VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 1r23 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 2022
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 2r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) CONTENTS Page Roference and administrative details of the company. its Trustoes and advisers Trustees. report Independent exarninerfs report Statement of financial activities Balance shoet Note5 to the financial statements 10-21
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 3r23 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 2022 Trustees H J Dellar, Chaimian A Nugee R van Rooijen K Paynter G Mclntosh R Knott (appointed 7 September 2022) J Gregory (appointed 7 September 20221 Company registered number 4156143 Charity registered number 1093301 Rogistered office Bishopsland Dunsden Oxfordshire RG4 9NR Principal Mrs P A Makower MCSD Accountants James Cowper Kreston Audit Chartered Accountants Reading Bridge House George Street Reading RG1 8LS Bankers National Westminster Bk PLC 18 Market Pla Henley-on-Thames Oxon RG9 2AP Solicitors Lee Bdlon Monier-williatns 1 The Sanctuary Westminster London SW1P3JT Page 1
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 4r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The TTU5tees present their annual report together wth the financial statement5 of the company for the period 1 October 2021 to 30 September 2022. The knnual report serves the purposes of both a Trustees, report and directors, report under company law. The Trustee5 confimi that the Annual report and financial statement5 of the charitable company comply with the current statutory requirements, the requirements of the charitable companls governing document and the provision5 of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR102} leffeGtive 1 January 2019). Since the company qualrfies as small under section 382 of the Companies Act 2006, the Strategic rewt required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities Policies and objectives The Chartty'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 assistancè in the establishment of such persons as artists, craftsmen and designers. In furtherance of these objects it provides a wjslgraduate prograrnme 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 selling objectr.ves and planning for ath"vities, the Trusiees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running charity IP82)'. Achievements and performance a. Key performance indicators Bishopsland Educational Trusl has been founded to support prospective stlversmilhs and jewellers in the establishment of their careers as self-employed makers. Funds provided lo the Trust are regarded as restricted rf 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 ujrrent financial status of the Trust. Income received from donatlolls was £91,133 12021= £244,938) of which £40.000 {2021.. £46.4941 was donated for The Programme. Income generated from charitable acttvities for general use was £84.488 12021.. £70,561). Resources expended in the year amounted to £218.00612021.. £198,822) of which £115,72612021= £123,080) was for restricted use. There was a deficit of £2,09812021.' surplus £158,630) of charitable income over expenditure. The investments had an unrealised loss of £5.772 which lead lo an overall deficit of £7,87012021.' suplus £194,258). Page 2
VYbJsk9unurnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 5r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Achievements and performance {continued) b. Review of activities Besides instruction in advanced silversmithing and jewellery techniques, Ihe prcgramme also provides an oversight of the key business skills required lo wc4 as a self employed maker. such as business planning. sales skills and the best approaches for costing and pricing wo. 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. induding potentially teaching. During the year Ring in a Day COUTses were delivered- 11 December 2021 and 30 April 2022. This was the first year post comd reslriclions that ran Mfjthout any changes to the schedule due to lock downs or self isolation. There were isolaled incidents of Covid but the cohort were very sensible and continued to test and isolate rf appropriate. There were nine residents vtho completed the full course. One person dropped out at Christma5 due to health issues. Because of this we delivered a full schedule of teachiThJ which encompassed 75 days lout of approx. 190 available leaching days} of fomial teaching through one-to-one and group tLrtorials, and Masterclasses. Masterclasses were the most varied ever offered, including new areas of Niobium and more advanced sinkiThJ, raising and forging. We continue to rely on our pool of regular tthors and master craftsmen bul during the year also brought in fresh tutors. The programme also encompassed four dedicated business development wortshops led by Dr Gordon Hamme which prorripted the writing aiid critique of business cases and a strong focus on ensuring Residents knew, and were prepared, for their next steps on leaving Bishopsland in August 2022. We were grateful that experts across the sector gave their time and knomdedge to ensure the programme is well rounded, wth Goldsmiths, Cenler's Costing & Pricing workshop, Curating Maslerclass delivered by Greg Parsons. and photography skills delivered by Adshot. a leading photography studio. Due to the end of covid restrictions, we were also able to pursue a full programme of exhibitions and competitions. Work made during the year at Bishopsland and by our Fellows was exhibited al The Clothworkers. Hall in November 2022, which proved an extremely popular venue wtth a unique display of over 100 contemporary silversmithing and jewellery pieces. We exhibited at the Festival of Silver al Wisley RHS in April and at Chelsea Town Hall in May with Craft in Focus. The final exhibitKsn of the year was the annual end of year Retrospective where a series of commendations and awards were given. The charity has accreditation from the Brits'sh AcCrltation Council No. 001070, enabling Bishopsland to enrol Overseas Students for six months at a time. Bishopsland is a place where young silversmiths and jewellers can thrive and gain confidence before Ihey set off on a career Ihat at tiines can be rauier insular. We remain inciedibly grateful for the generous finaiicial SUPFxKi of so many individuals and institutions which allow&J nine resident makers to spend a year refining their skills. develowng their sWe and laying down concrete plans for the fUre. This cohort made the most of the opportunities open lo them and have forged friendships and netsvorks that wll hopefully last a lrfelime. One of the cohort (Jonny Stokes) remained at Bishopsland as a paid Artist-in-Residence for 2022-23. On 2 May 2013 HRH the Prince of Wales presented Bishopsland wqth the inaugural National Craft Skills Award, to recognise and celebrate 'Encouragement of Craft Skills in an Educational Seth"ng'. On 24 November 2015 the Raddiffe Tnjst awarded Bishopsland's Principal, P A Makower, The Balfour of Burleigh Tercentenary Prize (for Achievement in Crafts). Page 3
VYbJsk9unurnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 6r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Achievements and performance {continued) c. Fundraising activities and income generation Identing sources of revenue remained a key objective of the programme as Residents often join following an under-graduate degree and most have a degree of student debt. During the year selling opportunities wl)ere Bishopsland funds the exhibition fee, sland and associated marketing gives Residents the ability to meet potential buyers in person and understand how their work resonates in Ihe market. As the year progressed, and the cost of living rose, we noticed a decline in sales but the year started very strongly at the Clothworf(ers' Exhibition and finished strongly at Retro. The Trust generates a percentage of all sales and this enables it to fund exhibition costs. The online shop {wMv.bishopsland.org.uklshopl continues to be refreshed wth new items and several social media campaigns were run through the year lo drive clicks land purchases) on the sile. d. Awards and Prizes The annual Arts Society competition was held at Bishopsland in January 2022 wth Isabelle Kelly and Amber Doughty wnning first and second prize. The annual Jacob's the Jewellers Emerging Maker competition took place in June and we were delighted that Yuyi Cheng and Henry Ball took away top prizes. This was the second year of the Jane Goodman prize a £1000 prize for the silversmith who has shown most aplilude and development during the year. Isabella Kelly was a most deserying recipient. The prize can be used for any purpose that the resident identifies. For example it could cover additional tuition, purchase of Iwls, studio rent etc. Residents are asked to submit their plans for using the prize money and their input, along wth the tutors assessment of their progress during the course. is assessed by the staff and Trustees of Bishopsland. The Ttvst 15 gralefvl for 5pof150T5hip and hdp from rnany SOUe5, including private donoT5. We would esperially like lo mention The Arts Society Chiltern Hills Area, The Arts Society Goring. The Arts Society Ballinger, The Clothworkers, Company, The Garfield Weston Trust, Gilbert & Eileen Edgar Foundation, Gold and Silver WyTe Drawers Company, The Goldsmiths. Cenlre. 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 othewse able to afford the cost of fees and precious metals. Financial review . Going concem After making appropriate enquiries, the Trustees have a reasonable exFCtalion that the company has adequate resources to continue in operats'onal existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial ststements. Further details regarding the ajoption of the going concem basis can be found in the accounting wlicies. b. Reserves policy ReseNes are reviewed regulady and adapted to mt any changing situation. The Revenue Resetve 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 fundeTS. additional tutoring, housing requirements. administrational sUPPCrt or a general decline in eamed income due to a variety of reasons. Thi5 is especially relevant given the heatth and safety issues related to silversmithing and jewellery making. The Revenue Reserve wll remain at £150.000. Page 4
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 7r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Structure. govemance and management a. Constitution Bishopsland EducatiCal 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 responsibilty of the Trustees are elected and co-opted under the tsrms of the Trust deed. . Organisational structure and decisionryrnaking policies The Company look over the running of the Bishopsland Postgraduate Programme from P & O Makower, who founded it in 1993. The Company has seven 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 Charty 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. AJI 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 lo conduct the business of the Charity. In the event of a Mqnding up or dissolution the liability of the members is limited to £1 eath and any property remaining after all the debts and liabilits'es have been discharged shall be given to another Charity or charities having similar objects. such Charity or charities lo be as chosen by the members. The day to day running of the Charity is managed by Pope Makower. Claire Murdoch is the ExeC1ve Direct. During the year in question part lime tutors were Chris Green MA. Nan Nan Liu MA RCA and Peter Musson MA RCA. Master¢lasses were given by Rod Kelly MA RC& Sheila McDonald MA RCA, Angela Cork MA RCA Nan Nan Liu MA RCA and by tutors. Part-time Administratrve staff were Emma Boutell. d. Policies adopted for the induction and training of Trustees There are no fomial policies for training trustees. All trustees are professionals in their own area and are from time to lime provided wqth copies of the charity commission publications on the responsibilities of trustees. New trustees are inducted by the chaimian and provided Mqth copies of the most recent accounts and trustee minutes. They aTe supported in Iheir role by the conts'nuing trustees. e. Risk management The trustees keep the risks asscciated with Bishopsland Continually under review. The key risk al 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 iSSLtes have also been revtewed. Page 5
VkiuaBunatLnTrarffjxlvM Ref. Z6Y8-5WSB.5S54 Mar 2023 14..52..06 GMT{Lrrc +0) 0 212 p ex23 BISHOPSLAND EDUCATIONAL TRUST (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Stsloment of Trustees. responsibilities The Trustees (who are also the directors of the company for the purposes of company law) are resp(sIble fc preparing the Trustees. report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards {Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each ffinancial year. Under company law. the Trustee5 mu51 not approve the financial statements unless they are satisfied that they give a true a1 fair view of the State of affairs of the company and of its incoming resources and application of resources, including 115 income and expenditure, for that period. In preparing these financial statements. the Trustees are required to: select surtable accounting policies and then apply them consistenHy,' observe the methods and principles of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the finanaal statements.. prepare the financial statements on the g(Mng concern basis unless it is inappropriate to presume that the company wll continue in business. The Trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrhes. Approved by order of the members of the board of Trustees and signed on their behalf by.. H J Dellar Chair of Trustees Dale= 23 March 2023 Page 6
VYbJsk9unurnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 Independent Exarninerfs Report to the Trustees of Bishopsland Educational Trust {'the companrf) report lo the charity Trustee5 on my examination of the account5 of the company for the year ended 30 September 2022. Responsibilities and Basi5 of Report As the Trustees of the company land its directors for the purposes of company lawl you are responsible for the preparation of the accoLtnls in accordance wqth the requirements of the Companies Act 20061'the 2006 Act'i. Having sisfied myself that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for IndeFndent examinats'on, I report in respect of my examir¢ation of the companys accounts carried out under section 145 of the CharitEs Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directicrf)s given by the Charity Commission under section 145(5llb} of the 2011 Act. Indapondant Examiners Statsment I have completed my examinatiC. I confimi that no matter5 have come to my attention in ¢)Jnnection with the examination gtving me cause lo believe= accounting records were not kept in respect of the company as required by section 386 of the 2006 Act or the accounts do not accord wth those records" or 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 Irue and fair. view which is not a matter considered as part of an independent examination-, or the accounts have not been prepared in accordance Mqth the methods and piinaples of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in acccfdance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in connection with the examination to attention should be drawn in this report in order to eTh3ble a proper understanding of the accounts to be reached. Signed: Dated.. 24 March 2023 Darren O'connor Bsc IHonsl FCCA ACA (Senior Statutory Auditor) Jam8s Cowper Kreston Audit Chartered Accountants Reading Bridge House George Street Reading RG18LS Page 7
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 10r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Charitable actimties 4,933 84,488 40,287 86,200 91.133 84,488 40.287 244,938 70,561 33,169 8.844 Investments Other income Total income 129.708 86.200 215.908 357.512 Expenditure on: Raising funds Charitable actimties 20,703 95.023 20,703 197.303 19,730 179.152 102,280 Total oxponditure 102.280 115.726 218,006 198,882 Net incom8llexpenditure) before net {lossesllgains on investments Nel Ilosses)Igains on investments 27,428 (5,7721 129.526) 12.0981 15.7721 758,630 35,628 Net incomellexpenditure) Transfers betrNeen funds 21,656 145.5431 129,526) 45,543 17,8701 194,258 16 Not movam8nt in funds 123.8871 16.017 17,8701 194,258 Reconciliation of funds: Total funds brought forward Nel movement in fund5 481,485 123,8871 167,948 16.017 649,433 17.8701 455, 175 194.258 Total funds carried forward 457.598 183.965 641,563 649,433 The Statement of Financial Athvrties includes all gains and losses recognised In the year. The notes on pages 10 to 21 form part of these finanal statements. Page 8
VkiuaBunatLnTrarffjxlvM Ref. Z6Y8-5WSB.5S54 Mar 2023 14..52..06 GMT{Lrrc +0) 0 212 P 11r23 BISHOPSLAND EDUCATIONAL TRUST (A company limited by guarantee) REGISTERED NUMBER: 4156143 BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 2021 Note Fixed assets Tangible assets 12 161.163 179.333 161.163 179.333 Current assets Oebtors 13 42.503 353.241 158.978 32.587 309.013 173,616 Investments 14 Cash at bank and in hand 554,722 515,216 Creditors= amounts falling due wthin one year 15 (74.3221 (45. 116) Not current assets 480.400 470. It Total net assets 641.563 649,433 Charity funds Restricted funds 16 183.965 457.598 167,948 481,485 Unrestricted funds 16 Total funds 641.563 649.433 The company wa5 entitled to exemption from audii under Section 477 of the Companies Act 20C6. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknedge their responsibilib.es for comp"ng with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan wrth the pr()visIo applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. H J Dellar Chair of Trustees Dale: 23 Marth 2023 Page g
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 12f23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 General inforrnation Bishopsland Educational Trust is registered as a charitable company limited by guarantee in England and Wales and was sel up by a Trust deed. The registered office address is Bi5hopsland. Dun5den, Oxfordshire. RG4 9NR. Accounting policies 2.1 Basis of preparaiion of financial statements The financial statements have been prepared in accordance wtth the Charitie5 SORP (FRS 1021 Accounting and Reporbng by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireld IFRS 1021 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 othepmse stated in the relevant accounting policy. 2.2 Incom8 AJI income is reccxjnised once the o)mpany has entitlement to the income. it is probable that t income Mqll 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 gcods have been provided or on completion of the service. 2.3 Exponditure ExPer[lUre 15 recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in setement and the amount of the obligation can be measured reliably. Expenditure is classified by actiwly. The costs of each actiwty are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each acliMty- Direct costs attributable to a single acliwty are allocated directly to that activity. Shared costs wthich contribute to more than one activity and support costs vAiich are not attributable lo a single activity aTe apportioned befften those activities on a basis consistent the use of resources. Central staff costs are alated on the basis of time spent, and depreciation charges allocated on the poOn of the asset's use. Expenditure on charitable activities is Inrred on directly undertaking the activilies Nthich further the company'5 0bjeGtives. a5 well as any a5s0cÉated 5LlPPOrt G05ts. AJI expenditure is inclusive of Irrecoverab 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 notffication of the interest paid or payable by the institution wth whom the funds are deposited. Page 10
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 13123 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policie5 Icontinuedl 2.5 Tangible fixed a55ets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured at GOSt less accumulated depreGiation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of c05t. Depreciation is charged so as to allocate the cost of tangible fed assets less their residual value over their estimated useful INes, using the straight-line method. Depreciation is provided on the followThJ bases: Plant and machinery Fixtures and frttings - 25% on cost - 5% on cost 2.6 Debtors Trade and other debtors are rewgnised 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 indudes cash and short-temi highly liquid investments wth a short maturty of three months or less from the date of acquisition or opening of the depjsit 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. Liabilits'es are recognised at the amount that the company antiapales it will pay to settle Ihe debt or the amount it has received as advanced payments the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligatic. Where the effect of the lime value of money is rnaterial. the provision is based on the present value of those amounts, discounted at the pre-tax di5CDUnt rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finan cost. 2.9 Financial instruments The company onty has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are inib.ally recognised at lransacb.on 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 11
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 14123 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policie5 Icontinuedl 2.10 Fund accounting General funds are unre51ricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of Ihe company and vthiGh have not been designated for other purposes. Restricted funds are funds lch are to be used in accordance with specrfic 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 SFecific fund. The aim and use of each restricted fund is set out in the rteS lo the financial slatemenls. Investment income. gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations General Donations The Programme Bursaries 2,435 33,700 40,000 12,500 36,135 40,000 12,500 2,498 784,354 46,494 12,900 1. 190 Friends of Bishopsland 2,498 Total 2022 4,933 86,200 91.133 244,938 Total 202t 127,544 117,394 244,938 Income frorn charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Commission sale5 38,232 46,256 38,232 46,256 19.411 51,150 Workshop fees Total 2022 84.488 84.488 70,561 Total 2021 70,561 70,56t Page 12
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 15r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Investmenl income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Rental income Investment income 35.407 4.880 35.407 4.880 30.648 2.510 11 Interest income Total 2022 40,287 40,287 33,169 Total 2021 33,169 33,169 Expenditurn on raising funds Fundraising trading expenses Restricted funds 2022 Total funds 2022 Total funds 2021 Allocated centrally incurred fundraising and govemance costs 20.703 20.703 19.730 Total 2021 19.730 19,730 Page 13
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 16f23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analysis of expenditure on charitable activitie5 Summary by fund type Unrestricted Restricted funds funds 2022 2022 Total 2022 Total 2021 The Programme 102,280 95.023 197,303 179.152 Total 2021 75,804 103,348 179, 152 Analysis of expenditure by activities Support costs 2022 Total funds 2022 Total funds 2021 Direct costs 2022 The Programme 139.052 58.251 197,303 179.152 Totsl 202t 114,334 64.818 179, 152 Analysis of direct cosis Total funds 2022 Total funds 2021 Staff costs Exhibition costs 17,760 17,316 24.189 2.943 21,277 9,053 8,034 11,523 26,957 13,560 4. 181 16,319 6,167 12,627 12,569 1,367 4,044 43.5(Kl Maslerclasses Admin support Commission payabie Tutors. fees and salaries Materials, tool hire and maintenance Professional fees Bursary fund payments 139,052 114,334 Page 14
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 17123 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analysi5 of expenditure by activities {continued) Analysis of support costs Total funds 2022 Total funds 2021 Staff cost5 Depreciation Rent Admin support utility expense Insurance 3,946 18,170 15.155 654 3.014 17.565 15.000 1.371 13,293 834 5,751 1,098 1,010 1,009 Telephone Post and sLitsonery Travel and subsistence Sundry expenses Hospitality IT cost5 1.427 694 li 870 1.009 299 1,599 7.681 1.417 760 303 4.087 5,053 Govemance costs 58,251 64,818 Staff costs and admin support have been allocated 45% fundraising to The Programme, 45% direct costs on The Programme and 100kn to support costs. Indepondant examin6Vs remunaration The independent examinerfs remuneration amounts to an independent examiner fee of £1,008 12021 £9(X)l. 10. Staff costs 2022 2021 Wages and salaries 39.466 30.137 39,466 30,137 The average number of persons employed by Ihe company during the year was as follows.. 2022 No. 2021 No. Employees Page 15
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 18123 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 10. Staff costs (continued) No emptoyee reiVed remuneration amounting to more than £60,000 in either year. 11. Trustees. remuneration and oxponses During the year. no Trnstees received ary remuneration or other benefits (2021- £NIL). During the year ended 30 September 2022. no Trustee expenses have been incurred (2021- £NIL). 12. Tangible fixed assets Plant and Improvernents machinery lo property Total Cost or valuation At 1 October 2021 28,509 275.605 304,114 At 30 September 2022 28.509 275.605 304,114 Depreciation At 1 October 2021 Charge for the year 24.032 4.389 100.749 13.781 124,781 18,170 At 30 September 2022 28.421 114.530 142,951 Net book value At 30 September 2022 161.075 161,163 At 30 Septamber 2021 4,477 174,856 179.333 13. Debtors 2022 2021 other debtors 40,967 1,536 32,587 PrepayTnents and accrued income 42,503 32,587 Page 16
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 1W23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 14. Current a55et investments 2022 2021 Listed investsments 353.241 309,013 15. Creditors: Amounts falling due within one year 2022 2021 other taxation and la1 security Other creditors Accruals and deferred income 1,082 5,158 68,082 10.983 34.133 74,322 45.116 Page 17
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 20123 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. Statement of funds Statement of funds - current year Balance at Balance at 1 October 2021 Transfers inlout Gainsl September (Losses) 2022 Incorne Expenditure Unrestricted funds General Funds- all fvnds 481.485 129.708 {102.280) (45.543) (5.772) 457,598 Restricted funds The Programme Bursaries and grants Development- Buildings Bookbinding Study Website 40,000 {85,5431 45.543 46,200 {20,052) 26.148 112.550 19,325) 103,225 5,000 600 5,000 600 Maintenance Maintenance - Driveway 33.877 33,877 15.921 (8061 15,115 167.948 86,200 1115.726) 45.543 183,965 Total of funds 649.433 215.908 {218.006) (5.772) 641,563 Page 18
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 21f23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. Statement of funds (continued) Statement of funds - prior year Balance a( 30 September 2021 Balance al t October 2020 Transfers in/oue Gains/ (Losses) Income Expenditure Unrestricted funds General Funds- all fvnds 333,300 240,118 f75,802) {51,759) 35,628 481,485 Restricted funds The Programme Bursaries and grants Development- Buildings Bookbinding s(ty Website 46,494 (67,653) 21,159 12,900 (43,500) 30,600 121,875 (9,325) 112.550 5.000 3,000 33,877 5.000 600 (2,400) Maintenance 33,877 Maintenance - Driveway t6,123 (202) 15,921 121,875 117.394 (123,080) 51,759 167.948 Total of funds 455, 175 357,512 (198,882) 35,628 649,433 Page 19
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 22123 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 17. Summary of funds Summary of funds - current year Balance at Balance at 1 October 2021 Transfers inlout Gainsl September (Losses) 2022 Incorne Expendtture General funds 481.485 167.948 129.708 86,200 {102.280) {115.T26) (45.543) 45.543 (5.772) 457,598 183,965 Restricted funds 649,433 215,908 1218,0061 (5,772) 641,563 Summary of funds - prior year Balance at 30 Septemb 2021 Balanc8 al l Octobe 2020 Transfers in/oul Gains/ (Losses) Income Expenditure General funds Restricted fund5 333,300 121,875 240,118 117,394 (75,802) (123,080) (51, 759) 51,759 35,628 481,485 167.948 455, 175 357,512 (198,882) 35,628 649,433 18. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets 42.822 489,098 174,3221 118,341 65,624 161,163 554,722 (74,3221 Creditors due within one year Total 457,598 183,965 641,563 Page 20
VYbJsk9un*urnTransorbc Ref. Z6Y8-SWS&5S54 2023 14..52..06 GMT{Lrrc +0) 0 212 P 23r23 BISHOPSLAND EDUCATIONAL TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 18. Analysi5 of net assets between funds {conlinuedl Analysis of net assets between funds- prior year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due Mfjthin one year 50,861 475, 740 (45,116) 128,472 39.476 179,333 515.216 (45.116) Total 481.485 167,948 649,433 19. Summary of funds availabl6 for axpenditurtr Annual Unrestricted Reserve Restricted Total General funds Restricted funds 150,000 307,598 457,598 183,965 183.965 Total 150,000 307,598 183,965 641,563 Rolated party transactions Pope and Oliver Makower are unpaid employees of Bishopsland Educational Trust. Bishopsland Education TTU5t leases property from them. They are also the parents of fomier trustees Mrs J Mather and Mr W Makower. The financial transactions with the company are as follows.. 2022 2021 Rent paid to Pope and Oliver Makower Capital contribution from Pope and Oliver Makower {15.155} (15,000) S0,IX {15,155) 35,000 Included within Other debtors is an amount of £39,792 12021.. £31,612) owed by Pope and Oliver Makower to Bishopsland Educational Trust. Page 21