CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST REPORT AND FINANCIAL STATEMENTS Year ended 31 August 2021 Charity Number 1115254
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Stalements-year Ended 31 Au ust 2021 Page Trustees. Annual Report Independent Auditor's Report Statemenl of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Noles to the Financial Statements 13-19
CHEADLE HULME SCHOOL 1501h ANNIVERSARY BURSARY TRUST ort and Flnanclal Statements-year Ended 31 Au ust 2021 TRUSTEES, ANNUAL REPORT LEGAL AND ADMINISTRATIVE INFORMATION Charity Name Cheadle Hulma Anniversary Bursary Trust Address cjo Cheadle Hulme Sch1 Clarem1 Road Cheadle Hulm& Cheadle Cheshire SK8 6EF Charity Number 1115254 Governlng Instrument Trust De&J Trustees Mr D C ShiF4ey {ChElan) Mr S L Jones Mrs S Hardy Mr P Driver DrDNfvley Mr D A Jad(son (resigned November 20201 Mr N Smith Mr S Abraham lappoinled February 2021) Mr J Winter lapw>inled Marth 20211 Mrs B Wdmsley {apwinted May 20211 Mr l Jepson {Appointed May 20211 Mrs C Boyd (Apinted Novwnber 20211 Independent Auditor CrovP U.K. LLP The Lexicon Mount Street Manchester M2 5NT Investment Advisors RalhtM)ne Invesimenl Management Port of LiverpxA Building Pier Head LtverFwI L3 1NW Bankers Bardays Bank PLC P.0. Box 357 51 MoeY Strt Manchester M60 2AU CCLA Senator House 85 Queen Vicloria Street London EC4V 4ET
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2021 TRUSTEES. ANNUAL REPORT HISTORY. OBJECTIVES AND ACTWMES OF THE TRUST The Cheadle Hulme School 150 Anniversary Bursary Trust was established by a deed dated 9 February 2006. The Trust deed was vieWed and updated on 8 October 2017 and 24 February 2021. The objects of Cheadle Hulm8 School 150 Anniversary Bursary Trust are to apply the income to pay all or any part of the fees and related costs payable in respect of deserving boys and girls who are being educated or wish to be educated at Cheadle Hulme School in particular but not exclusively to include school unrfoms. school lunches, personal educational equipment, school trips and transport to enable the pupils to attend Cheadle Hulme School. In setting the aims and objectives. the trustees have given careful consideration to Ihe Charity Commission's general guidan on public benefit. and in particular to supplementary public benefit guidance on advancing educati(M). In achieving its objectives, the trustees are confKlenl the trust is meets'ng its public benefit requirement. In 2009 the assels of the N1 Pearson Bursaries Trust were transferred to the Trust. The trust is managed by a minimum of two and a maximum of fourteen trustees who meet at least Iwo limes a year. The Trust is operated in accordance with the Trust Deed. MANAGEMENT AND GOVERNANCE ARRANGEMENTS In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge arKI experience needed for the effective admlStration of the charity and musl appoint from the following cLass of persons to a maximum from each class as indicated in the brackets- a) Headteacher111 b) Member of staff from Cheadle Hulme Sd)oo1 (1) c) Board of Governors of Cheadle Hulme School (4) d) Former Pupils and Fomer Staff of Cheadle Hulme School13) e) Parents ol children currently attending Cheadle Hulme School {2} fl Independent people131 The trustees may serve for a term of three years and will be eligible for re*lectn at the end of ihe three years. The chair of trustees is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities. the goveming document. administrative procedures. the history and philosophical approach of the trust. A new trustee receives copies of the previous year's annual report and accounts and a copy of the Charily Commission leaflet 'The Essential Trustee". What You Need to Know: What You Need To Do {May 2018).. The investment assets of the trust at the year end were managed by an independent financial advisor Rathbone Investment Management. The trustees annLbally review the risks that the trust faces.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Flnan¢lal Statements-year Ended 31 Au ust 2021 TRUSTEES. ANNUAL REPORT (cont) The trust does not have any employees and therefore does not have any key managem8nt personnel. It relies on officers of the School to provide its administration, fundraising and accounling seNices wf(houl charge PROCEDURES AND POLICY FOR MAKING The trustees will normally meet iwo times a year to review the investment funds and to consider how to apply the funds. This year there were Ihree meetings, all held virtually because of COVID 19. Bursaries totalling £150.000 (2020." £100.0001 were awarded in the financial year ending 31 August 2021. ACHIEVEMENTS AND PERFORMANCE OF THE TRUST The Trusl has recognised gross income totalling £395,385 (2020: £273,644) in the year including £94,210 of restricted income. Investment gro has been positive. Fundraising efforts by the School have focussed on the Bursary Trust ttselr. FUNDRAISING DISCLOSURE The School has an Extemal RelatnS and Development Office. an important purpose of which is to raise funds for the sthool Irusls. The (J)sts of running the External Relalions and Development offi are bome by the School. A focus of fundraising activity last year was The Amazing Campaign. a new initiative introduced in January 2020 to raise funds for the School's Bursary Trust. After being poslponed due to Covid-19, the first Giving Day was held, led by Sixth Fom students for Old WanianS in October 2020, alongside a telephone campav3n which resulted in over £30.000 of gifts over 5 years and an increase in new regular donors. Following this a 10 day appeal to our parents was conductedin June 2021 and the same team of students took part in another telephone campaign to help spread awareness and raise funds. The appeal resulled in gifts tolalling over £40,000. All fundraisers employed by the School are bound by the regulations set out by the Fundraising Regulator. of which the School is a member. This means all fundraising activty is carried out in line with the advice and regulatK)ns adhering to best practi. Through training and complian(* wtth the Fundraising Regulator the School ensures that vulnerable people are protected from any intrusive fundraising. All callers are trained . appropriately lo look out for signs of vulnerabilty and to respect the decisions made by the Schools, alumni regarding fundraising. No fomial complaints were received due lo activities carried out by the charity- Infomation about how the School uses personal data for fundraising purposes is included in the Extemal Relations Privacy Policy. which is accessible from the School's website. FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES The net income befo olher recognised gains and losses for Ihe year was £205,47812020'. £152,225) after operational expenses and Bursaries of £163,648 {2020'. £112,933). The total unrestricted funds at the year-end were £4.717.529 (2020.. £3,901.187). The policy of Ihe trustees is lo build up an inveslment fund for the longer-temi benefil of the school and its pupils and that the capital should be invested so as to maximise the total relum Icapilal growth plus income) with a ffledium level of risk. The reserves policy is reviewed annually.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2021 TRUSTEES. ANNUAL REPORT (cont) The Truslees consider annually the perfomiance and total retum of the investment fund in determining the amount of the tnjst's income. which is to be provided to the School for the payment of the bursaries. Total return from the investments is split belween funds retsined as capital and funds used as income. The investment of pital will be the main source of ongoing income and so the fund will be invested with the objeclive of ensuring that the portfolio retains approximately its real value in the medium temi. GOING CONCERN At the lime of approval of the financial statements. the Covid19 pandemic has begun lo recede and lrfe in the UK is beginning to tuM to nom)al. Investment 9rowth has been positive and fundraising efforts have resumed. The Trustees C£ntinue to closely monbtor the situation and believe that the charity is able lo continue as a going concem for the foreseeable future, being at least twelve months from the dale of approval of these financial slalements. and have Iherefore prepared the financial statements on a going o)ncem basis. PRINCIPAL RISKS AND UNCERTAINTIES The main risks lo the Trust are donor contrt)ution levels and investment volatility. The Extemal Relations and Devek)pment offi WOTk to maintain and develop donations and legacies on behalf of the Trust and investment is mitigated. as far as possible. by using professional extemal advisers to infomi investment choices. The Trustees regulady review and challenge the perfOan of bolh these teams. The Trust is also dependent on Cheadle Hulme School for generdl administration. PLANS FOR FUTURE PERIODS The Trustees will continue to monitor general fund raising aclivities and investment perf0mlan with the aim of increasing the lolal value of the fund year on year. STATEMENT OF TRUSTEES, RESPONSIBILrriES The Trustees must prepare financial statements for each financial year which show a true and fair v¢ew of the stale of affairs of the charity and its financial activf(ies for that peri(Kl. In preparing those financial statements. the Tnjstees a required to: select suitable accounting policies and then apply them (nsIstentIy.' make judgements and estimates that are reasonable and prudent., state whether applicab accounting standards and statements of recommended practi( have been followed, subject lo any departures disclosed and explained in the financial slatements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2021 TRUSTEES. ANNUAL REPORT {cont) The Trustees are responsible for keeping proper accounting records, which 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 CharItS Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other Irregularit$. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware • there is no relevant audit information of which the charity's auditors are unaware. and • the Trustees have laken all the sleps thal ought to have been taken as Trustees in order to be aware of any information needed by the auditors in connection with preparing their report and to establish that the charity's auditors are aware of that information. The Trustees have also taken all reasonable steps to comply with their obligations as sel out by the Charity Commission to act in the best interests of the tharity and comply with their legal dulles under chariiy law. including their duty of prudence. Approval The Trustees Report, was approved by the Board on behaw by- and signed on its D C Shipley Chairman of the Board of Trustees
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2021 Independent Auditof s Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust Opinion We have audited the financial statements of Cheadle Hulme School 150th Anniversary Bursary Trust {'the charity.) for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balan Sheet. the Statement of Cash Flows and notes to the financial statements. including signrfi<*nt accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom G8nerally Accepted Accounting Practice). In our opinion the financial statements: give a Irue and fair view of the state of the charity's affairs as at 31 August 2021 and of ils income and expenditure. for the year then ended.. have been properly prepared in aCCrdance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Chartties Act 2011. Basis for opinion We conducled our audit in accordan with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitS under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed. we have not identified any material uncertainties relating lo events or conditions that, irnlividually or colleclively, may cast signrficanl doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilrties and Ihe responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees a responsible for the other infomiation cDnlained within the annual report. The other infomation comprises the information included in the annual report, other than the financial statements and our auditorfs report Ihereon. Our opinion on the financial statements does not cover the other information and, expt to the extent otherwise explicitly stated in our report. we do not express any fomi of assurance condusion thereon.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2021 Independent Auditor's Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust continued Our responsibility is to read the other inforniation and. in doing so. consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatemenl of this other information, we are required lo repK)rt that fact. We have nothing to report in this gard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulatn$ 2008 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report.. or sufficient and proper accounting records have not been kept by the charty; or the financial statements are nol in agreement with the accounting records and retums" or we have not received all the infornation and explanatvjns Y require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 4. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparation of financial stalemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem. disclosing. as applic2ble. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realislic altemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audttor under section 151 of the Chartties Acl 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the fmancial statements as a whole are free from material misstatement. whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordan with ISAS {UKI will always detect a material misstatemenl when it exists. Misslatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decIsnS of users taken on the basis of these financial statements.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements- Year Ended 31 Au ust 2021 Independent Auditor's Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust continued Details of the extenl to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with lav and regulations are set out below. A further descriplion of our responsibilities for the audil of the financial slatements is located on the Financial Reporbng Council's website at- www.frc.org.ukjaudilorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including fraud. are instances of non-compliance with laws and regulatK)ns. We identified and assessed the risks of malerial misstatemenl of the financial 5tatemenls from irregularities, whether due to fraud or error, and discussed these between our audit leam members. We then designed and perfom)ed audit procedu$ responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financtal slatements. The laws and regulations we considered in this context were the Charilies Acl 2011 together with the Charities SORP {FRS 1021. We assessed the required Complian with these laws and regulations as part of our audil procedures on the related financial statement items. In addition, we considered provisions of olher laws and gUlationS that do not have a direct effect on the financial statements but compliance with whith might be fundamental to the charity's ability to operale or to avoid a material penalty- We also considered the opportunities and incentives that may exist within the (alarity for fraud. The laws and regulalions we considered in this context for the UK operations were the Charities Act 2011. Audrting standards limit the required audit procedures to identrfy non-compliance with these laws and regulations to enquiry of the Trustees and other managemenl and inspection of regulatory and legal correspondence. rf any. We idenlrfied the greatest risk of material impact on the financial statements from irgUIarl1ies, including fraud, to be within the timing of recognition of voluntary income and the override of conlrols by management. Our audil procedures lo respond lo these risks included enquiries of management about their ovm identrfication and assessment of the risks of irregularities, sample lesling on the t)osting of journals, reviewing accounting estsmales for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those charged with governance and sample testing of voluntary income. Owing to the inherent limitations of an audit. the is an unavoidable risk that we may not have detected some material mi5Statements in the financial slatemenls, even though we have properly planned and perfomied our audit in accordance with auditing standards. For example, the fvrther removed non-compliance wrth laws and regulations (irregularities) is from the events and transactions reflected in the financial statements. the less likely the inherently limited prOureS required by auditing standards would identrfy it. In addition. as with any audit, there remained a higher risk of non-detection of irregularities. as these may involve collusion. forgery, intentional omissions. misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Flnan¢lal Statements - Year Ended 31 Au ust 2021 expecled to delect nonry(x)mpliance with all laws and regulatK)ns. Independent Auditorfs Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust continued Use of our report This report is made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2[8. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 8uditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charity and the charity's trustees as a body, for our audit work. for this rewrt. or for the opinions we have fomied. UKUF Crowe U.K. LLP statutory Auditor The Lexicon Mount Street Manchester M2 5NT Date 19th May 2022
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements-year Ended 31 Au Ust 2021 STATEMENT OF FINANCIAL ACTIVITIES Note Unrestricted Restrlcted Funds Funds Total Funds Total Funds 2021 2021 2021 2020 Income Income from generated funds Donation and legacy income Investment income 221.674 79,501 94.210 315.884 79.501 191,386 82.258 Total income 301.175 94.210 395.385 273,644 Expenditure Cost of generating funds Investment management costs Charitable activities 26.191 150.066 26.191 163.714 8.486 112,933 13.648 Total Expenditure 176.257 13.648 189.905 121.419 Net income before olher recognised gains and losses Transfers beeen funds 124.917 80.562 205.479 152,225 10 GainllLoss} on investments Net Movement in Funds 691,425 691.425 132.6891 816,342 80.562 896.904 119.536 Balan brought forward at 1 September 2020 Balance carried forward at 31 August 2021 3.901.187 59.395 3.960.582 3.841,046 4.717.529 139.957 4.857.486 3,960,582 The charity's income and expeThliture all relates to continuing operations. io
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Flnan¢ial Stalements- Year Ended 31 Au ust 2021 BALANCE SHEET AT 31 AUGUST 2020 Note 2021 2020 Flxed Assets Investments 4,579,812 3.684.844 Current Assets Debtors Cash at bank and in hand 29.660 248,014 51,030 224,708 277.674 275,738 Liabilities: amounts falling due within on• year Net Current Assets 277,674 275.738 Tolal Assets less Current Llabllltlos 4.857.486 3,960,582 Restrlcted funds Unrestricted funds 10 139.957 59,395 11 4.717.529 3.808.069 Total funds 12 4,857,486 3,960,582 The financial statements were approved by the trustees on their behalf by.. and signed on Trustee- D C Shipley
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements- Year Ended 31 Au ust 2021 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash flows from operating activities: Nel movement in funds Adjusled for: IGainllLoss on investments Interest receivable Dividend income Decreasel{increase) In Trade and Other Receivables Decrease in Trade and Other Payables 896.904 119,536 (691.425) 110.171) 169,330) 21,370 32,689 (1.407) 180.852) {51,030) (136,443) Nel cash inflowl(outflow) operating activities from 147.349 1117,506) Cash flows from investing activities Interest received Dividends received Purchase of investments Sale of investments 10.171 69.330 (1.013.676 822,436 1,407 80,852 (2,817,440) 2,439,122 Net cash ouffiow from investing activities (111,740) (296.060) Net Increase in cash & cash equivalents 35,609 (413,5661 Opening cash & cash equivalents 309.182 722,748 Closing cash & cash equivalents 344.791 309,182 Movement In cash 35.609 (413,5661 Cash and cash equivalents 2021 2020 Cash at bank Investment cash accounts 248,014 96,777 224.708 84.474 344.791 309,182 12
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au U5t 2021 NOTES TO THE ACCOUNfs FOR THE YEAR ENDED 31 AUGUST 2021 A¢¢ountlng Policles General Inforniation Cheadle Hulme School 150 Anniversary Bursary Trust is a non-profit making trust established in the United Kingdom. Basls of accountlng The financial statements have been prepared in accordan with the Charities Statement of Recommended Practice IFRS 102) in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Financial Reporting Slandard applicable in the Uniled Kingdom and Republic of Ireland IFRS 102) and the Charities Act 2011 and UK Generally Apted Practice. The financial statements have been prepared tr) give a Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Charities Staternenl of Recommended Practi {FRS 102) in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) rather than the 'Accounting and Reporting by Charities.. Statemenl of Recommended Practice Charities SORP 2005. which has since been withdravm. Cheadle HUIn School 150 Anniversary Bursary Trust meets the definition of a public benefit entty under FRS 102. Going concern Al the time of approval of the financial slatements, the Covid19 pandemic has begun to recede and lrfe in the UK is beginning to retum lo nomal. Initial investmenl volalility appears to have settled down, and investment growth has been positive and fundraising efforts have resumed. The Truslees continue to closely monitor Ihe situation and believe thal the charity is able to continue as a going o)ncem for the foreseeable future. being at least twelve months from the date of approval of these financial stalements, and have therefore prepared the financial slatements on a going conrn basi5. Unrestrl¢ted funds un stricted funds a donations and other incoming SOurCeS reiVed or generated for charitable purposes. 13
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statemenls -year Ended 31 Au ust 2021 NOTES TO THE Accoupifs FOR THE YEAR ENDED 31 AUGUST 2021 Accounting Policies (continued) Flxed asset Investments Fixed asset investments are stated at market value. Gains and losses on disposal and revaluation of investments are charged or credited lo the Statement of Financial Activities. Donatlons Donations receivable are credited lo Ihe Statement of Financial Activities in the period to which they relale, generally the earlier of notrficalion or receipt. Investment Income Investment income relates to income received from fixed asset investments. Cash and ¢ash equlvalents Cash is represented by (xsh at bank and in hand wtth financial InstitutnS repayable without penalty on noti of not more than 24 hours. Cash equivalents are represented by the cash accounts within fixed asset investments. Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis. Govemance costs indude those (x)sts Inrred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Critical Accounting Judgements and Key Sources of Estimation Uncertainty In applying the charity's accounting policies. the trustees are required to make judgements. estimates and assLbmptKsns in detemiining the r2rrying amounts of assets and liabilities. The truslees. judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made. and are based on historical experien and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions. the actual results and outcomes may differ. The estimates and undedying assumptions are vieWed on an ongoing basis. Revisions to accnunting estimates are recognised in the period in which the estimate is revised. if the revision affects only that peri(Kl, or in the period of the revision and future periods. rf the revision affects both current and future peri(KJs. There are no critical accounting judgements or key Sou$ of estimation uncertainty. 14
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements- Year Ended 31 Au ust 2021 NOTES TO THE AccouTrrrs FOR THE YEAR ENDED 31 AUGUST 2021 Voluntary Income Unrestricted Restricted Funds Funds 2021 2020 Donations and legacy income Gift aid 202,130 94,210 296,340 187,709 19.544 221,674 19.544 94,210 315,884 3,677 191.386 Investmenl Incomo 2021 2020 Dividends Interest receNable 69.330 10.171 80,852 1.406 79,501 82,258 Investment management costs The investment management o)sts represent the management fees charged by Rathbones Investment Management. Where management fees are charged within unit funds, these costs are reflected wtlhin the unit pri. Costs are netted off income as they cannol be quanlrfied by the investment manager. The increase in management costs from 2020 is due to improved transparency of costs cnmpared to last year. Charitable activities 2021 2020 Bursaries Bank charges 163.648 66 112.892 41 163.714 112,933 None of the Trustees were pawj or reimbursed for expenses durirKJ the year {2020'. £nil)- The trust had no employees in the (xjrrent or prior year. Costs in respect of the audit of the financial statements were bome by Cheadle Hulme School. The School and the Trust have the same auditor. No other services were provided by the auditor. 15
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2021 NOTES TO THE ACCoUPs FOR THE YEAR ENDED 31 AUGUST 2021 Fixed Asset Investments 2021 2020 Investments Market value at 1 September Addrtions Disposals Net inveslment gainllloss) 3,600,370 3,254,741 1.013,676 2,817,440 1822,436) (2.439.122) 691,425 (32,689) Market Value at 31 August 4.483.035 3,600,370 Dealing account, cash 96.777 84.474 Fixed Asset Investments 4.579.812 3.684.844 Hislorical cost at 31 August 3.879.294 3,218,479 Investments comprise: 2021 2020 Ralhbones- discretionary investment fund CCLAJCOIF investment fund units 3.951,545 3.389,138 531.490 211.232 4.483.035 3.600.370 CCLAJCOIF units held 2.264.69 1,089.64 Debtors 2021 2020 Amount owed by Cheadle Hulme School 29,660 51,030 29,660 51,030 Cash 2021 2020 Cash on deposil 248.014 224,708 16
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements- Yoar Ended 31 Au usl 2021 NOTES TO THE Accouprrs FOR THE YEAR ENDED 31 AUGUST 2021 Liabilities: Amounts falling due within one year 2021 2020 Accruals and other creditors Amounts owed to assocrated undertangS 10 Restricted Funds Balan¢0 1 September 2020 Balance 31 August 2021 Income Expenditure Transfers Old Waconians Educatlon Fund Single student donation 32,977 26,418 59.395 (1.1901 12.458 13,648 31.787 108.170 139,957 94,210 94.210 Old Waconians Education Fund These restricted funds relate to amounts reiVed by the Trust to assist students of Cheadle Hulme School who are in receipt of bursary financial assistance with ancillary costs associated with attending school such as unrfomi. equipment and educational trips. Single Student Donation These are donations which are designated for indNidual students. 11 Unrestricled Funds Balance Balance 31 August 2021 Septsmber Gains on 2020 Income Expenditure investments Transfers General 3.901.187 301.175 3.901.187 301.75 176.257 176.257 691,425 691.425 4,717,529 4,717,529 17
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements-year Ended 31 Au ust 2021 NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 AUGUST 2021 12 Analysis of net assets between funds 2021 Net Current Assetsl Investments {Liabilitie51 2021 Total Restricted Funds 139.957 139.957 Unrestricted Funds 4.579.812 4.579,812 137.717 277,674 4.717.529 4,857,486 Net Current Assetsl Investments (Liabilities) 2020 2020 Total Rostricted Funds 59,395 59,395 Unrestrl¢ted Funds 3,684.844 3.684.844 216.343 275.738 3.901,187 3.960.582 13 Financlal Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequentty measured at their settlement value. The carrying amount of the financial instruments at 31 August were: 3110812021 3110812020 Financial assets- Financial assets measured at amortised o)st lal Financial assets measured at fair value (bl Total 277.674 4.579.812 4.857.486 275.738 3.684.844 3,960.582 3110812021 3110812020 Financial liabilities.. Financial liabilities measured at amortised cost {cl Total (a} Financial assets measured at arrK)rtised cost indude cash at bank and other debtors (b) Financial assets held at fair value include assets held as investments (c) Finanal liabilities measured at amortised LX)St include accruals and other creditors 18
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2021 NOTES TO THE AcCOUPs FOR THE YEAR ENDED 31 AUGUST 2021 14 Related Party Transactions Included wilhin debtors is an amount of £29,660 (2020: £51.139) owed by Cheadle Hulme School. Mr P Driver resigned as a director of Cheadle Hulme School in December 2020. Dr D N Riley. Mrs C Boyd, Ms B Walmsley and Mr S Abraham are directors of Cheadle Hulme School. Mr N Smith is Head of Cheadle Hulme School. During the year, the Trust granted bursary money to Cheadle Hulme School amounting to £163.648 (2020.. £112,892)- 19