CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST REPORT AND FINANCIAL STATEMENTS Year ended 31 August 2022 Charity Number 1115254
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Report and Financial Statements- Year Ended 31 Au ust 2022 CONTENTS Page Trustees. Annual Report Independent Auditor's Report Statement of Financial Actiwties 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-19
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 TRUSTEES, ANNUAL REPORT LEGAL AND ADMINISTRATIVE INFORMATION Charity Name Cheadle Hulme School 150th Anniversary Bursary Trust Address lo Cheadle Hulme School Claremont Road Cheadle Hulrne Cheadle Cheshire SK8 6EF Charity Number 1115254 Governing Instrument Trusl Deed Trustees Dr O N Riley (Chair from May 2022) Mr D C Shipley (Chair until resigned May 2022) Mf S L Jones (resigned May 20221 Mrs S Hardy (resigned November 2022) Mr P Driver Mr N Smith Mr S Abraham Mr J Winter Mrs B Walmsley Mr l Jepson Mrs C Boyd Mr C Brennan (apwinted May 2022) Indèpendent Auditor Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5NT Investment Management Rathbone Inveslmenl Management Port of Liverpool Building Pier Head Liverpool L3 1NW CCLA Investment Management Senator House 85 Queen Victoria Street London EC4V 4ET Bankers Barclays Bank PLC P.0. Box 357 51 Mosley Street Manchester M60 2AU
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements- Yoar Ended 31 Au ust 2022 TRUSTEES, ANNUAL REPORT HISTORY, OBJECTIVES AND ACTIVITIES OF THE TRUST The Cheadle Hulme School 150 Anniversary Bursary Tnjst was established by a deed dated 9 February 2006. The Declaration of Trust was reviewed and updated on 8 October 2017 and 24 February 2021. The objects of Cheadle Hulme School 150 Anniversary Bursary Trust are to apply the income to pay all or any parl of the fees 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 unifomis, school lunches, personal educational equipment, school trips and transport to enable the pupils to attend Cheadle Hulme School. In selting the objects, the trustees have given careful consideration to the Charity Commission's set of three public benefit guides and to supplementary public benefit guidance on advancing education. In achiewng its objectives, the trustees are confident the trust is meeting its public benefit requirement. In 2009 the assets of the Niel 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 two limes a year. The Trust is operated in accordance with the Declaration of Trust. MANAGEMENT AND GOVERNANCE ARRANGEMENTS In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity and musl appoint from the following class of persons to a maximum from each class as indicated in the brackets.. a) Headleacher (1) b) Member of staff from Cheadle Hulme School (1) c) Board of Governors of Cheadle Hulme School {4) d) Former Pupils and Fomier Staff of Cheadle Hulme School {3) el Parenls of children currently attending Cheadle Hulme School (2) fl Independent people {3) The trustees may serve for a terrn of three years and will be eligible for re-election at the end of the 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. the policies in place relating lo the Irust, administrative procedures. the history and philosophical approach of the trust. A new trustee reiVeS copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee- What You Need to Know.. What You Need To Do (May 2018).. The investment management of the trust funds was undertaken through the year by an independent financial advisor, Rathbone Investment Management and by CCLA Investment Managemenl. The trustees annually review the risks that the Trust faces.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements- Year Ended 31 Au ust 2022 TRUSTEES, ANNUAL REPORT (cont) The trust does not have any employees and therefore does not have any key management personnel. 11 relies on officers of the School to prowde its administration. fundraising and accounting services without charge PROCEDURES AND POLICY FOR GRANT MAKING The trustees wll normally meet hvo times a year to review Ihe inveslment funds and to consider how to apply the funds. Bursaries totalling £150.000 (2021.. £150.0001 were awarded in the financial year ending 31 August 2022. A further £13.960 bursary was given from restricted funds (2021= £13.648) ACHIEVEMENTS AND PERFORMANCE OF THE TRUST The Trust has recognised gross income totalling £284.049 (2021: £395.385) in the year including £0 restricted income (2021.. £94.210) Investment growlh has been negative, reflecting significant wortd events. including the war in Ukraine. and high inflation. Fundraising efforts by the School have focussed on the Bursary Trust itself. FUNDRAISING DISCLOSURE The school has an Extemal Relations and Development office. an important purpose of which is to raise funds for the school trusts. The costs of running the teams are borne by the school. During the year fundraising efforts continued to promote the Amazing Campaign for bursaries to Old Waconians and current and fomier parents who had premously given to the Bursary Fund. The appeal was segmented according to the differenl target audience and was supported by an engaging social media campaign across Linkedln, FaboOk, Instagram and Twitter. Following a period of redUd fundraising activity due to Covid and a number of changes in the team. the team is now in a position lo remsit the major gift programme. An Old Waconian with signrficant experience in fundraising and development has conducted a feasibility study to ascertain potential for fundraising for some key projects highlighted in the new CHS 2030 strategy. The findings will be presented to the Board in January 2023. 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 activity is carried out in line with the advice and regulations adhering to best practice. Through training and compliance with the Fundraising Regulator the school ensures that vulnerable people are protected from any intrusive fundraising. No fomial complaints were received due to activities carried out by the charity- Infomiation 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 before other recognised gains and losses for the year was £91,621 12021.. £205.478) after operational expenses and bursaries of £192,427 (2021: £189,905). The change in nel income is primarily due to lower donations in the current year driven by the impact of Covid. The total unrestricted funds at the year*nd were £4,518,330 12021.. £4.717.529).
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Yoar Ended 31 Au ust 2022 RESERVES POLICY The policy of the trustees is to both build up a substantial fund for the longer-temi, whilst also continuing to make a significant donation to Cheadle Hulme School each year for the benefit of school's Financial Assistance programme. Funds are built up through donations made to the trust and also from any gains on the investments held. The capital is invested so as to maximise the total retum (capital growth plus income) with a medium level of risk. Cash reserves are also maintsined at a level intended lo cover any agreed annual donation lo Cheadle Hulme School. Students offered financial assistance at Cheadle Hulme School usually stay at the school for up to 7 years. from year 7 to upper sixlh fomi, so the trust aims to ensure that funds are available to support those pupils over that lime period. The reserves policy is reviewed annually. GOING CONCERN At the time of approval of the financial statements. global events continue to impact investment value volatility. These include the war in Ukraine, significant inflation increase around the globe. rising interest rates and continuing post-covid global supply chain shortages. Investments have reduced in value over Ihe course of the year, but fundraising efforts have resumed. The Trustees conlinue to closely monitor the situation and believe that the charity is ablè to continue as a going concem for the foreseeable future, being at least Iwelve months from the date of approval of Ihese financial statements and have therefore prepared the financial statements on a going conrn basis. PRINCIPAL RISKS AND UNCERTAINTIES The main risks to the Trust are donor contrbbution levels and investment volatility. The External Relations and Development Office work to maintain and develop donations and legacies on behalf of the Trust and investment risk is mitigated. as far as possible. by using professional external adwsers to inform investment choices. The Trustees regularly review and challenge the performan of bolh these teams. The Trust is also dependent on Cheadle Hulme School for general administration. PLANS FOR FUTURE PERIODS The Trustees will continue to monitor general fund raising activities and inveslment performance with the aim of increasing the total value of the fund year on year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Truslees must prepare financial statements for each financial year which show a true and fair view of the stale of affairs of the charity and its financial activities for that period. In preparing those financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent: slate whether applicable accounting slandards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements- and prepare the financial slatements on the going concem basis unless it is inappropriate to presume that the charity will continue in operational existen.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Ro ort and Financial Slatemonts - Year Ended 31 Au ust 2022 TRUSTEES, ANNUAL REPORT {cont.) The Trustees are responsible for keeping proper accounting records. which disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware there is no relevant audit infom)ation of which the charity's auditors are unaware, and • the Trustees have taken all the steps that ought to have been tsken as Truslees in order to be aware of any information needed by the auditors in connection with preparing their report and lo establish Ihat the Gharity's auditors are aware of that information. The Trustees have also taken all reasonable steps to comply with their obligations as set out by the Charity Commission to act in the best interests of the charity and comply with their legal duties under charity law. including their duty of prudence. Approval The Trustees Report, was approved by the Board on i 2oz3and signed on its behalf by: Dr D Riley Chair of oard of Trustees Date: i i Rel
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 Independent Auditor's Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust Opinion We have audited the financial statements of Cheadle Hulme School 150 Anniversary Bursary Trust ('Ihe charity,) for the year ended 31 August 2022 which comprise the Statement of Financial Activities, Ihe Balance Sheel. the Statement of Cash Flows and notes to the financial statements, including significant 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 Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charily's affairs as at 31 August 2022 and of its income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice-. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUKII and applicable law. Our responsibilities 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 relevanl 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 that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing Ihe financial slatemenls, we have concluded that the Truslees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going concem for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the Trustees Vth respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other infomiation contained within the annual report. The other information comprises the infomiation included in the annual report, olher than the financial statements and our audilor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do nol express any fomi of assuran conclusion thereon.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 Independent Auditor's Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust continued Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misststements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. 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) Regulations 2008 requires us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material resped with the trustees. report- or sufficient and proper accounting records have not been kept by the charity; or the financial slalemenls are not in agreement with the accounting records and returns,. or we have not received all the infomiation and explanations we 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 internal control as the Irustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenl, 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 applicable. matlers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidale the charity or to cease operations. or have no realistic allernative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statemenls as a whole are free from material misstatement, whether due to fraLJd or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee thal an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, indiwdually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Ro ort and Financial Statements - Year Ended 31 Au ust 2022 Independent Auditor's Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust continued Details of the extent to which the audit was considered Gapable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audtt of the financial statements is located on the Financial Reporting Council's website at= vMw.frc.org.uklauditorsresponsibilities. This descrbplion fomls 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 regulations. We identified and assessed the Tisks of material misslatement of the financial statements from irregularities. whether due to fraud or error, and discussed these belween our audit team members. We then designed and performed audit procedures 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 frameworf(s 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 financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP {FRS 102). We assessed the required cornplian with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability lo operale or lo avoid a material penalty. We also considered the opportunities and inntiVeS thal may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were the Charities Act 2011. Audiling standards limil the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Ihe Trustees and other management and inspection of regulatory and legal corresponden, if any. We identified the greatest risk of material impact on the financial statements from irregularities. including fraud. to be within the timing of recognition of voluntary income and the override of controls by management. Our audit provreS to respond to these risks included enquiries of management about their own idenlification and assessment of the risks of irregularities. sample lesling on the posting of joumals. reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission, reading minutes of meelings of those charged with governan and sample testing of voluntary income. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing stsndards. For example. the further removed non-complian with laws and regulations (legUlaritieSI is from the events and transactions reflected in Ihe financial stalemenls, the less likely the inherently limited procedures required by auditing standards would identify 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. misrepresentalions. or the override of internal controls. We are not responsible for preventing non-complian and cannol be
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Ro ort and Financial Statements - Year Ended 31 Au ust 2022 Independent Auditor's Report to the Trustees of Cheadle Hulme School 150th Anniversary Bursary Trust continued expected to detect non-compliance wth all laws and regulations. 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 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to slate to them in an audilor's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility lo anyone other than the charity and the harily s trustees as a body, for our audit work, for this report, or for the opinions we have formed. LLF Crowe U.K. LLP Slalutory Auditor The Lexicon Mount Street Manchester M2 5NT Date 16thMay2023
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Ro ort and Financial Statements - Year Ended 31 Au ust 2022 STATEMENT OF FINANCIAL ACTIVITIES Note Unrestricted Restricted Funds Funds Total Funds Total Funds 2022 2022 2022 2021 Income Income from generated funds Donation and legacy income Investment inGome 196,187 87,861 196.187 87,861 315.884 79.501 Total income 284,049 284.049 395,385 Expenditure Cost of generating funds Investment management costs Charitable activities 28,420 150,048 28,420 164.008 26,191 163.714 13,960 Total Expenditure 178.468 13.960 192,428 189,905 Net income before other recognised gains and losses Transfers between funds 105,581 (13,960) 91.621 205,479 10 Gainl{Loss) on investments Nel Movement in Funds (304.780) (304.780) 691,425 (199,199} {13.960) (213.159) 896,904 Balance broughl forward at 1 September 2021 Balance carried forward at 31 August 2022 4.717,529 139,957 4,857,486 3.960.582 4,518,330 125,997 4,644.327 4.857.486 The charity's income and expenditure all relates to continuing operations. io
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2022 BALANCE SHEET AT 31 AUGUST 2022 Note 2022 2021 Fixed Assets Investments Current Assets Debtors Cash al bank and in hand 6 4334.444 4,579,812 160.093 149.790 29,660 248,014 309.883 277.674 Liabilities: amounts falling due within one year Not Current Assets 309.883 277.674 Total Assets less Current Liabilities 4.644.327 4,857,486 Restricted funds Unrestricted funds 10 125,997 139.957 11 4,518,330 4,717,529 Total funds 12 4.644,327 4,857,486 The financial stalements were approved by the trustees on i )oz3 and signed on their behalf by.. Tru r D Riley
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operating activities: Nel movement in funds Adjusted for.. (GainyLoss on investments Interesl receivable Dividend income Decreasellincrease) in Trade and Other Receivables Decrease in Trade and Other Payables {213,159) 896.904 304.780 (8.451) (79,410) (130.433) (691,425) (10,171) (69,330) 21,370 Net cash inflowl(ouffiow) from operating activities (126.674) 147.349 Cash flows from investing activities Interest received Dividends received Purchase of investments Sale of investments 8.451 79.410 {493.169) 511.288 10,171 69.330 {1,013,676) 822,436 Net cash ouffiow from investing activities 105.980 (111,740) Net increase in cash & cash equivalents {20,693) 35,609 Opening cash & cash equivalents Closing cash & cash equivalents 344,791 324.098 309.182 344.791 Movement in cash 120,693) 35.609 Cash and cash equivalents 2022 2021 Cash at bank Investment cash accounts 149,790 174.308 248.014 96,777 324.098 344,791 12
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting Policies General Infomiation Cheadle Hulme School 150 Anniversary Bursary Trust is a non-profit making trust established in the United Kingdom. Basis of accounting The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (FRS 102) in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practi. The financial statements have been prepared to give a 'true and fail Mew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo prowde a true and fair wew. This departure has involved following Ihe Charities Statement of Recommended Practice (FRS 1021 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) rather than the 'Accounting and Reporting by Charities.. Slatement of Recommended Practice Charities SORP 2005" which has since been withdrawn. Cheadle Hulme School 150 Anniversary Bursary Trust meets the definition of a public benefit entity under FRS 102. Going concern At the time of approval of the financial statements. global events continue lo impaGI investment value volatility. These include the war in Ukraine, significant inflation increases around the globe. rising interest rates and continuing posl-covid global supply chain shortages. Investments have reduced in value over the course of the year, but fundraising efforts have resumed. The Trustees continue to closely monitor the situation and believe that the charity is able to continue as a going concem for the foreseeable future, being at least twelve months from the dale of approval of these financial statements and have therefore prepared the financial statements on a going concem basis. Unrestricted funds Unrestricted funds are donations and other incoming resources received or generated to satisfy the objects of the charity. 13
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting Policies (continued) Fixed asset investments Fixed asset inveslments are stated al market value. Gains and losses on disposal and revalualion of investments are charged or credited to the Statement of Financial Activities. Donations Donations receivable are credited to the Statement of Financial Activities in the period to which they relate, generally the earlier of notification or reipt. Investment income Investment income relates to income received from fixed asset investments. Cash and cash equivalents Cash is represented by cash at bank and in hand with financial institutions repayable without penally on notice of not more Ihan 24 hours. Cash equivalents are represented by the cash accounts within fixed asset investments. Expenditure Expenditure is induded in the Statement of Financial Activities on an accruals basis. Governance costs include those costs incurred in Ihe govemance of the tharity and its assels and are primarily associaled with constitutional and statutory requirements. Critical Accounting Judgements and Key Sources of Estimation Uncertainty In applying the charity's accountirwJ policies. the trustees are required to make judgemenls, estimates and assumptions in detemiining the carrying amounts of assets and liabilities. The trustees. judgements, estimates and assumptions are based on the best and mosl reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due lo the inherent subjectivity involved in making such judgements. estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that perFod. or in the period of the revision and future periods. rf the rewsion affects both current and future periods. There are no critical accounting judgements or key sources of estimation uncertainly. 14
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 Voluntary income Unrestricted Restricted Funds Funds 2022 2021 Donalions and legacy income Gift aid 181,970 181,970 296,340 14,217 196.187 14,217 196.187 19,544 315.884 Investment Income 2022 2021 Dividends Inlerest receivable 79,410 8,451 69,330 10,171 87.861 79,501 Investment management costs The investment management costs represent the management fees charged by Rathbones Investment Management. Where management fees are charged within unit funds, for both Rathbones and CCLA funds, these costs are reflected within the unit pri. Costs are netted off income as they cannot be quantified by the investment manager. The increase in management costs from 2021 is due to improved transparency of costs compared lo last year. Charitable activities 2022 2021 Bursaries Bank charges 163.960 163.648 66 164.008 163,714 None of the Trustees were paid or reimbursed for expenses during the year {2021'. £nil). The trust had no employees in the current or prior year. Cosls in respect of the audit of the financial slatemenls were borne 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 Endod 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 Fixed Asset Investments 2022 2021 Investments Market value at 1 September Additions Disposals Net investment gainl(loss) 4,483,035 3,600,370 493,169 1,013.676 (511.288) {822.436) (304.780) 691.425 Market Value al 31 August 4.160.136 4.483.035 Dealing account. cash 174.308 96,777 Fixed Asset Investments 4.334.444 4.579.812 Historical cost at 31 August 3,956,178 3,879,294 Investments comprise: 2022 2021 Rathbones - discretionary investment fund CCLAJCOIF investment fund units 3,638,778 3,951,545 521,358 531,490 4,160.136 4.483.035 CCLAICOIF units held 2,264.69 2264.69 Debtors 2022 2021 Amount owed by Cheadle Hulme School 160.093 29.660 160,093 29,660 Cash 2022 2021 Cash on deposit 149.790 248,014 16
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statements - Year Ended 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 Liabilities: Amounts falling due within one year 2022 2021 Accruals and other creditors Amounts owed to associated undertakings 10 Restricted Funds Balance 1 Soptember 2021 Balance 31 August 2022 Income Expenditure Transfers Old Waconians Education Fund Identifiable donations 31.787 108.170 139.957 31,787 94,210 125,997 13,960 13.960 Old Waconians Education Fund These restricted funds relate to amounts reiVed by the Trust to assist studenls of Cheadle Hulme School who are in receipt of bursary financial assistan with ancillary costs associated with attending school such as unrform, equipment and educational trips. Identifiable Donations These are specific donations designated for identified students. 11 Unrestricted Funds Balance Balanco 31 August 2022 September Gains on 2021 Income Expenditure investments Transfers General 4,717.529 284,049 4,717.529 284,049 178.4681 (304.780 178,468 304,780 4.518,330 4,518,330 17
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST Re ort and Financial Statements - Year Ended 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 12 Analysis of nat assets between funds 2022 Not Current Assetsl Investhients (Liabilities) 2022 Total Restricted Funds 125.997 125.997 Unrestricted Funds 4.334,444 4.334.444 183.886 309,883 4.518,330 4,644,327 Net Current Assetsl Investments (Liabilities) 2021 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 13 Financial Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The carrying amount of the financial instruments at 31 August were: 3110812022 3110812021 Financial assets.. Financial assets Measured al amorlised cost (a) Financial assets measured at fair value (b) Total 309,883 4,334,444 4.644.327 277.674 4.579.812 4.857,486 3110812022 3110812021 Financial liabilities.. Financial liabililies measured at amortised cost (c) Total (a) Financial assets measured at amortised cost include cash at bank and other debtors (b) Financial assets held at fair value include assets held as investrnents (c) Financial liabilities measured at amortised cost include accruals and other credilors 18
CHEADLE HULME SCHOOL 150th ANNIVERSARY BURSARY TRUST ort and Financial Statemonts - Year Ended 31 Au ust 2022 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 14 Related Party Transactions Included within debtors is an amount of £160.093 {2021.' £29.660) owed by Cheadle Hulme School. Mr P Driver resigned as a director of Cheadle Hulme School in Dember 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 Ihe year, the Trust granted bursary money to Cheadle Hulme School amounting to £163,96012021: £163.648). 19