Charty number.. 1125232 BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 WR Partners Protecting your future.
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION CONTENTS Page Ref•r8ncè and admlnlstratlvè details of the Charlty, its Truyteès and adviser Trtetr5. roport Independent examlnerfs report Statement of flnanclal actlvltles Balance sheet Notes to the financial statements 9-14
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADWSERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees Mrs A Bamford Mr M Frealhy Mrs S Underhill MrB Worth Charlty registerèd number 1125232 Principal office Northgale Bridgnorth WV16 4ER Accountants VVR Partners Chartered A0tantS Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 SLG Page 1
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 .The Trustees present their annual report together wrth the financial 6ts1ements of the Charity for the September 2021 to 31 August 2022. Objectlvos and aGtlvltles Pollclas and oblactlv8s The principle object of the charity is to advance the education of the pupils allending Bridgnorth Edowed School by providing and assisting in the provision of such facilities or itèms al thè school (not providèd from atslutory funds) a$ the IrL5s1egs shall from tim8 to tim8 de18rming. In setting objectives and planning for activities, IhÈ Trustees have given duè consideration lo general guidance publish8d by th8 Char¢Ly Commission r8lating lo public benefrt, including the guidance 'Public benefit= running a charity IPB2I'. b. Stratoglgs for achlovlng obJoGtlves Th8 charity rais8s funds to achiave its objectives through fundraising events and donations. Achievgments and porformanc• a. Review of èetivitiès During thè year, the charity supported the Bridgnorth Endowed School by financially assisting a number of activlLies through fundraising activftie8. Flnancial rovlow Going concern After making appropriate enquiries, thè Trustees have a reason8ble expectation that the Charity has adequate resources lo continue in operaliDnal exi&lence lor the foreseeablè future. For this reason, they ctsntinue to adopt the going concern basis in preparing th8 financial stalemenls. b. Roserves pollcy The charity aims to hold resetves ol a suitable arnount lo enSUTe that it's opening fundiftg for the schogl, which supports, is available. This is based on the knowledge of upcoming events and trips which are to b8 funded. The free resarves of the Charity at the end of the financial year were £51,19912021'. £42,605}. . Prln¢lpal r15k$ and unGertainties The major risks to which the charity is exposed. as id8nt5fd by the Trustees, have been view&d and sysleffts have been established to mitigate those risks. Page 2
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 d. Cu5todlan funds Tha charity holds funds received for subscription lo a School Business Manag&r network group (Shires Educational Business Associalionl. This fund provides online support I resuurces I CPD for educational professignals lo support them, their schoo18 and students therefore falls within the custodian charity's object8 of &ducalional supporL The funds are he in a s¶te c081 tre within th8 school fund which provides a clear segregation of funds from the charills own a88els. During the year ending 31 August 2022, the fund received income of £3,850 and exponditure of £2.741. The balance of the SEBA funds al the end of the ytrar stood at £6.762, 8nd are included within the bank balance on the balance sheet, Structurei governanco and managemgnt a. Con5tltutlon Brldgnorth Endowed School Fund AssDciation was constiluled by Deed on 14 May 2008 and is registered with the Charity CoThmission und&r charity number 1125232. b. Method5 of appointment or electlon of Trusle88 The management of the Charity is the responsibilty of the Trustees who are al8Cted and co-opted under the terms of the Trust deed. Organisalional structure and declslon-making policies The charity is managed by ils Board of Trusleeg. The day lo day management and decisiDn making of the charity is delegated lo two of ils Trustees, who are also members of the Board of Govemors of the A¢ademy Trust INhich th8 charity supports. The Trustees of the charity do hold meetings whereby any important decislons are made and the general strategic plan for the charty is set d. Related paty relation$hips The charlty fundraises for 3ridgnorth Endowed School, an Academy and company registered in En9land and Wale8 With common dir8clorsltruslees. Plans for future periods Tho charity is continuing lo look for additional ongoing fundraislng and ways of Increasing donation funding more so than over following the COVID pandemic and the impact il has had on school funding. Page 3
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 statement of Trustees, responslbllltles The Trustees are responsible for preparing the Tru8tee8' report and the financial slalemenls in accordance with applicable law and United lfjngdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Walès requires Ihe Trustees to prepare financial statements for each financial which give a true and fair view of the slate of affairs ol the Charity and of ils incoming resources and application of resources, including ils income 8nd expenditure, for that period. In preparing these financial stslements, the Trustees are required lo.. select suitabl& accounting policies and then apply them consislenlly, observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK AOUntIng Stsndards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial stslemenls on the going concem basis unless It is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Chartty's transactions and disclose Nwlh reasonable accuracy al any time the financial position of the Charity and enabl? Ihern Its ensure that thè firnancial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2UOd and the provi510ns ot the I rust deeQ. I hey 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. Approved by order ofthe members of the board of Trustees and signed on their behalf by.. Mrs S Underhlll ITrusleel Date.. 1113 Iz3 Page 4
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Independent Examlnèrfs Report to the Trustws of Brldgnorih Endowed School Fund Assoclation I'the Charlty'l I report to the charity Trustees on rny examination of the accounts of the Charity for Ihtr year ended 31 August 2022. R8sponsibilitle$ and Bayi$ of Report As the Trustees of the Charity you are responsible for the preparation of the account8 in accordance with the requirem6nls of the charlaS Act 2011 (Yhe 2011 ACVI. I report in respoct of my 6xaminalion of the Charity's 8Gcounls carried out under section 145 of the 2011 Acl and in carying out my 8xaminalion I hav8 followed the applrcable Directions given by the Charlty Cornmission under section 14515)Ibl of the 2011 Act. Page 5
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Indèpendgnt Examlnerfs Statement Your attention is drawn to the faol that the Charty has pr8par8d the accounts in ardance with Accounllng and Reporting by Chaiities.. Statement of Recommended Practice applicable to Charities preparing their accounts in ac¢ordan¢e with th& Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of R&¢ommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l und8rsland that this has been don8 in order for the accounts to prc)vide a true and fair vi&w in accordanc8 with the Generalty AcGeplad Accounting Practice eff8ctive for reporting period8 b8ginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving m8 cause lo believe th81 in any material respect.. accounting reeords w8r8 not kept in resp8Ct of the Charty a8 required by soction 130 of the 2011 Act., or the aoUnt8 do not accord with Ihosa reGDrds', OT the accounts do not comply with the applicable requirèments concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulatlons 2008 othèr than any requir&ment that the accounts give a 'true and fair, which is not a matter consiLlered as part of an independent examination. I have no ¢oncems and have come across no other Matte in connection with the examination to which attention should be drawn in this rew)rt in order lo enable a proper understanding of th8 accounts to be r8achad. This report is made solely tu the Charity's Trustees, as a body, in accordance with Part 4 of th8 Charities IAcGounls and Reportsl Regulations 2008. My work has been undertaken so that I might stale to tho Charitys Trustees those matters l am required lo slate to thom in an Independent examinèr's report and for no other purpose. To thé fullest exlenl pemiilled by law, I do not 8CC8Pt or assume responsibility lo anyone other than the Charity and the Charitys Trustees as a body, lor my work or for this report. Signed.. Dated. 2010312023 T Lunt BA FCCA MIRPM WR Partners Blemont House Shrewsbury Business Park Shrewsbury SY2 6LG Page 6
BWDGNORTH ENDOWED SCHOOL FUND ASSOCIAMON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrlctèd funds 2022 Total funds 2022 Total funds 2021 Nots Incomo from: Charitable Income Investments 55,706 55,706 7,331 Total income 56.711 55,711 7,336 Expendltur• on: Charitab18 8xpendilur8 48,117 48,117 20,602 Total expgndlture 48.117 48,117 2Q,602 Net movèment In funds before other r•eogni$ed galns 7,594 7,594 (13,266) Other reGognlsed gains.. GaiiTb vn ievaluation of fixed assets Net movemont In fund5 7,594 7.$94 113,266) Reconciliation of fund8: Total funds brought forward Nel movement in funds 43,605 7.594 43.606 7,594 56,871 (13,266) Total funds carrfed forward 51,199 51,199 43, 605 The Statemgnt of Financial Activili8s includes all gains and losses recognised in the year. The notes on pages 9 to 14 form part of these financial slatemenls. Page 7
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Noto Flxed assets Current ass8ts Cash at bank and in han 52,389 44.805 S2.389 44,805 Creditors.. amounts falling due within one y&ar {1,1901 {f,200) Net current assets 51.199 43,605 Total assats less current liabillties 61,199 43,605 Net ass8ts oxcluding pènsion asset 51.199 43,605 Total ngt as$ets 51,199 43,605 Charity funds Restricted funds Unr8slricted fullds 51,199 43,605 Totsl funds 51.199 43, 605 The financial slatem&nt8 were approved and aulhorised for issue by th& Trusl8gs and signed on their beha by.. Underhlll (Trusteel Dale.. Complete'ACCOUNTS COMPLETION, section The nDtes on pages 9 10 14 form part ofthese financial slalemonts. Pag8 8
BRIDGNORTH ENDOWED SCHQOL FUND ASSOCIATION NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General Information Bridgnorth Endowed School Fund As80cialion was wnstiluted by Dgad on 14 May 2008 and is registerèd with the Charity Cornmission under chaTity number 1125232. The principle object of tha Charity 18 to advance the education of the pupils att&nding Bridgnorth Edowed School by providing and assislino in the provision of such facilities or items at the school Inot provid&d from slalutory funds) as th8 trustees shall from lime to time determine. Accountlng pollcles 2.1 Basls of preparation of financlal statgm&nts The financial statements hav8 been prepared in accordance wf(h th& Charltles SORP (FRS 1021 Accounting and Reporting by Charitiès., Slalemenl of Recommended Practice Spplicable lo charities prepaiing their accounts in accordan¢& with the Financlal R8PDrting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 2Q191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'lrue and faiF view and hav& departèd from tha Charities (Accounts and Reports) Regulations 2008 only lo the extent requir lo provide a Irue and fairf view. Thi8 departure has involved followino the Charities SORP IFRS 1021 published in October 2019 rather than the Accoun11t and Reporting by Charities.. Statement of Recomm8nded Practice 8fFedive from 1 April 2005 wliicli Iidè siiibE bEen witlidrawn. Bridgnorth Endowed School Fund As8oBialionBridgftorth Endowed School Fund Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless oth?rwise dated in the relevant accounting policy. 2.2 In¢omg All income is recognised once the Charity has entitlement lo the incom$, it is probable that th income will be received and the amount of income receivable Can be measured reliabty. Income lax recov8rable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income tsx reGoveTable in relation to investment income 1$ recognised at the time the Investment illcome is receivable, 2.3 Expendituro Expenditu is recognlsed once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Exp8nditur8 is ola8sified by activity. The costs of each activity are mad8 up of the lolal tsf direct costs and sharod costs, including support costs Involved in undertaking each aclivily. Direct costs allribulable lo a single aclivty are alloc81ed directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are ngt attribulab161o a single activity are apportioned between those activities on a basis consislenl with th8 use of resources. Central staff ¢osls are allocated on the basis of lime spent, and deprecialic>n charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaklng the activities which further the Charil¥s objectives, as well as any associated support costs. Page 9
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng policies lcontinuedl 2.3 Exponditure {¢ontinuedl All 8xpendilure is inclusive ol irrecoverable VAT. 2.4 Interest r81vable Interest on funds held on deposit is included when recsivable and the amount can be measured rellably by the Charlty,. this is normally upon nolrfication of the interest paid or payable by the inslilulion with whtsm the funds are deposited. 2.6 Cash at bankand in hand Cash al bank and in hand Include8 cash and short-tem) highly liquid investment8 Wlth a Short maturity of thr88 months or less Irom the date of acquisition or opening of the deposit or similar accaunt. 2.6 Llabllities and provislons Liabilf(ies are recognised wh8n there is an obligation at the Balance sheet dale as a result of a past event, it is probabl8 that a transfer of econ¢)mic benefit will be required in s8tt18ment, and the amount of the settlement can be estimated reliably. Liabilitie5 are recognised al the amount that the Charity anlicipales it will pay to settle tho debt or the amount it has rèceived as advanced payments for the goods or services it must provsde. Provisions are measured 81 the best estimate ol the amounts required to settle the obligation. Whe the affect of the time value of rNoney is material, the provision is based on the present value of those amounts, discounted al th& pre-lax discount rate that r8flects the risks specific to the liability. The unwinding of the discount is recognised in the Slalomont of financial activities as a finance cost. 2.7 Financial instrumènts The Charity only ha8 financial assets and financial liabil¢Lies Df a kind that qualify as basi¢ financial inslrumenls. Basic financial instruments ar6 initially recognised al transaction valuè and subsequently m8asured at their settlement value with the exception of bank loans whlch are sub8equenMy mtsasured al amortised cost using the effective int8r8sI method. 2.8 Fund accountlng General funds are unTeslricled funds which are available for use al the discretion of the Trustees in furtherance ol the general objectives of the Charity and which have not been d8signated for other purposes. Investmènt income. gains and losses are allocatèd to the appropriate fund. Page 10
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Incoma from other trading actlvltl&s Income from fundralslng events Unrostrfcted funds 2022 Total fund$ 2022 Total funds 2021 Charitable tIvItIeS 55,706 66.706 7,331 Tot812(Y21 7,331 7,331 Investment Income Unr8$tricted funds 2022 Total funds 2022 Total fvnds 2021 Investmént income - bank interest Total 2021 Analygi8 of expenditure by activities Actlvltles undertaken directly 2022 Support osts 2022 Total funds 2022 Tol funds 2021 Charitabl$ activitiets 46,111 2,006 48.117 20, 602 Total 2021 18,442 2,160 20,602 Page11
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of èxpandlture by acllvltles (Gontlnuedl Analysls of support costs Total funds 2022 Total funds 2027 Activltle5 2022 Governance 2,006 2,OD6 2, 160 Total 2021 2,160 2, 160 Indepèndent examineVs r8munaratlon 2022 2021 Fees payable lo th8 Charitys independent examiner for the independent examination of the Charity's annual accounts 1,200 Trustees. remuneration and expense8 During the year, no Trus18&s received any remuneration or other benefits {2021- £NIL). During the year ended 31 August 2022, no Trustee expenses havo been Inrred (2021- £NIL). Credltors.. Amounts falling due wllhln one yaar 2022 2021 Accruals and deferred income 1,190 1,200 Pago 12
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ststement offunds Statemont of funds - current year Balance at 1 Septsmber 2021 Balanco at 31 Augusl 2022 Income Expendlture Unrgstrlcted funds Raserves 43.605 55.711 {48,1171 51,199 Statement of funds - prfor year Bal&nce at I SBptsmbor 2020 Balance al 31 August 2021 Incomo Expendilu Unrestricted funds Reserves 56,8TI 7,336 (20,602) 43, 605 Page13
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Analysis of net as$ets botsveen funds Analysls of nèt assets betwegn funds- current y8ar Unrestrlctsd funds 2022 Total fund$ 2022 Current assets Cradilors due within one year 52,389 11.1901 52,389 11,190} Total 51,199 61,199 Analysis of net as$ets between funds - prior year UnStricted funds 2021 Total funds 2021 Current assets Creditors due Mpilhirb ono year 44,805 (1,200) 44,805 (1,2LKI) Total 43,605 43,605 11. Related party transaction8 The charity fundraises for Bridgonorth Endowed School, an Academy and company registered in England & Wales with common directors I Irusl88s. All of the charitable expenditur8 of the charity is in wnneclion with charitable acliviti8s undertaken by bridgnorth Endowed School There were no related party transaction during the financial year (2D21.' £nil} Page 14