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2023-08-31-accounts

Charity number: 1096750

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Examiner's Report 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 16

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees Mr I Duguid (resigned 26 March 2024)
Mr A Handford
Dr P Holding (resigned 26 April 2024)
Mr R Krajewski (resigned 25 March 2024)
Mrs C Redcliffe (resigned 20 September 2023)
Miss S Cooper, Chair (appointed 24 March 2024)
Charity registered
number
1096750
Principal office
West Street
Marlow
Buckinghamshire
SL7 2BR
Accountants
B K Silva
MHA
Chartered Accountants
Building 4
Foundation Park
Roxborough Way
Maidenhead
SL6 3UD
Bankers
Lloyds TSB Bank plc
Marlow
SL7 1AJ

Page 1

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2022 to 31 August 2023. The Trustees confirm that the Annual Report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust's governing document and the provisions of the Charities SORP 2019 (FRS 102) and Charities Act 2011.

Objectives and activities

Strategies for achieving objectives

The Trust Fund has been established to aid in the advancement of education at Sir William Borlase’s Grammar School by way of assisting in the provision of facilities for the pupils. It also supports pupils that require financial assistance for educational supplies, trips or school activities.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Review of activities

The School Fund is available to be drawn down by Sir Wiliam Borlase's Grammar School to supplement any pupil whose families need financial assistance to cover the cost of school activities (where contributions may be sought from parents) which have not been fully covered by the school. It also available to fund ad hoc payments agreed by the school over the academic year to support educational activities and initiatives and to collect and distribute monies for the Here & Now fundraising campaign as these continue to arrive.

Investment policy and performance

In accordance with the Trust Deed the Trustees have power to make investments as they see fit.

The Trustees do not currently intend to invest the funds of the Trust other than in deposits with approved banks.

The School Fund’s results for the year and its financial position are shown on pages 6 and 7 of these financial statements.

Financial review

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.

Page 2

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Reserves policy

The Trustees hold reserves to support future provision of facilities for Sir William Borlase's Grammar School. At the balance sheet date total unrestricted reserves were £769,612 (2022: £599,251). A number of large infrastructure projects are planned as the academy approaches its 400th anniversary in 2024 and Trustees are holding the above reserves ready to support these building projects to which the fundraising has been collected for.

Financial position

The year to 31 August 2023 produced an overall deficit of £84,389 (2022: overall surplus of £127,870). Incoming resources were £310,351 (2022: £477,870) and resources expended were £2,000 in unrestricted and £392,740 to support capital projects at Sir William Borlase's Grammar School (2022: £350,000).

Grant making policy

The school fund policy is that it gives a number of grants of up to £200 to pupils as sports and arts awards. The level of these is dependent upon the availability of funds in any given year. The funds for this are provided by Borlase Scholarships, The Old Borlasian Club and The Wethered Trust.

Structure, governance and management

Constitution

The principal object of the charity is to advance the education of pupils by providing and assisting in the provision of facilities for the education of pupils at Sir William Borlase's Grammar School.

Sir William Borlase’s Grammar School Fund is an unincorporated Trust Fund which was registered as a charity in the United Kingdom on 28 March 2003 under number 1096750.

The Declaration of Trust Deed governs the activities of the charitable trust. Its administration is the responsibility of the Governing Body who for the purpose of the charity law and throughout this report are collectively referred to as the Trustees. As set out in the Trust Deed the Governors of Sir William Borlase’s Grammar School are the Trustees. The Trustees were required to sign a declaration of acceptance and willingness to act in the Trusts of the charity in the Trustees’ minutes book. The minimum number of Trustees is three and there is no maximum. The Trustees may appoint one of their number to be chairperson of their meetings and may at any time remove that person from office.

Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, particularly those related to the operations and finances. They have developed systems to monitor and control these risks, including the appointment of a Finance Working Group, to mitigate the impact that any risks identified may have on the future of the Trust Fund.

Page 3

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

Trustees

The Trustees who served during the year are shown on page 1.

The Board of Trustees mirrors Marlow Education Trust Trustees (of which Sir William Borlase's Grammar School belongs) whose members are appointed, elected and inducted following the academy articles. Decisions made at Marlow Education Trust meetings are recorded and published following academy procedures and are a matter of public record.

Plans for future periods

The charity will continue to support the development of onsite facilities, student financial support, additional educational resources and supplies and any area of spending linked to the school development plan.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 29 April 2024 and signed on their behalf by:

Miss S Cooper

Page 4

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Independent Examiner's Report to the Trustees of Sir William Borlase's Grammar School Fund ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts 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

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 accounts 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 2015.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 5

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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: B K Silva

Dated: 20 June 2024

BA ACA DChA

MHA Building 4 Foundation Park Roxborough Way Maidenhead SL6 3UD

Page 6

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
172,208
153
172,361
2,000
2,000
170,361
599,251
170,361
769,612		 Restricted
funds
2023
£
137,990
-
137,990
392,740
392,740
(254,750)
389,500
(254,750)
134,750		 Total
funds
2023
£
310,198
153
310,351
394,740
394,740
(84,389)
988,751
(84,389)
904,362		 Total
funds
2022
£
477,624
246
477,870
350,000
350,000
127,870
860,881
127,870
988,751

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 16 form part of these financial statements.

Page 7

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

BALANCE SHEET AS AT 31 AUGUST 2023

2023 2023 2022
Note £ £
Fixed assets
- -
Current assets
Debtors 9 731,076 816,759
Cash at bank and in hand 177,385 174,092
908,461 990,851
Creditors: amounts falling due within one
year 10 (4,099) (2,100)
Net current assets 904,362 988,751
Total assets less current liabilities 904,362 988,751
Net assets excluding pension asset 904,362 988,751
Total net assets 904,362 988,751
Charity funds
Restricted funds 12 134,750 389,500
Unrestricted funds 12 769,612 599,251
Total funds 904,362 988,751

The financial statements were approved and authorised for issue by the Trustees on 29 April 2024 and signed on their behalf by:

Miss S Cooper

The notes on pages 9 to 16 form part of these financial statements.

Page 8

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

The Charity is an unincorporated charity registered in England and Wales (Charity number 1096750). The address of the principal office is West Street, Marlow, Buckinghamshire, SL7 2BR.

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 in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Sir William Borlase's Grammar School Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 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 one year from the date of approval 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.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where this can be quantified and a third party is bearing the cost.

Page 9

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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 Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the 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.

2.9 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.

Page 10

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.10 Property

The Charity does not own any property in its own right but school premises are used for fund raising activities. No amount is included in the Statement of Financial Activities for the value of this donated resource to the Charity.

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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations
Donations		 Unrestricted
funds
2023
£
172,208
Unrestricted
funds
2022
£
217,124		 Restricted
funds
2023
£
137,990
Restricted
funds
2022
£
260,500		 Total
funds
2023
£
310,198
Total
funds
2022
£
477,624

4. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Interest receivable 153 153 246

Page 11

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Analysis of expenditure on charitable activities

Summary by fund type

Direct costs
Direct costs		 Unrestricted
funds
2023
£
2,000		 Restricted
funds
2023
£
392,740
Unrestricted
funds
2022
£
350,000		 Total
2023
£
394,740
Total
2022
£
350,000

6. Analysis of expenditure by activities

Activities
undertaken
directly
2023
£
Direct costs
394,740
Total 2022
350,000
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts		 Total
funds
2023
£
394,740
350,000
2023
£
2,000		 Total
funds
2022
£
350,000
2022
£
2,100

7. Independent examiner's remuneration

Page 12

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .

9. Debtors

Due within one year
Due from Sir William Borlase's Grammar School (Marlow Education Trust)		 2023
£
731,076
731,076		 2022
£
816,759
816,759

10. Creditors: Amounts falling due within one year

2023 2022
£ £
Accruals and deferred income 4,099 2,100

11. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 177,385 174,092

Financial assets measured at fair value through income and expenditure comprise cash at bank.

Page 13

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General funds
Restricted funds
Phase 2
Total of funds		 Balance at 1
September
2022
£
599,251
389,500
988,751		 Income
£
172,361
137,990
310,351		 Expenditure
£
(2,000)
(392,740)
(394,740)		 Balance at
31 August
2023
£
769,612
134,750
904,362

The purpose of the Phase 2 Restricted Fund is to achieve three objectives. Firstly, to renovate and improve the school's refectory including increasing the seating and serving capacity, secondly, the creation of an additional science classroom and lastly, the transforming of the school hall into a Sixth Form Centre including a sixth form cafe.

Page 14

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 September
2021
£
Unrestricted funds
General funds
731,881
Restricted funds
Phase 2
129,000
Total of funds
860,881
13.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Current assets
Creditors due within one year
Total		 Income
£
217,370
260,500
477,870
Unrestricted
funds
2023
£
773,711
(4,099)
769,612
Unrestricted
funds
2022
£
601,351
(2,100)
599,251		 Expenditure
£
(350,000)
-
(350,000)
Restricted
funds
2023
£
134,750
-
134,750
Restricted
funds
2022
£
389,500
-
389,500		 Balance at
31 August
2022
£
599,251
389,500
988,751
Total
funds
2023
£
908,461
(4,099)
904,362
Total
funds
2022
£
990,851
(2,100)
988,751

Page 15

SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Related party transactions

At the year end, included in debtors is a balance of £731,076 (2022: £816,759) owed from Sir William Borlase's Grammar School, an Academy within Marlow Education Trust where the Trustees collectively control the Charity.

15. Controlling party

The Charity is under the collective control of the Trustees of Marlow Education Trust which is a Multi Academy Trust including Sir William Borlase's Grammar School.

Page 16