Chorlty numbor: 1125232 BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2024 WR Partners Protecting your future.
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION CONTeNTS R•f•r•nce and admlnlstratlvg dgtalh of thg Charlty, It* Trusté88 and &dvl8018 Trust88S' rnport Ind•p•nd•nt •xamln•r'• r•port Statom•nt of Ilnanclal aetlvlti 8¥lanc• Shoot Not88 to th• flnanelal $tat•m•nts 9-14
8RIDQNORTh ENDOWED SCHOOL FUNDASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARifY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Mr M Freathy, Chair Mr3 S Underhill Mr M Penn Mr J Follette Charjty r•glst•r•d numb•r 7125232 Prln¢lpal offl¢• Northgalg Brid9n¢rth 16 4ER AeeoyrTrtsnts WR Partners Chartorld Aetountants Belmont H¢S0 Shrebvsbury Busina5s Park Shrgwsbvry Shropshire SY2 6LG Page 1
BRIOGNORTH ENDOWED SCHOOL FUND ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together wth the financval slaternents of the Charity for the perKd 1 September 2023 10 31 August 2024. Obj8Ctives and aclivitie5 a. Pollci85 and oblectlv85 Th8 principle obj'ect of the Charity is to sdvance th8 education of the pupils altendiro Bridgnorth Edowed School by piowding and a551Stin9 In the prov15ion of such facih'ties or item5 at the School Inol provided from stalulory lundsl a5 the trustee$ shall from time lo time detemiino. In setting objectives and 4nIng for actwities. the Truslees have given due conseration to general guidance published by the Chanty Comm155ion relating lo puuic benefit, Including the gUance'PUbllc benelil. running charity IP821'. b. SITattgies for aehieving objectiv85 The charity r*ses funds lo achieve ils objectives through lundrai5iag event5 donations. Athiqvem&nts and perforrnan¢¢ Revlew of a¢vItieS Durin9 the year, the charrty $upported the Bridgnorth Endowed SchDDI by financralty assistiw a nurnber of a¢twilies through fundraising activrties. Flnancial reviow . Golng concern After making appropriate enquiries, thg Trustges havg a reagonablg gxpedation that the Charity ha5 adequate resour¢es lo Continue In operational existence for the fore$eeable futu. For this reason, they continue to adopt the going concern basis In preparing the financial statEment5. b. Reserves ptsllcy The Charity airns lo hold rèserves of a sullablo amount lo ensure that It's opening funding lor the school, which il supports, 15 available. Thi5 15 based on the knedge of UPCLxning events and trips whKh are lo be funded. The freè reserves of the Charty al the end of tho finanGial yearwere £79.L)0412023". £72.9521. Principal rlsks and uncertainties The major risks to which the Charity 18 exposed. as identffied by the Trustees. have been reviewed 8ThJ $ysterns hav8 b88n eslab1hed to rnltigale Ih0s8 risks. Page 2
BRIDGNOFITH ENDOWED SCHOOL FUND ASSOCIAnoN TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 d. CustDdian funds The charity hdd5 fvnds receNwJ for subscription lo a School BusMe5s Manager rthrk group (Shires Educational Business Assockqlionl. This fuTrJ provides online support I re5cyJrces I CPD for educational professionals lo support them, their schools and students therefore falls wrthin the custodian charity'5 objects of aducalional support. The funds are held in a $6paialo cost centrè within the school Ivnd which provides a clear $egregatK)n of funds from the charitys o%w) assets. During the year endiro 31 August 2024. the fund recwved income of E1.100 and exrknditure of £5.489. The balance of the SEBA funds al the end of the yeai stood at £2.471. and are included within the bank balance on the balance she8t. Structure. governance and management Constitutlon 81idgnorth Endowed S¢hod Fund A550riatK)n was coTrslituted by Deed on 14 May 21J08 and 1$ w151e with the Ch¥ity CommissK)n under charity nyrnber 112S232. b. Method$ of appolntment or electlon of Twstee$ The management of the Charity is the responsibility of the Twstees who are elected and cwpted under the lemis of the Trust deed c. Organl$atlonal structure and decl$lon4naklng pollcl The Chairty is managed by it5 803rd of Trustees. The dzy lo day Tnanagement and decisK)n making cf th8 Charrty 1$ delegated lo two ol ils Trustees, who are also membgrs of the Board ol Governors of the Academy Trust whi¢h the ¢harty supports. The Trust8e$ ol the Charity do ho meetings whereby any irnportant decisions are made and the general 5trategi¢ plan fly the Charity 1$ Set d. Related party relatlonshlps The Charity fundra15es for 8ridgnorth EOe0 S¢hty)I, an Academy and company registed In England and Wa5 wth common direclorsltruslees. Plans for future p8rlods The Charity 18 Continuing lo look for additional ongoing fundraising and ways of increasing donation funding more $0 than ever followiw the COVID pandemK and the 1rnPt il has had on school funding. Page 3
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION TRUSTEES, REPORT ICONTINVEDI FOR THE YEAR ENOED 31 AUGUST 2024 Statsrnent of Tru$toes' ro$ponsibilitl•$ The Trustees are responsible lor prePn9 the Trustees, report and the financial stalernenls in CordanCe with applicable law and United KitYJdom kcounling Standard5 Iunited Kingdom Goneralty A¢¢epled Accounting Praclicel. The law appluble to charities in England & Wal85 requireE the Trustee6 to ppare financial statement$ for each financial which gwe a true and foir vlew of the state of aff8irs ol the Charity and ol 11$ In¢omirtg resources and 8ppIat10n of resources. Including rt$ incc¥ne and Èxpenditure, for that period. In preparing these financial stalernents, the Trustees are required lo." 58lecl suitable accounting policies and then appty them consistently, c4$erve Ihe method$ and pnnciples of the Charities SORP IFRS 1021, make judgments and accounting eslmates that are reasonable and prudent.. slate whether appIable UK Accounts'ng Standards IFRS 1021 have been followed, SLA)ject to any rnatgrial departures d15cIos8d 8nd explained in the finan¢o1 slatement5', ppa Ihe financial 5tateTnent8 on the going concern basis unless rt is Inappropnate to presume that the Charity wll continue In business. The Trustees are responsible for keeping adequate accounting records that are 8Lrfficienl lo show and explain th8 Charil15 Iransaclrons and disclose with reasonabl$ accuracy at 3lly tim8 the financial positi of the Charity and enable IheFn to ensure that the financial statements compty wth the Charitie5 Act 2011. the Charity IA¢¢ounls and Reports) Regulations 2008 and tha provisions of the Tru51 oseed. They are also responsible lor safeguarding tho a$5els of lh8 Charity and hence for taking reasonable steps for the prevorttn and deteclh)n of fraud and other IrgularitieS. Approved by oidei of tho rnemb8rs of the board of Trustees and swJned on their behaw by. rs S Undèrhlll (Trusleel Dale. Page 4
BRIDGNORTH ENDoweD SCHOOL FUNDASSOCIATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independent Ex8mlnerf¥ Report to th• Trusts•8 of Brldanorth Endow Sclool Fund Ao¢latIon I'the Charltyl I roport the charity Trustees on my eyamination of the aOnts of thg Cha¢ity for Iha ended 31 August 2024. RegponslbllMe8 and Bash of Report AS the Trustee$ of the Charity you are responsib lor th8 preparaticfi of th6 acctyJnts in accordance vith the requirements ofthe Charitie8 Act 2011 1'th¢ 2011 A¢ri. I raport in r•yt of my examinalion of Ihe Charit¥ accounts carriad out under 58clion 145 of th& 2011 Act and In carrying out my examination I have folk)wed the applicable DitiOnS gNon by the Charity Ccynmissbn undèr geeth?n 1451Sllbl of the 2011 ACL Page S
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION INDEPENDENT EXAMINER'S REPORT ICONT5NUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Independent Examinerfs Statement Sin¢0 th8 Charivs gross in¢oTng 9xC8ed £2SO,000 your examiner rnust be a member of a body listed in section 145 of the 2011 A¢1. l ¢onfirm that l am qualified to undertake the examination because l am a m8mber of (enter body here). which 1$ one ol the listed bodie8. I havo ¢ompl¢ted my examination. l ¢onfirTv that no matters have ¢L¥ne to rny attentn in connection wrth the examination giving ffle cause to believe that in any malerial resPt. accounting records w8r8 not kept In respect of the Charity as VIred by $eckn"on 130 of the 2011 A¢l". or the accounts do not accord with those records. or the ac¢ounls do not compty the 4ppIable requirements concerning the form and content of 8ccount$ $et out In the Charities IAcGounls and Reportsl Regulatsons 2008 other than any requirement that the accounts gwe a 'lrue and fair, view which Is not a malter conSered as part of an independent examination. I have no concerns and have come across no other rnallers in connection with the examination lo which allenlion should be drawn In this pOrt In ortler lo enable a proper understanding of the accoun18 to be aChed. This report 1$ made sdely to th8 Charit$ TNsteè5. a5 a body. in accordarte With Part 4 of the Charities IAccountB and Reportsl Regulations 2W8. My work has been undertaken so that l Tn¥ht slate to the Charity'5 Trustees those maller5 1 arn required lo stale lo thern In an Ind8P8ndent examinei's report and foi no other purpose. To Ihe fullest extent pèrmilled by law. I do not a¢cepl or a55ume responsibility lo anyone other than the Chairty and the Charivs Trustees as a body, for my work or lor th15 report. Signed T Lunt D81ed.. 1010712026 BA IHon$l FCCA MTPI WR Partners Chartered Aountants 8elmonl House Shrew5bury Business Park Shrew5bury ShropshSre SY2 6LG Pa9e 6
BRIDGNORTH eNCIOWED SCHOOL FUND ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unr•gtrlet•d funds 2024 Total funds 2024 Tol61 2023 Nots Ineom• from.. Charit8bla In¢om¢ Inve¥tment8 281,180 281.180 237,649 Total Ineom• 261.187 281,187 237,656 Exp•rtditur• on: Charitable expenditure 265.136 255,135 215.903 Total •xp•ndltur• 266.136 255,135 275,903 Net movement In fund6 bofor• oth•r rocognl$•d g4Snslllog80s1 8,062 8,052 21.753 Other reeognl58d galns1110sses1.. Gxirts en rwaIuati of fjxed 888ets N•t movomont In Ivnds 8.052 6.OS2 21.753 Roeonelllollon of fynd•.' Totsl funds brought fon¥ard Net movement in funds 72,962 8.052 72.952 6,OS2 51, 199 21,753 Total lunds carrlod loard 79,004 72,952 The Ststemgnt of Finan41 ActMUe8 includes all gans losw recognised in the year. The notes on page$ 9 10 14 form part ol these finartial staiements. P8g8 7
8RIDGNORTH ENDOWED SCHOOL FUND A88OCIATION BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Not• Flx•d 19g•tJ Currnnt aasets C88h at bank and In hand 80,718 74.252 80,718 74,252 Current Ilabllltlas Crodrtor5'. amounts falling du8 thIn on8 11,7121 (1,3CQ) Not curront ass•ts 72.952 Totsl $8¢$ Iw$ curr•nt Ilabllltles 79,004 72.952 N•t Sets ¢x¢ludlno pen$lon as#èt 79,004 72.952 Total ngt a•set8 79.004 72.952 Charlty fund8 Restrict fund$ Unr85tri¢led lut 79.004 72.952 Total funds 79.004 The financlal $tat8mants were approved and authorised for i88ue bythe Trusttsi and 5vJned on th&r behawby.. Mra S Vnd?rhlli ITrustg91 Dat•.. iolIlL The nolBS gn pages 9 to 14 form part ol thèso finala1 8tatemants. P89e 8
BRIDGNORTH ENDOWED SCHtJOL FUND ASSOCIATION NOTES YO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 AUGUST 2024 General Infomatlon Bridgnorth Endowèd School Fund Association was constituted by Deed on 14 May 2008 and is registered with the Chanty Comrni58ion under charity nutnber 1125232 The principle object of the charty 15 10 advance the education of the pupik allending Bridgnorth Edowed School by providillg and assisting In the provision of such facilities or items al the school Inot provided from statul¢Jry fund51 a5 the trustees shal from time to lime delerrnine. Acctsunting policies 2.1 Bas1$ of preparation ol financial statements The financial statement5 have been prepared in accordance wth the Charities SORP IFRS 1021 AccoLJnting and Reporting by Chaiili88. Statwnenl of Recomtn8nded Practice applicable to charities preparing their ac¢ounls in accordance %ilh the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, thè Finarrial Reportsng Standard appIable in the UK and Republ of Ireland IFRS 1021 and the Charities Act 2011. The financial statements ha been ppared to give o Irue lairf iew and have departed trom the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a'lrue and fai¢ view. This departure has involved following the Charities SORP IFRS 1021 published In October 2019 rather than the Accounting and Reporting by Charities.. Statement of R&ommended Pra¢lice effective from 1 April 2005 which has since been wthdrawn Bridgnorth Enclowed Schwl Fund ASsociationBrgnOrth Endowed School Fund Associaln meet$ the definition of a public benerrt entity under FRS 102. Asset5 and liabilities arÈ initially recognised at historical cosl or Iran$lion value unless otherwi89 Stat In the ielevanl accounting polry. 2.2 Income All Income is recognised once the Charity has entitlement lo the incoYDe, it 15 probable that th8 inwne wll be received and the amount of incorne receivable can be measured reliably. Inc(hne tax recoverab18 in relion to donations rec8iV8d under Gift or deeds of covenant 15 recoyni5ed al the time of the donation. Incwe ta¥ recoverable in relation to investment income is r8cognised at tho Ilme the investment income is IEceivabla. 2.3 Expendltur Expenditure is reccgnised once there is a legal or constructNe obligation lo transfer ecOnDM benerrt to a third party. il Is probablo that a transfer of economic b8nelils will be required in 5ettl8menl and the amount of the obligation can be measUd ieliably. Expenditure is classrfied by aclivrty. The cost5 of each *livity are made up of the lolal of direct ¢0$15 and shar8d costs. including 5UPPKIrt costs involved in undertaking each activity. Dir8Ct costs atlnbulable to a single activity are allocated directly lo that activity. Shad cost5 which contribute to more than one acliwty and support cos15 ¥vhich are nol attributable lo a single activity arè apportioned between tho58 a¢tNilies on a basis ConStent with the use of resource5. Central 8taff costs are allocated on the basis of time spent, and depr8cialion Charges allocated on Ihe portK)n of the asset's usè. Expenditure on charitable xtivit$ is incurred on dir6clly undertaking the aclivrties which further th8 Charills objgclive5, a5 w&ll as any associated support costs. Pa9e 9
BRIDGNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE NNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.3 Expenditure lcontlnuedl All expendrture is inclusive d irr8COV8r8bl8 VAT. 2.4 Int8re5t r8ceivable Interest funds held on dep0511 is includ8d when re¢epiable and the amounl can be measured reliably by Ihe Charity.. this is normally upon nolificalion of th8 inler8St paid or payab by the nstilution Imth whom the funds are depDSrtecJ. 15 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short rnatur of three month5 or185s trom the date of acquisition or opening of the deposil or simiLir account. 2.6 Llabllltles and provlslon8 Liabilitie5 are ffjcogni$ed when there is an obligation at the Balance sheet date as a re5uII of a past event, Il Is probable that a transfer of economic benefi't will be r8quir8d in Settment. and the amount of the selllement can be eslim81ed rellay. Liabilities are recogni$ed al the amount that th& Charity anticipates it 711 pay to settle the debt or th8 amount il has received a5 advanced paytnenls lor the goLKls or 5eTvice5 It rru5t PlOVKJe. Provi5ion5 a Measu al the be51 estimate of the arnounts required lo settk the obligation Where the effect ol the lirne value ol money 1$ malerial. the prwsion is based on the present value of those amnts. discounted at the p-taX discount rate that reflects the risks sw¢ific lo Ihg liability. The unwinding olthe dcOUnt is recogThsed in the Statement of financ4 actNilies a$ a finan cost 2.7 Flnanclal Instruments The Charity only has financial as5els and financial liabilities of a kind that qualfy as basic financial instruments Basic financial instruments are initially recogni5ed at transaction value and subsequently measured al their 8eltlement value wrth the exception of bank loans which are subwuenlly rneasurad al amortised cost U51ng the effectNe interest rneth. 2.8 Fund accounting General funds are unrestric18d fund5 which are available for use al the disEretiDn of the Trustees in furth8rance Df the general objectives of the Charity and which have not been designated for other purposes. Investm1 income, gains and losses a allocated lo tt)e appropnale fund. Page 10
BIIIDGNORTH ENDOWEO SCHOOL FUNDASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Incom• frorn oth•r tradlng xtlvttl Incom•lrom fundralslng •vonts Unrestrfctsd nds 2024 Total funds 2024 ro181 runds 2023 Charitaèk actiwti8s 261,180 281,180 237,649 Totsl 2023 237.649 237,649 lfivè#tmgnt Incoma Unrotrlctsd lund$ 2024 Total funds 2024 To181 fund 2023 Inve$¢menl incomg- bank Int•f•St Total 2023 Anaty¥l$ of ¢xpondltuM ty actlvltlgs Actlvltles undertak•n dor•lY 2024 Support costs 2024 Total funds 2024 To181 nds 2023 Ch8ritable activiti¢¥ 252.997 2,138 255,135 27&903 Tota12023 21&551 352 215,903 Pag•11
8RIDGNORTH eNDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 Analy#l8 ol •xp•ndttur• by actlvltleg l¢ontlnuedl Analy818 of 8ilPPOrt Costs Total lunds 2024 Total lunds 2023 A¢tlvltle$ 2024 2.138 2,138 352 Total 2023 352 352 Indepandent frxamlnarfs f?mungratlon 2024 2023 F88s payable lo the Charity'$ ind&p8ndènt axarnSn•r for the independent exInation ofthe Ch8ri1l8 annual accounts 1,712 Tnwtg9$' r•munontlon and expen$e¥ During thè y•ar, no Trust r¢¢gNgd any ramuneration er other benefts P023- £NIL). Dudng the year ended 31 August 2024. no Tru5teE ewense8 have been irKurr•d {2023. £NILJ. ¢rgdltors: Amounts faulng du• wlthln on• y•ar 2024 3023 Ac¢rualg and dgferred cOm0 1,712 1.300 P8gè 12
8RIDQNORTH ENDOWED SCHOOL FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Slaiom•nt of fund• Stat•mollt offund8. £urnnt yèar Bahn at 1 S•pt•mber 2023 B¥lonc• at 31 August 2024 Income Exp8ndllura Unrestrtcted funds R¢8grves 72,952 261,187 1255.13SI St•torn•nt of funds. prlor year 88lan¢e al I S8plembei 2022 B8lanc8 al 31 AugU51 2023 Income Expendllurn Unr8Strl¢ted funds Reserves 51, 199 23T.656 (21&9031 72.952 Page 13
BRIDGNORTH ENDQWEO SCHOOL FUNO ASSOCIATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2024 10. Analy8h ol n•t au•ts b•tweon fundi Analy•18 01 n•t ass•ts b•ts¥egn funds- ¢urr•nt p•rlod Unrostflctod fvnds 2024 Totsl lunds 2024 Current 855ets CdI10r8 due wthin on? year 80.716 11.7121 80,718 11.7121 79,004 79,004 Anulyais of not isaèts btstsveen fund$- prior period Unrgslnctgd tund8 2023 Total funds 2023 Currant a5S8t8 Creditors due within on8 year 74,252 (1.300) 74 252 (1,3CW)J Total 72,952 72.952 11. Rèlat party transactlons The Charlty fundraises for 8ridg•north EndtrN•d School, an Acaderny and ccrnpany registered England & Wales with comrnon directors I trustees. All ol the charitsble expendibJr8 01 thè Charty is cOr¢rction with ¢haritablo xtiviti?5 undertaken by Bridgnorth End*)w8d S¢lp)Jl Therewern no related party transadon during the finanrjal year (2023 £nill Pagè 14