Charity number: 1125232 

# BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION UNAUDITED 

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

Rit Partners Protecting your future. 



## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## CONTENTS 

||Page|
|---|---|
|Reference and adminlstrative details ofthe Charity, its Trustees and advisers|1|
|Trustees’ report|2-4|
|Independent examiner's report|5-6|
|Statement of financial activitles|7|
|Balance sheet|8|
|Notestotheflnancialstatements|9-14|





BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## el 

## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 

Mr M Freathy, Chair Mrs S Underhill MrM Penn (appointed 1 September 2022) Mr J Follette (appointed 1 September 2022) 

Charity registered number 1125232 Princlpal office Northgate Bridgnorth WV16 4ER Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 

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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 

The Trustees present thelr annual report together with the flnanclal statements of the Charlty for the period 1 September 2022 to 31 August 2023. 

## ObJectives and actlvitles 

## a. Policies and objectives 

The principle object of the Charity is to advance the education of the pupils attending Bridgnorth Edowed Schoo! by providing and assisting in the provislon of such facilities or items at the school (not provided from statutory funds) as the trustees shall from tlme to time determine. 

In setting objectives and planning for activities, the Trustees have given dus consideration to general guidance published by the Charity Commission relating to public benefit, including the guldance 'Public benefit: running a charity (PB2)’. 

## b, Strategies for achleving objectives 

The charity raises funds to achieve its objectives through fundraising events and donations. 

## Achlevements and performance 

## a. Review of activities 

During the year, the charity supported the Bridgnorth Endowed School by financially assisting a number of activities through fundraising activities. 

## Financlal review 

## a. Going concem 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. 

; 

## b. Reserves policy 

The Charity aims to hold reserves of a suitable amount to ensure that it's opening funding for the school, which it supports, is available. This is based on the knowledge of upcoming events and trips which are to be funded. 

The free reserves of the Charity at the end of the financial year were £72,952 (2022: £51,199). 

## c. Principal risks and uncertainties 

The major risks to which the Charlty Is exposed, as !dentifled by the Trustees, have been reviewed and systems have been established to mitlgate those risks. 

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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## ea TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 

## d. Custodlan funds 

The charity holds funds received for subscription to a School Business Manager network group (Shires Educational Business Association). This fund provides online support / resources / CPD for educational professionals to support them, their schools and students therefore falls within the custodian charity's objects of educational support. 

The funds are held in a separate cost centre within the school fund which provides a clear segregation of funds from the charity's own assets. 

During the year ending 31 August 2023, the fund received Income of £2,508 and expenditure of £2,411. The balance of the SEBA funds at the end of the year stood at £6,859, and are Included within the bank balance on the balance sheet. 

## Structure, governance and management 

## a, Constitution 

Bridgnorth Endowed School Fund Association was constituted by Deed on 14 May 2008 and Is registered with the Charity Commission under charity number 1125232. 

## b, Methods of appointment or election of Trustees 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. 

## c, Organlsational structure and decision-making policies 

The Charity is managed by its Board of Trustees. The day to day management and decision making of the Charity is delegated to two of its Trustees, who are also members of the Board of Governors of the Academy Trust which the charity supports. 

The Trustees of the Charity do hold meetings whereby any important decisions are made and the general strategic plan for the Charity is set 

## d. Related party relationships 

The Charity fundraises for Bridgnorth Endowed School, an Academy and company registered in England and Wales with common directors/trustees. 

## Plans for future periods 

The Charity is continuing to look for additional ongoing fundraising and ways of increasing donation funding more so than ever following the COVID pandemic and the impact it has had on school funding. 

## a 


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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 

## Statement of Trustees' responsiblilitles 

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- ° select sultable accountlng pollcles and then apply them consistently; e observe the methods and principles of the Charities SORP (FRS 102); 

- ° make judgments and accounting estimates that are reasonable and prudent; 

- ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- ° prepare the financial statements on the going concern basis unless it is inappropriate to 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 Charity's transactions and 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 Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

Mrs&?S Undernhlll ; (Trustee) 

; 

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| \ 

## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 

Independent Examiner's Report to the Trustees of Bridgnorth Endowed School Fund Association (‘the Charlty’) 

| report to the charty Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023. 

## Responsibilities and Basls of Report 

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’). 

| report in respect of my examination of the Charity's accounts carried out under sectlon 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions glven by the Charity Commission under section 145(5)(b) of the 2011 Act. 

: 

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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 

## Independent Examiner's Statement 

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charltles: Statement of Recommended Practice applicable to charitles preparing thelr accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) In preference to the Accounting and Reporting by Charities: Statement of Racommended Practice Issued on 1 April 2005 which Is referred to In the extant regulations but has been withdrawn. 

| understand that this has been done in order for the accounts to provide a true and fair view In accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Charity as required by sectlon 130 of the 2011 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examinatlon. 

| have no concerns and have come across no other matters In connectlon with the examination to which attentlon should be drawn In this report In order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Chanties (Accounts and Reports} Regulations 2008. My work has been undertaken so that | might state to the Charity's Trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. 

## Signed: 

## Dated: 

T Lunt WR Partners Blemont House Shrewsbury Business Park Shrewsbury SY2 6LG 

BA FCCA MIRPM 

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BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

anneeeenn ee 

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 

|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023|2023|2022|
||Note|£|£|£|
|Income from:|||||
|Charitable Income|3|237,649|237,649|55,706|
|Investments|4|7|7|5|
|Total Income||237,656|237,656|55,711|
|Expenditure on:|||||
|Charitable expenditure||215,903|215,903|48,117|
|Total expenditure||215,903|215,903|48,117|
|Net movement in funds before other recognised|||||
|gains||21,753|21,753|7,594|
|Other recognised galns:|||||
|Galns on revaluation offixed assets||-|-|-|
|Netmovement in funds||21,753|21,753|7,594|
|Reconciliation offunds:|||||
|Total funds brought forward||51,199|51,199|43,605|
|Net movement in funds||21,753|21,753|7,594|
|Totalfundscarrledforward||72,952|72,952|51,199|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 9 to 14 form part of these financial statements. 


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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## ~ BALANCE SHEET AS AT 31 AUGUST 2023 

||||2023||2022|
|---|---|---|---|---|---|
||Note||£||£|
|Fixed assets||||||
|Current assets||||||
|Cash at bank and in hand||74,252||52,389||
|||74,252||52,389||
|Creditors: amounts falling due within one||||||
|year|8|(1,300)||(1,190)||
|Net current assets|||72,952||51,799|
|Total assets less current llabllitles|||72,952||51,199|
|Net assets excluding pension asset|||72,952||51,199|
|Total net assets|||72,952||51,199|
|Charltyfunds||||||
|Restricted funds|9||“||-|
|Unrestricted funds|9||72,952||51,199|
|Totalfunds|||72,952||51,199|



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

es S Unc Tenens (Trustee) Date: 2° S | ] 

The notes on pages 9 to 14 form part of these financial statements, 


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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

- 

## NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31 AUGUST 2023 

## 1. General Information 

Bridgnorth Endowed School Fund Association was constituted by Deed on 14 May 2008 and is registered with the Charlty Commission under charity number 1125232. The principle object of the charity is to advance the education of the puplls attending Bridgnorth Edowed School by providing and assisting In the provision of such facllities or Items at the school (not provided from statutory funds) as the trustees shall from time to tlme determine. 

## 2. Accounting pollcles 

## 2.1 Basis of preparation of flnanclal statements 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financia! Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a ‘true and fair 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 SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Bridgnorth Endowed School Fund AssociationBridgnorth Endowed School Fund Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

- 2.2 Income 

All income is recognised once the Charity has entitlement to the Income, it is probable that the income will be recelved and the amount of income recelvable can be measured reliably. 

Income tax recoverable In relation to donations recelved under Gift Aid or deeds of covenant Is recognised at the tlme of the donation. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

- 2.3 Expenditure 

Expenditure is recognised 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared cosis, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs. 

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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 2. Accounting policies (continued) 

## 2.3 Expenditure (continued) 

All expenditure is inclusive of irrecoverable VAT. 

## 2.4 Interest recelvable 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this Is normally upon notification of the Interest pald or payable by the institution with whom the funds are deposited. 

- 2.5 Cash at bank and in hand 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## 2.6 Liabllitles and provisions 

Liabilities are recognised when there is an obligation at the Balance shset date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the tlme value of money Is material, the provision ls based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the llabllity. The unwinding of the discount is recognised in the Statement of financia! activities as a finance cost. 

## 2.7 Financial Instruments 

The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## 2.8 Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Investment income, gains and losses are allocated to the appropriate fund. 

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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 3. Income from other trading activitles 

## Income from fundralsing events 


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Unrestricted Total Total<br>funds funds funds<br>2023 2023 2022<br>£ £ £<br>Charitable activities 237,649 237,649 55,706<br>Total 2022 55,706 55,706<br>Investment Income<br>Unrestricted Total Total<br>funds funds funds<br>2023 2023 2022<br>£ £ £<br>Investment income ~ bank interest 7 7 5<br>Total 2022 5 5<br>**----- End of picture text -----**<br>


## 4. Investment Income 

## 5. Analysis of expenditure by activities 

||Activities||||
|---|---|---|---|---|
||undertaken<br>directly|Support<br>costs|Total<br>funds|Total<br>funds|
||2023|2023|2023|2022|
||£|£|£|£|
|Charitable activities|215,551|352|215,903|48,117|
|Total2022|46,111|2,006|48,117||



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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## ° NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

‘ 

## 5. Analysis of expenditure by activities (continued) 

. 

## Analysis of support costs 


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|||||
|---|---|---|---|
|Activities|fundsTotal|fundsTotal|
|2023|2023|2022|
|£|£|£|
|Governance|352|352|2,006|
|Tota!|2022|2,006|2,006|

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## 6. Independent examiner's remuneration 


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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Fees|payable|to the|Charity's|Independent examiner|for|the|independent|
|examination|of the|Charity's|annual|accounts|1,300|1,190|

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. 

## 7. Trustees’ remuneration and expenses 

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). 

During the year ended 31 August 2023, no Trustee expenses have been Incurred (2022 - £NIL). 

## 8. Creditors: Amounts falllng due within one year 


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|||||||
|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Accruals|and|deferred|income|1,300|1,190|

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## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## NOTES TO THE FINANCIAL STATEMENTS) - FOR THE YEAR ENDED 31 AUGUST 2023 

## 9, Statement of funds 

Statement of funds - current year 

||Balance at 1|||Balance at|
|---|---|---|---|---|
||September|||31 August|
||2022|Income|Expenditure|2023|
||£|£|£|£|
|Unrestricted funds|||||
|Reserves|51,199|237,656|(215,903)|72,952|
|Statement offunds - prioryear|||||
||Balance at|||Balance at|
||1 September|||31 August|
||2021|Income|Expenditure|2022|
||£|£|gE|£|
|Unrestricted funds|||||
|Reserves|43,605|55,717|(48,117)|51,199|



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. 

## BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 10. Analysis of net assets between funds 

## Analysis of net assets between funds - current year 

||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2023|2023|
||£|£|
|Current assets|74,252|74,252|
|Creditors due within one year|(1,300)|(1,300)|
|Total|72,952|72,952|
|Analysis ofnetassets between funds- prioryear|||
||Unrestricted|Total|
||funds|funds|
||2022|2022|
||£|£|
|Current assets|52,389|52,389|
|Creditorsduewithin one year|(1,190)|(1,190)|
|Total|51,199|51,199|



## 11. Related party transactions 

The Charity fundraises for Bridgenorth Endowed School, an Academy and company registered in England & Wales with common directors / trustees. All of the charitable expenditure of the Charity is in connection with charitable activities undertaken by Bridgnorth Endowed School 

There were no related party transaction during the financial year (2022 f£nil) 


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