The Trustees of St Alban’s School
(A Charitable Company Limited by Guarantee) Report and Financial Statements for the period
1[st] September 2021 to 31[st] August 2022
Registered Company Number 7287734 Registered Charity Number 1139434
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Directors and Trustees |
Directors and Trustees |
Peter William Bould |
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(also known as Members) Amanda Mary Cadman – Secretary from 18thNovember 2021 |
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serving during the period Dennis Edward Clark (died 11thMarch 2023) |
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covered by |
this report |
Joanne Lesley Dawson (Chair from 18thNovember 2021) |
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and until its adoption: |
Prof Peter Timothy Marsh (Chair, resigned 18thNovember 2021) |
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Philippa Helen Roberts |
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Dr Christopher Andrew Smith (Treasurer, Acting Chair 18/11/22) |
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Dianne Wainwright |
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Registered Office: |
55 Wychall Lane |
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Kings Norton |
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Birmingham |
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B38 8TB |
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Company Registration: |
07287734 |
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Charity Registration: |
1139434 |
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Legal Entity |
Identifier: |
213800I4BLBQX81RSP47 |
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Independent Examiner: |
W T Cooper ACIB |
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70 Overbury Close |
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Northfield |
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Birmingham |
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B31 2HD |
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Bankers: |
Lloyds Bank plc |
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Colmore Row Branch |
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PO box 1000 |
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BX1 1LT |
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Solicitors: |
Veale Wasbrough Vizards LLP |
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Second Floor, 3 Brindley Place, |
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Birmingham |
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B1 2JB |
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Investment |
Managers: |
EFG Harris Allday |
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33 Great Charles Street |
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Birmingham |
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B3 3JN |
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Index |
Report of the Directors and Trustees |
page 3 |
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Financial Report of the Charitable Company |
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Statement of Financial Activities |
page 9 |
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Balance Sheet |
page 10 |
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Notes to the Financial Statements |
page 11 |
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Independent Examiner’s Statement |
page 17 |
Page 2 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Report of the Directors and Trustees for the period 1[st] September 2021 to 31[st] August 2022
Aims and Objectives
The Charity’s Objects are “To promote for the public benefit the religious, educational and
other charitable work of the Church of England in the ecclesiastical parish of St Alban the
Martyr and St Patrick, Highgate as the directors shall determine from time to time.”
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 17[th] June 2010 and registered as a charity on 22[nd] December 2010. The company was established under a Memorandum of Association establishing the objects and powers of the Charitable Company and is governed under its Articles of Association. If the company is wound up members may be required to contribute an amount not exceeding £10 to the costs.
By a Deed of Transfer dated 7[th] April 2011 the trustees of an unincorporated charity of the same name transferred to the company all the transferrable assets of the unincorporated charity, and by a Scheme dated 8[th] April 2011 the Charity Commission made the company trustee of the residual unincorporated charity (number 1139434-1) and its endowments.
On 13[th] May 2014 the Trustees of the St Patrick’s Fund, formerly charity 517109, commonly known as the Trustees of St Patrick’s School, which had objects closely related to those of the Trustees of St Alban’s School: “to further the religious and other charitable work of the Church of England in the ecclesiastical parish of St Alban the Martyr and St Patrick, Bordesley [ now Highgate ] in the Diocese of Birmingham” resolved, with the agreement of the Charity Commission, to transfer the expendable assets of the St Patrick’s Fund to the charitable company and the charitable company was made a corporate trustee of the St Patrick’s Fund, and the individual Trustees of the St Patrick’s Fund resigned, making the charitable company sole trustee of the residual charity holding the endowment of the St Patrick’s Fund, now charity 1139434-2. The income from this endowment forms a restricted St Patrick’s Fund.
Appointment and Retirement of Directors
The Directors of the Charitable Company are also charity Trustees for the purposes of charity
law and under the company’s articles are known as Members of the charity. All members
have equal voting rights. (All directors must be members and there can be no members who
are not directors of the charity.) Under the articles of association, at the first meeting held in
each calendar year, two directors must retire with effect from the end of the meeting,
although they are eligible for re-appointment by the other directors.
At the annual meeting held over the Zoom videoconferencing system on 18[th] November 2021 Christopher Smith and Peter Marsh retired as Trustees and Directors. Christopher Smith was reappointed by the meeting as Trustee, but due to ill health Peter Marsh did not stand for reappointment. The Trustees record with thanks his service as Trustee and Chair of the Trustees and with sadness his death on 4[th] January 2022. The Trustees also record thanks to Elizabeth Wycherley, who resigned as Trustee and Secretary on 6[th] July 2021 before the period covered by this report.
Subsequent to the period of these statements Dennis Clark died on 11[th] March 2023.
Report and Financial Statements for 31 August 2022
Page 3 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Directors of the Company
The Directors and Trustees who served during the period of and until the approval of these
financial statements are set out on page 2.
All the directors gave their time voluntarily and received no private benefit from the charity.
Officers of the Company
The annual meeting on 18[th] November 2021 elected Joanne Dawson as Chair, in place of Peter Marsh, re-elected Christopher Smith as Treasurer, and elected Amanda Cadman as Secretary for the year.
Responsibilities of the Directors
Company law requires the Directors to prepare financial statements for each financial year
which give a true and fair view of the state of affairs of the Charitable Company as at the
balance sheet date and of its incoming resources and application of resources, including
income and expenditure, for the financial year. In preparing those financial statements the
Directors should follow best practice and:
Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent; and
Prepare the financial statements on the going concern basis unless it is not
appropriate to assume that the company will continue on that basis.
The Directors are responsible for maintaining proper accounting records which disclose with
reasonable accuracy at any time the financial position of the Charitable Company and enable
them to ensure that the financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the Charitable Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Meetings of the Directors
The policies and activities of the Charity are established and controlled by the Board of Directors/Trustees. The Board holds an annual meeting, normally in late September or early October for consideration of the annual accounts of the Charity and the award of grants from the income received during the year and any retained income from previous years. The board holds other meetings during the year, as necessary. In the period under review the annual meeting was held on the 18[th] of November 2021, having been delayed for a month due to the illness of Prof. Peter Marsh, then the Chairman. No further meetings were held until the next annual meeting on the 13[th] of October 2022.
Accounting period
The period of the financial statements runs from 1[st] September 2021 to 31[st] August 2022.
Financial Review
Principal Funding Sources
The Charitable Company does not solicit donations from the public. The source of the General Fund , which may be used for any of the charity’s objects, is the investment income from a Permanent Endowment. The endowment derived from the sale in the 1960s of the
Page 4 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
premises of a former church school in the parish, on the corner of Leopold Street and
Dymoke Street, the site of the original mission chapel of 1865 and the church of 1871, each
in turn later used as school rooms when a larger church of St Alban was opened.
Under a Charity Commission Scheme of 8[th ] April 2011 the Freehold of the land on which the buildings inherited by Ark St Alban’s Academy from the former St Alban’s CE Engineering College stood, designated WM877706 at the Land Registry, was transferred to the Charitable Company. It has not been capitalised because it is leased at a peppercorn rent to Ark Academies for use by Ark St Alban’s Academy. Following the construction of new Academy buildings (adjacent to, but not on the Charitable Company’s land) the old school buildings have been demolished and the site has been landscaped for use by the Academy; part, opposite St Alban’s Church, is accessible as a public amenity.
The Charitable Company also has three Restricted Funds .
The Former School Governors’ Fund and the Miss Rattey Bequest Fund are both derived from funds previously held by the governors of the former St Alban’s CE Engineering College, the successor to the original church school. Before they were dissolved when the College closed in 2009 to reopen as Ark St Alban’s Academy, the governors passed these funds to the Trustees to form restricted funds to be used only for the benefit of the Academy. The income of these funds is derived from investment. About one third of the income of the Former School Governors’ Fund is from a Permanent Endowment, the Bequest of Henry Spencer (died 1915) the income of which is “to be applied towards maintenance and support of the schools belonging to the churches of St Alban and St Patrick Highgate Birmingham”. At the time when the former governors transferred their funds to the Trustees it was believed that the capital of the Spencer Bequest was an asset of the governors, held on their behalf by the Diocesan Trustees. Accordingly the capital was shown as an Endowment asset in the financial statements of the Trustees from 2009 until 2021. Before the finalisation of the financial statements for the year ending 31[st] August 2022, it was discovered that the Diocesan Trustees were also reporting the capital of this bequest as an Endowment asset. Examination of the will of Henry Spencer shows that his bequest was to the “Trustees of the Birmingham Diocesan Trust”, so the capital was not held by them on behalf of the former school governors or the Trustees. Accordingly, the capital of the Spencer Bequest is not shown as an asset in the financial statements for the year ending 31[st] August 2022 and the notes to the accounts show corrections to the figures for the previous two years. The remainder of the income is from long-term investment of part of expendable reserves built up by the former governors. Beatrice Katharine Rattey (died 1952) assigned her royalties as author of several religious books to the Governors of St Alban’s School. The royalties are now extinct and the remaining small income of this fund is from the investment of a small expendable reserve. For clarity the expendable reserves of these two funds that are invested to provide continuing income for future distribution are shown in the financial statements as The Former School Governors’ Reserve Fund and the Miss Rattey Bequest Reserve Fund . The third restricted fund, the St Patrick’s Fund was transferred to the charitable company in May 2014 as described above. It derives its income from a Permanent Endowment from the sale in 1983 of the premises of a former church school in the parish, St Patrick’s School built on the site of St Patrick’s Mission, opened as a combined chapel and school room in 1873 on Highgate Street. Although Charity Commission rules require that it is reported as a Restricted Fund, its objectives cover the same purposes as the General Fund.
Report and Financial Statements for 31 August 2022
Page 5 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Reserves Policy
It is the policy of the Charity to allocate most of the General Fund income from the previous
year in grants at an annual meeting, normally in September or October, retaining a small
reserve for anticipated expenses. As income is spread through the year, funds are available
to cover unanticipated expenses before the next annual meeting for distribution of grants.
Two thirds of the Restricted Fund reserves received from the former school governors are
invested to provide a continuing income to use for the benefit of the Academy. The
remaining third was used to enable the Academy to install an all-weather pitch on the
Charity’s land and provide an outdoor exercise area outside the Academy.
Investment Policy
The St Alban’s Trustees’ Endowment is invested in a broad portfolio of stocks and shares
managed on a discretionary basis by EFG Harris Allday. It is the view of the Trustees that
these investments should be managed to maintain their capital value over the medium-long
term, accepting the likelihood of short-medium term falls in value during periods of
economic recession, while maximising the income generated for distribution in accordance
with the Charity’s objectives. The Trustees note that it is any fall in income generated rather
than any fall in capital value that will affect the beneficiaries of the Charity.
The St Patrick’s Fund Endowment is invested in the CBF Fixed Interest Securities, Investment,
UK Equity and Property Funds, managed by CCLA Investment Management Ltd.
Considered to be a long-term reserve to generate income, the Restricted Former School
Governors’ Reserve Fund is invested in the CBF Church of England Fixed Interest Securities
and Investment Funds managed by CCLA Investment Management Ltd. Likewise the
Restricted Miss Rattey Bequest Reserve Fund is invested in the CBF Fixed Interest Fund.
Public Benefit
The Trustees take into consideration the Charity Commission’s general guidance on public
benefit when reviewing the Charity’s Aims and Objectives and setting its grant-making policy.
The Aims and Objectives fall within the charitable purposes in the Charities Act 2011, and
the geographical restriction is appropriate to the limited resources available and their origin
in donations raised in the nineteenth century to provide a church school to serve the parish.
The Charity operates in a parish that is an area of high social deprivation. Grants made
relate to the social as well as educational and religious work of the Church of England.
In the year from 1[st] September 2021 to 31[st] August 2022, the objectives of the Charity were addressed from its unrestricted fund through grants totalling £13,800 as follows:
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£2,500 to the Parochial Church Council of St Alban and St Patrick, Highgate, Birmingham to helpmaintain regular public worship open to allin the grade II* listed church of St Alban the Martyr. -
£5,000 to Birmingham Diocesan Board of Finance to support the provision of a Church of England Chaplain in Ark St Alban’s Academy. The Academy has a Church of England ethos but isnon-selective and open to children of all abilities and faiths(in fact most of the students are Muslim) and is regarded as the successor to the original St Alban’s School.
Page 6 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
£3,630.13 to Ark St Alban’s Academy towards the purchase of a new minibus compliant with the Birmingham Clean Air Zone, within which the Academy is situated.
A portion of the charity’s land adjacent to Stanhope Street, leased to Ark Academies, has been landscaped and is accessible as a public amenity .
The Charity’s restricted Former Governors’ Fund and Miss Rattey Bequest Fund are to be used in support of Ark St Alban’s Academy, a non-selective school open to children of all abilities and faiths , situated in the parish. Grants made from the Former Governors’ Fund during the year totalled £8,602.27:
-
£5,800 for two years assistance from the Brilliant Club helping pupils from disadvantaged backgrounds to develop the knowledge, skills and confidence to progress to the most competitive universities. -
£200 to provide football kit. -
£2,602.27 towards the purchase of a new minibus.
The Miss Rattey Bequest Fund provided a further £127.31 towards the minibus.
The restricted St Patrick’s Fund , like the unrestricted fund, is used to further the religious and other charitable work of the Church of England in the ecclesiastical parish of St Alban the Martyr and St Patrick. Grants made in the year under review totalled £8,244.29:
-
£2,500 support to the Parochial Church Council to maintain regular public worship open to all. -
£5,000 to Highgate Community Support Ltd., the support organisation for Stanhope Wellbeing Hub (previously Stanhope Hall Community Centre) in the parish, to support continuing provision of free weekly food parcels to needy people, provide free advice to local families helping them to claim benefits to which they are entitled and on debt management, and if conditions allowed, to restart a programme of community lunches interrupted by the Covid-19 pandemic. -
£744.29 to Ark St Alban’s Academy towards the purchase of a new minibus.
Risk Management
The Directors believe that they are mitigating the major risks to which the Charity is exposed:
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By monitoring reserve levels; -
By allowing appropriate professional discretionary management of the investment portfolio that represents the endowment; -
By investing the major part of the restricted funds not required for immediate application in the investment funds of the Central Board of Finance of the Church of England, managed by CCLA Investment Management Ltd; -
By taking appropriate legal advice; -
By incorporation as a charitable company; -
By requiring new trustees to confirm that they are not debarred; -
By requiring the signature of two trustees for all expenditure.
The Directors will review their risk assessment annually.
Report and Financial Statements for 31 August 2022
Page 7 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Safeguarding Children, Young People and Vulnerable Adults
The Directors are mindful of the obligation to safeguard children, young people and vulnerable
adults, but do not deal directly with members of the public in their role as Directors.
Related Parties
Some Directors are also Trustees of the Aspinall Trust, Charity number 1061909, which has
objects overlapping those of the Trustees of St Alban’s School: “the general purposes of the
parish church of St Alban and St Patrick Highgate Birmingham”.
Some Directors are also members of the Parochial Church Council of the ecclesiastical parish of St Alban and St Patrick, Highgate (known as St Alban’s PCC), Charity number 1169941. The PCC is responsible for promoting the mission of the Church of England in the ecclesiastical parish and for the proper maintenance of the parish church of St Alban the Martyr (a grade II* listed building). The PCC regularly receives grants from the Trustees of St Alban’s School .
Some Directors are or have been Governors of Ark St Alban’s Academy, which receives
grants from both restricted and general funds of the Trustees of St Alban’s School and
indirect support through part funding of the chaplain through grants to the Diocese of
Birmingham.
Some Directors are also Trustees of Highgate Community Support Ltd, Charity number
1185938, (formerly Stanhope Hall Community Support) which supports the community of
Highgate through programmes at Stanhope Hall Wellbeing Hub or elsewhere in the parish.
Audit Exemption under the Companies Act 2006
The Charitable Company qualified for total audit exemption for the period 1[st] September 2021 to 31[st] August 2022, because it had annual turnover of no more than £10.2 million net (income £26,892, expenditure £28,217), a balance sheet total of no more than £5.1 million (£888,328) and 50 or fewer employees (none), it, and no members had called for an audit.
Audit Exemption but Requirement for Independent Examination under Charity Regulations
Because the gross assets and gross income of the Charity were less than £3.26 million and
£250,000 respectively, the financial statements of the Charity did not require full audit, but
because the gross income exceeded £25,000 independent examination was required.
Taxation
The Charity is exempt from tax on income and gains falling within section 505 of the Taxes
Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that
these are applied to its charitable objects.
Approved by the Directors and signed on their behalf by:
Joanne L. Dawson (Chair)
12[th] April 2023
Page 8 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Statement of Financial Activities
for the period from 1[st] September 2021 to 31[st] August 2022
| Unrestricted Restricted Endowment Total Prior year Income and Endowments from: External Endowment Income from Spencer Bequest — 3,940 — 3,940 3,797 Investments Managed Investment Portfolio 10,678 — — 10,678 11,651 CBF Investments — 12,271 — 12,271 12,193 Deposit & Bank Interest — 3 — 3 2 Total income and endowments 10,678 16,214 — 26,892 27,643 Expenditure on: Expenditure on Charitable Activities Grants to Diocese for Academy Chaplaincy 5,000 — — 5,000 5,000 Grants to St Alban's Academy 3,630 9,474 — 13,104 11,800 Grants to St Alban's PCC (Maint. Pub. Worship) 2,500 2,500 — 5,000 5,000 Grants to support United Highgate Food Bank — — — 1,500 1,500 Grants to Highgate Community Support Ltd. — 5,000 — 4,050 4,050 Other Grants — — — 700 700 Administrative Costs 113 — — 113 116 Total expenditure 11,243 16,974 — 28,217 28,166 Net income / (expenditure) (565) (760) — (1,325) (523) Other recognised gains / losses Gains / (losses) on investment assets — (13,430) (43,022) (56,452) 88,912 Net movement in funds (565) (14,189) (43,022) (57,776) 88,389 Reconciliation of funds Total funds brought forward 11,243 210,768 582,844 804,855 716,467 Total funds carried forward 10,678 196,579 539,822 747,079 804,855 Represented by: Unrestricted Restricted Endowment Total Prior year funds funds funds funds total funds Unrestricted General fund 10,678 — — 10,678 11,243 Restricted Former School Governors Fund — 8,765 — 8,765 8,623 Former School Governors Reserve Fund — 176,034 — 176,034 188,823 Miss Rattey Bequest Fund — 401 — 401 414 Miss Rattey Bequest Reserve Fund 3,781 3,781 4,421 St Patrick's Fund Income — 7,598 — 7,598 8,487 Endowment St Patrick's Fund Endowment — — 223,440 223,440 238,670 Trustees of St Alban's School Endowment — — 316,381 316,381 344,174 Funds of the charity 10,678 196,579 539,822 747,079 804,855 |
|
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The notes on pages 11 to 16 form part of these financial statements.
Report and Financial Statements for 31 August 2022
Page 9 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Balance Sheet as of 31[st] August 2022
| Unrestricted | Restricted | Endowment | Total | Prior year | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | total funds | ||
| Fixed assets | ||||||
| Investments | — | 179,815 | 539,330 | 719,145 | 775,596 | |
| Total fixed assets | — | 179,815 | 539,330 | 719,145 | 775,596 | |
| Current assets | ||||||
| Accounts Receivable | 30 | — | — | 30 | — | |
| Cash at bank and in hand | 15,945 | 17,764 | 491 | 34,200 | 35,658 | |
| Total current assets | 15,975 | 17,764 | 491 | 34,230 | 35,658 | |
| Creditors | 13 | — | — | 13 | 116 | |
| Grants awarded but not yet paid | 5,283 | 1,000 | — | 6,283 | 6,283 | |
| Total liabilities | 5,396 | 1,000 | — | 6,396 | 6,396 | |
| Net current assets less current liabilities | 10,678 | 16,747 | 491 | 27,934 | 29,259 | |
| Total assets less current liabilities | 10.678 | 196,579 | 539,822 | 747,079 | 804,855 | |
| Total net assets less liabilities | 10,678 | 196,579 | 539,822 | 747,079 | 804,855 | |
| Represented by: | Unrestricted | Restricted | Endowment | Total | Prior year | |
| funds | funds | funds | funds | total funds | ||
| Unrestricted | ||||||
| General fund | 10,678 | — | — | 10,678 | 11,243 | |
| Restricted | ||||||
| Former School Governors Fund | — | 8,765 | — | 8,765 | 8,623 | |
| Former School Governors Reserve Fund | — | 176,034 | — | 176,034 | 188,823 | |
| Miss Rattey Bequest Fund | — | 401 | — | 401 | 414 | |
| Miss Rattey Bequest Reserve Fund | 3,781 | 3,781 | 4,421 | |||
| St Patrick's Fund Income | — | 7,598 | — | 7,598 | 8,487 | |
| Endowment | ||||||
| St Patrick's Fund Endowment | — | — | 223,440 | 223,440 | 238,670 | |
| Trustees of St Alban's School Endowment | — | — | 316,381 | 316,381 | 344,174 | |
| Funds of the charity | 10,678 | 196,579 | 539,822 | 747,079 | 804,855 |
For the year ending 31[st] August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section
476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the
Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to
companies subject to the small companies’ regime and the Accounting and Reporting by
Charities: Statement of Recommended Practice (FRS 102) as amended in July 2015.
Approved by the Directors and signed on their behalf by:
Joanne L. Dawson (Chair)
12[th] April 2023
The notes on pages 11 to 16 form part of these financial statements.
Page 10 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Notes to the Financial Statements for the period 1[st] September 2021 to 31[st] August 2022
1. Accounting Policies
a. Basis of Accounting
The financial statements have been prepared under the historical cost
convention as modified by the inclusion of investments at market value, in
accordance with the provisions of the Companies Act 2006 applicable to
companies subject to the small companies’ regime and the Accounting and
Reporting by Charities: Statement of Recommended Practice (FRS 102) as
amended in July 2015.
b. Fund Accounting – see notes 7 to 10.
c. Income and Endowments
All income and endowments are included in the statement of financial
activities when the Charity is entitled to the income or endowment and the
amount can be quantified with reasonable accuracy.
Investment income is included when receivable.
d. Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. See
note 6 regarding grants awarded but not yet paid to recipients.
The Trustee’s Endowment is managed as an investment portfolio by EFG
Harris Allday. During the year in question EFG Harris Allday have changed
from deducting the associated costs of management as brokerage
commission and admin fees when trades are made to an explicit fee deducted
from the investment account. Charges for the period under review were
£1,381.12 (£1,364.66 broker’s fees and £16.76 Stock Exchange Levy). Similarly,
the costs of management by CCLA of the funds invested in CBF shares are
internal to the operation of the CBF funds and not reported as explicit
expenditure.
Administrative costs include those associated with meeting the constitutional
and statutory requirements of the charity, including examination of the
accounts and costs linked to the strategic management of the charity.
e. Fixed Assets
See note 4 regarding tangible fixed assets.
See notes 9 and 10 regarding the Spencer Bequest, erroneously shown as an
endowment asset in the Statements of Financial Activities from 2009 to 2021.
Investment assets: Stocks and shares are valued at closing price on the
balance sheet date (or the last preceding trading day if that is not a trading
day). Investments with the CBF Church of England Fixed Income and
Investment Funds are valued at mid value (“net asset value”) on the balance
sheet date.
Report and Financial Statements for 31 August 2022
Page 11 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
2. Charitable Activities
Grants made from the General Fund 1[st] September 2021 – 31[st] August 2022:
-
a.Chaplaincy at St Alban's Academy. £5,000 to replenish the reserve of £5,283 set aside to continue an annual contribution of £5,000 to the Diocese of Birmingham towards funding the half-time post of Chaplain at Ark St Alban’s Academy. £5,000 was paid over from the reserve during the year. (The post was vacant from June 2016 to October 2017 and no allocation was made during the year 2017-2018; but £4,717 was paid to the Diocese from the balance of £10,000 set aside in previous years, reducing the balance set aside to £5,283.) -
b.Maintenance of Public Worship at St Alban’s Church. £2,500 to St Alban’s PCC to help maintain public worship (increased in 2019-2020 from £2,000 annually). -
c.Ark St Alban’s Academy – Clean Air Compliant Minibus. £3,630.13 (towards a total grant of £7,104) towards the purchase of a minibus compliant with the Birmingham Clean Air Zone (within which the Academy is situated).
Grants made to Ark St Alban’s Academy from the Former School Governors’ Fund:
-
a.Ark St Alban’s Academy – Brilliant Club. £5,800 to provide a further two years’ support for helping pupils from disadvantaged backgrounds to develop the knowledge, skills and confidence to progress to the most competitive universities. -
b.Ark St Alban’s Academy – Clean Air Compliant Minibus. £2,602.27 (towards a total grant of £7,104) towards the purchase of a minibus compliant with the Birmingham Clean Air Zone. -
c.Ark St Alban’s Academy – Football Kit. £200 to subsidise or provide football kit for girls & boys.
Grant made to Ark St Alban’s Academy from the Miss Rattey Bequest Fund:
a.Ark St Alban’s Academy – Clean Air Compliant Minibus. £127.31 (towards a total grant of £7,104) towards the purchase of a minibus compliant with the Birmingham Clean Air Zone.
Grants made from the St Patrick’s Restricted Fund:
-
a.Maintenance of Public Worship at St Alban’s Church. £2,500 to St Alban’s PCC to help maintain public worship, (increased in 2019-2020 from £2,000 annually). -
b.Highgate Community Support Ltd.(The charitable support organisation for Stanhope Wellbeing Hub, previously Stanhope Hall Community Centre, situated in the parish.) £5,000 to support continuing provision of free weekly food parcels to needy people; to provide free advice to local families on housing benefits, welfare benefits, and debt management, helping them to claim benefits to which they are entitled; and if conditions allowed, to restart a programme of community lunches interrupted by the Covid-19 pandemic. -
d.Ark St Alban’s Academy – Clean Air Compliant Minibus. £744.29 (towards a total grant of £7,104) towards the purchase of a minibus compliant with the Birmingham Clean Air Zone.
Page 12 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
3. Administrative Costs
Examination of Financial Statements for 2020-2021, £100; Annual Companies’ House
Fee, £13.
4. Tangible Assets
Under the Charity Commission Scheme of 8[th ] April 2011 the Freehold of the land on which the St Alban’s School buildings stood, designated WM877706 at the Land Registry, was transferred to the Charitable Company. It is not capitalised because it is leased at a peppercorn rent to Ark Academies for use by St Alban’s Academy. The old school buildings have been demolished and the site landscaped for use by the Academy, which now stands on adjacent land owned by Birmingham City Council. The part of the Trustees’ land adjacent to Stanhope Street is accessible as a public amenity, with low, park-style railings provided by a grant from the Trustees in 201213 and benches provided by a grant from the Trustees in 2016-17.
5. Investments
Restricted – Former School Governor’s Reserve Fund: £44,205 CCLA CBF Fixed Interest Securities Fund, £139.909 CCLA CBF Investment Fund; Miss Rattey Bequest: £4,421 CBF Fixed Interest Securities Fund.
Endowment – Trustees of St Alban’s School Endowment: £344,174 Stocks & Shares portfolio managed on a discretionary basis by EFG Harris Allday; Spencer Bequest (Former School Governor’s Endowment): £148,108 CBF Investment Income Fund (managed by Diocesan Trustees); St Patrick’s Fund Endowment: £31,215 CCLA CBF Fixed Interest Securities Fund, £89,919 CCLA CBF Investment Fund, £74,129 CCLA CBF UK Equities Fund, £42,915 CCLA CBF Property Fund and £491 CCLA CBF Deposit Fund. The charitable company is corporate trustee of the St Alban’s and St Patrick’s endowments; the Spencer Bequest is vested in the Birmingham Diocesan Trustees.
6. Liabilities
General Creditors
This year Refund due to Treasurer of £13 Companies House fee; previous year £100
honorarium for examination of the 2019-2020 accounts; refunds due to the
Treasurer of £13 Companies House fee and £3 postage.
Grants already awarded but not yet drawn
At the start and end of the accounting period, £5,283 from the General Fund set
aside for a continuing annual contribution of £5,000 towards the provision by the
Diocese of Birmingham of a Chaplain for St Alban’s. At the end of the period £1,000
from the St Patrick’s Fund due to St Alban’s PCC for Maintenance of Public Worship.
7. Unrestricted Funds
The General Fund is available for use at the discretion of the Directors/Trustees in furtherance of the general objectives of the charity.
8. Restricted Funds
The Former School Governors’ Fund , Former School Governors’ Reserve Fund, Miss Rattey Bequest and Miss Rattey Bequest Reserve Fund may only be used for the benefit of St Alban’s Academy as successor to St Alban’s School; the St Patrick’s Fund
Report and Financial Statements for 31 August 2022
Page 13 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
is to be used “to further the religious and other charitable work of the Church of
England in the parish of St Alban the Martyr and St Patrick”.
9. Permanent Endowment Funds
The capital of Endowment Funds – the Trustees of St Alban’s School Endowment and the St Patrick’s Fund Endowment – cannot be expended; only the income from them is available for use. The income from the Trustees’ Endowment is the General Fund and the income from the St Patrick’s Fund Endowment is part of the St Patrick’s Fund.
In 2009 the governors of the former St Alban’s School, which closed to reopen as Ark St Alban’s Academy, transferred their assets to the Trustees to be used for the benefit of the new Academy. The Trustees believed that these assets included the capital of the Spencer Bequest, an endowment to provide income “to be applied towards maintenance and support of the schools belonging to the churches of St Alban and St Patrick Highgate Birmingham” (of which Ark St Alban’s Academy is now the only representative). Consequently the capital of this bequest was shown as a Permanent Endowment in the Trustees’ Financial Statements from 31[st] August 2009 to 31[st] August 2021. This capital is held by Birmingham Diocesan Trustees, as is normal for parochial endowments. Examination of the will of Henry Spencer has shown his bequest was made directly to the “Trustees of the Birmingham Diocesan Trust”. Accordingly, the capital of the Spencer Bequest is not shown as an asset in the financial statements for the year ending 31[st] August 2022 and the comparative figures for the year ending 31[st] August 2021 shown in Note 10 include corrections to the previously published version to remove the capital of the Spencer bequest and show that the income is from an external source.
10. Comparative Figures
Paragraph 4.2 of the SORP FRS 102 requires that comparative information for the previous year must be provided for all amounts provided in the SoFA. Comparative information for the total funds of a charity must be provided on the face of the SoFA and comparative information for each class of funds can be provided either on the face of the SoFA or in a note to the accounts. To provide comparative information for each class of funds the SoFA for the year ending 31[st] August 2021 is reproduced on page 15 in corrected form to remove the capital of the Spencer bequest and show that the income is from an external source.
Paragraph 4.2 of the SORP FRS 102 also requires that comparative information must be provided for all amounts provided in the balance sheet. Comparative information for the total funds of a charity must be provided on the face of the balance sheet and comparative information for each class of funds can be provided either on the face of the balance sheet or in a note to the accounts. To provide comparative information for each class of funds the balance sheet for the year ending 31[st] August 2021 is reproduced on page 16 in corrected form to remove the capital of the Spencer bequest and show that the income is from an external source.
For clarity both have the SoFA and balance sheet for the year ending 31[st] August 2021 have also been updated to show the portion of the Miss Rattey Bequest Fund invested to provide income separately as the Miss Rattey Bequest Reserve Fund.
Page 14 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
REVISED Statement of Financial Activities for the period from 1[st] September 2020 to 31[st] August 2021
| Unrestricted Restricted Endowment Total Prior year Income and Endowments from: External Endowment Income from Spencer Bequest — 3,797 — 3,797 3,646 Investments Managed Investment Portfolio 11,651 — — 11,651 11,827 CBF Investments — 12,193 — 12,193 12,715 Deposit & Bank Interest — 2 — 2 12 Total income and endowments 11,651 15,992 — 27,643 28,199 Expenditure on: Expenditure on Charitable Activities Grants to Diocese for Academy Chaplaincy 5,000 — — 5,000 5,000 Grants to St Alban's Academy — 11,800 — 11,800 15,636 Grants to St Alban's PCC (Maint. Pub. Worship) 2,500 2,500 — 5,000 5,000 Grants to support United Highgate Food Bank — 1,500 — 1,500 1,500 Grants for Stanhope Hall Community Centre 4,050 — — 4,050 4,050 Other Grants — 700 — 700 1,700 Administrative Costs 116 — — 116 113 Total expenditure 11,666 16,500 — 28,166 32,999 Net income / (expenditure) (15) (508) — (523) (4,800) Other recognised gains / losses Gains / losses on investment assets as published — 19,241 91,774 111,016 (31,739) Remove gain on Spencer Bequest Capital — — (22,104) (22,104) (4,547) Net movement in funds (15) 18,733 69,670 88,389 (41,086) Reconciliation of funds Total funds brought forward as published 11,258 192,035 639,177 842,470 879,009 Remove Spencer Bequest Capital — — (126,004) (126,004) (121,456) Corrected total funds brought forward 11,258 192,035 513,173 716,446 757,553 Total funds carried forward (Corrected) 11,243 210,768 582,844 804,855 716,467 Represented by: Unrestricted Restricted Endowment Total Prior year funds funds funds funds total funds Unrestricted General fund 11,243 — — 11,243 11,258 Restricted Former School Governors Fund — 8,623 — 8,623 8,759 Former School Governors Reserve Fund — 188,823 — 188,823 169,460 Miss Rattey Bequest Fund — 414 — 414 447 Miss Rattey Bequest Reserve Fund — 4,421 — 4,421 4,543 St Patrick's Fund Income — 8,487 — 8,487 8,826 Endowment Former School Governors Endowment: Spencer — — 148,108 148,108 126,004 Remove Spencer Bequest Capital — — (148,108) (148,108) (126,004) St Patrick's Fund Endowment — — 238,670 238,670 210,754 Trustees of St Alban's School Endowment — — 344,174 344,174 302,420 Funds of the charity 11,243 210,768 582,844 804,855 716,467 |
|
|---|---|
Report and Financial Statements for 31 August 2022
Page 15 of 17
Trustees of St Alban’s School
Charity 1139434
Company 7287734
REVISED Balance Sheet as of 31[st] August 2021
| Unrestricted | Unrestricted | Restricted | Endowment | Total | Prior year | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | total funds | |||
| Fixed assets | |||||||
| Investments as Published | — | 193,244 | 730,460 | 923,704 | 812,688 | ||
| Remove Capital of Spencer Bequest | — | — | (148,108) | (148,108) |
(126,004) |
||
| Total fixed assets | — | 193,244 | 582,352 | 775,596 | 686,684 | ||
| Current assets | |||||||
| Cash at bank and in hand | 16,642 | 18,524 | 491 | 35,658 | 35,065 | ||
| Total current assets | 16,642 | 18,524 | 491 | 35,658 | 35,065 | ||
| Creditors | 116 | — | — | 116 | — | ||
| Grants awarded but not yet paid | 5,283 | 1,000 | — | 6,283 | 5,283 | ||
| Total liabilities | 5,396 | 1,000 | — | 6,396 | 5,283 | ||
| Net current assets less current liabilities | 11,243 | 17,524 | 491 | 29,259 | 29,782 | ||
| Total assets less current liabilities | 11,243 | 210,768 | 582,844 | 804,855 | 716,466 | ||
| Total net assets less liabilities | 11,243 | 210,768 | 582,844 | 804,855 | 716,466 | ||
| Represented by: | Unrestricted | Restricted | Endowment | Total | Prior year | ||
| funds | funds | funds | funds | total funds | |||
| Unrestricted | |||||||
| General fund | 11,243 | — | — | 11,243 | 11,258 | ||
| Restricted | |||||||
| Former School Governors Fund | — | 8,623 | — | 8,623 | 8,759 | ||
| Former School Governors Reserve Fund | — | 188,823 | — | 188,823 | 169,460 | ||
| Miss Rattey Bequest Fund | — | 414 | — | 414 | 305 | ||
| Miss Rattey Bequest Reserve Fund | — | 4,421 | — | 4,421 | 4,543 | ||
| St Patrick's Fund Income | — | 8,487 | — | 8,487 | 8,826 | ||
| Endowment | |||||||
| Former School Governors Endowment: Spencer | — | — | 148,108 | 148,108 | 126,004 | ||
| Remove Capital of Spencer Bequest | — | — | (148,108) |
(148,108) |
(126,004) |
||
| St Patrick's Fund Endowment | — | — | 238,670 | 238,670 | 210,754 | ||
| Trustees of St Alban's School Endowment | — | — | 344,174 | 344,174 | 302,420 | ||
| Funds of the charity | 11,243 | 210,768 | 582,844 | 804,855 | 716,446 |
Approved by the Directors and signed on their behalf by:
Joanne L. Dawson (Chair)
Page 16 of 17
Report and Financial Statements for 31 August 2022
Trustees of St Alban’s School
Charity 1139434
Company 7287734
Independent examiner's report to the trustees of the charitable company The Trustees of St Alban’s School ('the Company') Charity Number 1139434; Company Number 7287734
I report to the charity trustees (who are also the directors of the charitable company) on my
examination of the accounts of the Company for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company
law) you are responsible for the preparation of the accounts in accordance with the
requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited
under Part 16 of the 2006 Act and are eligible for independent examination, I report in
respect of my examination of your charity's accounts as carried out under section 145 of the
Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the
Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in
connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the
examination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be reached.
Signed: Date: 13 March 2023
William T Cooper, Associate of Chartered Institute of Bankers (U. K.)
70 Overbury Close
Birmingham
B31 2HD
Report and Financial Statements for 31 August 2022
Page 17 of 17