BRGS FUNDRAISING TRUST BRGS FUNDRAISING TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charity Number: 1096838
BRGS FUNDRAISING TRUST INDEX Page Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Statement of Cash Flows 10 Notes to the Financial Statements
BRGS FUNDRAISING TRUST BRGS Fundraising Trusfs objective, in the Borough of Rossendale. is to promote education and, in particular, to provide financial assistance towards the maintenance and development of Bacup and Rawtenstall Grammar School for the beneflt of its students. Trustees. Report The trustees are pleased to present their Report and financial statements for the BRGS Fundraising Trust for the year ended 31 August 2024. Annual Review 2023-24 This year has seen a significant donation of £300kfrom the estate of an ex-alumni. In addition, smaller contributions are from the parents of current students and alumni support with monthly or one-off donations to the school. The Trust fvnd also benefits from monthly dividend interest payments from investments. Aims 2024-25 The Trustees continue to review how the BRGS Fundraising Trust can best meet rts Objects of providing assistance towards the maintenance and development of BRGS, and providing scholarships, bursaries and prizes to pupi18 and former pupils of the school. Reference and administrative infonnation The BRGS Fundraising Trust is registered with the CharY Commission under registration number 1096838. The registered address for the Trust is: Bacup and Rawtenstall Grammar School Glen Road Waterfoot Rossendale Lancashire BB4 7BJ.
BRGS FUNDRAISING TRUST Trustees. Report (continued) Details of the BRGS Fundraising Trust's trustees and others supporting the Trust are listed below: David Cain - Trustee James Johnstone - Chaimian of the Trust, Principal & School Govemor Peter Tery - Trustee & Vice Chair of the BRGS Goveming Body Donna Rawding - Trustee & Chair of the BRGS Goveming Body Malcolm white - Trustee Suzanne Taggart - School Business Manager The trustees consider that they comprise the key management personnel of the Twst. Bank.. Natwest plc 28 Bank Street Rawtenstall Rossendale BB4 8TS Mark Sunter FCA: Ainsworths Ltd Charter House Stansfield Street Nelson BB9 9XY Charity law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of BRGS Fundraising Trust and of the income and expenditure of the Trust for that year. In preparing these financial statements the trustees are required to: Select suitable accounting policies and apply them consistently Make judgements and estimates that are reasonable and prudent Follow applicable accounting standards, disclosing and explaining any departures in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of BRGS Fundraising Trust and enable them to ensure that the financial ststements comply with relevant law. They are also responsible for safeguarding the assets of the Trust and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
BRGS FUNDRAISING TRUST Trustees, Report (continued) Structurei governance and management BRGS Fundraising Trust is govemed by its Declaration of Trust dated 30 March 2001, amended by a resolution dated 41h November 2016, and is registered as a charity with the Charity Commission. Vvhen complete it comprises of 7 persons being: 3 ex-officio trustee(s) - Headteacher, Chair of Govemors and Chair of the Finance sub commrttee 2 nominated trustee(s); and 2 co-opted trustee(s). Each appointment shall be for a term of 4 or 5 years depending on whether nominated or co- opted. Trustees are sought through recommendation from existing trustees and supporters. Potential trustees would be interviewed before being proposed as a trustee and all new trustees would be required to undertake an induction programme and undergo a structured introduction to the operation of the charity. Full Board of Trustee meetings are held annually and agree major areas of policy, review performance and decide forthcoming key obj'ectives. Presentations made during the school's governing body meetings keep BRGS Fundraising Trust trustees infonned about the work of the charity and about latest developments in the charity sector Principal risks The principal risks facing the Trust are". Changes in the economic climate reducing the capacity of parents and alumni to make donations: Failure to identrfy projects that appeal to donors: Donor perception of a conflict of interest between the trustees and the govemors of the school. BRGS Fundraising Trust has a risk management policy to ensure that there is ownership of risks, that risks and prosseS are assessed on a regular basis and suitable countenneasures are implemented. The key risks identified for the BRGS Fundraising Trust have been recorded in a document titled 'Risk Assessment for Fundraising Development,. This details the scope of each risk and action taken to mitigate that risk. Objectlves BRGS Fundraising Trust's first objective is to promote education and, in particular, to provide financial assistance towards the maintenance and development of Bacup and Rawtenstall Grammar School for the benefft of its students and the local community. The Fundraising Trust's Second objective is Ihe creation of scholarships. bursaries or prizes to be awarded to pupils, and former pupils, of Bacup and Rawtenstall Grammar School.. Public benefit The trustees have had regard to the Charity Commission's guidance regarding public benefit and consider the Trust meets the Charity Commission's public benefit criteria under the heading of advancement of education.
BRGS FUNDRAISING TRUST Trustees, Report (continued) Achievements9 perlonnance and future plans Achievements for the period in meeting our objectives and future plans are set out in the Annual Review. Fundraising activitles and financial revlew Total income stood at £315,318. These funds were generated through the generosity of friends of the school through monthly and single gits and also a significant donation from the estate of an ex-alumni towards the BRGS Fundraising Trust. Reserves BRGS Fundraising Trust holds funds in anlicipation of supporting capital projects to be undertaken by the school. Funds are transferred whenever required from the Fundraising Trust to the BRGS school account to fund major school development projects as well as any projects that may be identified from the Annual Fund. The Trust held revenue fund balanS at 31 August 2024 of £536,380. Trustees plan to utilise these funds in line with the charitable objects of the Trust. Invesknent powers and perfomiance Investments a held in cash funds in a high interest account. Pensions BRGS Fundraising Trust does not operate a pension scheme. Peter Terry Trustee, BRGS Fundraising Trust Date:111h December 2024 We should like to thank everyone who has helped BRGS Fundraising Trust by donating both their time and their money. Your support has enabled us to strive towards providing the best possible teaching and learning environment for students at BRGS. Thank you.
BRGS FUNDRAISING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRGS FUNDRAISING TRUST I report on the financial statements of BRGS Fundraising Trust for the year ended 31 August 2024, which are set out on pages g to 17. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the financial statements. The charrty's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the financial statements under section 145 of the 2011 Act; ft)Ilow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act-, and state whether particular matters have come to my attention. This report, including my statement, has been prepared for and only for the charty's trustees as a body. My work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an independent examinerfs 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 charty and the charity's trustees as a body for my examination work, for this report, or for the statements I have made. Basis of independent examinerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a Irue and fair view, and the report is limited to those matters set out in the statement below.
BRGS FUNDRAISING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRGS FUNDRAISING TRUST {¢ontinued) Independent examinerfs statement Since the Trust's gross income exceeded £250,000 the examiner must be a member of a body listed in section 145 of the 2011 Act. I confim that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies In connection with my examination, which is complete. no matters have come to my attention which give me reasonable cause to believe that in any malerial respect: accounting records were not kept in respect of BRGS Fundraising Trust in accordance with 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 fomi 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 fairf view which is not a matter considered as part of an independent examination. I have no GOnrn$ and have come across no othermatters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Reporting Accountant Mark Sunter FCA Ainsworths Ltd Charter House Stansfield Street Nelson BB9 gxy
BRGS FUNDRAISING TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Funds 2024 Total Funds 2024 Total Funds 2023 Notes Income and endowments from: Donations and legaaes 309.733 309,733 3,111 Investments Total 315318 315 318 Expenditure on: Raising funds Charitable activities 796 Total 796 Net income 10 315,311 315,311 4,252 Total fvnds brought forward at 1 September 2023 221,069 221.069 216,817 Total funds carried forward at 31 August 2024 536,380 536,380 221,069 The charity's income and expenditure are all unrestricted and all relate to continuing operations during the two financial periods. The Gharity has no recognised gains or losses other than the above. The notes on pages 11 to 16 fonn part of these financial statements.
BRGS FUNDRAISING TRUST BALANCE SHEEr AS AT 31 AUGUST 2024 Charlty number: 01096838 Notes 2024 2023 CURRENT ASSETS Debtors 588 588 Cash at bank and in hand 537 137 221,826 537,725 222,414 Creditors: Amounts due within one year 1,345 NET CURRENT ASSErs 536 380 221,069 TOTAL ASSETS LESS CURRENT LIABILrfiES 536,380 221,069 NET ASSErs 536.380 221,069 FUNDS Unre8tricted funds 10 536.380 TOTAL FUNDS 10 536,380 221,069 The notes on pages 11 to 16 fomi part of these financial statements. The financial statements were approved by the Trustees on behalf by and signed on their Peter Tery Trustee, BRGS Fundraising Trust
BRGS FUNDRAISING TRUST STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2024 Notes 2024 2023 Cash flow from operating activities Net cash provided by operating activities 11 309,726 3,842 Cash flows from investing activities Interest received 5.585 1,937 Change in cash and Gash equivalents In the reporting period 315.311 5,779 Cash and cash equivalents at 1 September 2022 221,826 216,047 Cash and cash equivalents at 31 August 2023 537,137 221,826 The notes on pages 11 to 16 form part of these financial statements.
BRGS FUNDRAISING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Goneral Infomiation BRGS Fundraising Trust (Ihe charity,) is a charity registered in England and Wales. The address of its registered office is: Bacup and Rawtenstall Grammar School Glen Road Waterfoot Rossendale Lancashire BB4 7BJ. The principal purpose of the charty, in the Borough of Rossendale, is to promote education and, in particular, to provide financial assistan towards the maintenance and development of Bacup and Rawtenstall Grammar School for the benefit of its students. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. Basls of Preparation The financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the 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) (Charities SORP (FRS 102)), and the Charities Act 2011. A summary of the principal accounting policies, which have been applied consistently, except where noted, is set out below. BRGS Fundraising Trust meets the definition of a public benefit entity under FRS 102.
BRGS FUNDRAISING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES {continued) Going Concern The charity's activities. its perfomiance and financial position are set out in the Trustees, Report on pages 2 to 5. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fvture. They, therefore, continue to adopt the going concem basis of accounting in preparing the financial statements. The trustees consider there are no material UnrtaIntieS about the charity's ability to continue in operational existen for the foreseeable future, being a period of not less than 12 months from the date of signature of these financial ststements. Income All income is recognised when the charity has entitlement to the funds, the receipt is probable and the amount can be measured reliably. Donations are recognised on a receivable basis where the receipt is probable and the amount can be reliably measured. Income is deferred only when the charity has to fulfil future services and obligations. Expendlture Expenditure is included in the Statement of Financial Activities on an accruals basis. Costs of raising funds are those costs incurred in attracting voluntary income. Charitable activities are those costs directly relating to the Trust's charitable objectives, primarily grants to Bacup and Rawtenstall Grammar School. Governance costs are those costs incurred relating to statutory requirements. Interest Receivable Interest receivable is recognised in the year it is receivable. Debtors Short term debtors are recognised on amounts invoiced but not yet paid, together with payments in advance. Cash at Bank and in Hand Cash at bank and cash in hand includes cash and short tenn 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.
BRGS FUNDRAISING TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2024 AccouKfiNG POLICIES (continued) Liabilities 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 goods or servi8 it must provide. 1.10 Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. 1.11 Taxation The Trust is exempt from tax on its charitable a¢tNities. 1.12 Fund Accounting General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subject to specific restrictrve conditions imposed by donors. The purpose and use of any restricted funds are set out in the notes to the financial statements. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for reserves and expenses during the year. However, the nature of the estimation means that the actual outcomes could differ from the estimates. The trustees believe that there are no critical accounting policies where judgements or estimates are necessarily applied. DONATIONS AND LEGACIES Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Donations 309,733 309.733
BRGS FUNDRAISING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INVESTMENT INCOME Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Short term deposit interest 5,585 1,937 CHARITABLE ACTIVITIES Total 2024 Total 2023 Govemance costs 796 796 BRGS refers to Bacup and Rawtenstsll Grammar School. EXPENDITURE Expenditure for the year ended 31 August 2024 is as follows: Other direct costs Other allocated costs Staff costs Total 2024 Expenditure on raising funds Charitable activities: Allocated support costs Expenditure for the year ended 31 August 2023 is as follows.. Other direct costs Other allocated costs Staff costs Total 2023 Expenditure on raising funds Charitable activities: Allocated support costs 796 796 796 796
BRGS FUNDRAISING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE (continued) The key management of the trust comprises the Trustees. None of the Trustees received any remuneration or reimbursed expenses in either period. BRGS refers to Bacup and Rawtenstall Grammar School. Net income for the year is after charging: 2024 2023 Fees payable for independent examination: Independent examination fee 750 750 DEBTORS 2024 2023 Other debtors 588 588 ANALYSIS OF CASH 2024 2023 Cash in hand and at bank 221,826 No amounts were held on deposit in either period. CREDITORS (AMOUNTS DUE THIN ONE YEAR) 2024 2023 Amounts owed to connected paty Accruals 595 750 595 750 1,345
BRGS FUNDRAISING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10 MOVEMENT IN FUNDS At1 September 2023 At31 August 2024 Income Expenditure Unrestricted Funds: General funds 221,069 315,318 Total Funds 221,069 315,318 11 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movement in funds Adjusted for: Interest receivable Decreasel(increase) in debtors Increasel(decrease) in creditors 315,311 4,252 (5,585) (1,937) 739 788 Net cashflows from operating activrties 309 726 3,842 There were no cash flows from financing activtties in either period. 12 RELATED PARTY TRANSACTIONS Related party transactions which took place in the year were solely in relation to donations from Trustees. The aggregate value of these donats'ons for the year ended 31 August 2024 were £600 (2023- £600). Two of the BRGS Fundraising Trust Trustees are Governors of Bacup and Rawtenstall Grammar School.