OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

CHARITY NO: 1159943

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2022

PRINCIPAL OFFICE Reading Blue Coat School Holme Park Sonning Lane Sonning Reading RG4 6SU TRUSTEES C Hubbard (Chairman from 4 November 2021) H Williams (Chairman until 3 November 2021) P Thompson P Bertram A Gray A J Guy (resigned 11 May 2021) M Swan P Gillibrand (appointed 3 November 2021) T Tabrah (ex-officio from 16 August 2021) P Thomas CLERK TO THE TRUSTEES L Jones (appointed 11 June 2020, resigned 8 September 2021) P Hughes (appointed 11 October 2021, resigned 14 July 2022) A Snow (appointed 5 September 2022) TREASURER TO THE TRUSTEES T van der Meijden (resigned 21 July 2022) K Nicholson (appointed 5 September 2022) CHARITY REGISTRATION NUMBER 1159943 INDEPENDENT EXAMINERS Crowe U.K. LLP Aquis House 49 – 51 Blagrave Street Reading Berkshire RG1 1PL BANKERS Lloyds Bank PLC 1-2 Market Place Reading RG1 2EQ SOLICITORS Blandy & Blandy 1 Friar Street Reading RG1 1DA INVESTMENT ADVISORS Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

Page 1

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ REPORT

The Trustees present their annual report for the year ended 31 March 2022 under the Charities Act 2011, together with the financial statements for that period and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP FRS 102.

Structure, governance and management

The Trust was registered on 14 January 2015 as a Charitable Incorporated Organisation. On 31 March 2015, all the assets and undertaking of the Reading Blue Coat School Foundation (Charity Registration Number 309024) were transferred to the Trust together with those of the Archbishop Laud Non-Educational Charity (Number 307987).

The former Foundation comprised a number of Gifts made over an extended period, of which the earliest and most important were by Richard Aldworth in 1646, Sir Thomas Rich in 1666 and William Malthus in 1700. The Foundation operated under a scheme made by the Secretary of State for Education and Science under the Charities Act 1960 dated 30 April 1964, which consolidated all the underlying gifts, and subsequent amendments.

The first objects of the Trust, reflecting the objects of the former Foundation, are:-

The former Foundation also contained a fund known as the Matheson Scholarship fund which is governed by the Will of the late David M Matheson. This provides for the income of the fund to be first applied to the education of children of Clergy in the Church of England at the Reading Blue Coat School, but in the event of there being no suitable applicants the Trustees have discretion to utilise the income in accordance with the above objects. The Trustees have discretion to utilise the capital of the fund should the income be insufficient to provide the benefits. Whilst the Trustees would resist any such application of capital, the fund is technically under the category of Expendable Endowment.

The second object of the Trust reflects the objects of the former Archbishop Laud Non-Educational Charity which was constituted by a Deed of Gift dated 26 March 1640. This separate fund is to provide financial assistance to young people up to the age of 30, educated in, residing in, or from the vicinity of Reading, to support them in training or education through the making of grants.

The governance and management of the Trust is carried out in accordance with its constitution. There are four ex-officio trustees who have the power to co-opt not less than five and not more than ten additional trustees. The ex-officio trustees are: the vicar of the ecclesiastical parish of St Mary, Reading; the vicar of the ecclesiastical parish of St Laurence, Reading; the head of the Reading Blue Coat School; and the bursar of the Reading Blue Coat School. Unfortunately, due to other commitments, neither vicar was able to take up these posts during the year. Co-opted trustees serve for a period of five years.

Page 2

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT

FOR THE PERIOD ENDED 31 MARCH 2022

Grant making policy

The Charity has three principal grant making objectives:

Investment policy

The Trust's funds are invested to produce an attractive financial return with an acceptable level of risk over the long term. The primary investment objective is to generate a high and sustainable annual income (net of investment management fees) to support the grant making objects, whilst striking a balance between generating long-term income and capital returns. With the rental income from the school providing more than 30% of the normal annual income expended, the Trustees are able to accept a medium to higher level of risk with regard to long term investments in order to grow the real capital value of the funds over time. The Trust's constitution provides for the lease to the School of the freehold land, in meeting its first objectives, but otherwise does not place any restriction on the investment policy of the Trustees.

Portfolio investments are managed on a discretionary basis whereby the investment manager has control over the investments within the formal guidelines of the investment policy of the Trust. An investment subcommittee of Trustees sets the investment objectives and risk profile for the Trust and monitors performance. The investment funds are invested in a diversified portfolio of equities, mutual funds, bonds with a prudent cash balance held in order to meet unforeseen bursarial requirements. Whilst the Trustees have chosen not to invest directly into tobacco stocks there are no ethical restrictions on investments.

Reserves policy

The Trustees consider that it is important to maintain and add to reserves when possible in order to fulfil the first object of the Charity over the long run. In doing so, the Trustees take into account the School’s ability to make its own contribution to bursaries, which can be affected by many factors including the economy and the need for investment in new or improved facilities, as they have agreed that the Trust should endeavour to cover, where possible, any shortfall to avoid qualifying pupils being denied support. Through this process, the Charity helps to provide bursarial support to a number of pupils at the school. Forty-six pupils are currently in receipt of bursaries.

Investment Performance

The three investment funds all recovered in value somewhat from the prior year set back. The change in capital values over the year is shown below.

The General Fund value at year-end was £3,564,138 ( 2021: £3,264,350 ) The Matheson Fund value at year-end was £387,720 ( 2021: £362,561 ) The Archbishop Laud Fund value at year-end was £32,822 ( 2021: £25,822 )

The property assets held by the Charity, namely the freehold land occupied by the School, were professionally re-valued at year-end in 2020 at £1,200,000. The prior year valuation has been carried forward for this year. The rental income from Reading Blue Coat School increased to £60,000 per year from 1 September 2021 (2021: £51,600).

Page 3

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT

FOR THE PERIOD ENDED 31 MARCH 2022

Investment Performance (continued)

In addition to the above funds held with the Investment Manager, the Charity also maintained cash balances at the year-end to the value of £165,357. The Trustees have agreed that a minimum sum of £50,000 should be retained on bank deposit to meet any immediate demand on reserves.

After movements in the values of land and investments, the endowed funds of the General Fund stood at £4,143,351 ( 2021: £3,923,487 ), the Matheson fund £250,395 ( 2021: £241,078 ) and the Archbishop Laud Fund £25,822 (2021: £25,822 ). These endowed funds will continue to be invested to produce income to meet the Charity’s objects.

Achievements, financial review and future plans

In considering its activities for the year the Trustees have had regard to the public benefit guidance issued by the Charity Commission.

Bursaries and Grants

In recent years, the Trustees have entered into an informal arrangement whereby the Charity makes an agreed contribution to the overall cost of bursaries with the School providing the balance. This has enabled 44 ( 2021: 42 ) bursaries to be paid to successful applicants in this period and 37 ( 2021: 46 ) applications to be approved for 2022/23. Awards from the General Fund were maintained at £125,000 (2021: £125,000) to the Reading Blue Coat Bursary Scheme. Awards from the Matheson Fund were made at £28,000 ( 2021: £nil ) for bursarial support of children of Clergy at the school. Grants made to the National Schools of Reading were maintained at £4,500.

Incoming Resources

The Trustees report incoming resources, net of investment management fees and governance costs, of £179,125 ( 2021: £178,977 ).

Transfers to Reserves

The trustees have taken the decision to reverse the designated fund back into the Scholarship Fund and discontinue the annual transfer of 25% of the net incoming resources.

Restricted Fund Reserves of £141,934 ( 2021: £151,210 ) were held in relation to the Matheson Fund and £14,368 ( 2021: £13,209 ) held in relation to the Archbishop Laud Fund.

Any annual surplus funds available are held as a School Scholarship Fund. At year-end the Scholarship Fund held an undistributed balance of £733,145 (2021: £72,776).

Page 4

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Achievements, financial review and future plans (continued)

Future Plans

The charity has no changes planned with regard to its activities.

By Order of the Board of Trustees on 9 November 2022

C Hubbard Chairman

Page 5

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Notes
INCOMING RESOURCES
Investment income
2
Rental income
3
Total incoming resources
RESOURCES EXPENDED
Costs of raising funds
Investment management
Charitable activities
Scholarships awarded
4
Archbishop Laud Grants
4
National Schools of
Reading
4
Total resources expended
Net incoming resources
before investment
gains/losses
Revaluation of fixed assets
Investment gains /
(losses)
6
Net movement in funds
9
Fund balances brought
forward
9
Fund balances carried
forward
9		 Endowment
Funds
£
-
-
-
13,534
-
-
-
13,534
(13,534)
-
242,715
229,181
4,190,387
4,419,568		 Restricted
Funds
£
13,063
-
13,063
-
28,182
-
-
28,182
(15,119)
-
5,843
(9,276)
151,210
141,934		 Unrestricted
Funds
£
139,845
56,500
196,345
9,022
132,345
-
4,700
146,067
50,278
-
-
50,218
697,235
747,513		 2022
2021
Total
Total
£
£
152,908
156,063
56,500
51,600
209,408
207,663
22,556
20,611
16,527
132,875
-
300
4,700
4,700
187,783
158,486
21,625
49,177
-
248,558
381,426
270,183
430,603
5,038,832
4,608,229
5,309,015
5,038,832

The notes on pages 8 - 16 form part of these accounts

Page 6

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST BALANCE SHEET

31 MARCH 2022

Notes
FIXED ASSETS
Tangible fixed assets
5
Investments
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
CREDITORS: Amounts falling due
within one year
8
NET CURRENT ASSETS
TOTAL NET ASSETS
ENDOWMENT FUNDS
Capital General Fund
9
Capital Archbishop Laud
9
Property
9
Matheson Scholarship
9
RESTRICTED FUNDS
Matheson Scholarship
9
UNRESTRICTED FUNDS
School Scholarship
9
Designated
9
Archbishop Laud
9		 2022
£
£
1,200,000
3,984,680
5,184,680
26,500
165,357
191,857
(67,522)
124,335
5,309,015
2,943,351
25,822
1,200,000
250,395
141,934
733,145
-
14,368
5,309,015		 2021
£
1,200,000
3,652,733
4,852,733
38,788
209,261
248,049
(61,950)
186,099
5,038,832
2,723,487
25,822
1,200,000
241,078
151,210
72,776
611,250
13,209
5,038,832

Approved by the trustees on 9 November 2022 And signed on its behalf by

C Hubbard Chairman

The notes on pages 8 - 16 form part of these accounts

Page 7

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. STATEMENT OF ACCOUNTING POLICIES

a) Basis of Accounts Preparation

The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Reading Blue Coat and Archbishop Laud Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going Concern

The charity has cash resources and has no requirement for external funding. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

c) Critical accounting judgements and key sources of estimation uncertainty.

In the application of the charity’s accounting policies, which are described in note 1, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

d) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 8

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES (continued)

e) Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

f) Expenditure

Expenditure is recognised on an accrual basis as each liability is incurred.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, for example, governance costs.

g) Grants - Scholarships

Scholarships payable are recognised as expenditure in the year in which a binding commitment to make payments is entered into.

h) Fund Accounting

Unrestricted funds held by the charity are those which can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds are where specific conditions are imposed by the donor which restricts the use of unspent funds. The income is taken directly to the relevant restricted funds.

The endowment fund represents those assets which must be held permanently by the charity, principally quoted investments and freehold properties. Income arising on the endowment fund can be used in accordance with the objects of the charity. Any capital gains or losses arising on the investments are attributable to the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

The expendable endowment fund is similar to that of the endowed fund. However, the trustees have the power to apply both capital and income arising on the fund in accordance with the Matheson will. Any capital gains or losses arising on the investments are attributable to the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Page 9

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES (continued)

i) Tangible Fixed Assets

These are represented by freehold land and are held under the revaluation model.

i) Investments

Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently valued at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

k) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value

l) Debtors

Debtors are recognised at the settlement amount due after any trade discount offered.

m) Creditors

Creditors and provisions are recognised when the charity 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.

2. INVESTMENT INCOME

3.

Equity and GILT edged stocks - General Account
Equity and GILT edged stocks - Matheson Bequest
Equity and GILT edged stocks - Archbishop Laud
Deposit interest
RENTAL INCOME
Reading Blue Coat School		 2022
£
138,609
13,063
1,159
77
152,908
2022
£
56,500		 2021
£
139,977
14,807
1,178
101
156,063
2021
£
51,600

Page 10

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4a. RESOURCES EXPENDED – CHARITABLE ACTIVITIES

2022
Scholarships
Matheson Scholarship
Total scholarships
Archbishop Laud Grants
National Schools of Reading
2021
Scholarships
Matheson Scholarship
Total scholarships
Archbishop Laud Grants
National Schools of Reading
Governance costs:
Clerk and Treasurer’s Honorarium
Independent Examiners Fee
Professional fees
Sundry items		 Direct
£
125,000
28,000
153,000
-
4,500
157,500
125,000
-
125,000
300
4,500
129,800		 Governance
£
7,345
182
7,527
-
200
7,727
7,693
182
7,875
-
200
8,075
2022
£
3,200
4,346
-
181
7,727		 Governance
£
7,345
182
7,527
-
200
7,727
7,693
182
7,875
-
200
8,075
2022
£
3,200
4,346
-
181
7,727		 Total
£
132,345
28,182
160,527
-
4,700
165,227
132,693
182
132,875
300
4,700
137,875
2021
£
3,200
2,820
1,920
135
8,075

Page 11

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

5. TANGIBLE FIXED ASSETS

At 1 April 2021
Revaluation
At 31 March 2022		 Freehold
Land
£
1,200,000
-
1,200,000

The carrying value of tangible fixed assets substantially relate to freehold land on which the school buildings stand.

The property was valued on a fair value basis by Dunster & Morton in March 2020. A carrying amount of £300,000 (2021 £300,000) would have been recognised if the land had been carried under the historic cost model.

6. FIXED ASSET INVESTMENTS

Listed investments:
Market Value at 1 April 2021
Additions
Disposals
Net Investment gain/(loss)
Cash held by Stockbroker
Market value at 31 March 2022
Historic Cost		 2022
£
3,368,307
2,511,502
(2,153,704)
248,558
3,974,663
10,017
3,984,680
3,582,193		 2021
£
2,968,997
303,381
(285,497)
381,426
3,368,307
284,426
3,652,733
2,839,627

7.

DEBTORS

8.

Other debtors
CREDITORS
Other creditors, accruals and deferred income		 2022
£
26,500
2022
£
67,522		 2021
£
38,788

2021
£
61,950

Page 12

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9a. FUNDS

2022
ENDOWMENT
Capital
Archbishop Laud
Property
Matheson
Scholarship
RESTRICTED
Matheson
Scholarship
UNRESTRICTED
Scholarship
Designated
Archbishop Laud
Total		 1 April
2021
£
2,723,487
25,822
1,200,000
241,078
4,190,387
151,210
72,776
611,250
13,209
697,235
5,038,832		 Incoming
resources
£
-
-
-
-
-
13,063
195,186
-
1,159
196,345
209,408		 Transfers
£
-
-
-
-
-
-
611,250
(611,250)
-
-
-		 Investment
gains
£
233,398
-
-
9,317
242,715
5,843
-
-
-
-
248,558		 Resources
expended
£
(13,534)
-
-
-
(13,534)
(28,182)
(146,067)
-
-
(146,067)
(187,783)		 31 March
2022
£
2,943,351
25,822
1,200,000
250,395
4,419,568
141,934
733,145
-
14,368
747,513
5,309,015

TRANSFERS BETWEEN FUNDS

Page 13

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9b. COMPARATIVE FUNDS

2021
ENDOWMENT
Capital
Archbishop Laud
Property
Matheson
Scholarship
RESTRICTED
Matheson
Scholarship
UNRESTRICTED
Scholarship
Designated
Archbishop Laud
Total		 1 April
2020
£
2,408,776
21,308
1,200,000
209,267
3,839,351
118,562
67,528
570,457
12,331
650,316
4,608,229		 Incoming
resources
£
-
-
-
-
-
14,807
191,678
-
1,178
192,856
207,663		 Transfers
£
-
-
-
-
-
-
(40,793)
40,793
-
-
-		 Investment
gains
£
327,078
4,514
-
31,811
363,403
18,023
-
-
-
-
381,426		 Resources
expended
£
(12,367)
-
-
-
(12,367)
(182)
(145,637)
-
(300)
(145,937)
(158,486)		 31 March
2021
£
2,723,487
25,822
1,200,000
241,078
4,190,387
151,210
72,776
611,250
13,209
697,235
5,038,832

10a. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2022
Endowment
Restricted
£
£
Tangible fixed assets
1,200,000
-
Investments
3,219,568
137,325
Current assets
-
9,275
Current liabilities
-
(4,666)
4,419,568
141,934
OMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS
2021
Endowment
Restricted
£
£
Tangible fixed assets
1,200,000
-
Investments
2,990,387
121,483
Current assets
-
29,727
Current liabilities
-
-
4,190,387
151,210		 Unrestricted
-
627,787
182,582
(62,856)
747,513
Unrestricted
-
540,863
218,322
(61,950)
697,235		 Total funds
£
1,200,000
3,984,680
191,857
(67,522)
5,309,015
Total funds
£
1,200,000
3,652,733
248,049
(61,950)
5,038,832

10b. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

Page 14

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11. TRUSTEES BENEFITS AND TRANSACTIONS

None of the trustees or any persons connected with them, received any remuneration or reimbursed expenditure during the period.

There have been no related party transactions in the period.

12. FINANCIAL INSTRUMENTS

2022 2021
£ £
Financial assets measured at amortised cost 191,857 248,049
Financial liabilities measured at amortised cost 62,522 57,650

Financial assets measured at amortised cost comprise other debtors and cash equivalents.

Financial liabilities measured at amortised cost comprise other creditors and accruals excluding deferred income.

13. LEASES

The charity earns rental income by leasing its property to a tenant under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.

At the balance sheet date, the charity had contracted with tenants to receive the following future minimum lease payments:

Not later than one year
Later than one year and not later than five years
Later than five years		 2022
£
60,000
210,000
-
270,000		 2021
£
55,800
240,000
30,000
325,800

There are no contingent rents recognised as income.

Page 15

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

14. COMPARATIVE SOFA

INCOMING RESOURCES
Investment income
Rental income
Total incoming resources
RESOURCES EXPENDED
Costs of raising funds
Investment management
Charitable activities
Scholarships awarded
Archbishop Laud Grants
National Schools of
Reading
Total resources expended
Net incoming resources
before investment (losses)
Investment (losses)
Net movement in funds
Fund balances brought
forward
Fund balances carried
forward		 Endowment
Funds
£
-
-
-
12,367
-
-
-
12,367
(12,367)
363,403
351,036
3,839,351
4,190,387		 Restricted
Funds
£
14,087
-
14,087
-
182
-
-
182
14,625
18,023
32,648
118,562
151,210		 Unrestricted
Funds
£
141,256
51,600
192,856
8,244
132,693
300
4,700
145,937
46,919
-
46,919
650,316
697,235		 2021
Total
£
156,063
51,600
207,663
20,611
132,875
300
4,700
158,486
49,177
381,426
430,603
4,608,229
5,038,832

Page 16

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST

I report on the accounts of the Trust for the year ended 31 March 2022, which comprise the Statement of Financial Activities, Balance Sheet and associated notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s 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, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities 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(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 Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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

A R Lyon Crowe U.K. LLP Chartered Accountants Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL

Date: 21 November 2022

Page 17