REGISTERED CHARITY NUMBER: 1112056 The Croydon High School Scholarship Trust Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2024 Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrev SM2 5DA
The Croydon High School Scholarship Trust Contents of the Financial Statements for the year ended 31 July 2024 Page Report of the Trustees Independent Examiner's Report ststement of Financial Activlties Balan Sheet Notes to the Financial Statements 7 to 15 Detailed Statement of Flnanclal Actfvftles 16
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their account5 in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, oBJEIVEs AND ACTIVITIES Objective5 and aims The Trust's objectives are.. 111 to advance the education of the pupils of Croydon High School I the School l as may be selected and approved by the trustees {"the Trust Objoct"), and (21 through the application of the Guillou Endowment as defined in Sertion 3111) of Part 3 of the charity's Constitution. to advance and encourage musical education within the School but giving priority to the needs of pupils who show an aptitude and dedication for music in circumstances where it is found that their family financial status is such that they are unable to afford extra music lessons provided at the School by its teaching staff {"the Fund Object"). Public benefit In planning the activities of the charlty, the trustee5 have considered the Charity Com mission's guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activitie5 Dvring the year, the Trust awarded scholarships to pupils of the School. and made awards out of the Guillou Endowment for music tuition costs. This year the Trust also contributed to the cost of two pianos and two Clavinovas for the School. Investment performance The charity's investments continued to provide Investment income and galns consistent with expected performance. FINANCIAL REVIEW Financial position The financial position of the charity is set out in the Statement of Financlal Activities and Balance Sheet and the related riote5. which have been prepared in accordance with statutory requirement5 of the Charities Act 2011 and SORP IFRS 1021. Principal funding sources The charity's Usual funding Source is its investment income. Investment policy and objertives Funds are deposited with CAF Bank. Investments are held in M&G Investments, CharifLJnd and St James's Place Unit Trust. Reserves policy The charity aims to hold in reserves sufficient funds to meet its objectives. Going concern The financial statements have been prepared on the going concern basis as in the opinion of the trustees there are no material uncertainties about the charity's ability to contlnue for the foreseeable future. Page I
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 FUTURE PLANS The charity will continue to award scholarships and make payments for music tuition and costs related to educational advancement. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, the Constitution, and is an unincorporated charity. Recrultment and appointment of new trustees The method of appointment of new trustees is set out in the Constitution. The Trust in general meeting or the trustees may appoint new trustees. The trustees seek to ensure that necessary areas of expertise are addressed by members of the charlty. and where such expertise is not available amongst its members that such expert advice is sought on behalf of the trustees. Organisational structure The Trust and its property shall be managed and administered by a commlttee comprlsln8 the Officers and other members elected in accordance with the Constitution. The Officers and other members of the committee shall be the trustees of the Trust and are together called "the trustees" The Trust shall have the following Officers: a chair. a secretary and a treasurer, The number of trustees shall be not less than four and not more than fourteen. Rlsk mana8ement The trustees have a duty to identify and review the risks to which the charity is exposed, in particular those related to the operations and finances of the charlty and chlld and vulnerable persons protection. and to ensure appropriate controls are In place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems and procedures are in place to mitigate exposure to the major rlsks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1112056 Prlncipal address 14 Garrard Road Banstead Surrev SM7 2ER Trustees C Blease JHRBaker N Lipczynski Chairman A Davies Dwells V Harvey Treasurer {resigned l November 2024) {appointed 11 November 20241 Page 2
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner rimothy Slater. ACA CTA Institute of Chartered Accountants in England and Wales Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Approved by der of he board of trustees on 11.C>l*. .2025 and signed on its behalf by.. N Lipczy ski-ch irm Page 3
Independent Examlner's Report to the Trustees of The Croydon Hlgh School Scholarship Trust I report to the trustee5 on my examination of the accounts of The Croydon High School Scholarship Trust (the charity), charity number 1112056, for the year ended 31 July 2024, which are set out on pages 5 to 15. Respective responslblllties of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance wlth the Charities Act 20111.the Act"). The charitws trustee5 consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the applicable Directions given by the Charity Commission (under Section 14515llbl of the Act, and to state whether particular matters have come to my attention. Basi5 of independent examinerfs statement My examination was carried out in accordance with general Direction5 given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures In the accounts, and seeking explanation5 from the trustees concerning 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 a5 to whether the accounts present a 'true and falr, vlew and the report is limited to those rnatters set out in the statement below. Independent examiner'5 Statement In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect.. the accounting records were not kept In accordance with sectlon 130 of the Charltles Act,. or the accounts did not accord with the accounting records; or the accounts did not comply with the appllcable requirements concernlng the form and content of accounts set out in the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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. Tim hy Slater. ACA CTA Ins Itute of Chartered Accountants in England and Wale5 Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 50A Date.. 2025 Page 4
The Croydon High School Scholarship Trust Statement of Financial Activities for the year ended 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment income 21.269 21.590 42,862 41,276 Total 21.269 21590 42.862 41.276 EXPENDrruRE ON Charitable activitles Charitable activities 13.912) (18.661) (22,5731 {34,5651 Net gainslllosses) on investments 30,013 30,611 60.624 141,786) NET INCOME/{EXPENDITLIRE) 47.370 (18,6581 52,201 80.913 135,0751 Transfers between funds li 828 14,659 115,4871 Net movement In funds 48,198 (3,999} 36,714 80.913 (35,0751 RECONCILIATION OF FUNDS Total funds brought forward 485,377 217,385 171.708 874,470 909,545 TOTAL FUNDS CARRIED FORWARD 533.575 213.386 208,422 955.383 874,470 The notes form part of these financial statements Page S
The Croydon High School Scholarship Trust Balance Sheet 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Endowment fund Notes FIXED ASSErs Investments 508,383 369,493 877.876 817,254 CURRENT ASSETS Debtors Cash at bank 211,736 1.650 211,736 85.358 216,249 76,222 33.043 50.665 33.043 213.386 50,665 297,094 292,471 CREDITORS Amounts falling due within one year 17,851) 1211,736) 1219.587) 1235,2551 NET CURRENT ASSETSIILIABILITIES) 25,192 213,386 1161,0711 77,507 57,216 TOTAL ASSETS LESS CURRENT LIABIUTIES 533,575 213,386 208.422 955,383 874,470 NET ASSETS 533,575 213,386 208,422 955,383 874,470 FUNDS Unrestricted funds Restricted funds Endowment funds io 533,575 213.386 208.422 485.377 217,385 171,708 TOTAL FUNDS 955.383 874,470 The financial statements were approved by the Board of Trustees and authorised for issue on and were signe on its behalf by.. 1IA- ..2025 vn i - Chairman C Blease-Trustee The notes form part of these financial statements Page 6
The Croydon High School Scholarship Trust Notes to the Financlal Statements for the year ended 31 July 2024 ACCOUNTING POLICIES Basls of preparing the financlal statements The financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191.. Financial Reporting Standard 102 'The Fin2 ncial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The fina ncial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Going concern 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 charity to continue as a 8oln8 concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The charlty'5 ablllty to continue as a going concern 15 dependent on its success in raising funds frorr investments. donations and legacies, The trustees have determined there are no material uncertainties as to the charity's ability to continue as a going concern in the foreseeable future and therefore believe it remain5 a ppropriate to prepare the financial statements on a golng concern basis. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliablv. Expenditure Liabllitles are recognised as expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendlture is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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. Scholarships are expensed at the time of granting. Tangible fixed assets Depreciation 15 provided at the following annual rate5 in order to write off each asset over its estimated useful life.. Plant and machinery 33% on c05t Plant and machinery consist5 of musical instruments. Taxation The charity 15 exempt from tax on its charitable activitles. The charity is not regSstered for VAT and as such expenditure is shown inclusive of irrecoverable VAT. Fund accounting Unrestricted funds ca n be used in accordance with the charitable objectives at the discretion of the tru5tee5. Page 7 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 ACCOUNTING POLICIES- continued Fund accounting (continued) Restricted fund5 can only be used for particular restricted purposes within the objects of the charity. Restrirtions arise when specified by the donor or when fund5 are raised for particular restricted purposes. Endowment funds come with the specific instruction that only the income generated by the money within the fund can be spent, and not the capital. Investment income, gains and losses are allocated to the appropriate fund. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial statements. Current assets Short term deposits (known as "re5erves"l include cash held on deposlt with CAF Bank in the CAF Gold Capital Reserve Account. Flnanclal Instruments The charity only has financial a55ets and liabilities of a kind that qualify as basic financial instruments. Basic financial in5trument5 are initially recognised at transaction value and subsequently measured at their settlement value. Currency The charity's functional and presentatlonal currenry Is pounds Sterling IGBP). DONATIONS AND LEGACIES The charity received no donations or legacies in the current or previous year. Page 8 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements - continued for the year ended 31 July 2024 INVESThIENT INCOME 2024 2023 Dividend income Deposit account Interest 33,676 9,186 32,790 8,486 42,862 41,276 CHARITABLE ACTIVITIES COSTS Direct costs Support costs Totals Charitable activities 21,601 972 22,573 Unrestricted Restricted Endowment 2024 Charltable activities: Hardship Awards Music tuition Contribution to cost of muslcal instruments 3.000 3,000 14,566 4,035 14,566 4.035 3,000 18,601 21,601 Support costs: Bank charges Independent Examiner's fees 60 852 60 120 852 912 60 972 3,912 18.661 22,573 Page 9 continued...
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements - contlnued for the year ended 31 July 2024 CHARITABLE ACTIVITIES COSTS - continued Unrestrlcted Restrlcted Endowment 2023 Charitable activities: Scholarship Trust Awards Hardship Awards Music tuition Sundry instrumental costs Contribution to cost of musical instrument5 Holt Scholarships 8,750 4,000 8,750 4,000 10,667 640 4.000 10,667 640 4,000 5,608 5,608 18,358 15,307 33,665 Support costs: Bank charges Independent Examiner's fees 61 828 li 72 828 889 li 900 19,247 15,318 34,565 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 July 2024 nor forthe year ended 31 July 2023. Page 10 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES 2023 Total funds 2022 Total funds Unrestricted Restricted fund fund Endowment fund INCOME AND ENDOWMENTS FROM Investment income 21.001 20.270 41,276 37.450 Total 21.001 20.270 41,276 37,450 EXPENDITURE ON Charitable activitles Charitable activities 19.247 15,318 34,565 50.438 Net losses on investments 123.883) (17,903) 141.786) 126,5841 NEf {EXPENDITURE)IINCOME 122,129) (15,313} 2,367 135,075) 139,5721 Transfers between funds 109,740 1110,544) Net movement in funds (21,32S) 94,427 (108,177) (35,075) {39,572) RECONCILIATION OF FUNDS Total funds brought forward 506,702 122,958 279,885 909.545 949,117 TOTAL FUNDS CARRIED FORWARD 485.377 217,385 171,708 874,470 909,545 Page 11
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 Juty 2024 FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l August 2023 Revaluations 817.254 60.622 At 31 July 2024 877.876 NET BOOK VALUE At 31 July 2024 877,876 At 31 July 2023 817,254 There were no investment 3S5ets outside the UK. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Inter fund loans 211,736 216,249 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Interfund loans Accrued expenses 211.736 7.851 216,249 19.006 219,587 235,255 Page 12
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 July 2024 io. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31/7124 At 118123 Unrestrlcted funds General fund 485,377 47,370 828 533.575 Restricted funds The Peggy James Guillou Awards Fund 217,385 (18,6581 14.659 213.386 Endowment funds The Pe88y James Guillou Endowment Fund 171.708 52,201 {15,487) 208,422 TOTAL FUNDS 874,470 80,913 955,383 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gain5 and Movement 1055es in funds Unrestricted funds General fund 21,269 13,9121 30,013 47,370 Restrlcted funds The Peggy James Guillou Awards Fund 118,661) 118,6S8) Endowment funds The Peggy James Guillou Endowment Fund 21,590 30,611 52,201 TOTAL FUNDS 42,862 {22,5731 60,624 80,913 Page 13
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 io. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers between funds At 31/7123 At 1/8122 Unrestrlcted funds General fund 506.702 122,129} 804 485,377 Restricted funds The Pe88y Jame5 Guillou Awards Fund 122,958 115,313) 109,740 217.385 Endowment funds The Peggy James Guillou Endowment Fund 279,885 2,367 1110,544) 171,708 TOTAL FUNDS 909,545 (35,0751 874,470 Comparatlve net movernent in funds, included In the above are as follows- Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 21,001 (19.247) {23,883) (22,129) Restrlcted funds The Peggy James Guillou Awards Fund 115,318) (15,3131 Endowment funds The Peggy Jame5 Gulllou Endowment Fund 20,270 117,9031 2,367 TOTAL FUNDS 41,276 (34,5651 141,786) 135,075) The Peggy James Guillou Endowment Fund This fund comprlse5 a permanent endowment received under the terms of a Deed of Gift dated 15 April 2005 from Marc Alfred Yves Guillou whose income, after allowing for the maintena nce of the fund's capital in real terms, is used to finance the Peggy James Guillou Awards Fund. The Peggyjames Gulllou Awards Fund This fund comprises Incorne received from the Peggy James Guillou Endowment Fund that the trustees may apply for the purpose of the Fund Object as detailed in point 2 of the Trust's objectives wlthin the Report of the Trustees. Page 14
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 July 2024 ii. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 July 2024 nor for the year ended 31 July 2023. Page 15
The Croydon High School Scholarship Trust Detsiled Statement of Financial Artivities for the year ended 31 July 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividend income Deposit account interest 33.676 9,186 32,790 8,486 42.862 41,276 Total Incomlng resources 42,862 41,276 EXPENDITURE Charitable activities Scholarship Trust Awards Hardship Awards Music tuition Sundry instrumental costs Contribution to C05t of musical instruments Holt Scholarships 8,750 4,000 10,667 640 4,000 5,608 3,000 14,566 4.035 21.601 33,665 Support costs Management Bank charges 120 72 Governance costs Independent Examiner's fees 852 828 Total resources expended 22,573 34,565 Net income 20,289 6,711 This page does not form part of the statutory financial statements Page 16
REGISTERED CHARITY NUMBER: 1112056 The Croydon High School Scholarship Trust Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2024 Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrev SM2 5DA
The Croydon High School Scholarship Trust Contents of the Financial Statements for the year ended 31 July 2024 Page Report of the Trustees Independent Examiner's Report ststement of Financial Activlties Balan Sheet Notes to the Financial Statements 7 to 15 Detailed Statement of Flnanclal Actfvftles 16
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their account5 in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, oBJEIVEs AND ACTIVITIES Objective5 and aims The Trust's objectives are.. 111 to advance the education of the pupils of Croydon High School I the School l as may be selected and approved by the trustees {"the Trust Objoct"), and (21 through the application of the Guillou Endowment as defined in Sertion 3111) of Part 3 of the charity's Constitution. to advance and encourage musical education within the School but giving priority to the needs of pupils who show an aptitude and dedication for music in circumstances where it is found that their family financial status is such that they are unable to afford extra music lessons provided at the School by its teaching staff {"the Fund Object"). Public benefit In planning the activities of the charlty, the trustee5 have considered the Charity Com mission's guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activitie5 Dvring the year, the Trust awarded scholarships to pupils of the School. and made awards out of the Guillou Endowment for music tuition costs. This year the Trust also contributed to the cost of two pianos and two Clavinovas for the School. Investment performance The charity's investments continued to provide Investment income and galns consistent with expected performance. FINANCIAL REVIEW Financial position The financial position of the charity is set out in the Statement of Financlal Activities and Balance Sheet and the related riote5. which have been prepared in accordance with statutory requirement5 of the Charities Act 2011 and SORP IFRS 1021. Principal funding sources The charity's Usual funding Source is its investment income. Investment policy and objertives Funds are deposited with CAF Bank. Investments are held in M&G Investments, CharifLJnd and St James's Place Unit Trust. Reserves policy The charity aims to hold in reserves sufficient funds to meet its objectives. Going concern The financial statements have been prepared on the going concern basis as in the opinion of the trustees there are no material uncertainties about the charity's ability to contlnue for the foreseeable future. Page I
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 FUTURE PLANS The charity will continue to award scholarships and make payments for music tuition and costs related to educational advancement. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, the Constitution, and is an unincorporated charity. Recrultment and appointment of new trustees The method of appointment of new trustees is set out in the Constitution. The Trust in general meeting or the trustees may appoint new trustees. The trustees seek to ensure that necessary areas of expertise are addressed by members of the charlty. and where such expertise is not available amongst its members that such expert advice is sought on behalf of the trustees. Organisational structure The Trust and its property shall be managed and administered by a commlttee comprlsln8 the Officers and other members elected in accordance with the Constitution. The Officers and other members of the committee shall be the trustees of the Trust and are together called "the trustees" The Trust shall have the following Officers: a chair. a secretary and a treasurer, The number of trustees shall be not less than four and not more than fourteen. Rlsk mana8ement The trustees have a duty to identify and review the risks to which the charity is exposed, in particular those related to the operations and finances of the charlty and chlld and vulnerable persons protection. and to ensure appropriate controls are In place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems and procedures are in place to mitigate exposure to the major rlsks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1112056 Prlncipal address 14 Garrard Road Banstead Surrev SM7 2ER Trustees C Blease JHRBaker N Lipczynski Chairman A Davies Dwells V Harvey Treasurer {resigned l November 2024) {appointed 11 November 20241 Page 2
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner rimothy Slater. ACA CTA Institute of Chartered Accountants in England and Wales Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Approved by der of he board of trustees on 11.C>l*. .2025 and signed on its behalf by.. N Lipczy ski-ch irm Page 3
Independent Examlner's Report to the Trustees of The Croydon Hlgh School Scholarship Trust I report to the trustee5 on my examination of the accounts of The Croydon High School Scholarship Trust (the charity), charity number 1112056, for the year ended 31 July 2024, which are set out on pages 5 to 15. Respective responslblllties of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance wlth the Charities Act 20111.the Act"). The charitws trustee5 consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the applicable Directions given by the Charity Commission (under Section 14515llbl of the Act, and to state whether particular matters have come to my attention. Basi5 of independent examinerfs statement My examination was carried out in accordance with general Direction5 given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures In the accounts, and seeking explanation5 from the trustees concerning 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 a5 to whether the accounts present a 'true and falr, vlew and the report is limited to those rnatters set out in the statement below. Independent examiner'5 Statement In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect.. the accounting records were not kept In accordance with sectlon 130 of the Charltles Act,. or the accounts did not accord with the accounting records; or the accounts did not comply with the appllcable requirements concernlng the form and content of accounts set out in the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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. Tim hy Slater. ACA CTA Ins Itute of Chartered Accountants in England and Wale5 Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 50A Date.. 2025 Page 4
The Croydon High School Scholarship Trust Statement of Financial Activities for the year ended 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment income 21.269 21.590 42,862 41,276 Total 21.269 21590 42.862 41.276 EXPENDrruRE ON Charitable activitles Charitable activities 13.912) (18.661) (22,5731 {34,5651 Net gainslllosses) on investments 30,013 30,611 60.624 141,786) NET INCOME/{EXPENDITLIRE) 47.370 (18,6581 52,201 80.913 135,0751 Transfers between funds li 828 14,659 115,4871 Net movement In funds 48,198 (3,999} 36,714 80.913 (35,0751 RECONCILIATION OF FUNDS Total funds brought forward 485,377 217,385 171.708 874,470 909,545 TOTAL FUNDS CARRIED FORWARD 533.575 213.386 208,422 955.383 874,470 The notes form part of these financial statements Page S
The Croydon High School Scholarship Trust Balance Sheet 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Endowment fund Notes FIXED ASSErs Investments 508,383 369,493 877.876 817,254 CURRENT ASSETS Debtors Cash at bank 211,736 1.650 211,736 85.358 216,249 76,222 33.043 50.665 33.043 213.386 50,665 297,094 292,471 CREDITORS Amounts falling due within one year 17,851) 1211,736) 1219.587) 1235,2551 NET CURRENT ASSETSIILIABILITIES) 25,192 213,386 1161,0711 77,507 57,216 TOTAL ASSETS LESS CURRENT LIABIUTIES 533,575 213,386 208.422 955,383 874,470 NET ASSETS 533,575 213,386 208,422 955,383 874,470 FUNDS Unrestricted funds Restricted funds Endowment funds io 533,575 213.386 208.422 485.377 217,385 171,708 TOTAL FUNDS 955.383 874,470 The financial statements were approved by the Board of Trustees and authorised for issue on and were signe on its behalf by.. 1IA- ..2025 vn i - Chairman C Blease-Trustee The notes form part of these financial statements Page 6
The Croydon High School Scholarship Trust Notes to the Financlal Statements for the year ended 31 July 2024 ACCOUNTING POLICIES Basls of preparing the financlal statements The financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191.. Financial Reporting Standard 102 'The Fin2 ncial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The fina ncial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Going concern 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 charity to continue as a 8oln8 concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The charlty'5 ablllty to continue as a going concern 15 dependent on its success in raising funds frorr investments. donations and legacies, The trustees have determined there are no material uncertainties as to the charity's ability to continue as a going concern in the foreseeable future and therefore believe it remain5 a ppropriate to prepare the financial statements on a golng concern basis. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliablv. Expenditure Liabllitles are recognised as expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendlture is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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. Scholarships are expensed at the time of granting. Tangible fixed assets Depreciation 15 provided at the following annual rate5 in order to write off each asset over its estimated useful life.. Plant and machinery 33% on c05t Plant and machinery consist5 of musical instruments. Taxation The charity 15 exempt from tax on its charitable activitles. The charity is not regSstered for VAT and as such expenditure is shown inclusive of irrecoverable VAT. Fund accounting Unrestricted funds ca n be used in accordance with the charitable objectives at the discretion of the tru5tee5. Page 7 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 ACCOUNTING POLICIES- continued Fund accounting (continued) Restricted fund5 can only be used for particular restricted purposes within the objects of the charity. Restrirtions arise when specified by the donor or when fund5 are raised for particular restricted purposes. Endowment funds come with the specific instruction that only the income generated by the money within the fund can be spent, and not the capital. Investment income, gains and losses are allocated to the appropriate fund. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial statements. Current assets Short term deposits (known as "re5erves"l include cash held on deposlt with CAF Bank in the CAF Gold Capital Reserve Account. Flnanclal Instruments The charity only has financial a55ets and liabilities of a kind that qualify as basic financial instruments. Basic financial in5trument5 are initially recognised at transaction value and subsequently measured at their settlement value. Currency The charity's functional and presentatlonal currenry Is pounds Sterling IGBP). DONATIONS AND LEGACIES The charity received no donations or legacies in the current or previous year. Page 8 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements - continued for the year ended 31 July 2024 INVESThIENT INCOME 2024 2023 Dividend income Deposit account Interest 33,676 9,186 32,790 8,486 42,862 41,276 CHARITABLE ACTIVITIES COSTS Direct costs Support costs Totals Charitable activities 21,601 972 22,573 Unrestricted Restricted Endowment 2024 Charltable activities: Hardship Awards Music tuition Contribution to cost of muslcal instruments 3.000 3,000 14,566 4,035 14,566 4.035 3,000 18,601 21,601 Support costs: Bank charges Independent Examiner's fees 60 852 60 120 852 912 60 972 3,912 18.661 22,573 Page 9 continued...
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements - contlnued for the year ended 31 July 2024 CHARITABLE ACTIVITIES COSTS - continued Unrestrlcted Restrlcted Endowment 2023 Charitable activities: Scholarship Trust Awards Hardship Awards Music tuition Sundry instrumental costs Contribution to cost of musical instrument5 Holt Scholarships 8,750 4,000 8,750 4,000 10,667 640 4.000 10,667 640 4,000 5,608 5,608 18,358 15,307 33,665 Support costs: Bank charges Independent Examiner's fees 61 828 li 72 828 889 li 900 19,247 15,318 34,565 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 July 2024 nor forthe year ended 31 July 2023. Page 10 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES 2023 Total funds 2022 Total funds Unrestricted Restricted fund fund Endowment fund INCOME AND ENDOWMENTS FROM Investment income 21.001 20.270 41,276 37.450 Total 21.001 20.270 41,276 37,450 EXPENDITURE ON Charitable activitles Charitable activities 19.247 15,318 34,565 50.438 Net losses on investments 123.883) (17,903) 141.786) 126,5841 NEf {EXPENDITURE)IINCOME 122,129) (15,313} 2,367 135,075) 139,5721 Transfers between funds 109,740 1110,544) Net movement in funds (21,32S) 94,427 (108,177) (35,075) {39,572) RECONCILIATION OF FUNDS Total funds brought forward 506,702 122,958 279,885 909.545 949,117 TOTAL FUNDS CARRIED FORWARD 485.377 217,385 171,708 874,470 909,545 Page 11
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 Juty 2024 FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l August 2023 Revaluations 817.254 60.622 At 31 July 2024 877.876 NET BOOK VALUE At 31 July 2024 877,876 At 31 July 2023 817,254 There were no investment 3S5ets outside the UK. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Inter fund loans 211,736 216,249 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Interfund loans Accrued expenses 211.736 7.851 216,249 19.006 219,587 235,255 Page 12
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 July 2024 io. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31/7124 At 118123 Unrestrlcted funds General fund 485,377 47,370 828 533.575 Restricted funds The Peggy James Guillou Awards Fund 217,385 (18,6581 14.659 213.386 Endowment funds The Pe88y James Guillou Endowment Fund 171.708 52,201 {15,487) 208,422 TOTAL FUNDS 874,470 80,913 955,383 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gain5 and Movement 1055es in funds Unrestricted funds General fund 21,269 13,9121 30,013 47,370 Restrlcted funds The Peggy James Guillou Awards Fund 118,661) 118,6S8) Endowment funds The Peggy James Guillou Endowment Fund 21,590 30,611 52,201 TOTAL FUNDS 42,862 {22,5731 60,624 80,913 Page 13
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 io. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers between funds At 31/7123 At 1/8122 Unrestrlcted funds General fund 506.702 122,129} 804 485,377 Restricted funds The Pe88y Jame5 Guillou Awards Fund 122,958 115,313) 109,740 217.385 Endowment funds The Peggy James Guillou Endowment Fund 279,885 2,367 1110,544) 171,708 TOTAL FUNDS 909,545 (35,0751 874,470 Comparatlve net movernent in funds, included In the above are as follows- Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 21,001 (19.247) {23,883) (22,129) Restrlcted funds The Peggy James Guillou Awards Fund 115,318) (15,3131 Endowment funds The Peggy Jame5 Gulllou Endowment Fund 20,270 117,9031 2,367 TOTAL FUNDS 41,276 (34,5651 141,786) 135,075) The Peggy James Guillou Endowment Fund This fund comprlse5 a permanent endowment received under the terms of a Deed of Gift dated 15 April 2005 from Marc Alfred Yves Guillou whose income, after allowing for the maintena nce of the fund's capital in real terms, is used to finance the Peggy James Guillou Awards Fund. The Peggyjames Gulllou Awards Fund This fund comprises Incorne received from the Peggy James Guillou Endowment Fund that the trustees may apply for the purpose of the Fund Object as detailed in point 2 of the Trust's objectives wlthin the Report of the Trustees. Page 14
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 July 2024 ii. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 July 2024 nor for the year ended 31 July 2023. Page 15
The Croydon High School Scholarship Trust Detsiled Statement of Financial Artivities for the year ended 31 July 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividend income Deposit account interest 33.676 9,186 32,790 8,486 42.862 41,276 Total Incomlng resources 42,862 41,276 EXPENDITURE Charitable activities Scholarship Trust Awards Hardship Awards Music tuition Sundry instrumental costs Contribution to C05t of musical instruments Holt Scholarships 8,750 4,000 10,667 640 4,000 5,608 3,000 14,566 4.035 21.601 33,665 Support costs Management Bank charges 120 72 Governance costs Independent Examiner's fees 852 828 Total resources expended 22,573 34,565 Net income 20,289 6,711 This page does not form part of the statutory financial statements Page 16
REGISTERED CHARITY NUMBER: 1112056 The Croydon High School Scholarship Trust Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2024 Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrev SM2 5DA
The Croydon High School Scholarship Trust Contents of the Financial Statements for the year ended 31 July 2024 Page Report of the Trustees Independent Examiner's Report ststement of Financial Activlties Balan Sheet Notes to the Financial Statements 7 to 15 Detailed Statement of Flnanclal Actfvftles 16
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their account5 in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, oBJEIVEs AND ACTIVITIES Objective5 and aims The Trust's objectives are.. 111 to advance the education of the pupils of Croydon High School I the School l as may be selected and approved by the trustees {"the Trust Objoct"), and (21 through the application of the Guillou Endowment as defined in Sertion 3111) of Part 3 of the charity's Constitution. to advance and encourage musical education within the School but giving priority to the needs of pupils who show an aptitude and dedication for music in circumstances where it is found that their family financial status is such that they are unable to afford extra music lessons provided at the School by its teaching staff {"the Fund Object"). Public benefit In planning the activities of the charlty, the trustee5 have considered the Charity Com mission's guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activitie5 Dvring the year, the Trust awarded scholarships to pupils of the School. and made awards out of the Guillou Endowment for music tuition costs. This year the Trust also contributed to the cost of two pianos and two Clavinovas for the School. Investment performance The charity's investments continued to provide Investment income and galns consistent with expected performance. FINANCIAL REVIEW Financial position The financial position of the charity is set out in the Statement of Financlal Activities and Balance Sheet and the related riote5. which have been prepared in accordance with statutory requirement5 of the Charities Act 2011 and SORP IFRS 1021. Principal funding sources The charity's Usual funding Source is its investment income. Investment policy and objertives Funds are deposited with CAF Bank. Investments are held in M&G Investments, CharifLJnd and St James's Place Unit Trust. Reserves policy The charity aims to hold in reserves sufficient funds to meet its objectives. Going concern The financial statements have been prepared on the going concern basis as in the opinion of the trustees there are no material uncertainties about the charity's ability to contlnue for the foreseeable future. Page I
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 FUTURE PLANS The charity will continue to award scholarships and make payments for music tuition and costs related to educational advancement. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, the Constitution, and is an unincorporated charity. Recrultment and appointment of new trustees The method of appointment of new trustees is set out in the Constitution. The Trust in general meeting or the trustees may appoint new trustees. The trustees seek to ensure that necessary areas of expertise are addressed by members of the charlty. and where such expertise is not available amongst its members that such expert advice is sought on behalf of the trustees. Organisational structure The Trust and its property shall be managed and administered by a commlttee comprlsln8 the Officers and other members elected in accordance with the Constitution. The Officers and other members of the committee shall be the trustees of the Trust and are together called "the trustees" The Trust shall have the following Officers: a chair. a secretary and a treasurer, The number of trustees shall be not less than four and not more than fourteen. Rlsk mana8ement The trustees have a duty to identify and review the risks to which the charity is exposed, in particular those related to the operations and finances of the charlty and chlld and vulnerable persons protection. and to ensure appropriate controls are In place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems and procedures are in place to mitigate exposure to the major rlsks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1112056 Prlncipal address 14 Garrard Road Banstead Surrev SM7 2ER Trustees C Blease JHRBaker N Lipczynski Chairman A Davies Dwells V Harvey Treasurer {resigned l November 2024) {appointed 11 November 20241 Page 2
The Croydon High School Scholarship Trust Report of the Trustees for the year ended 31 July 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner rimothy Slater. ACA CTA Institute of Chartered Accountants in England and Wales Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Approved by der of he board of trustees on 11.C>l*. .2025 and signed on its behalf by.. N Lipczy ski-ch irm Page 3
Independent Examlner's Report to the Trustees of The Croydon Hlgh School Scholarship Trust I report to the trustee5 on my examination of the accounts of The Croydon High School Scholarship Trust (the charity), charity number 1112056, for the year ended 31 July 2024, which are set out on pages 5 to 15. Respective responslblllties of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance wlth the Charities Act 20111.the Act"). The charitws trustee5 consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the applicable Directions given by the Charity Commission (under Section 14515llbl of the Act, and to state whether particular matters have come to my attention. Basi5 of independent examinerfs statement My examination was carried out in accordance with general Direction5 given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures In the accounts, and seeking explanation5 from the trustees concerning 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 a5 to whether the accounts present a 'true and falr, vlew and the report is limited to those rnatters set out in the statement below. Independent examiner'5 Statement In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect.. the accounting records were not kept In accordance with sectlon 130 of the Charltles Act,. or the accounts did not accord with the accounting records; or the accounts did not comply with the appllcable requirements concernlng the form and content of accounts set out in the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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. Tim hy Slater. ACA CTA Ins Itute of Chartered Accountants in England and Wale5 Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 50A Date.. 2025 Page 4
The Croydon High School Scholarship Trust Statement of Financial Activities for the year ended 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment income 21.269 21.590 42,862 41,276 Total 21.269 21590 42.862 41.276 EXPENDrruRE ON Charitable activitles Charitable activities 13.912) (18.661) (22,5731 {34,5651 Net gainslllosses) on investments 30,013 30,611 60.624 141,786) NET INCOME/{EXPENDITLIRE) 47.370 (18,6581 52,201 80.913 135,0751 Transfers between funds li 828 14,659 115,4871 Net movement In funds 48,198 (3,999} 36,714 80.913 (35,0751 RECONCILIATION OF FUNDS Total funds brought forward 485,377 217,385 171.708 874,470 909,545 TOTAL FUNDS CARRIED FORWARD 533.575 213.386 208,422 955.383 874,470 The notes form part of these financial statements Page S
The Croydon High School Scholarship Trust Balance Sheet 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Endowment fund Notes FIXED ASSErs Investments 508,383 369,493 877.876 817,254 CURRENT ASSETS Debtors Cash at bank 211,736 1.650 211,736 85.358 216,249 76,222 33.043 50.665 33.043 213.386 50,665 297,094 292,471 CREDITORS Amounts falling due within one year 17,851) 1211,736) 1219.587) 1235,2551 NET CURRENT ASSETSIILIABILITIES) 25,192 213,386 1161,0711 77,507 57,216 TOTAL ASSETS LESS CURRENT LIABIUTIES 533,575 213,386 208.422 955,383 874,470 NET ASSETS 533,575 213,386 208,422 955,383 874,470 FUNDS Unrestricted funds Restricted funds Endowment funds io 533,575 213.386 208.422 485.377 217,385 171,708 TOTAL FUNDS 955.383 874,470 The financial statements were approved by the Board of Trustees and authorised for issue on and were signe on its behalf by.. 1IA- ..2025 vn i - Chairman C Blease-Trustee The notes form part of these financial statements Page 6
The Croydon High School Scholarship Trust Notes to the Financlal Statements for the year ended 31 July 2024 ACCOUNTING POLICIES Basls of preparing the financlal statements The financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191.. Financial Reporting Standard 102 'The Fin2 ncial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The fina ncial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Going concern 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 charity to continue as a 8oln8 concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The charlty'5 ablllty to continue as a going concern 15 dependent on its success in raising funds frorr investments. donations and legacies, The trustees have determined there are no material uncertainties as to the charity's ability to continue as a going concern in the foreseeable future and therefore believe it remain5 a ppropriate to prepare the financial statements on a golng concern basis. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliablv. Expenditure Liabllitles are recognised as expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendlture is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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. Scholarships are expensed at the time of granting. Tangible fixed assets Depreciation 15 provided at the following annual rate5 in order to write off each asset over its estimated useful life.. Plant and machinery 33% on c05t Plant and machinery consist5 of musical instruments. Taxation The charity 15 exempt from tax on its charitable activitles. The charity is not regSstered for VAT and as such expenditure is shown inclusive of irrecoverable VAT. Fund accounting Unrestricted funds ca n be used in accordance with the charitable objectives at the discretion of the tru5tee5. Page 7 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 ACCOUNTING POLICIES- continued Fund accounting (continued) Restricted fund5 can only be used for particular restricted purposes within the objects of the charity. Restrirtions arise when specified by the donor or when fund5 are raised for particular restricted purposes. Endowment funds come with the specific instruction that only the income generated by the money within the fund can be spent, and not the capital. Investment income, gains and losses are allocated to the appropriate fund. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial statements. Current assets Short term deposits (known as "re5erves"l include cash held on deposlt with CAF Bank in the CAF Gold Capital Reserve Account. Flnanclal Instruments The charity only has financial a55ets and liabilities of a kind that qualify as basic financial instruments. Basic financial in5trument5 are initially recognised at transaction value and subsequently measured at their settlement value. Currency The charity's functional and presentatlonal currenry Is pounds Sterling IGBP). DONATIONS AND LEGACIES The charity received no donations or legacies in the current or previous year. Page 8 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements - continued for the year ended 31 July 2024 INVESThIENT INCOME 2024 2023 Dividend income Deposit account Interest 33,676 9,186 32,790 8,486 42,862 41,276 CHARITABLE ACTIVITIES COSTS Direct costs Support costs Totals Charitable activities 21,601 972 22,573 Unrestricted Restricted Endowment 2024 Charltable activities: Hardship Awards Music tuition Contribution to cost of muslcal instruments 3.000 3,000 14,566 4,035 14,566 4.035 3,000 18,601 21,601 Support costs: Bank charges Independent Examiner's fees 60 852 60 120 852 912 60 972 3,912 18.661 22,573 Page 9 continued...
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements - contlnued for the year ended 31 July 2024 CHARITABLE ACTIVITIES COSTS - continued Unrestrlcted Restrlcted Endowment 2023 Charitable activities: Scholarship Trust Awards Hardship Awards Music tuition Sundry instrumental costs Contribution to cost of musical instrument5 Holt Scholarships 8,750 4,000 8,750 4,000 10,667 640 4.000 10,667 640 4,000 5,608 5,608 18,358 15,307 33,665 Support costs: Bank charges Independent Examiner's fees 61 828 li 72 828 889 li 900 19,247 15,318 34,565 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 July 2024 nor forthe year ended 31 July 2023. Page 10 continued...
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES 2023 Total funds 2022 Total funds Unrestricted Restricted fund fund Endowment fund INCOME AND ENDOWMENTS FROM Investment income 21.001 20.270 41,276 37.450 Total 21.001 20.270 41,276 37,450 EXPENDITURE ON Charitable activitles Charitable activities 19.247 15,318 34,565 50.438 Net losses on investments 123.883) (17,903) 141.786) 126,5841 NEf {EXPENDITURE)IINCOME 122,129) (15,313} 2,367 135,075) 139,5721 Transfers between funds 109,740 1110,544) Net movement in funds (21,32S) 94,427 (108,177) (35,075) {39,572) RECONCILIATION OF FUNDS Total funds brought forward 506,702 122,958 279,885 909.545 949,117 TOTAL FUNDS CARRIED FORWARD 485.377 217,385 171,708 874,470 909,545 Page 11
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 Juty 2024 FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l August 2023 Revaluations 817.254 60.622 At 31 July 2024 877.876 NET BOOK VALUE At 31 July 2024 877,876 At 31 July 2023 817,254 There were no investment 3S5ets outside the UK. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Inter fund loans 211,736 216,249 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Interfund loans Accrued expenses 211.736 7.851 216,249 19.006 219,587 235,255 Page 12
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 July 2024 io. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31/7124 At 118123 Unrestrlcted funds General fund 485,377 47,370 828 533.575 Restricted funds The Peggy James Guillou Awards Fund 217,385 (18,6581 14.659 213.386 Endowment funds The Pe88y James Guillou Endowment Fund 171.708 52,201 {15,487) 208,422 TOTAL FUNDS 874,470 80,913 955,383 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gain5 and Movement 1055es in funds Unrestricted funds General fund 21,269 13,9121 30,013 47,370 Restrlcted funds The Peggy James Guillou Awards Fund 118,661) 118,6S8) Endowment funds The Peggy James Guillou Endowment Fund 21,590 30,611 52,201 TOTAL FUNDS 42,862 {22,5731 60,624 80,913 Page 13
The Croydon High School Scholarship Trust Notes to the Financial Statements- continued for the year ended 31 July 2024 io. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers between funds At 31/7123 At 1/8122 Unrestrlcted funds General fund 506.702 122,129} 804 485,377 Restricted funds The Pe88y Jame5 Guillou Awards Fund 122,958 115,313) 109,740 217.385 Endowment funds The Peggy James Guillou Endowment Fund 279,885 2,367 1110,544) 171,708 TOTAL FUNDS 909,545 (35,0751 874,470 Comparatlve net movernent in funds, included In the above are as follows- Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 21,001 (19.247) {23,883) (22,129) Restrlcted funds The Peggy James Guillou Awards Fund 115,318) (15,3131 Endowment funds The Peggy Jame5 Gulllou Endowment Fund 20,270 117,9031 2,367 TOTAL FUNDS 41,276 (34,5651 141,786) 135,075) The Peggy James Guillou Endowment Fund This fund comprlse5 a permanent endowment received under the terms of a Deed of Gift dated 15 April 2005 from Marc Alfred Yves Guillou whose income, after allowing for the maintena nce of the fund's capital in real terms, is used to finance the Peggy James Guillou Awards Fund. The Peggyjames Gulllou Awards Fund This fund comprises Incorne received from the Peggy James Guillou Endowment Fund that the trustees may apply for the purpose of the Fund Object as detailed in point 2 of the Trust's objectives wlthin the Report of the Trustees. Page 14
The Croydon High School Scholarship Trust Notes to the Flnanclal Statements- continued for the year ended 31 July 2024 ii. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 July 2024 nor for the year ended 31 July 2023. Page 15
The Croydon High School Scholarship Trust Detsiled Statement of Financial Artivities for the year ended 31 July 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividend income Deposit account interest 33.676 9,186 32,790 8,486 42.862 41,276 Total Incomlng resources 42,862 41,276 EXPENDITURE Charitable activities Scholarship Trust Awards Hardship Awards Music tuition Sundry instrumental costs Contribution to C05t of musical instruments Holt Scholarships 8,750 4,000 10,667 640 4,000 5,608 3,000 14,566 4.035 21.601 33,665 Support costs Management Bank charges 120 72 Governance costs Independent Examiner's fees 852 828 Total resources expended 22,573 34,565 Net income 20,289 6,711 This page does not form part of the statutory financial statements Page 16