**CHARITY REGISTRATION NUMBER: 1155889**
# **The Sheppey Academy Endowment Fund Unaudited Financial Statements**
**31 August 2023**
## **The Sheppey Academy Endowment Fund**
## **Financial Statements**
## **Year ended 31 August 2023**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the Trustees|**4**|
|Statement of financial activities|**5**|
|Statement of financial position|**6**|
|Notes to the financial statements|**7**|
## **The Sheppey Academy Endowment Fund**
## **Trustees' Annual Report**
## **Year ended 31 August 2023**
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2023.
**Reference and administrative details Registered charity name** The Sheppey Academy Endowment Fund **Charity registration number** 1155889 **Principal Office** Oasis Community Learning 75 Westminster Road London SE1 7HS **The Trustees** Paul Martin Aspin Steve Chalke Andrew Blundell Sarah Coccia Oasis Community Learning **Independent Examiner** Mr Mark Smith Smart Accountancy Solutions Ltd 26 Sansome Walk Worcester WR1 1LX
**- 1 -**
**The Sheppey Academy Endowment Fund**
## **Trustees' Annual Report (continued)**
## **Year ended 31 August 2023**
## **Charity status**
The charity was established as The Sheppey Academy Endowment Fund on 28[th] July 2010, registered with the Charity Commission (charity number 1155889) under the Charities Act 1960, when the Trustees of the De Haan Charitable Trust (DHCT) donated monies to be held by the endowment fund.
The Trust deed was last varied on 13[th] October 2015 following the acquisition of the Isle of Sheppey Academy into Oasis Community Learning (OCL). The charity is subject to the law of England & Wales.
## **Objectives and activities**
The current objects of the endowment fund are to advance education for the benefit of the community of Kent, including but not limited to:
- Assisting and supporting the education of students at the academy including the provision of awards, prizes and other rewards;
- Relieving the financial hardship of pupils and ex-pupils of the academy by the provision of bursaries, scholarships, equipment or in any other way the Trustees think fit to enable them to pursue their education;
- Providing grants or other financial assistance to pupils in financial need to undertake extracurricular activities (including educational travel in the United Kingdom or overseas);
- Providing or assisting in the provision of services or facilities at the academy not provided for under the Funding Agreement;
- Fostering closer ties between the academy and community, including promoting education in the community served by the school.
## **Investments & Risk Policy and activities in the year**
The Trustees have adopted the OCL investments & risk policies in their approach to investment risk and treasury management. The Trustees consider the variability of the returns on investment to be the greatest financial risk.
During the year, the Trustees invested the funds into cash treasury deposits in order to maximise returns.
All investments held by the endowment have been acquired in accordance with the powers conferred on the Trustees.
During the year the charity explored potential options for utilising the fund, including purchasing property to house teachers on the island, but chose to make no disbursements due to the uncertainty around the Oasis Academy Isle of Sheppey’s future.
## **Financial Review**
At the start of the year the endowment funds were £1,017,239. The investment income generated was £30,320 which represented an overall yield of 2.98%.
The Trustees have not set a reserves policy due to the nature of the operations of the charity. As at 31st August 2023 the reserves, which consist entirely of endowment funds, totalled £1,047,559.
**- 2 -**
The Sheppey Academy Endowment Fund
Trustees. Annual Report
Year ended 31 August 2023
Plans for future periods
The chanty will conts.nue to carefully manage rts investments to balance the requirements of pr(Mlucing
income to fund the objects of the charity and the k)TrJ-terni growth of investments.
Public Bengfft
In implementing the objects of the fund the Trustees have due regard to the public benefit guidance
issued by the Charity Commwion.
The Trust deed provides that there must be at least 3 Trnstees of the endowment fvnd, including the
academy and up to 2 Trustees apwinted by the academy. If required. additional Trustees can be
appointed by unanimou5 decision of the existing Tnjstees. The academy has the discretion to appoint
any individual as Trustee and is not confined to indmduals from wiihin, or asscciated with, the academy.
The academy also has the power to remove any Trustees appointed by them.
The Trustees are responsible for the inductK)n and training of any new Trustee which involves
explaining Tnjstee's responsibilities, the goveming docurnenl administrative prctedures, the history of
the endowment and the requirements of the guidance issued by the Charity Commission.
At the end of the year there were 5 Trustees. Mr P M Aspin. Ms S Coccia and Oasis Community
Learning were all appointed on 30 January 2014". Mr S Chalke was appointed on 6 June 2018,. and Mr
A Blundell was appointed on 15 Dernber 2021.
structure. gov•man¢e and management
The Trustees meet once per year as a minimum and have addrtional meetings rf required.
Decisions regarding the chanty are taken by the Trustees. The administratKsn of the charity and the
implementstion of decisions is carried out by Oasis Communty Leaming's Company sectary.
The Trustees. annual report was approved on 2f June 2024 and signed on behalf of the board of
Trustees by..
Paul
Tnjslee
rb"n Aspin
## **The Sheppey Academy Endowment Fund**
## **Independent Examiner's Report to the Trustees of THE SHEPPEY ACADEMY ENDOWMENT FUND Year ended 31 August 2023**
I report to the Trustees on my examination of the financial statements of The Sheppey Academy Endowment Fund ('the charity') for the year ended 31 August 2023.
## **Responsibilities and basis of report**
As the Trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
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.
Mr Mark Smith Smart Accountancy Solutions Ltd 26 Sansome Walk Worcester WR1 1LX
27 June 2024
**- 4 -**
## **The Sheppey Academy Endowment Fund**
## **Statement of Financial Activities**
## **Year ended 31 August 2023**
|**Income and endowments**
**Note**
Investment income
**4**
Donations
**5**
**Total income**
**Expenditure**
Expenditure on charitable activities
**6,7**
**Total expenditure**
**Net (expenditure)/income and net**
**movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Restricted**
**Funds**
**£**
30,320
-
30,320
-
-
30,320
1,017,239
1,047,559|**2023**
**Unrestricted**
**Funds**
**£**
-
600
600
(600)
(600)
-
-
-|**Total Funds**
**£**
**30,320**
**600**
**30,920**
**(600)**
**(600)**
30,320
**1,017,239**
**1,047,559**|2022
Total funds
£
-
-|
|---|---|---|---|---|
|||||-|
|||||-|
|||||-|
||||||
|||||
-|
|||||1,017,239|
|||||1,017,239|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 7 to 10 form part of these financial statements.**
**- 5 -**
The Sheppey Academy Endowment Fund
Statement of Financial Position
As at 31 August 2023
2023
2022
Fixed assets
Investments
1.030,320
Current assets
Debtors
Cash al bank and in hand
11
600
17,239
1.017,239
17.839
1.017,23g
Creditors: amounts falling duo within
one year
12
(600)
Net current assets
17.239
1.017,239
Totsl assets less current liabllllles
1,047x9
1,017.239
Net assets
1,047.559
1,017.239
Funds of the charity
Restricted funds
1.047.559
1.017.239
Total ¢harity ndS
13
1.047,559
1,017239
These financial statements were approved by the trAJard of Trustees and authorised for issue on 27,
June 2024, and are signed on behalf of the tx)ard by..
Trustee
Trustee
notes on pages 7 to 10 forni part ofthese financial statemènts.
## **The Sheppey Academy Endowment Fund**
## **Notes to the Financial Statements**
## **Year ended 31 August 2023**
## **1. General information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Oasis Community Learning, 75 Westminster Road, London, SE1 7HS.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Fund accounting**
Restricted funds are available for use at the discretion of the Trustees to further the purpose set aside in the Endowment Deed.
## **Incoming resources**
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
## **Investments**
Investments are initially recorded at cost, and subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
**- 7 -**
**The Sheppey Academy Endowment Fund**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2023**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments**
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
## **4. Investment income**
|Bank interest
Total|Restricted
Funds
£
30,320|**2023**
Unrestricted
Funds
£
-|**Total**
**Funds**
**£**
30,320|2022
Restricted Unrestricted
Total
Funds
Funds
Funds
£
£
£
-
-
-
-
-
-|
|---|---|---|---|---|
||30,320|-|30,320||
## **5. Donation Income by fund type**
|||**2023**||||2022|||
|---|---|---|---|---|---|---|---|---|
||Restricted|Unrestricted|**Total**||Restricted|Unrestricted|Total||
||Funds|Funds|**Funds**||Funds|Funds|Funds||
||£|£|**£**||£|£|£||
|Donations|-|600||**600**|-|-||-|
## **6. Expenditure on charitable activities by fund type**
|Support costs
Total|Restricted
Funds
£
-|**2023**
Unrestricted
Funds
£
600|**Total**
**Funds**
**£**
**600**|Restricted
Funds
£
-|2022
Unrestricted
Funds
£
-|
Total
Funds
£
-|
|---|---|---|---|---|---|---|
||-|**600**|
**600**|-|-|-|
**- 8-**
## **The Sheppey Academy Endowment Fund**
**Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2023**
## **7. Analysis of Support Costs**
|Independent examination fees|Unrestricted
funds
£
600|**Total**
**2023**
**£**
**600**|Total
2022
£
-|
|---|---|---|---|
## **8. Analysis of grants**
No grants were made during the reporting period
## **9. Trustee remuneration and expenses**
Neither Trustees or any persons connected with them have received any remuneration or been reimbursed expenses, either in the current year or in the prior year.
## **10. Investments**
|**Cost or valuation**
At 1 September 2023
Additions
Disposals
Fair value movements
**At 31 August 2023**
**Impairment**
At 1 September 2023
31 August 2023
**Carrying amount**
**At 31 August 2023**
At 31 August 2022|**Cash or cash**
**Equivalents**
**£**
**1,017,239**
30,320
-
-|
|---|---|
||**1,047,559**
**-**
**-**
**1,047,559**|
||1,030,320|
All investments shown above are held at valuation.
## **11. Debtors: amounts falling due within one year**
||**2023**|2022||
|---|---|---|---|
||**£**|£||
|Other debtors|**600**||-|
**-9 -**
## **The Sheppey Academy Endowment Fund**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2023**
## **12. Creditors: amounts falling due within one year**
|Accruals and deferred income
**Analysis of charitable funds**
At
1stSeptember
2022
£
Restricted Income Fund
1,017,239
Unrestricted Fund
-
1,017,239
_Comparative year:_
_At_
_1st September_
_2021_
_Restricted Income Fund_
_1,017,239_
_Unrestricted Fund_
_-_|Accruals and deferred income
**Analysis of charitable funds**
At
1stSeptember
2022
£
Restricted Income Fund
1,017,239
Unrestricted Fund
-
1,017,239
_Comparative year:_
_At_
_1st September_
_2021_
_Restricted Income Fund_
_1,017,239_
_Unrestricted Fund_
_-_|Income
£
30,320
600|**2023**
2022
**£**
£
**600**
-
**At**
Gains and
**31st August**
Expenditure
losses
**2023**
£
£
**£**
-
-
**1,047,559**
600
-
**-**
600
-
**1,047,559**
**_At_**
_Gains and_
**_31st August_**
_Expenditure_
_losses_
**_2022_**
_-_
_-_
_1,017,239_
_-_
_-_
_-_|**2023**
2022
**£**
£
**600**
-
**At**
Gains and
**31st August**
Expenditure
losses
**2023**
£
£
**£**
-
-
**1,047,559**
600
-
**-**
600
-
**1,047,559**
**_At_**
_Gains and_
**_31st August_**
_Expenditure_
_losses_
**_2022_**
_-_
_-_
_1,017,239_
_-_
_-_
_-_|**2023**
2022
**£**
£
**600**
-
**At**
Gains and
**31st August**
Expenditure
losses
**2023**
£
£
**£**
-
-
**1,047,559**
600
-
**-**
600
-
**1,047,559**
**_At_**
_Gains and_
**_31st August_**
_Expenditure_
_losses_
**_2022_**
_-_
_-_
_1,017,239_
_-_
_-_
_-_|
|---|---|---|---|---|---|
||||Expenditure
£
-
600|||
||1,017,239
_At_
_1st September_
_2021_
_1,017,239_
_-_|30,920
_Income_
_-_
_-_|600
_Expenditure_
_-_
_-_|
-
_Gains and_
_losses_
_-_
_-_|**1,047,559**
**_At_**
**_31st August_**
**_2022_**
_1,017,239_
_-_|
## **13. Analysis of charitable funds**
_Comparative year:_
## **14. Analysis of net assets between funds**
## **2023**
|Investments
Current assets
Creditors less than 1 year
**Net assets**
_Comparative year:_
_Investments_
_Current assets_
_Creditors less than 1 year_
**_Net assets_**|Restricted
Funds
£
1,030,320
17,239
-|Unrestricted
Funds
-
600
(600)|**Total**
**Funds**
**£**
**1,030,320**
**17,839**
**(600)**|
|---|---|---|---|
||1,047,559|-|**1,047,559**|
||_Restricted_
_Funds_
_£_
_1,017,239_
_-_|**_2022_**
_Unrestricted_
_Funds_
_-_
_-_|**_Total_**
**_Funds_**
**_£_**
**_1,017,239_**
**_-_**|
||_1,017,239_|_-_|_1,017,239_|
**-10 -**
CHARITY COMMISSION
FOR ENGLAND AND WALES
Independent examiner's report on the
accounts
Section A
Independent Examiner's Report
Report to the trustees
The Sheppey Academy Endowment Fund
On accounts for the year
ended
31 August 2023
Charity no
(if any)
1155889
Set out on pages
1 to 10
I report lo the trustees on my examination of Ihe accounts of the above
charily I'the Trust"} for the year ended 31 SIAugusl 2023
Responsibilities and
basis of report
As the charity's trustees, you are responsible for the preparation of the
accounts in accordance with Ihe requirements of the Charilies Act 2011
("the Act°}.
I report in respect of my examination of the Trust's accounts carried out
under section 145 of the 2011 Act and in carrying out my examination, I
have followed all the applicable Directions given by the Charity Commission
under section 145{51{bl of the Act.
Independent
examiner's statement I have completed my examination. I confirm that no material matters have
come lo my attention in connection with the examination which gives me
cause to believe that in, any material respect..
the accounting records were not kept in accordance with section 130
of the Charities Act.. or
the accounts did not accord with the accounting records., or
the accounts did not comply with the applicable requirements
concerning the form and content of accounts set out in the Charities
(Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and fair, view which is not a matter
considered as part of an independent exarnination.
I have no concems and have come across no other matters in connection
with the examinalion to which altenlion should be drawn in Ihis report in
order to enable a proper understanding of the accounts lo be reached.
Signed-
Date:
2710612024
Name:
MARK SMITH
Relevant professional
qualificationls) or body
{if any}:
AAT
Address:
26 SANSOME WALK
WORCESTER
IER
Oct 2018
WR1 1LX
Section B
Disclosure
Only complete if the examiner needs to highlight material matters of concern
(see CC32, Independent examination of charity accounts-. directions and
guidance for examiners}.
Give here brief details of
any items that the
examiner wishes to
disclose.
IER
Oct 2018