Thornhill School Association
Charity No. 1094597
Trustees' Report and Unaudited Accounts
31 March 2022
Thornhill School Association Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 4 |
| Independent Examiner's Report | 5 to 5 |
| Statement of Financial Activities | 6 to 6 |
| Balance Sheet | 7 to 7 |
| Notes to the Accounts | 8 to 11 |
| Detailed Statement of Financial Activities | 12 |
Page 1
Thornhill School Association Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1094597
Principal Office
THORNHILL PRIMARY SCHOOL THORNHILL ROAD LONDON N1 1HX
Trustees
The following trustees served during the year:
A.D. Kay A. Versteeg E.J. Wallace
Accountants
CWA Certified Accountants 271 Upper Street London N1 2UQ
OBJECTIVES AND ACTIVITIES
Page 2
Thornhill School Association Trustees Annual Report
The object of the Association is to advance the education of pupils in the school, in particular by:
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Developing effective relationships between the staff, parents and others associated with the school
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Engaging in activities or providing facilities or equipment which support the school and advance the education of the pupils.
The main activities of the TSA fall into two categories:
Parent Teacher Association (PTA)
• Fundraising through school-based events, primarily the Winter Fair and Summer Fair (and associated fundraising activities), along with events including cake and uniform sales, school discos, Christmas Card fundraisers, parent quiz/bingo nights
-
Gaining sponsorship e.g. for the Fairs
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Funds are used to support school activities including events, school trips and resources / equipment Thornhill Foundation:
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Fundraising for major infrastructure projects and educational needs in the school
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Fundraising in 2021-22 included ongoing monthly donors campaign, encouraging parent community to donate on a one-off or monthly basis, with Gift Aid
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Fundraising events included Run Thornhill Run, a sponsored community run for school children and parents which involved sponsorship from families / friends and local business; the “Festive Feast” fundraising evening The charity is run according to the Charity Commission’s guidance on public benefit, e.g.
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The Trustees are aware of the guidance on public benefit
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This guidance has been taken into account in decision-making
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Funds are used to benefit the school pupils and school community, without detriment or harm
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Fundraising activities such as School Fairs and School Discos are organised in such a way that all pupils can have access, without excluding any based on financial situation or other needs
ACHIEVEMENTS AND PERFORMANCE
In 2021-2022, the PTA funded school activities including: School trips and subsidies for school residential courses,T shirts for year 6 ,Numicon sets to support maths learning, Classroom equipment including equipment for children with SEND, The Thornhill Foundation, during this year, funded: The new STEM lab, providing facilities for science and for cooking activities in school, The new ICT suite, including new computers, the librarian and school library events, through a 5 year fund that was donated for this purpose, the Enrichment programme.
FINANCIAL REVIEW
At the start of the tax year (April 2021), the charity held a total of £171,752, in the Foundation and PTA bank account, plus £50 cash float for the PTA. Receipts in 2021-22 consisted of: Foundation Fundraising: £60,406.28 PTA Fundraising: £15,522.80 TOTAL=£75,929.08 Total fundraising costs = £2,489.95 Total payments out to Thornhill School = £124,348.10, Other expenditure = £1,800 “Other / Admin and professional services expenditure” consisted of the fees to the Independent Examiner for review of the accounts, the accountants and PTA insurance. At the end of the tax year (as at 31 March 2022), the total sum across the two accounts (PTA + Foundation) was £93,915 (£60,000 (Foundation funds are restricted funds (librarian)).
Cash ringfenced for the librarian - there was 5 years of funding provided. Foundation to date has paid for 2 years of the librarian + books (school years 2020-21 and 2021-22). There is a remaining 3 years (£60,000) ringfenced for 22-23, 23-24 and 24-25
Page 3
Thornhill School Association Trustees Annual Report
STRUCTURE, GOVERNANCE AND MANAGEMENT
TSA Constitution, Unincorporated association, Committee members/trustees have the power to co-opt committee members/trustees at any time, and co-opted committee members/trustees shall serve until the date of the next AGM.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
A. Versteeg Trustee 18 January 2023
Page 4
Thornhill School Association Independent Examiners Report
Independent Examiner's Report to the trustees of Thornhill School Association
I report to the trustees on my examination of the financial statements of Thornhill School Association for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can 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:
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the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
MR. ALI ARIF FCPA-AFA CWA Certified Accountants 271 Upper Street London
N1 2UQ 18 January 2023
Page 5
Thornhill School Association Statement of Financial Activities for the year ended 31 March 2022
| Notes Income and endowments from: Charitable activities 2 Total Expenditure on: Raising funds 3 Other 4 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Total funds | Total funds | |
|---|---|---|---|---|
| 2022 | 2022 | 2021 | ||
| £ | £ | £ | ||
| 75,929 | 75,929 | 54,762 | ||
| 75,929 | 75,929 | 54,762 | ||
| 2,490 | 2,490 | 2,700 | ||
| 126,276 | 126,276 | 51,260 | ||
| 128,766 | 128,766 | 53,960 | ||
| - | - | - | ||
| (52,837) | (52,837) | 802 | ||
| - | - | - | ||
| (52,837) | (52,837) | 802 | ||
| (52,837) | (52,837) | 802 | ||
| 171,752 | 171,752 | 170,950 | ||
| 118,915 | 118,915 | 171,752 | ||
Page 6
Thornhill School Association Balance Sheet
at 31 March 2022
| Charity No. 1094597 Current assets Debtors 6 Cash at bank - Foundation A/C - Restricted Cash at bank - Foundation Account Cash at bank - PTA Account Cash in hand - Petty Cash Creditors:Amount falling due within one year 7 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds Reserves 8 Total funds |
2022 £ 25,000 60,000 11,638 24,027 50 120,715 (1,800) 118,915 118,915 118,915 118,915 118,915 118,915 118,915 |
2021 £ 25,000 17,747 129,355 50 |
|---|---|---|
| 172,152 (400) |
||
| 171,752 171,752 |
||
| 171,752 | ||
| 171,752 | ||
| 171,752 | ||
| 171,752 | ||
| 171,752 |
Approved by the trustees on 18 January 2023
And signed on their behalf by:
E.J. Wallace Trustee 18 January 2023
Page 7
Thornhill School Association Notes to the Accounts
for the year ended 31 March 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
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Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
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Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
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Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
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Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
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Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
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Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
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Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Thornhill School Association Notes to the Accounts
Expenditure
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Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
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Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
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Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
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Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
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Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
Thornhill School Association Notes to the Accounts
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Income from charitable activities
| Foundation income PTA Income 3 Expenditure on raising funds Fundraising trading costs 4 Other expenditure Donations to school General administrative costs Legal and professional costs 5 Staff costs No employee received emoluments in excess of £60,000. 6 Debtors Other debtors |
Unrestricted £ 60,406 15,523 75,929 Unrestricted £ 2,490 2,490 Unrestricted £ 124,348 128 1,800 126,276 2022 £ 25,000 25,000 |
Total 2022 £ 60,406 15,523 75,929 Total 2022 £ 2,490 2,490 Total 2022 £ 124,348 128 1,800 126,276 |
Total 2021 £ 43,206 11,556 |
|---|---|---|---|
| 54,762 | |||
| Total 2021 £ 2,700 |
|||
| 2,700 | |||
| Total 2021 £ 50,860 - 400 |
|||
| 51,260 | |||
| 2021 £ 25,000 |
|||
| 25,000 |
Page 10
Thornhill School Association Notes to the Accounts
- 7 Creditors:
amounts falling due within one year
| Accruals 8 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 9 Analysis of net assets between funds Net current assets 10 Reconciliation of net debt Cash and cash equivalents Net debt |
2022 £ |
2021 £ |
||
|---|---|---|---|---|
| 1,800 | 400 | |||
| At 1 April 2021 171,752 171,752 |
1,800 Incoming resources (including other gains/losses ) £ 75,929 75,929 Unrestricted funds £ 58,915 58,915 |
Resources expended £ (128,766) (128,766) Restricted funds £ 60,000 60,000 At 1 April 2021 £ |
400 | |
| At 31 March 2022 £ 118,915 |
||||
| 118,915 | ||||
| Total £ 118,915 |
||||
| 118,915 | ||||
| At 31 March 2022 £ |
||||
| 50 | 50 | |||
| 50 50 |
50 | |||
| 50 | ||||
Page 11
Thornhill School Association Detailed Statement of Financial Activities
for the year ended 31 March 2022
| Income and endowments from: Charitable activities Foundation income PTA Income Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Other expenditure Donations to school General administrative costs, including depreciation and amortisation General insurances Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 60,406 15,523 75,929 75,929 2,490 2,490 2,490 124,348 124,348 128 128 1,800 1,800 126,276 128,766 - (52,837) (52,837) - (52,837) 171,752 118,915 |
Total funds 2022 £ 60,406 15,523 75,929 75,929 2,490 2,490 2,490 124,348 124,348 128 128 1,800 1,800 126,276 128,766 - (52,837) (52,837) - (52,837) 171,752 118,915 |
Total funds 2021 £ 43,206 11,556 |
|---|---|---|---|
| 54,762 | |||
| 54,762 2,700 |
|||
| 2,700 | |||
| 2,700 50,860 |
|||
| 50,860 | |||
| - | |||
| - | |||
| 400 | |||
| 400 | |||
| 51,260 | |||
| 53,960 - |
|||
| 802 | |||
| 802 - |
|||
| 802 | |||
| 170,950 | |||
| 171,752 |
Page 12