## Thornhill School Association
Charity No. 1094597
Trustees' Report and Unaudited Accounts
31 March 2024
Thornhill School Association Contents
||Pages|
|---|---|
|Trustees’ Annual Report|2-5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Accounts|9-13|
|Statement ofCash flows|14|
|DetailedStatementofFinancialActivities|15-16|
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 2024.
## 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 ended 31 March 2024:
A.D. Kay
A. Versteeg
E.J. Wallace (resigned as a trustee on 19 July 2024)
Page 2
Thornhill School Association Trustees Annual Report
## OBJECTIVES AND ACTIVITIES
The object of the Thornhill School Association is to advance the education of pupils in Thornhill Primary School (the "School"), in particular by:
- e Developing effective relationships between the staff, parents and others associated with the School; and
- e Engaging in activities or providing facilities or equipment which support the School and advance the education of the pupils.
## MAIN ACTIVITIES
The main activities of the Association fall into two categories:
First, the Parent Teacher Association (the "PTA"):
- e Fundraising through School-based events, primarily the Winter Fair and Summer Fair (and associated fundraising activities), along with events including cake and uniform sales, Schoo! discos, Christmas Card fundraisers, parent quiz/bingo nights;
- e Gaining sponsorship e.g. for the Fairs; and
- e Using funds to support School activities, including events, School trips and resources[/] equipment.
## Second, the Thornhill Foundation:
Fundraising for major infrastructure projects and/or the educational needs of the school and its pupils;
- e Fundraising included an ongoing monthly donors campaign, encouraging parent community to donate on a one-off or monthly basis with Gift Aid; and
- e Fundraising events included Run Thornhill Run (a sponsored community run for School children and parents which involved sponsorship from families / friends and local business) and the “Festive Feast” fundraising evening.
## RUNNING OF THE CHARITY
The charity is run according to the Charity Commission’s guidance on public benefit, for example:
- e The Trustees are aware of the guidance on public benefit and this guidance has been taken into account in decision-making;
- e Funds are used to benefit the School pupils and Schoo! community, without detriment or harm; and
- e 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.
Page 3
Thornhill School Association Trustees Annual Report
## ACHIEVEMENTS AND PERFORMANCE
In the financial year ended 31 March 2024:
- ° The PTA funded various school activities, which included school trips and subsidies for school residential courses, T-shirts for year 6 pupils, sports equipment and classroom equipment; and
- e The Thornhill Foundation funded (amongst other things) the school librarian and school library books and events (through a 5 year fund that was donated for this purpose) and the School's enrichment programme.
## FINANCIAL REVIEW
At the start of the 2023-2024 financial year (i.e 1st April 2023), the Association held a total of £179,228.32, between the Foundation and PTA bank accounts (including a £50 cash float for the PTA). £60,000 of which held in the Foundation Accounts was restricted funds ringfenced to only be used for paying for a librarian for the School and for books for the School's library).
Receipts of the Association during the year 2023-24 financial year consisted of:
- ° Foundation Fundraising income of £60,907.63 e PTA Fundraising income of £19,041.89; and e Other net income of £279
Leading to total receipts for the 2023-24 financial year of £80,228.52.
Expenditure of the Association during the 2023-24 financial year consisted of:
- e Total fundraising costs of £13,067.25; e PTA donations/payments to the School of £14,487.33; e Foundation donations/payments to the School of £37,781.50
Leading to total expenditure for the 2023-24 financial year of £61,670.58.
At the end as at 31 March 2024, the total sum held by the Association across the PTA and Foundation bank accounts (and including the PTA float) was £197,786.26 (£40,000 of the funds held in the Foundation bank accounts being restricted funds ringfenced to only be used for paying for a librarian for the School and for books for the School's library in the future).
£100,000 was originally donated to the foundation to be ringfenced for the librarian, this provided for five years of funding for the Librarian and library books. As at 31 March 2024 the foundation to date has paid for 3 years of the librarian and books (£60,000) leaving £40,000 ringfenced for the librarian (funding it for another 2 years).
## 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
Page 4
Thornhill School Association
## Trustees Annual Report
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. The Association's 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 Association's constitutional documents. 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 Meow Yoidtay Adorn Versteeg Trustee .
31 March 2024
Page5
Thornhill School Association
Independent Examiners Report
## Independent Examiner's Report to the trustees of Thornhill School Association
| report to the trustees on my examination of the financial statements of Thornhill School Association for the year ended 31 March 2024.
## 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’).
| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner's statement
| have completed my examination. | 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:
- e the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- e the financial statements do not accord with those records; or
- e the financial statements do not comply with the applicable requirements concerning the form and content of 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.
| 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.
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Lt
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## Paul Goulding
Fellow Member of AAT HALO, Counterslip Redcliffe Bristol BS1 6AJ United Kingdom
31 March 2024
Page 6
Thornhill School Association Statement of Financial Activities
## for the year ended 31 March 2024
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Restricted|
|funds|funds|Total|funds|
|2024|2024|2024|
|Notes|£|£|£|
|Income|and|endowments|
|from:|
|Charitable|activities|2|79,949.52|-|79,949.52|
|Other|3|279|.|279|
|Total|80,228.52|-|80,228.52|
|Expenditure|on:|
|Raising funds|4|10,821.83|-|10,821.83|
|Charitable activities|5|__ 50,848.75 _ee 50,848.75|
|Total|61,670.58|-|61,670.58|
|Net|gains|on|investments|-|-|-|
|Net income/(expenditure)|18,557.94|-|18,557.94|
|Transfers|between|funds|-|-|-|
|Net|income/(expenditure)|18,557.94|«|18,557.94|
|before|other gains/(losses)|
|Other gains and|losses|
|Net movement|in funds|7|18,557.94|-|18,557.94|
|Reconciliation|of funds:|
|Total|funds brought forward|8|119,228.32|60,000|179,228.32|
|Total funds|carried|forward|157,786.26|40,000|197,786.26|
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Page 7
## Thornhill School Association Balance Sheet
at 31 March 2024
## Charity No. 1094597
Current assets Debtors Cash at bank and in hand
Creditors: Amount falling due within one year 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 Restricted income funds
Unrestricted funds General funds
## Total funds
Notes 2024 £
- 197,786.26 197,786.26
-
197,786.26 197,786.26 197,786.26 197,786.26 6 40,000 40,000 6 157,786.26 157,786.26
197,786.26
Approved by the trustees on 31 March 2024
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And signed on their behalf by:
Trustee
31 March 2024
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Page 8
Thornhill School Association Notes to the Accounts
## for the year ended 31 March 2024
- 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||
|---|---|
|Unrestricted funds|These are available for use atthe discretion ofthe trustees in furtherance ofthe|
||general objects ofthe charity.|
|Designatedfunds|These are unrestricted fundsearmarked bythetrusteesfor particularpurposes.|
|Revaluation funds||These are unrestrictedfundswhich include a revaluation reserve representing the|
||restatement of investment assets at their market values.|
|Restricted funds|These are available for use subjectto restrictions imposed bythe donor orthrough|
||terms ofan appeal.|
|Income||
|Recognitionof|Income is included inthe Statement of Financial Activities (SoFA) when the charity|
|income|becomesentitled to, and virtually certain to receive, the income andtheamountof|
||the income can be measured with sufficient reliability.|
|Incomewith related|Where income has related expenditure the income and related expenditure is|
|expenditure|reported gross in the SoFA.|
|Donationsand|Voluntary income received byway ofgrants, donations and gifts is included in the|
|legacies|the SoFAwhen receivable and onlywhenthe Charity has unconditional entitlement|
||to the income.|
|Tax reclaims on|Income from tax reclaims is included in the SoFA atthe same time asthe|
|donationsand gifts|gift/donation to which it relates.|
|Donated services|These are only included in income (with an equivalentamount in expenditure)|
|and facilities|where the benefit to the Charity is reasonably quantifiable, measurable and|
||material.|
|Volunteer help|The value ofanyvolunteer help received is not included in the accounts.|
|Investment income|— This is included in the accountswhen receivable.|
|Gains/(losses) on|This includesanygain or loss resultingfrom revaluing investmentsto marketvalue|
|revaluation offixed|at the end ofthe year.|
|assets||
|Gains/(losses) on|This includes anygain or losson the sale ofinvestments.|
|investmentassets||
Page 9
Thornhill School Association Notes to the Accounts
Expenditure 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. 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. 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. 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. Other expenditure These are support costs not allocated to a particular activity.
## Taxation
The charity is exempt from tax on its charitable activities.
## 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.
## 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.
Page 10
Thornhill School Association Notes to the Accounts
## 2 Income from charitable activities
||||Unrestricted|Total|
|---|---|---|---|---|
|||||2024|
||||£|£|
|||Foundation income|60,907.63|60,907.63|
|||PTA Income|19,041.89|19,041.89|
||||79,949.52|79,949.52|
||3|Otherincome|||
||||Unrestricted|Total|
|||||2024|
||||£|£|
|||Interest|279|279|
||||279|279|
|4||Expenditure on Raisingfunds|||
||||Unrestricted|Total|
|||||2024|
||||£|£|
|||Expenditure on Raisingfunds|||
|||Foundation|3,827.74|3,827.74|
|||PTA|6,994.09|6,994.09|
||||10,821.83|10,821.83|
Page 11
Thornhill School Association Notes to the Accounts
## 5 Expenditure on charitable activities
|||Unrestricted|Total|
|---|---|---|---|
||||2024|
|||£|£|
|Expenditureon|charitable|||
|activities||||
|Foundation||37,781.50|37,781.50|
|PTA||13,067.25|13,067.25|
|||50,848.75|50,848.75|
## 6 Staff costs
No employee received emoluments in excess of £60,000.
Page 12
|Thornhill School Association|Thornhill School Association||||||
|---|---|---|---|---|---|---|
|Notes to the Accounts|||||||
|7|Movement in funds||||||
||||Incoming||At 31||
||||resources|Resources|March||
||||.
;
(including|expended|2024||
|||.
At 1 April|other||||
|||2023|gains/losses)||||
||||£|£||£|
||Restricted funds:||||||
||Restricted income funds:||||||
|||60,000|-|-|40,000||
||Total|60,000|-|-|40,000||
||Unrestricted funds:||||||
||General funds|119,228.32|100,228.52|(61,670.58)|157,786.26||
||||||8||
||Total funds|179,228.32|100,228.52|(61,670.58)|197,786.26||
|8|Analysis ofnetassets betweenfunds||||||
||||Unrestricted|Restricted|Total||
||||funds|funds|||
||||£|£||£|
||Net current assets||157,786.26|40,000|197,786.26||
||||157,786.26|40,000|197,786.26||
|9|Reconciliation of net debt||||||
||||||At|31|
||||At 1 April||March||
||||2023|Cash flows|2024||
||||£|£||£|
||Cash and cash equivalents||179,228.32|18,836.94|197,786.26||
||||179,228.32|18,836.94|197,786.26||
||Netdebt||179,228.32|18,836.94|197,786.26||
Page 13
Thornhill School Association Statement of Cash flows
for the year ended 31 March 2024
||2024|
|---|---|
||£|
|Cash flowsfrom operating activities||
|Netincome/(expenditure) perStatementofFinancialActivities|18,557.94|
|Adjustments for:||
|Dividends, interest and rentsfrom investments|(279)|
|Decrease in trade and other receivables||
|Increase in trade and other payables|-|
|Netcash provided by/(used in)operating activities|18,278.94|
|Cashflowsfrom investing activities||
|Dividends, interestand rentsfrom investments|279|
|Netcashfrom investing activities|279|
|Netcashfromfinancing activities|7|
|Netincrease/(decrease) incashandcash equivalents|18,557.94|
|Cashand cash equivalents atthe beginningoftheyear|179,228.32|
|Cashand cashequivalents attheend oftheyear|197,786.26|
|Componentsofcash and cash equivalents||
|Cash and bank balances|197,786.26|
||197,786.26|
Page 14
Thornhill School Association Detailed Statement of Financial Activities
for the year ended 31 March 2024
||Unrestricted|Restricted||Totalfunds|
|---|---|---|---|---|
||funds|2024|||
||2024|||2024|
||£|£||£|
|Income and endowmentsfrom:|||||
|Donations and legacies|||||
|Charitable activities
Foundationincome|60,907.63|-||60,907.63|
|PTA Income|19,041.89|-||19,041.89|
||79,949.52|:||79,949.52|
|Other Interest|||||
||279|-||279|
||279|-||279|
|Total income and endowments|80,228.52|-||80,228.52|
|Total ofexpenditure on raising funds|||||
||10,821.83|||10,821.83|
|Total ofexpenditureon charitable activities|||||
|Foundation|37,781.50|||37,781.50|
|PTA|13,067.25|:||13,067.25|
||50,848.75|-||50,848.75|
|||||_|
|Total expenditure|61,670.58||-|61,670.58|
|Net gains on investments|-||-|-|
|Net income/(expenditure)|18,557.94||-|18,557.94
8,5|
Page 15
Thornhill School Association Detailed Statement of Financial Activities
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|||||||
|---|---|---|---|---|---|
|Net income/(expenditure)|before|other|
|.|18,557.94|-|18,557.94|
|gains/(losses)|
|Other|Gains|z|-|-|
|Net movement|in|funds|18,557.94|-|18,557.94|
|Reconciliation|of funds:|
|Total|funds|brought forward|
|119,228.32|60,000|179,228.32|
|Total funds|carried forward|157,786.26|40,000|197,786.26|
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