REGISTERED CHARITY NUMBER: 1106076
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 FOR
THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Contents of the Financial Statements for the year ended 31 August 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Report of the Trustees for the year ended 31 August 2021
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. The financial statements have been prepared in accordance with the applicable law and United Kingdom Account Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 Charities SORP.
Reference and administrative details Registered Charity number 1106076
Principal address
Rickmansworth Park Rickmansworth Hertfordshire WD3 4HF
Trustees
P Dyke J Brewer – Resigned 11 March 2022 S Staite J Knopp 7 December 2021 (d)
Independent examiner
Shivani Kothari Chartered Accountant Devonshire House 60 Goswell Road London EC1M 7AD
Investment Manager
Investec Wealth & Investment Ltd 2 Gresham Street London EC2V 7QN
Structure, Governance and Management Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Objectives and Activities Objectives and aims
The object of the charity is the advancement of education by the establishment of a fund to provide bursaries for the benefit of any pupil, former pupil and/or potential pupil of the School who in the opinion of the Trustees requires financial assistance to assist in the furtherance or completion of their education.
Achievement and Performance
Charitable activities
The Bursary Fund paid £31,664 (2020: £54,408) of School bursaries during the year to pupils of the school.
Page 1
THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Report of the Trustees for the year ended 31 August 2021 (continued)
Financial review
Reserves policy
The charity produces regular budgets, management accounts and forecasts to ensure that it has sufficient reserves to continue to operate. Currently reserves are at a level of £1,110,981 (2020: £897,801), which is deemed adequate to support the charity for the foreseeable future.
Public Benefit
The Trustee s have complied with the duty in section 17 of the Charities Act 2011 to have due regard for the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit.’, including the guidance ‘Public Benefit: Running a Charity (PB2)’.
The Trustees are responsible for preparing the Trustee’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting standard (United Kingdom Generally Accepted Accounting Practice.) The law applicable to charities in England & Wales required the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles on the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that 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. They ae also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 30 March 2022
............................................. P Dyke - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
I report on the accounts for the year ended 31 August 2021 which comprise the Statement of Financial Activities, Balance Sheet and related notes set out on pages four to nine.
Respective responsibilities of trustees and examiner
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
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:
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Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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The accounts do not accord with those records; or
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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.
Shivani Kothari Independent Examiner For and on behalf of Moore Kingston Smith LLP
Devonshire House 60 Goswell Road London EC1M 7AD
Date: ............................................. 1 April 2022
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THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Statement of Financial Activities for the year ended 31 August 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Total | Total | ||
| Unrestricted | Unrestricted | ||
| funds | Funds | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations from: | |||
| Donations received | 82,770 | 108,460 | |
| Investment income | 2 | 12,700 | 16,268 |
| Total | 95,470 | 124,728 | |
| Expenditure on: | |||
| Raising funds: | |||
| Investment manager fees | 4,024 | 3,547 | |
| Charitable activities | 34,159 | 57,382 | |
| Total | 38,183 | 60,929 | |
| Net gains on investments | 155,893 | 27,596 | |
| **Net movement in funds 8 ** | 213,180 | 91,395 | |
| Total Unrestricted funds at 31 August 2020 | 897,801 | 806,406 | |
| Total Unrestricted funds at 31 August 2021 | 1,110,981 | 897,801 |
All gains and losses arising in the period are included in the Statement of Financial Activities and arise from continuing operations.
The notes on pages 6 to 9 form part of the financial statements.
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] THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Balance Sheet at 31 August 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Total funds | Total funds | ||
| Notes | £ | £ | |
| Fixed assets | |||
| Investments | 5 | 928,633 | 776,764 |
| Current Assets | |||
| Debtors | 6 | 19,530 | - |
| Cash at bank | 165,313 | 138,842 | |
| 184,843 | 138,842 | ||
| Creditors | |||
| Amounts falling due within one year | 7 | (2,495) | (17,805) |
| Net current assets | 182,348 | 121,037 | |
| Total assets less current liabilities | 1,110,981 | 897,801 | |
| Net assets | 1,110,981 | 897,801 | |
| Funds | |||
| Unrestricted funds | 1,110,981 | 897,801 | |
| Total funds | 1,110,981 | 897,801 |
The notes on pages 6 to 9 form part of the financial statements.
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its 30 March 2022 behalf by:
............................................. P Dyke -Trustee
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THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Notes to the financial statements for the year ended 31 August 2021
1. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1. The Charity is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The principle accounting policies adopted in the preparation of the financial statements are set out below.
Going Concern Basis
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable entity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charitable entity’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable entity has adequate resources to continue in operational existence for the foreseeable future. The charitable entity therefore continues to adopt the going concern basis in preparing its financial statements.
The Trustees have reviewed any possible impacts to the going concern of the Bursary Fund as a result of COVID 19, and are not aware of any factors that would affect the going concern of the charity.
Incoming resources
Income is credited to the Statement of Financial Activities on an accruals basis when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
The unrestricted funds consists of those funds which the charity may use in furtherance of its charitable objectives at the discretion of the Trustees.
Cash and Cash Equivalents
Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.
Investments
Investments are stated as market value, the aggregate of and realised or unrealised gains or losses being recognised in the Statement of Financial Activities.
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THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Notes to the financial statements for the year ended 31 August 2021 (continued)
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no critical accounting estimates and judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
2. Investment income
| Other fixed asset investments - FII Other fixed asset investments - UnFII 3. Bursaries Bursaries Governance costs (see below) Governance costs Accounting fees (independent examination) |
2021 £ 1,770 10,930 12,700 2021 £ 31,664 2,495 34,159 2021 £ 2,495 2,495 |
2020 £ 2,763 13,505 |
|---|---|---|
| 16,268 | ||
| 2020 £ 54,408 2,974 |
||
| 57,382 | ||
| 2020 £ 2,974 |
||
| 2,974 |
4. Employees
The charity has no employees (2020:none).
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THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
5. Fixed asset investments
| Market Value At 1 September 2020 Additions Disposals Revaluations Cash At 31 August 2021 Debtors: Amounts falling due within one year The Royal Masonic School for Girls Other Debtors Historical cost of investments |
Listed investments 2021 £ Listed investments 2020 £ 744,961 729,183 143,821 86,794 (147,843) (98,612) 155,534 27,596 896,473 744,961 32,160 31,803 928,633 776,764 2021 2020 £ £ 15,559 3,971 - 19,530 - 2021 2020 £ £ 637,483 601,439 |
Listed investments 2021 £ Listed investments 2020 £ 744,961 729,183 143,821 86,794 (147,843) (98,612) 155,534 27,596 896,473 744,961 32,160 31,803 928,633 776,764 2021 2020 £ £ 15,559 3,971 - 19,530 - 2021 2020 £ £ 637,483 601,439 |
Listed investments 2021 £ Listed investments 2020 £ 744,961 729,183 143,821 86,794 (147,843) (98,612) 155,534 27,596 896,473 744,961 32,160 31,803 928,633 776,764 2021 2020 £ £ 15,559 3,971 - 19,530 - 2021 2020 £ £ 637,483 601,439 |
Listed investments 2021 £ Listed investments 2020 £ 744,961 729,183 143,821 86,794 (147,843) (98,612) 155,534 27,596 896,473 744,961 32,160 31,803 928,633 776,764 2021 2020 £ £ 15,559 3,971 - 19,530 - 2021 2020 £ £ 637,483 601,439 |
Listed investments 2021 £ Listed investments 2020 £ 744,961 729,183 143,821 86,794 (147,843) (98,612) 155,534 27,596 896,473 744,961 32,160 31,803 928,633 776,764 2021 2020 £ £ 15,559 3,971 - 19,530 - 2021 2020 £ £ 637,483 601,439 |
Listed investments 2021 £ Listed investments 2020 £ 744,961 729,183 143,821 86,794 (147,843) (98,612) 155,534 27,596 896,473 744,961 32,160 31,803 928,633 776,764 2021 2020 £ £ 15,559 3,971 - 19,530 - 2021 2020 £ £ 637,483 601,439 |
|---|---|---|---|---|---|---|
| 2020 £ - |
||||||
| 19,530 | - |
6. Debtors: Amounts falling due within one year
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THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
7. Creditors: Amount falling within due within one year
| The Royal Masonic School For Girls Other creditors |
2021 £ - 2,495 2,495 |
2020 £ 14,889 2,916 |
|---|---|---|
| 17,805 |
8. Movement in Funds
| Brought forward funds 897,801 |
Income 95,470 |
Expenditure (38,183) |
Gains on investment 155,893 |
Carried forward Funds |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,110,981 | |||||||||||||
| Total Funds | **897,801 ** | **95,470 ** | **(38,183) ** | **155,893 ** | **1,110,981 ** |
9. Related party transactions
During the year a donation of £2,500 (2020: £5,500) was received from the Masonic Charitable Foundation, of which trustee J Knopp also sits on the Board of. No trustees received remuneration or reimbursed expenses during the year (2020: nil).
10. Financial and Capital Commitments.
The charity has no outstanding financial or capital commitments.
11. Ultimate Controlling Party
The charity is a subsidiary undertaking of The Royal Masonic School for Girls (charity number 276784), a charitable company incorporated in England and Wales (company number 01339867), but way of its shared Trustees. The registered address of the charitable company is Rickmansworth Park, Rickmansworth, Hertfordshire, WD3 4HF.
The charity has taken advantage of the exemption under FRS 102 of disclosing any related party transactions with its parent.
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THE ROYAL MASONIC SCHOOL FOR GIRLS BURSARY FUND
Detailed Statement of Financial Activities for the year ended 31 August 2021
| Income from: Donations from Donations Gift aid Investment income Investment income - FII Investment income - UnFII Total income Expenditure on: Charitable activities Grants to individuals Governance costs Accountancy Investment management fees Total expenditure Net income before gains and losses Gains of investment Gains on fixed asset investments Net income |
2021 £ 71,628 11,142 82,770 1,770 10,930 12,700 95,470 31,664 31,664 2,495 4,024 38,183 57,287 155,893 213,180 |
2020 £ 108,460 - 108,460 2,763 13,505 16,268 106,858 54,408 54,408 2,974 3,543 60,925 45,933 45,462 91,395 |
|---|---|---|
Page 10 This does not form part of the statutory financial statements