Charity number: 1094943
Westminster French Protestant School Foundation
Trustees' report and financial statements
for the year ended 31 December 2023
Westminster French Protestant School Foundation
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and Advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
Westminster French Protestant School Foundation
Reference and administrative details of the Charity, its Trustees and Advisers for the year ended 31 December 2023
| Trustees | Mr P J Duval |
|---|---|
| Mrs A C Duval | |
| Mrs E S Leonard | |
| Mr S T Duval | |
| Mrs E A Duval | |
| Mrs P C Ouvry-Johns | |
| Mrs S L Turner | |
| Charity registered number 1094943 Principal office 5 Poulters Wood Keston Kent BR2 6JD Secretary S T Duval Accountants Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU Bankers CAF Bank Limited PO Box 289 West Malling Kent ME19 4TA Solicitors Lee Bolton Monier-Williams 1 The Sanctuary London SW1P 3JT Independent Examiner Samantha Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants 37 St Margarets Street Canterbury Kent CT1 2TU |
Page 1
Westminster French Protestant School Foundation
Trustees' report
for the year ended 31 December 2023
The Trustees present their annual report together with the financial statements of the Charity for the year ended 31 December 2023.
Objectives and activities
a. Policies and objectives
The principal object of the Charity is to provide grants for educational purposes for boys and girls of Huguenot descent. There have been no changes in the objectives since the last annual report.
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)'.
b. Grant-making policies
The income of the Foundation shall be applied by the Trustees in either or both of the following ways. In assisting qualified beneficiaries to attend schools, universities or other educational institutions by means of exhibitions and in assisting qualified beneficiaries in such manner as the Trustees think fit to prepare for or enter upon some profession, trade or calling. Qualified beneficiaries shall be boys or girls of Huguenot descent who are in need of financial assistance.
Achievements and performance
a. Review of activities
The results for the year are set out on page 6. The Charity paid 23 grants in the year totalling £19,850 (2022 - 24 grants totalling £21,200).
b. Investment policy and performance
The Trustees have the power to invest the Foundation's capital as they see fit.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.
b. Reserves policy
No specific reserves are kept by the Foundation. At 31 December 2023, the endowment funds amounted to £114,799 (2022 - £117,562) and the unrestricted funds totalled £296,094 (2022 - £293,600).
Structure, governance and management
a. Constitution
Westminster French Protestant School Foundation is a registered charity, number 1094943, and is constituted under a Charity Commission Scheme.
Page 2
Westmbnster French Proteslanl School Foundation Trustees. rpport Icontinued) forthe year ended 31 December 2023 Structure. governance and management Iconlinuedl b. Methods ol appointrrnt or eledion of Truslees The management of the Chanty is the resp)nsitM"trty ol the Trnstees are elected and cwrAed under the of the Trusl deed. c. Organisational stnjcturn and de¢ision-making policies The Trustees meet tknice a year to disCU55 Ihe financial aflairs of the Charity and to cons#Jer granl appScabons. d. Risk management The Truslee5 have assessed the major risks to which the Chatity is exposed and are satisfred that systeffs aThY procedures are in place lo vr4lwale exposure to Ihe major risks. Plans for fut•Jre periods The Trustees will continue to support Ihe objectives of the Charity lor the foreseeab ftrture. Statemenl of Trustees. responsibililies The Twstees are ressyjnwble for preparing the Trustees. report and the financial statements in accordance wilh applicable law and Unrted Kiwm Accountirg StaThJafds Iunited Generalty AccetA•J Accounbng Practrce). The law apF4icable to charities in England & Wales requires the Ttee5 to prepare financral st8tements for each ffinanaal which give a true and ts"r view ol Ihe state of affairs of the Chanty arKI of its income aThJ application of resources. including its income and expenditure. for that peri¢1. In prepariTrJ these financial statements. the Truslees are required to". select surtable accounting policies and then appty them consistently., obseTve the methods and piinaples of the Charilies SORP {FRS 102).. make judgements and accounb.ng estimates Ihat are reasonatrJe and Prjent. slate whether applicable UK Accounbng Standas (FRS 102) have been followed. subpd to any rroterial departures disclosed and exIned in the finanual ststements" prepare the financial staterrnts on the concem baS unless it is inaFWIFrte to wesuTre that the Charity will continue in Ixjsiness. The TDJStees are TeSWnb1e lor keeKxng adequate accounb'ng records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any b.me the finanaal tx)siti"on of the Charrty and enable them to ensure that the finanaal staterrtnts compty wilh Ihe chartb.es Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the proviyons of the Charity Comryission Scheme. They are a150 responsible for saleguarding the assets of the Charity and hence for taking reasonatrte sters for the tKevention and detection of fraud and other irregularitses. Approved by order of the Thrnber5 of the board of Trustees and signed on their tehalf trrf." cy Trustee Date.. 22 14 Page 3
Westminster French Protestant School Foundation
Independent examiner's report
for the year ended 31 December 2023
Independent examiner's report to the Trustees of Westminster French Protestant School Foundation ('the Charity')
I report to the Charity Trustees on my examination of the financial statements of the Charity for the year ended 31 December 2023, which are set out on pages 7 to 13.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the financial statements in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
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 that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
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.
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: S M Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Kent
Page 4
Westminster French Protestant School Foundation
Statement of financial activities for the year ended 31 December 2023
| Note Income and endowments from: Donations and legacies 4 Investments 5 Total income and endowments Expenditure on: Charitable activities 6 Total expenditure Net income before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2023 £ - - - - - - (2,763) (2,763) 117,562 (2,763) 114,799 |
Unrestricted funds 2023 £ 7,640 21,508 29,148 20,899 20,899 8,249 (5,755) 2,494 293,600 2,494 296,094 |
Total funds 2023 £ 7,640 21,508 29,148 20,899 20,899 8,249 (8,518) (269) 411,162 (269) 410,893 |
Total funds 2022 £ 7,250 20,288 |
|---|---|---|---|---|
| 27,538 22,223 |
||||
| 22,223 5,315 (20,961) |
||||
| (15,646) 426,808 (15,646) |
||||
| 411,162 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
Westminster French ProtestaTrl School Foundation Balance sheet as at 31 December 2023 2023 2022 Note Fixed assets Investments Current assets 349.555 358.073 Cash at bank and in hand 62,327 $4.031 Credito. arTh)unts fallng due within one year 1989) (942) Net cuThent assets 61,338 53.089 Total net assets 410.893 411.162 Charity funds Endowment funds Unrestricted funds 10 10 114,799 296.094 117.562 293.600 Total funds 410.893 411,162 The finanaal statements were approved and authoiised lor issue by the Tnjslees and signed on their hat1 tty". Mrs E A Duval Trustee Oate-. Mrs TDuval Secfelary 11 14 £2 ZoZE- The notes on pages 7 to 13 fomi part ofthese financial statements. Page 6
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
1. General information
Westminster French Protestant School Foundation is an unincorporated charity, in England and Wales, with the charity registration number 1094943. The registered office of the Charity is 5 Poulters Wood, Keston, Kent, BR2 6JD. The objectives of the Charity continue to be to provide grants for educational purposes for boys and girls of Huguenot descent.
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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Westminster French Protestant School Foundation 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.
The financial statements are presented in UK sterling, which is the Charity's functional currency, and rounded to the nearest pound.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 7
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
2. Accounting policies (continued)
2.4 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.8 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.
2.9 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 Charity 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.
Page 8
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
2. Accounting policies (continued)
2.10 Financial instruments
The Charity 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.
2.11 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 Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity does not currently have any significant accounting estimates or areas of judgement.
4. Income from donations and legacies
| Donations Total 2022 |
Unrestricted funds 2023 £ 7,640 7,250 |
Total funds 2023 Total funds 2022 £ £ 7,640 7,250 7,250 |
|---|---|---|
5. Investment income
| Income from local listed investments Bank interest Total 2022 |
Unrestricted funds 2023 £ 20,776 732 21,508 20,288 |
Total funds 2023 £ 20,776 732 21,508 20,288 |
Total funds 2022 £ 20,092 196 |
|---|---|---|---|
| 20,288 |
Page 9
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
6. Analysis of expenditure by activities
| Charitable activities Total 2022 |
Grant funding of activities 2023 £ 19,850 21,200 |
Support costs 2023 £ 1,049 1,023 |
Total funds 2023 £ 20,899 22,223 |
Total funds 2022 £ 22,223 |
|---|---|---|---|---|
The expenditure on charitable activities in both 2023 and 2022, was from unrestricted funds.
Analysis of support costs
| Independent examiner's fee Bank charges |
Total funds 2023 £ 989 60 1,049 |
Total funds 2022 £ 942 81 |
|---|---|---|
| 1,023 |
Analysis of grants
| Grants payable Total 2022 |
Grants to Individuals 2023 £ 19,850 21,200 |
Total funds 2023 £ 19,850 21,200 |
Total funds 2022 £ 21,200 |
|---|---|---|---|
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 10
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
| 8. Fixed asset investments Cost or valuation At 1 January 2023 Revaluations At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 The historical cost of the Charity's fixed asset investments is £145,705. All of the Charity's fixed asset investments are listed investments held in the UK. Material investments M&G Securities Ltd - Charifund M&G Securities Ltd - Extra Income Fund |
Listed investments £ 358,073 (8,518) |
|---|---|
| 349,555 | |
| 349,555 | |
| 358,073 | |
| 2023 £ 332,333 25,740 |
|
| 358,073 |
9. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 989 | 942 |
Page 11
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
10. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted fund | 293,600 | 29,148 | (20,899) | (5,755) | 296,094 |
| Endowment funds | |||||
| Endowment fund | 117,562 | - | - | (2,763) | 114,799 |
| Total of funds | 411,162 | 29,148 | (20,899) | (8,518) | 410,893 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2022 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted fund | 302,312 | 27,538 | (22,223) | (14,027) | 293,600 |
| Endowment funds | |||||
| Endowment fund | 124,496 | - | - | (6,934) | 117,562 |
| Total of funds | 426,808 | 27,538 | (22,223) | (20,961) | 411,162 |
Page 12
Westminster French Protestant School Foundation
Notes to the financial statements for the year ended 31 December 2023
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2023 £ 114,799 - - 114,799 |
Unrestricted funds 2023 £ 234,756 62,327 (989) 296,094 |
Total funds 2023 £ 349,555 62,327 (989) |
|---|---|---|---|
| 410,893 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ 117,562 - - 117,562 |
Unrestricted funds 2022 £ 240,511 54,031 (942) 293,600 |
Total funds 2022 £ 358,073 54,031 (942) |
|---|---|---|---|
| 411,162 |
12. Related party transactions
The Charity has not entered into any significant related party transactions during the year (2022 - £Nil) and there are no balances outstanding with any related parties at the Balance sheet date (2022 - £Nil).
Page 13