BG SCHOOL FUND
Charity no. 1107856
BG SCHOOL FUND
Annual Report and Accounts
Year ended 31 March 2023 Charity no: 1107856
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BG SCHOOL FUND
Charity no. 1107856
Contents |
|
|---|---|
Reference, legal and administrative information |
3 |
| Trustees’ Annual Report | 4 – 5 |
| Trustees' responsibilities statement | 6 |
| Independent Examiner’s report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes forming part of the accounts | 10 – 13 |
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BG SCHOOL FUND
Charity no. 1107856
Reference, legal and administrative information
| Trustees |
Philip Carter | Chair |
|---|---|---|
| Harry Forbes | Secretary | |
| Neil Sills | Treasurer | |
| Principal address |
Bishop Gilpin Primary | School |
| Lake Road | ||
| London | ||
| SW19 7EP | ||
| Independent Examiner | Juraj Pekar | |
| 48 Maxwell Road | ||
| Beaconsfield | ||
| HP9 1QZ | ||
| Bankers |
CAF Bank | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent | ||
| ME19 4TA | ||
| NatWest | ||
| 5 Market Place | ||
| Kingston upon Thames | ||
| Surrey | ||
| KT1 1JX |
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BG SCHOOL FUND
Charity no. 1107856
Trustees’ Annual Report for the year ended 31 March 2023
The trustees of the charity present their annual report and the accounts for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note note1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Structure, governance and management
The charity is an unincorporated charity and was set up as a trust. It is governed by a constitution dated 5 October 2004. The charity was registered with the Charity Commission on 31 January 2005.
The legal and administrative information set out on page 3 forms part of this report.
The trustees who served the charity during the year were as follows:
Philip Carter Chair (resigned as secretary, appointed chair on 16 February 2023) Harry Forbes Secretary (appointed on 16 February 2023) Neil Sills Treasurer Tim Naughton Chair (resigned on 16 February 2023)
The board of trustees administers the charity. The board normally meets quarterly covering development and finance. They neither received nor waived any emoluments and expenses during the year (2022: £Nil).
The trustees are appointed at a General Meeting or by other Trustees. In selecting individuals for appointment as charity trustees, the charity trustees will have regard to the skills, knowledge and experience needed for the effective administration of the charity. The charity trustees will make available to each new charity trustee, on or before his or her first appointment a copy of the current version of the constitution and a copy of the latest Trustees' Annual Report and accounts.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.
Objectives and activities
The BG School Fund is a registered charity. Its objective is to advance the education of the pupils of Bishop Gilpin Church of England Primary School by providing and assisting in the provision of facilities and other resources which support and enhance the aims of the school.
Its primary activities are raising funds through voluntary donations from parents that are then used to enhance the provision of education at the school.
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BG SCHOOL FUND
Charity no. 1107856
As the school is a voluntary aided (VA) church school, the Governors, together with the Diocese of Southwark, are responsible for the maintenance of the school buildings. In short, this means that the school itself must self-fund some of its capital and maintenance expenditure. The BG School Fund was established to meet this responsibility. Any spare funds are used to enhance the children’s general learning environment in line with the school’s development plan.
Governors have no line of income with which to fulfil their responsibilities in connection with the maintenance of the school buildings. If the financial obligations cannot be met by the BG School Fund, then the work cannot be done. The provision by parents of these funds is their contribution to the on-going commitment of the living church. Our predecessors raised monies to found and build the original school within the parish. The job for today’s school community is to keep it in good repair when and where necessary for the benefit of the children, staff and indeed the parents themselves.
The governing body of a VA school has a statutory liability to pay 10% on any capital building works using LCVAP (LA Co-ordinated Voluntary Aided Programme) or Devolved Formula Capital (DFC) Grant. Each year, the BG School Fund pays a fixed sum into the EPMS (Southwark Diocese External Periodic Maintenance scheme), which helps to fund the 10% contribution the school has to pay on maintenance works. Any money left in the BG School Fund after the contribution to the Maintenance Scheme and the payment of 10% towards the cost of any other capital projects for which the school receives funding is used for other school improvements to advance the education of the pupils in line with the school’s objectives.
Financial review
The charity had net income of £24,809 in the year (2022: net income of £5,084). The largest outgoings for the year were to support building maintenance initiatives along with the annual Southwalk Diocese Board of Education (SDBE) maintenance scheme contribution.
At 31 March 2023 the total charity’s reserve was £78,821 (2022: £54,012). The BG School Fund has sufficient reserves to meet future commitments. The Fund intends to make a contribution to accessibility projects in the year ahead.
Public benefit statement
The main public benefit aims of the School Fund is encapsulated in its objectives – namely to support and enhance the education of children at Bishop Gilpin School and to support the school’s capital projects which will enrich the learning environment of pupils at the school.
Independent Examiner and Auditor
The fund does not have the gross annual income or the gross assets to require a mandatory audit in accordance with the guidance provided by the Charities Commission. The Trustees have appointed an independent examiner (Juraj Pekar) to review the annual accounts.
The Board approved this report on 16[th] June 2023.
……………. Neil Sills Treasurer
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BG SCHOOL FUND
Charity no. 1107856
Trustees' responsibilities statement
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, 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 in 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 accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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.
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BG SCHOOL FUND
Charity no. 1107856
Independent Examiner’s Report to the Trustees of BG School Fund
I report to the trustees on my examination of the accounts of BG School Fund for the year ended 31[st] March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust, 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 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 material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Act; or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
This report was signed on 16[th] June 2023.
……………. Juraj Pekar Chartered Accountant 48 Maxwell Road Beaconsfield HP9 1QZ
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BG SCHOOL FUND
Charity no. 1107856
Statement of Financial Activities for the year ended 31 March 2023
2023 Unrestricted funds Notes £ Income from: Donations and legacies 2 43,421 Prior Year Accrued Income True-Up - Bank interest 449 __ 43,870 Expenditure on: _ Charitable activities 3 (19,061) (19,061) Net incoming /(outgoing) for the year 24,809 Reconciliation of funds: Fund Balance at 1 April 2022 / 2021 54,012 __ Fund Balance at 31 March 2023 / 2022 8 78,821 |
2022 £ 35,453 22 7 __ 35,482 _ (30,398) (30,398) 5,084 48,928 __ 54,012 |
|---|---|
All activities relate to continuing operations and unrestricted funds. There are no recognised gains and losses in the current and previous year.
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BG SCHOOL FUND
Charity no. 1107856
Balance Sheet as at 31 March 2023
| Notes Current assets: Accrued income from Gift Aid 6 Cash at bank Creditors 7 Net assets The funds of the charity: Unrestricted general fund Total charity fund 8 |
2023 2022 £ £ - - 78,821 54,012 - - _ 78,821 54,012 __ 78,821 54,012 _ ___ 78,821 54,012 |
|---|---|
The financial statements were approved by trustees on 16[th] June 2023 and signed on their behalf by:
Neil Sills Treasurer
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BG SCHOOL FUND
Charity no. 1107856
Notes forming part of the accounts for the year ended 31 March 2023
1 Accounting policies
Charity information
The charity, also known as “BG School Fund", is an unincorporated charity. It is governed by a constitution dated 5 October 2004. The charity was registered with the Charity Commission on 31 January 2005. The registered office is Bishop Gilpin Primary School Lake Road, London SW19 7EP.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 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.
1.4 Incoming resources
Donations and gift aid tax reclaims from HR Revenue and Customs are recorded on a cash receipt basis.
No amounts are included in the accounts for services donated by volunteer.
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BG SCHOOL FUND
Charity no. 1107856
1.5 Resources expended
Resources expended are included in the Statement of Financial Activities in the year in which they are incurred, inclusive of any VAT which cannot be recovered.
Support costs represent those costs incurred through the administration of the charity’s activities in furtherance of the charity’s principal objective.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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BG SCHOOL FUND
Charity no. 1107856
Notes forming part of the accounts for the year ended 31 March 2023
2 Donations
Donations from Friends Gift Aid Received Unrestricted funds |
2023 £ 33,439 9,982 ______ 43,421 |
2022 £ 33,483 1,970 ______ 35,453 |
|---|---|---|
3 Charitable Activities
| SDBE Maintenance Scheme Building Refurbishment ICT Spend Eco Council Other Unrestricted funds |
2023 £ 10,787 5,286 2,916 - 72 _____ 19,061 |
2022 £ 9,684 1,093 18,634 891 96 _____ 30,398 |
|---|---|---|
4 Trustee
None of the trustee (or any persons connected with them) received any remuneration or benefits from the charity during the year.
5 Employees
There were no employees during the year.
6 Current Assets
The Fund’s accounting policy changed in 2022 to recognise gift aid receipts on a cash receipt basis as opposed to an accruals basis. This change reflects the increased frequency of gift-aid reclaims by the Fund during the year.
7 Creditors: amount falling due within one year
All 2023 creditors were paid prior to the Fund’s year-end.
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BG SCHOOL FUND
Charity no. 1107856
Notes forming part of the accounts for the year ended 31 March 2023
8 Analysis of net assets between funds
| Current Assets Total Funds |
Total £ 78,821 ______ 78,821 |
|---|---|
9 Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Section 33 of FRS 102.
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