(9,325)_
_(137,734)_
_(208,887)_|_Transfers_
_in/out_
_£_
_(54,765)_
_31,787_
_22,978_
_-_
_54,765_
_-_|_Gains/_
_(Losses)_
_£_
_24,597_
_-_
_-_
_-_
_-_
_24,597_|_Balance at_
_30_
_September_
_2020_
_£_
_333,300_| |---|---|---|---|---|---|---| |||||||_-_
_-_
_121,875_| |||||||_121,875_| |||||||_455,175_| Page 22 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **17. Summary of funds** ## **Summary of funds - current year** |General funds
Restricted funds|**Balance at 1**
**October**
**2020**
**£**
**333,300**
**121,875**
**455,175**|**Income**
**£**
**240,118**
**117,394**
**357,512**
_Income_
_£_
_104,411_
_73,644_
_178,055_|**Expenditure**
**£**
**(75,802)**
**(123,080)**
**(198,882)**
_Expenditure_
_£_
_(71,153)_
_(137,734)_
_(208,887)_|**Transfers**
**in/out**
**£**
**(51,759)**
**51,759**
**-**
_Transfers_
_in/out_
_£_
_(54,765)_
_54,765_
_-_|**Gains/**
**(Losses)**
**£**
**35,628**
**-**
**35,628**
_Gains/_
_(Losses)_
_£_
_24,597_
_-_
_24,597_|**Balance at**
**30**
**September**
**2021**
**£**
**481,485**
**167,948**| |---|---|---|---|---|---|---| |||||||**649,433**| |||||||_Balance at_
_30_
_September_
_2020_
_£_
_333,300_
_121,875_| |**Summary of funds - prior year**||||||| |General funds
Restricted funds|_Balance at_
_1 October_
_2019_
_£_
_330,210_
_131,200_
_461,410_|||||| |||||||_455,175_| ## **18. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
50,861
Current assets
475,740
Creditors due within one year
(45,116)
**Total**
481,485|**Restricted**
**funds**
**2021**
**£**
128,472
39,476
-
167,948|**Total**
**funds**
**2021**
**£**
**179,333**
**515,216**
**(45,116)**| |---|---|---| |||**649,433**| Page 23 ## **BISHOPSLAND EDUCATIONAL TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **18. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_58,900_
_297,492_
_(23,092)_
_333,300_|_Restricted_
_funds_
_2020_
_£_
_121,875_
_-_
_-_
_121,875_|_Total_
_funds_
_2020_
_£_
_180,775_
_297,492_
_(23,092)_| |---|---|---|---| ||||_455,175_| ## **19. Summary of funds available for expenditure** |General funds
Restricted funds
Total|**Annual**
**Reserve**
**£**
**150,000**
**-**
**150,000**|**Unrestricted**
**£**
**331,485**
**-**
**331,485**|**Restricted**
**£**
**-**
**167,948**
**167,948**|**Total**
**£**
**481,485**
**167,948**| |---|---|---|---|---| |||||**649,433**| ## **20. Related party transactions** Pope and Oliver Makower are unpaid employees of the company. The company leases property from them. They are also the parents of former trustees Mrs J Mather and Mr W Makower. The financial transactions with the company are as follows: |Rent due to Pope and Oliver Makower
Capital contribution from Pope and Oliver Makower|**2021**
**£**
**(15,000)**
**50,000**
**35,000**|_2020_
_£_
_(11,000)_
_-_| |---|---|---| |||_(11,000)_| Page 24