Unaudited Financial Statements The Raymond Freke Award Fund
For the Year Ended 31 August 2021
Charity No. 1150659
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Index to the financial statements
| Report of the trustees | 1 - 3 |
|---|---|
| Independent examiner's report | 4 - 5 |
| Principal accounting policies | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 12 |
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Report of the trustees
The Trustees present their report and accounts for the year ended 31 August 2021
Reference and administrative details
Registered charity number: 1150659 Address: 3 The Close, Winchester, Hampshire SO23 9LT Ex-officio Trustees: The Very Revd C Ogle Dean of Winchester (Chair) Dr S J Essex Ms K L Dennett Co-optative Trustees: Mr J Milton Bankers: National Westminster Bank plc 105 High Street Winchester SO23 9AW Investment advisors: CCLA Investment Management Limited The CBF Church of England Investment Fund Senator House 85 Queen Victoria Street London EC4V 4ET Independent examiner: Jon Marchant FCA Mazars LLP Merck House Seldown Lane Poole Dorset BH15 1TW
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Structure, governance and management
The Raymond Freke Award Fund was established by Trust Deed dated 10 February 2006 by the late Mrs Jean Freke, and was registered as a charity on 1 February 2013.
The Trustees are nominated as the Dean of Winchester and The Head and Director of Finance & Resources of The Pilgrims' School Winchester (all ex officio) and a fourth Trustee nominated by the Choir Schools Association.
The Trustees have complied with their duty to have due regard to the Commission’s public benefit guidance when exercising powers or duties to which the guidance is relevant.
Objectives and activities
The Charity is established to support charitable purposes in England and Wales, and particularly the provision of financial support to Choristers of Winchester Cathedral and Quiristers of Winchester College who would otherwise be unable to become or remain Choristers or Quiristers by virtue of the financial circumstances of their parents or parent.
The Trustees provide bursaries and other financial support to help meet the costs of fees at The Pilgrims’ School. The Trustees will also provide financial assistance to meet the costs of musical tuition and the provision of instruments. In addition, the Trustees may provide funding to the Cathedral and College towards maintaining one or more Choristers or Quiristers.
Achievements and performance
During the year, bursaries totalling £45,371 (2020: £48,209) were awarded to Choristers at The Pilgrims' School.
Financial Review
The attached financial statements show the current state of the finances which the Trustees consider to be sound.
During the year, the charity earned income of £31,088 (2020: £30,515) and made grants amounting to £43,203 (2020: £48,209).
The Trustees retain a level of reserves which is sufficient to cover the charity's immediate needs. At the year end the expendable reserves were £1,223,200 (2020: £1,057,165).
Recruitment and appointment of trustees
The membership and appointment of Trustees is covered in the Trust Deed for the Raymond Freke Award Fund. The Dean of Winchester in the capacity as Chair of Governors of The Pilgrims’ School along with the Head and the Director of Finance & Resources are ex-officio trustees. The deed stipulates that a fourth trustee is to be nominated by the Choir Schools Association. All Trustees are appointed by resolution at the Annual General Meeting of the fund and registered accordingly with the Charity Commission for England and Wales.
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Trustees' responsibilities for the accounts
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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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 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.
ON BEHALF OF THE TRUSTEES
Kirsty Dennett (May 31, 2022 16:55 GMT+1)
Ms Kirsty Dennett Ex-officio Trustee
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Independent Examiner’s Report to the Trustees of The Raymond Freke Award Fund
I report on the financial statements of The Raymond Freke Award Fund for the year ended 31 August 2021, which are set out on pages 6 to 12.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the financial statements under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
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Independent Examiner’s Report to the Trustees of The Raymond Freke Award Fund (continued)
Independent examiner’s statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of The Raymond Freke Award Fund in accordance with section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Jonathan Marchant FCA Mazars LLP Chartered Accountants Merck House Seldown Lane Poole BH15 1TW
Date: Jun 7, 2022
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Prinicipal Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Raymond Freke Award Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost of transactions value unless otherwise stated in the relevant accounting policy.
The principle accounting policies are set out below:
Income
Donations are accounted for when receivable.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Investment income, including associated income tax recoveries, is recognised when receivable.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure, which is charged on an accruals basis, is allocated between:
expenditure incurred directly to the fulfilment of the charity's objectives (charitable activities)
- expenditure incurred in the governance of the charity.
Grants payable are recognised in the balance sheet as a liability once the grant has been notified to the recipient and is unconditional.
Funds
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.
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
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Accounting Policies
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year.
Going concern
The financial statements have been prepared on the basis that the charity is a going concern. When determining the going concern assessment the Trustees have considered the charity’s activities, together with factors likely to affect its future development, performance and position; these are set out in the Trustees’ Report, this includes the impact of COVID-19. The Trustees consider that there are no material uncertainties on the charity’s ability to continue its activities for the foreseeable future. The Trustees are satisfied that the charity’s assets are available and adequate to fulfil its obligations for a period of at least twelve months from the signing of these financial statements.
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.
Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transactions value and subsequently measured at their settlement value.
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Statement of Financial Activities
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| Note | Funds |
Total | Total | |
| £ | £ | £ | ||
| Income | ||||
| Income from generated funds: | ||||
| Investment income | 31,084 | 31,084 | 30,482 | |
| Bank and other interest | 4 | 4 | 33 | |
| ----------------------------------------------- | --------------------------------------------- | --------------------------------------------- | ||
| Total income | 31,088 | 31,088 | 30,515 | |
| ----------------------------------------------- | --------------------------------------------- | --------------------------------------------- | ||
| Expenditure on Charitable | ||||
| Activities: | ||||
| Bursaries to The Pilgrims' School | ||||
| to specified students | 43,203 | 43,203 | 48,209 | |
| Support costs | 2 | 1,179 | 1,179 | 1,187 |
| ----------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Total expenditure | 44,382 | 44,382 | 49,396 | |
| ----------------------------------------------- | ---------------------------------------------- | ----------------------------------------------- | ||
| Net outgoing expenses before | ||||
| transfers | (13,294) | (13,294) | (18,881) | |
| Gains on investment assets | 8 | 179,329 | 179,329 | 38,019 |
| ----------------------------------------------- | ---------------------------------------------- | ----------------------------------------------- | ||
| Net movement in funds | 166,035 | 166,035 | 19,138 | |
| Balance brought forward | 1,057,165 | 1,057,165 | 1,038,027 | |
| ----------------------------------------------- | ---------------------------------------------- | ----------------------------------------------- | ||
| Balances carried forward | 1,223,200 | 1,223,200 | 1,057,165 | |
| ==================== | =================== | ==================== |
All amounts disclosed above relate to continuing activities.
The accompanying accounting policies and notes form an integral part of these financial statements.
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Balance sheet
| Note | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 5 | 1,186,865 | 1,053,536 | ||
| Current assets | |||||
| Bank and cash balances | 23,736 | 53,038 | |||
| Debtors | 6 | 13,799 | - | ||
| Current liabilities | |||||
| Creditors | 7 | (1,200) | (49,409) | ||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| Net current assets | 36,335 | 3,629 | |||
| ------------------------------------------- | ------------------------------------------- | ||||
| Net assets | 1,223,200 | 1,057,165 | |||
| ================== | ================== | ||||
| Funds | |||||
| Unrestricted fund | 1,223,200 | 1,057,165 | |||
| ------------------------------------------- | ------------------------------------------- | ||||
| 1,223,200 | 1,057,165 | ||||
| ==================== | ==================== |
May 31, 2022 The accounts were approved by the Trustees on
Kirsty Dennett (May 31, 2022 16:55 GMT+1)
Ms Kirsty Dennett Ex-officio Trustee
The accompanying accounting policies and notes form an integral part of these financial statements.
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
1
2
3
Notes to the financial statements
Bursary Commitments
There was a total of £0 (2020: £15,908) allocated to the students of The Pilgrims' School for the following period that was unpaid at 31 August 2021.
Support Costs
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trustee travel expenses | - | - |
| Bank charges | 3 | 35 |
| Governance costs | 1,176 | 1,152 |
| ----------------------------------------------- | ----------------------------------------------- | |
| 1,179 | 1,187 | |
| ==================== | ==================== |
The Trustees received reimbursement of travel expenses totalling £nil (2020: nil).
Governance Costs
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Independent examination | 1,200 | 1,152 |
| ------------------------------------------------ | ------------------------------------------------ | |
| 1,200 | 1,152 | |
| ==================== | ==================== |
The Trustees received no remuneration from the charity.
Employment costs
The charity did not have any employees during the year (2020: nil). No remuneration was paid to any trustee in the year (2020: £nil).
Expenses totalling £nil (2020: nil) were paid to trustees during the year in respect of travel expenses incurred.
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
Notes to the financial statements
5 Investments
6
7
8
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Market value at 1 September 2020 | 1,053,536 | 1,015,517 |
| Disposals | - | - |
| Change in market value | 133,329 | 38,019 |
| ----------------------------------------------- | ----------------------------------------------- | |
| Market value at 31 August 2021 | 1,186,865 | 1,053,536 |
| ==================== | ==================== | |
| ----------------------------------------------- | ----------------------------------------------- | |
| Historical cost at 31 August 2021 and 31 August 2020 | 674,891 | 674,891 |
| ==================== | ==================== | |
| Debtors | ||
| 2021 | 2020 | |
| £ | £ | |
| Prepayments | 13,799 | - |
| ----------------------------------------------- | ----------------------------------------------- | |
| 13,799 | - | |
| ==================== | ==================== | |
| Creditors | ||
| 2021 | 2020 | |
| £ | £ | |
| The Pilgrims’ School | - | 48,209 |
| Accruals | 1,200 | 1,200 |
| ----------------------------------------------- | ----------------------------------------------- | |
| 1,200 | 49,409 | |
| ==================== | ==================== | |
| Funds | ||
| £ | ||
| Reconciliation of movements in unrealised gains on investment assets | ||
| Unrealised gains at 1 September 2020 | 378,645 | |
| Realised on disposals | 46,000 | |
| Net revaluation gain in the year | 133,329 | |
| ----------------------------------------------- | ||
| At 31 August 2021 | 557,974 | |
| ==================== |
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The Raymond Freke Award Fund Financial statements for the year ended 31 August 2021
9 Related party transactions
Notes to the financial statements
During the year, the Trust granted bursaries totalling £43,203 (2020: £48,209) to pupils of The Pilgrims' School. The Director of Finance & Resources, Head and Chair of the Governing Body of The Pilgrims’ School are ex officio Trustees of the Trust. At the year end a balance of £0 (2020: £ 48,209) was due to the school.