Charlty number: 1141948 The MGGS Development Trust Unaudited Trllstees, report and financial $tatement$ for the year ended 31 March 2022
The MGGS Development Trust Contents Page Reference ond administrative details of the chAri(y, 118 Tnjsiees and advisers Trustecs. r¢port Independenl ex#mirter's Teport Stat¢nient of financial activities Balance shcci Nolcs lo the financial statemenis
The MGGS Dtvelopment Trust Reference and administrative d¢t9ils of the charity, its Trustees 4nd advisers for the year ended 31 March 2022 Trustet& J.W. Findlay. Chair L. l-lorne E. Jordati C. Sims D. Sianley K. TuThham Ch*rity registered number 141948 Prlhtlpal offitt Maidslonc GrDmmar School for Girls Buckland Road Maid%lonc Kent ME16 OSF Accountants UHY Hacker Young Chartcrtd AoUntantS Thamcs Houst Roinan Squarc Siltingbourne Kent ME104BJ Banker5 HSBC 115 Week Street Mgidstone K¢nt ME14 IQW Page I
The MGGS Developmetht Trust Truste¢5' report for the year ended 31 M4r¢h 2022 The Trnsiees prescni their annual reporf togetlieT WSth tlie fingnGig1 stat¢in¢nts of th¢ charity for tlie l April 202110 31 March 2022. Structure, Governanee and Trusttej At any one lini¢ tlie ILUSI d¢¢d stipulaies Ilier¥ sliuuld be d minin)utn of thTee Ituslees, witli a maximun) uf&evert. Thc budy vfirusiees onipTISC5 up lo four ex-officio tiU8i¢¢s and up lo Ilircc co-opi¢d IrLislc¢s. The rncmb¢TS aT¢ auihoriscd 10 appoini new mcmbcrs lo fjll vacancies arisin8 tliiDugh resiyalion or (iealh oran exi81ing ii)Lmber, and also 10 c(>-OPi members ihroiighoui Ilje year whosc skills would b¢n¢fil th6 chgTIty. Eacli co-oplcd itustee holds offic¢ for I'especiive lerms ofoiie ycar. two years and Ilirtt years, biii Iliey are pemiilled lo bc rc<lccled or re-appoinicd. Therettfter, e8ch co-opl¢d trustee holds officc lor a Icrm of four ycars. rcncwable by rc-appoinlmcni. The meThbet5 ineet at lea51 two tim¢5 ca¢h y¢ar. and each Inaiier shall bc dclem)In¢d by a simple majorily ofvoi¢s of the In1¢¢8 present. In case ofequaliiy of voles, Ihe ¢haitn]an has B secolld or cBsling vole. Aims. Objects and HistTrry The objective of The MOGS D¢velopmeni Trust Js 10 fundraise to advsnce the educatioll of studen15 at Maid51one Grammar School for GiT15, prit2]atily, biit not exclusivcly, by providing and assisting with provision of buildings and faciliti¢% at the school. The MGGS Develapni¢nt TNst was formcd in May 2011, becaitte a Tegistered charity on 17 May 2011, and is gov¢m¢d by ils charitsble trust deed dated 7 April 2011. The tnlet8 have hthd regard lo the guidancc i88ued by Ihc Charity Conitnission with re8ard to publi¢ b¢n¢fil. and believ¢ this requirement is met Ihrou¥h the h¢lp 8nd 5UPPOrt provided. directly and indirectly, to ehildten and theiT faTnili¢s, without discrimination of any tomi. Arhi¢venKTht5 and perlormance The work of tlie MGGS Dcvcloptnent Ttust ha5 been fo¢uss¢d on raising funds lo build a WWII visitor centre lo enhance th¢ edCatIO]ial experience of th¢ pupils and lo enable a wider audienG¢ to explo thc school's WWII air-raid tunnels. The majority of th¢ InMe raiscd 80 far has cotnc via doiiatioiis, grants and sludeni &pot150red activi11¢s. The Dev¢lopmcnl TIu81 OtTi¢er IDTOI'S work with alurnni has Ctsntinued during thi5 ycar. with the numberg subscTibed to thc ¢omrnunity dalabasc ¢onlinuing 10 irtcrtase. Thc DTO ha5 now created a new web plaifotTll for th¢ MGGS Alumni which includes d £UStomeT relationship in8nageJneni tool thai is proving 10 be beneficiRI. Thc DTO has contittued to support the sales of A SchoolgiTI's War. Flnanclal RevAeiY Rtsorve5 Policy Incoming regour¢e5 for th¢ year totallcd £90,354 froiii gemeral doiiations and rclated gift aid clainis. This is a significant inGr¢s5¢ on the £14,835 received iii 2020.21, a y¢ar badly affecied by the Covid.19 pandeiiiic, The only costs incurred in the yeaT other than th¢ £26,263 donation 10 MGGS weTe prof¢5siong1 fees and bank charges. The Statement ofFinan¢ial Activities on page 5 and siibsequeni pages revealed 8 siitplu% for Ili¢ year of £63,107, which was taken to unTZStticted funds on the Balance Sheei. This letl funds of £171,261 to carry forward lo the next accoullling period. Page 2
The MGGS DevelopmLnt Trust Tru5tees' report {continucdl for the year endL,d 31 March 2022 Trkn$teL'S re5ponsibilLtles slAtement Tlie Truslecs arc rcspoiisiblc for preparing Ihc Tivsiccs, report and the financial.stalcinenls Tn accolance with applicablc law attd United Kiiigdoin Accounring Siandaids (United Kingdojn Gcncrally ALLepied AcLounlinb Praclic¢l. Tlie laiv applicablc to chaiities in EnEldttd & Wales requiY¢s thc Trust5 10 ppare finanLldl staletnents for ¢a¢h financial ycui Ivhich Eive d true and tair vieiv oiilie stdle of affails of th¢ o113rily aii(l ol'ilit inLoii)inLT resuurLes and appliLdlioii of I'csourccs of ihe charity for that period. Ill preparing these f1112ncidl stat¢rn¢nt8, Ilie Trustees are required to.. stlecl suitable accounting poliGi¢ aiid tliai apply them conbisienilyy observ¢ the merhods and prinLiples iii the Chai'ities SORP., make judgments and dLLOUllting e%liinales Iliai are reasoiidble and prudent-, State ivheiher applicable UK A¢¢ouiiting Siaiidards liave been followed, %ubject to aiiy rn8teTial departures disclosed and PTepare the financial siaiemenls Ilie goiiig conccrn basis unless li Ig indppropriale lo pi'esuine 11151 the charity will coniinue iii The Trustees are responsible foi keeping proper accounting records Ihai aTe siifficienl lo EIIDW Bnd eKpl4in tlie charity'% transactions aiid eornply willi the Charit1cs Aci 2011, tlie Lharily (Accounls aiid Repvrisl R¥¥iilaliuns 2110¥ and Ilie PTOVi%il>nS ol'ilie Iru%i de¢d. Tliey iir dlsu fvtsPUliSible lur 4afe&7uard1iig Ihe dssels uf ihe LII3Tily and h¢iice for iaking reasonable sieps foT Ilie prevenlion and d¢icction of fraud and oilier irregulBrilies. Approved l)y order ofihe membeTS of the bi)ard of Trusltts and signed oil Iheir behalf by.. J.W. Findlav Date.. L819 IIL Page 3
The MGGS Development TrM5t Independent txaminer's report for the year ertded 31 March 2022 Indopendenl examiner'5 report to the Trustees of The MGGS Dtvtlopmtnt Trust Ittht thArity'l pOrt lo the cli&rity TnJst¢¢s on Iny examination ofihe a¢eouni& of the LhaTlty for the year etkied 31 March 2022. Respon81bllltles And bA$i$ of rwort As the TNsitrs of the chBTily you ar¢ responsible for Ihe preparation ofihe accounts in ac£urdance with the requiTemertts of ihe ChBrili¢5 Act 2011 I'lhe 2011 Act'l. I r¢port in respect ofmy examinalioll olthe charity's accounts carried oui under seciion 145 of ihe 2011 Act and in c&rryin¥ out tny cxaminalion J have followed the Bpplicabl¢ Dir¢clions given by Ihe Charity Commissiun under section 145151(bl olthe 2011 Act. IDdependent examlntr's Stattmtnt Your all¢nlion is drawn lo the facl that the chai.ity lias Prepared the accounts in accordance with Accouniing and Reporiin¥ by CliaTilies'. Sialcrn¢nl of Rccommcnded Practice applicablc ro cliai'itics prcparing rhcir accounts In a¢Lordance with the Financial RertIng Standard applicable in tli¢ UK and Rcpublic of Ireland IFRS 1021 in prefcrcncc io the Aecouniing and Reporting by Charities." Stsi¢m¢rLt of Reconini¢nd¢d Pra¢licc 15sucd on l Api-il 2005 which is referr lo in Ihc cxlani re¥iilaii0rt8 biii has been withdTawn. I undetsland thBt thi5 has been done in ordeT foT the accouiits lo provide a truc aiid fair view in aecordanct with th¢ G¢n¢rally Acceptcd Ac£outtiing Practice effectiv¢ for repoiiiiig periods begiiiiiiiig oil or after l Jajiuary 2015. I have completed my ¢xaininalion. I ¢enfirm that no mutters have com¢ to my attention in tonnccliots with th¢ examination giving mc cau8¢ to believe that in 3J)y Inalerial respect.. accounting r¢coTds WCTe not kcpl in r¢spcct of the charity a5 requjred by section 130 of the 2011 Act", or th¢ accounts do not accord with tliose Tecords., or thc accounts do not comply with the applicable iEqUiTetnenls conceTning ihe fonn and content of accounts sei out in the Chaiitics (Accounts dnd Reports) R¢gulations 2008 other than any TCqUiTement that thc accounrs givc a'ftue and faiT' Vj¢W whiGh is not a mailer Considered as part of an indepcndeni exainindlion. I have no Goncetns and Ive coii)e across rte other matters in connection with the exaiiiityation to which att¢nlion should be dr&Th in thi5 report in order 10 enable a proper undcrstanding of the accounts to be reaclied. This report i& made sol¢ly to tlie charity's TTUSt¢es, as a body. in accotdance with Part 4 of th¢ Charitics {Accounts and Report51 R¢gulaiions 2008. My work has b¢¢rt iinderlaken so tliat I migljl siaie to Ilie Lljai-ity's Tiuslees Iliose matters l am required to state to them in an indepejjderti exainin¢ffs r¢pon and for rto other Pu(>. To tlie fulle81 extent petmitted by law, I do not accept ur assujne r¢snsibIlity 10 anyone other than tli¢ charity and Ilie cliai"ity's TNste&4 as a body, for my WOTk or for tliis report. Sign¢d.. Dated.. 4 October 2022 Allan R. Hickie Bsc FCA UHY H#cker Young Chartered Accounlanis ThaTn¢s House Roiiian square Sillingbournc Kent MEIO 4BJ Pa¥e 4
The MGGS Development Trust St8tement or rinan¢i21 activities ror the yeAr ended 31 March 2022 UllrÈstri¢¢td fullds Tolal (unds 2021 fundj 2022 2022 Nott lthconje from.. Donalion.% and legacies 90,354 90,354 14.¥35 Total Intome 90,354 90,354 14,835 Kxpenditure on.. ChaTitsble activities 27.247 27,247 6.770 Total expendlture 27,247 27,247 0, 770 r4et movement in fund5 63,107 63,107 8.065 Re¢oneiliation of funds: Total funds brought forward Nel rnoveniemt in funds 108,154 63.107 le8,154 63,107 100.OA9 8.065 Total fund$ cllrried forward 171.261 171.261 108,154 Th¢ Ststement of financial activities includes all gains and losses r¥ognised in the y¢3T. The notes on pagcs 7 to I I fomi part of these fi[nCial stat¢menls. Page 5
The MGGS Development Trust Balance sheet a5 at 31 MarLh 2022 2022 21121 N(ktE Current 8ssets Dcbtors 5,796 166,415 574 Casli ai bank and in hdnd 1119,009 Creditors.. ainounis fallin¥ due within on¢ year 19501 (915) Net currtht asseis IQI, 154 Total net #S5tts Charity lund5 Reslricttd funds UDresiricied funds IlJ&. l.f4 Total funds 108. 154 The financial siaieinenls were approv¢d and auilioriscd foT issue by Ilie Tru5t¢es and sign¢d on Ih¢iT bchalf by.. J.W. Findlay Dalc.. 18191, The noi¢s on page% 7 10 1 I fonn part ofihest financial slalemenls. Page 6
The MGGS Development Trust Notes to the finarteial statement$ for the year ended 31 March 2022 Ceneral information The MGGS Development Trust is an wiin¢orpor8t¢d oli4rity, regislrotion nutllber 1141948. The chtitity operate5 from its principal officc al Maidslone Graiiimar School for Girls, BucklBnd Road, Maidstone, Kent, ME16 OSF. Ae¢ountlng polltleB 2.1 Basi5 of prepAratlon of finAlltIAI stitemellts Tlie fJnanci41 slgt¢m¢nls have been prcpar¢d in accordaJJc¢ wiih Ihe Charities SORP IFRS 102) - Accounting and R¢portin8 by Charitics.. Slatcmcnt of Recommcndcd Practictr appli¢abl¢ to charities prcparing Ihcir accouttis in a¢eoTdan¢e willi ilie Financial Reportin&T Standard applicable in ihe UK and Republic ofircland IFRS 1021 Icrrcclive l Janiiary 2019}, the Financial Reporting Siaiidard applicabl¢ in the UK and R¢publi¢ of Ircland IFRS 1021 and the Cl(1¢$ A¢1 2011. The MGGS D¢velopmeJit TrtL81 mee18 Ihe definition ol L piiblic beneftt eniily Urtder FRS 102. Asseis and liabilities 9T¢ illilially r¢cognis¢d al liislorical cost or lixrt8a¢lion value llnless olheiivige sialed Jn the relevanl accounting wlicy. 2.2 Going concern The Inislees assess wheihcr th¢ use olgoing C4)ncel is dppropriaie i.e. whether there aTe any material un£ertainlie5 related to ¢ventS OT coiiditions that may Casl signifi¢aiil doubt on Ihc ability of the ¢harily to ¢onlints¢ as a going nCern. Th¢ trnsiees make thi5 as8¢SStnent in respeci of a period of al leasr one year from Ihe dale of aulhorisation for issu¢ of th¢ financial Slaleinenls. Due to th¢ nature of Ihe chaTity's aclivi11¢s. atld wiih Jnost assets held as ca8h, the charity 18 largely protected from Tisk pos¢d by CXinal factors. The tru%lc¢s havc rhercforc ¢on¢lud¢d that the charity has adequate re.4ources to continue in operdlional exislen¢e fer the foreseeable future and thcre aiE no mttierial unceitainties about the charity's ability to continuc as a going ¢on¢em, and thus they continue to adopi the gojng concern basis of accowiling in piEparing the financial stal¢m¢nls. 2.3 1JLcome All incojne is TognIsed once the Chdriiy has enliileinent lo th¢ income, it 18 probable that the income will be received and the amount of incoiiie reccivable ean be ineasuird r¢liably. Incoine lax re¢ov¢r3ble in relation 10 dottatious re1Ved under Gift Aid or deeds of covenant 1$ Tetognis¢d at th¢ time of th¢ donation. Z.4 Expcndlture Expenditure is recognised once tlier¢ is ¥ legal or Lurtslruclive obligation lo transfer econoinic benefjt 10 a IliiTd party, it 18 probabl¢ that a IrartsfeT of economic b¢n¢fiis will be required in seltlein¢nt and th¢ ainouni of the obligation can be meBsured reliably. Expenditure on chatitable activiti¢% is incurred on directly undertaking th¢ activities which further Ilie charity's objeciives, as well as any associated SUPPLTrrt costs. All expEndityr¢ is inclusive olirrecoverable VAT. 2.5 FlnaD¢lAI Instruments The c113rity only lias financial assels financial liabilities of a kind tlial qualify as basic financial instnimenls. Basi¢ rinancial instrunicnts ar¢ initially TecoBt)is¢d at Iransacliun value and subsequ¢nily ineasur¢d ai Ilieir 5eiileineni value with Ili¢ exception of bank loans which are subs¢quenily nieasured ai amorlised cost using rlic cffcctivc inlercst iiietliod. Pag¢ 7
Thc MGGS Developmcnt Trust Notes to the financlal statements for the year ended 31 March 2022 A¢tountlthg polltits Itontinued) 2.6 Fund accoundng Q¢neral funds ar¢ unrcsiri¢l¢d furtdg whicli arc availablc for usc at Ihc discrcljort of the TLuslccs in furth¢raJJce of the general objectivcs of ihc charily And which have noi been designaied for ollier pujposes. Income from donatioThs and grants Unrestrl¢ted lund$ 2022 Total funds 2022 Tolul [iiiids 2021 Dottalions including gift aid 90,354 90,354 14.835 TolaluiTatysis 2021 byfi¢Jid J4,835 J4.855 AnAIysi5 ofexpenditure on charilble A¢tivitie5 Summry by fund type Urtre¥trictcd lullds Total 2022 Toiul 2021 2022 Advance education of Sd¢ntS at MGGS 27,247 27.247 6, 770 Ttriali7nol)Isis 2021 byfund 6. 770 6, 770 Analysis of expenditure by activities A£livitie5 undortaken diroctly Svpport ¢ost& Total funds 2022 ro¢ol 2Q22 2022 2021 Advance education ofstudcnis at MGGS 26,263 984 27,247 0,770 rolql 21121 5.855 Q15 6,770 Pa8e 8
The MCGS Development Trust Notes to the financial statemertts for the year ended 31 March 2022 Analysts of exptkndle by IctitieS (continue411 Analysls of support tosts Advxth¢ educRlion of Students #t Total funds 2022 Toiol (Iipjds 2U21 MGGS 2022 Indepcndent cxamination fee Bank charges 950 950 9J5 34 34 984 Q15 Tolal 2021 915 915 Trustees, remunertlon and txptnses During the year, no Trusiees received 3ny remull¢ralion or othcr b¢n¢fils (2021- £NIL). DuTing the y¢ar cndcd 31 March 2022. tto TrLJSte¢ exp¢n5¢s have b¢¢n incurred (2021- £NILI. Debtors 2022 202] Recoverable Gift Aid 5,796 574 Creditors.. Amoullts f#lllng due within one year 2022 2021 Acctuals and deferred income 950 915 Page 9
The MGGS Development Trust Notes to the financial statements for the year ended 31 March 2022 Statement of funds Slatement of funds- turrtnt ytar B&lxnce #t I April 21121 Bxlxnce It JI March 2022 ExpendIre Vnrestrlcted lunds General bunds 108,154 90,354 {27,2471 171,261 StteJnent of fund5- prior year Balaiice ai J Api'il 2020 Bul&#ce oi Expendiiiire 31 Muvc'h 202J In¢owt¢ Unrestri¢ted (unds General Funds 100.089 J4,835 (0,770} 108.154 An&lysis of net 4sset$ between futhd5 ADxly515 ofnet &sets between funds- [rr¢t year Unr¢$trl¢t¢d (unds Total rutLd5 2022 Z022 Current asscls 172,21 1950) Creditors due within one year {950} Total 171261 171,261 Allalysls of net assets betwtcn funds- prior year Unit&iitCled [iindts 202J Tofol 2021 CuTr¢nt assets Ci¢dilors due wiihin one year 109,069 (91J) lQQ.069 (915) Total IO¥.J54 108.154 Page 10
The MGGS Development Trust Notes to the finaneial statement5 for the year ended 31 March 2022 ii. Reted party transA¢tlons During the year donations tolalling £26,263 (2021.. £5,855) were made to Maidstone Grammar School for Girls. Pag¢ 11