Charlty number: 1096750 SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND CONTENTS Page Refarance and Administrative Details of the Charlty, Its Trustees and Advlsers Trustees, Report Independent Examinerfs Report statement of Flnanclal Activities Balance Sheat 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 2024 Trustees Mr l Duguid (resigned 26 March 2024) Mr A Handford Dr P Holding (resigned 26 April 2024) Mr R Krajevtski (resigned 25 March 2024) Mrs C Redcliffe (resigned 20 September 2023) Miss S Cooper, Chair {appointed 24 March 2024) Charity reglstered number 1096750 Principal office West street Marfow Buckinghamshire SL7 2BR Accountants Carina Ralfs MHA Chartered Accountants Building 4 Foundation Park Roxborough Way Maidenhead SL6 3UD Bankers Lloyds TSB Bank plc Marlow SL7 1AJ
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2023 to 31 August 2024. The Trustees confirm that the Annual Report and financial slatements 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 objectiyes The Trust Fund has been established to aid in the advancement of education at Sir William 8orlase'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 (PB21'. Achlevements 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 financigl 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 tnake investments as they see fit. The Trustees do not Gurrently 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 7 and 8 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 aFlopt 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. 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 £360,825 (2023: £769,612). A number of large infrastructure projects were planned for the academy 400th anniversary in 2024 and Trustees used reserves to support building projects for which the fundraising has been collected.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Financial position The year to 31 August 2024 produced an overall deficit of £543,537 (2023: overall deficit of £84,389). Incoming resources were £200,354 (2023.. £310,351) and resources expended to support capital projects at Sir William Borlase's Grammar School were £743,891 (2023: £392,740). 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. Structure, governance and management Constitution The principal object of the charity is to advance the education of pupils by providing and assisling in the provision of facilities to the school curriculum and environment not normally met from DfE funding including in such areas as sports and performing arts. Sir William Borlase's Grammar School Fund is an unincorporaled Trust Fund which was registered as a charity in the United Kingdom on 28 March 2003 under number 1096750. The Declaration of Trust Deed govems the activities of the charitable trust. Its adm inistration 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. Methods of appointment or election of Trustees The managemenl 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. Trustees The Trustees who served during the year are shown on page 1. The Board of Trustees comprises a number of 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 vision.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 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 which give a true and fair view of the state of affairs of the Charity and of its incoming resources and applicalion of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., 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 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the Charity will continue in business. 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 16 June 2025 and signed on their behalf by: Miss S Cooper
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independent Examiner's Report to the Trustees of Sir William Borlase's Grammar School Fund ('the Charit) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparalion 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 14515)(bl of the 2011 Act. Independent Examinerfs Statement 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. l 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 confimi 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 accounts do not accord with those records., or 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 fairt 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 lo enable a proper understanding of the accounts to be reached.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 This report is made solely to the Charitvs 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 stste to the Charitys Trustees those matters l am required to stste 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 thafj the Charity and the Charitys Trustees as a body. for my work or for this report. Signed: Dated.. 17 June 2025 Carina Ralfs Msci (Hons) PhD FCA MHA Building 4 Foundation Park Roxborough Way Maidenhead SL6 3UD
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments 120,696 14,971 95 64,592 185,288 14,971 95 310,198 153 Total income 135,762 64,592 200,354 310,351 Expenditure on: Charitable activities 544,549 199,342 743,891 394, 740 Total expenditure 544,549 199,342 743,891 394, 740 Net movement in funds (408,787) (134,750) (543,537) (84,389) Reconciliation of funds: Total funds brought forward Net movement in funds 769,612 (408,787) 134,750 (134,750) 904.362 (543,537> 988, 751 (84, 389) Total funds carried foNard 360,825 360,825 904, 362 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 16 fonn part of these financial statements.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Current assets Debtors Cash at bank and in hand 10 178,338 182,487 731,076 177,385 360.825 908,461 Creditors.. amounts falling due within one year (4,099) Net current assets 360,825 904,362 Total assets less current liabilities 360,825 904,362 Net assets excluding pension a?set 360.825 904.362 Total net assets 360,825 904,362 Charity funds Restricted funds 13 134, 750 769,612 Unrestricted funds 13 360,825 Total funds 360,825 904,362 The financial statements were approved and authorised for issue by the Trustees on 16 June 2025 and signed on their behalf by- Miss S Cooper The notes on pages 9 to 16 form part of these financial statements.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 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. 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 Practi 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 1021 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 fairf 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 fulure and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue lo adopt the going concern basis of accounting in preparing the financial statements. 2.3 Income All income is recognised once the Charity has enlitlement 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.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or construclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are m9de up of the total of direct costs and shared costs, including support oosts 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 inlerest paid or payable by the institulion 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 dale 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. 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. 2.10 Property The Charity does not own any propety in its own right but school premises are used for fund raising activities. No amount is included in Ihe Statement of Financial Activities for the value of this donated resource to the Charity. 10
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees 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. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations 120,696 64,592 185,288 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations 172, 208 137,990 310,198 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities 14,971 14,971
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investmenl income Unreslricted funds 2024 Totsl funds 2024 Tot81 funds 2Q23 Interest receivable 95 95 153 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Direct costs 544,549 199.342 743,891 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Direct costs 2,000 392, 740 394, 740 Analysis of expenditure by activiti•s A¢tiviti•s undertaken directly 2024 Total funds 2024 Total funds 2023 Direct costs 743,891 743,891 394, 740 Total 2023 394, 740 394, 740 12
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Independent examiner's remuneration 2024 2023 Fees payable to the Charitys independent examiner for the independent examination of the Charitvs annual accounts Fees payable to the Charitys independent examiner in respect of= Accountancy assistance 2.090 2, 000 975 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL). 10. Debtors 2024 2023 Due withln one year Due from Sir William Borlase's Grammar School (Marlow Education Trust) 178,338 731,076 178,338 731,076 11. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 4, Q99 12. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 182,487 177,385 Financial assets measured at fair value through income and expenditure comprise cash at bank.
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds Statemènt of funds - current year Balance at 1 September 2023 Balance at 31 August 2Q24 Income Expenditure Unrestrictad funds General funds 769,612 135,762 (544,549) 360,825 Restricted funds Phase 2 134,750 44,592 20.000 (179,342) (20,000) Refectory 134,750 64,592 (199.342) Total of funds 904,362 200,354 (743.891) 360,825 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 seNing 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. 14
SIRWILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds (continued) statement of funds - prior year Balance at 1 September 2022 Balance al 31 Augusl 2023 Income Expenditure Unrestricted funds General funds 599,251 172.361 (2, 000) 769,6t2 Restricted funds Phase 2 389, 500 137,990 (392, 740) 134,750 Total of funds 988, 751 310,351 (394, 740) 904, 362 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets 360,825 360,825 Total 360,825 360,825 Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Current assets Creditors due within one year 773,711 (4, 099) 134, 750 908,461 (4,099J 134, 750 904,362 Total 769,612 15
SIR WILLIAM BORLASE'S GRAMMAR SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Related party transactions At the year end. included in debtors is a balance of £173.338 (2023: £731,076) owed from Sir William Borlase's Grammar School, an Acaderny within Marlow Education Trust where the Trustees collectively control the Charity. 16. 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.