THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
Charity Registration Number: 1165444
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
| CONTENTS | Page |
|---|---|
| Reference and administrative details | 1 |
| Trustees’ report | 2 |
| Independent auditor’s report | 5 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 30 JUNE 2021
| Trustees | Mrs A F Dawson (appointed 24 November 2021) |
|---|---|
| A J Hutchinson | |
| T D Page | |
| Mrs J Palmer (appointed 24 November 2021) | |
| Mrs D G Swaine | |
| E L Watts OBE | |
| Secretary | M J Bithell |
| Principal address | 57 Palace Street |
| London | |
| SW1E 5HJ | |
| Charity registration number | 1165444 |
| Independent Auditor | Haysmacintyre LLP |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG | |
| Solicitors | Farrer & Co LLP |
| 66 Lincoln's Inn Fields | |
| London | |
| WC2A 3LH | |
| Principal bankers | National Westminster Bank plc |
| PO Box 1357 | |
| 169 Victoria Street | |
| London | |
| SW1E 5BT | |
| Investment manager | JM Finn & Co Ltd |
| 4 Coleman Street | |
| London | |
| EC2R 5TA |
1
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
The trustees present their statutory report with the accounts of The Sutton Valence School General Charitable Trust for the year ended 30 June 2021.
The accounts have been prepared in accordance with the accounting policies set out on pages 9 to 10 of the attached accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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), (second edition effective 1 January 2019).
GOVERNANCE, STRUCTURE AND MANAGEMENT
Status
The Sutton Valence School General Charitable Trust (‘the Trust’) is constituted by a deed of trust dated 1 February 1971 and is registered as a charity.
Charitable objective
The Trust’s objective is the furtherance of any charitable purpose connected with Sutton Valence School (‘SVS’).
Organisation
The Trust is the responsibility of the board of trustees. The trustees listed on page 1 of the accounts were in office throughout the year or as indicated.
There are no employees of the Trust.
Activities in the year
The Trust has continued to raise funds in the year from former pupils and other supporters of SVS. It does so with the support of the SVS Governing Body, under arrangements made by exchange of letters between the trustees and SVS.
The Investment Managers, J M Finn & Co Ltd, have managed the funds in listed securities. The funds invested are not strictly permanent endowment, so are capable of being applied directly for charitable objects, but trustees have invested them, in accordance with the wishes of SVS (described within the letters exchanged), with the intention the funds be held in perpetuity and the income yielded then distributed each year, for charitable purposes.
Public benefit
In setting the objectives and planning the activities of the charity, the trustees have given consideration to the Charity Commission's general guidance on public benefit. To this end, all the available income yielded from the investments in the year has been passed to SVS to provide means-tested bursaries.
Risk management
The key risks facing the charity are assessed and discussed at periodic Trustees’ meetings. Trustees consider the stability of income yield on their investments the largest threat to the charity’s ability to meet the bursarial requirements of the students of SVS, in particular given the impact of Covid-19 on the investment value during the year which has subsequently recovered. This has been mitigated by selection of an Investment Manager, able to balance a portfolio to provide steady income. However the Trustees will continue to monitor and consider, if appropriate, the introduction of a total return policy.
There is a lesser risk of the unpredictable nature of legacy income which impacts the charity’s ability to meet the bursarial requirements of the students of Sutton Valence School. This has been partially mitigated by the fundraising efforts of the Development Office, including the use of Old Suttonians as volunteers, with the intention of diversifying the sources and sizes of donations over time.
1
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 30 JUNE 2021
FINANCIAL REVIEW
Review of financial activities of the Trust
During the year investment income of £120,439 (2020 – £53,616) was received along with donations and legacies of £221,660 (2020 – £355,929).
Planned future expenditure is congruent with the Trust’s charitable objectives.
At 30 June 2021 the charity had total funds of £3,035,031 (2020 – £2,415,275), of which £15 was held in permanent endowment.
Reserves policy
Designated funds have been established to cover future expenditure and to maintain sustainable bursary grants to SVS for the foreseeable future.
Restricted funds
Restricted donations and legacies of £21,386 (2020 – £25,212) were received in the year in order to increase the funds available for bursaries. At 30 June 2021 the balance of the restricted fund was £2,006,531 (2020 - £1,735,211).
Statement of trustees’ responsibilities
The charity’s trustees are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In preparing these accounts, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in 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);
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Make judgements and estimates that are reasonable and prudent;
-
State whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s 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.
Signed on behalf of the Board of Trustees
Trustee Approved by the Board of Trustees on 24 November 2021
2
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
Opinion
We have audited the financial statements of The Sutton Valence School General Charitable Trust for the year ended 30 June 2021 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 30 June 2021 and of the charity’s net movement in funds for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charity; or
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sufficient accounting records have not been kept; or
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the charity financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
3
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement , the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to trust law requirements over the use of restricted and endowed funds, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to income and management bias in accounting estimates. Audit procedures performed by the engagement team included:
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Inspecting correspondence with regulators;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluating management’s controls designed to prevent and detect irregularities;
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Identifying and testing journal entries; and
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Challenging assumptions and judgements made by management in their critical accounting estimates.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Haysmacintyre LLP Statutory Auditors
10 Queen Street Place London EC4R 1AG
Date: 11.1.22
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
4
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2021
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | funds | funds | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | £ | |
| Income from: | ||||||
| Donations | 2 | 200,274 | 21,386 | - | 221,660 | 355,929 |
| Investment income | 45,375 | 75,064 | - | 120,439 | 53,616 | |
| -------------------- | ------------------ | ------------------ | -------------------- | -------------------- | ||
| Total income | 245,649 | 96,450 | - | 342,099 | 409,545 | |
| -------------------- | ------------------ | ------------------ | -------------------- | ------------------- | ||
| Expenditure on: | ||||||
| Raising funds | ||||||
| Investment manager fees | 8,018 | 13,264 | - | 21,282 | 16,324 | |
| Charitable activities | 3 | 42,846 | 66,072 | - | 108,918 | 69,797 |
| ------------------- | ------------------ | ------------------ | --------------------- | --------------------- | ||
| Total expenditure | 50,864 | 79,336 | - | 130,200 | 86,121 | |
| ------------------ | ------------------- | ------------------- | --------------------- | --------------------- | ||
| Net income before investment | ||||||
| gains and losses | 194,785 | 17,114 | - | 211,899 | 323,424 | |
| Net investment gains/(losses) | 153,651 | 254,206 | - | 407,857 | (46,780) | |
| ------------------ | ------------------- | ------------------- | --------------------- | --------------------- | ||
| Net income and net movement | ||||||
| in funds | 348,436 | 271,320 | - | 619,756 | 276,644 | |
| Balances brought forward at 1 | ||||||
| July | 680,049 | 1,735,211 | 15 | 2,415,275 | 2,138,631 | |
| ---------------------- | ------------------- | ------------------- | -------------------- | -------------------- | ||
| Balances carried forward at 30 | ||||||
| June | 1,028,485 | 2,006,531 | 15 | 3,035,031 | 2,415,275 | |
| =========== | =========== | =========== | =========== | =========== |
The statement of financial activities includes all gains and losses recognised in the year ended 30 June 2021.
The notes on pages 9 to 14 form part of the financial statements.
Full comparatives for the Statement of Financial Activities are shown in note 11.
5
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
BALANCE SHEET
| AS AT 30 JUNE 2021 | Charity Registration Number: 1165444 | Charity Registration Number: 1165444 | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Note | £ | £ £ |
£ | |
| FIXED ASSETS | ||||
| Investments | 5 | 3,041,703 | 2,417,014 | |
| CURRENT ASSETS | ||||
| Debtors | 6 | 6,003 | 5,944 | |
| Cash at bank | 76,454 | 60,087 | ||
| ------------------- | ------------------- | |||
| 82,457 | 66,031 | |||
| CREDITORS: amounts falling due within | ||||
| one year | 7 | (89,129) | (67,770) |
|
| ------------------- | ------------------- | |||
| NET CURRENT (LIABILITIES) | (6,672) | (1,739) | ||
| ----------------- | ----------------- | |||
| TOTAL NET ASSETS | 3,035,031 | 2,415,275 | ||
| ========= | ========= | |||
| REPRESENTED BY FUNDS AND | ||||
| RESERVES | ||||
| Permanent endowment fund | 15 | 15 | ||
| Restricted funds | 2,006,531 | 1,735,211 | ||
| Unrestricted funds | ||||
| Designated funds | 1,028,485 | 680,049 | ||
| ------------------- | ------------------- | |||
| 8 | 3,035,031 | 2,415,275 | ||
| ========= | ========= |
The financial statements were approved and authorised for issue by the Trustees on 24 November 2021 and were signed on their behalf by:
----- Start of picture text -----
……………………………….
Trustee
----- End of picture text -----
The notes on pages 7 to 12 form part of these accounts.
6
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES
The Charity’s details, including its principal office, are shown on page 1 of the accounts.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
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) ((second edition effective 1 January 2020) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trustees have taken the exemption available to smaller entities and have not prepared a cash flow statement.
The charity 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(s).
Critical accounting estimates and areas of judgement
Preparation of the accounts may require the trustees to make significant judgements and estimates. No such judgements or estimates were required in the year.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts and given due regard to the impact of Covid-19 on future activities. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
Donations
Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable.
Legacies
Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy and any conditions attached to the legacy are within the control of the charity.
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 to the charity 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, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Expenditure
Expenditure is included on an accruals basis, inclusive of irrecoverable VAT. Expenses are attributed to the category of expenditure to which they relate.
Financial instruments
The Charity has only financial instruments which qualify as basic financial instruments as defined by FRS 102.
7
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES (continued)
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
Fund accounting
Endowment fund – General
The general endowment fund represents the original £5 capital donated by the original trustees when the trust was set up.
Endowment fund – Lefort
The Lefort endowment fund represents the original £10 capital donated by Mr Anthony Lefort (Old Suttonian) in respect of a deed established on 20 June 2016.
Restricted fund
The restricted fund consists of monies which have been received for, and their use restricted to, a specific purpose, or grants and donations subject to donor imposed conditions.
Unrestricted designated funds
Designated funds consist of monies which the trustees have set aside for specific purposes. The purpose of all designated funds has been noted in the accounts
2. DONATIONS
| Unrestricted | Restricted | Endowment | ||
|---|---|---|---|---|
| Funds | Funds | Funds | Total | |
| £ | £ | £ | £ | |
| Current year: | ||||
| Donations | 200,274 | 21,386 | - | 221,660 |
| ------------------ | ------------------ | ------------------ | ------------------ | |
| 2021 Total Funds | 200,274 | 21,386 | - | 221,660 |
| ========= | ========= | ========= | ========= | |
| Prior year: | ||||
| Donations | 330,717 | 25,212 | - | 355,929 |
| ------------------ | ------------------ | ------------------ | ------------------ | |
| 2020 Total Funds | 330,717 | 25,212 | - | 355,929 |
| ========= | ========= | ========= | ========= |
8
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3. EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted | Restricted | Endowment | ||||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | |||
| £ | £ | £ | £ | |||
| Current year: | ||||||
| Grants to SVS for bursaries | 31,854 | 50,287 | - | 82,141 | ||
| Audit Fees | 1,200 | - | - | 1,200 | ||
| Other | 9,792 | 15,785 | - | 25,577 | ||
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |||
| 2021 Total funds | 42,846 | 66,072 | - | 108,918 | ||
| ============ | ============ | ============ | ============ | |||
| Prior year: | ||||||
| Grants to SVS for bursaries | 17,359 | 34,509 | - | 51,868 | ||
| Audit Fees | 1,130 | - | - | 1,130 | ||
| Other | 5,570 | 11,229 | - | 16,799 | ||
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |||
| 2020 Total funds | 24,059 | 45,738 | - | 69,797 | ||
| ============ | ============ | ============ | ============ | |||
| 4. | NET INCOME AND NET MOVEMENT IN FUNDS | |||||
| This is stated after charging: | 2021 | 2020 | ||||
| £ | £ | |||||
| Auditor’s remuneration: | ||||||
| Statutory audit services | 1,200 | 1,130 | ||||
| ============ | ============ | |||||
| 5. | INVESTMENTS | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Brought forward at 1 July | 2,417,014 | 2,137,988 | ||||
| Additions | 739,416 | 155,945 | ||||
| Disposals | (235,154) | (100,527) | ||||
| Net investment gains/(losses) | 407,857 | (46,780) | ||||
| Change in investment cash held | (287,430) | 270,388 | ||||
| ----------------------- | ----------------------- | |||||
| 3,041,703 | 2,417,014 | |||||
| =========== | =========== |
The historic cost of the above investment at 30 June 2021 was £2,440,214 (2020: £1,935,951). The investments relate to listed investments held with JM Finn.
9
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
6. DEBTORS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accrued income | 4,694 | 2,685 |
| Gift aid debtor | 1,309 | 3,259 |
| ----------------------- | ----------------------- | |
| 6,003 | 5,944 | |
| =========== | =========== | |
| REDITORS (amounts falling due within one year) | ||
| 2021 | 2020 | |
| £ | £ | |
| Amounts due to SVS (grants payable) | 82,141 | 62,790 |
| Audit fee accrual | 1,178 | 1,130 |
| Investment management fees | 5,810 | 3,850 |
| ----------------------- | ----------------------- | |
| 89,129 | 67,770 | |
| =========== | =========== |
7. CREDITORS (amounts falling due within one year)
8. FUNDS
| As at 1 July | Investment | As at 30 June | |||
|---|---|---|---|---|---|
| 2020 | Income | Expenditure | gains | 2021 | |
| £ | £ | £ | £ | £ | |
| Designated funds | |||||
| Bursaries appeal fund | 680,049 | 245,649 | (50,864) | 153,651 | 1,028,485 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| Total designated funds | 680,049 | 245,649 | (50,864) | 153,651 | 1,028,485 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| Restricted funds | |||||
| OSA Capital Project | 83,467 | 3,437 | (1,330) | 11,641 | 97,215 |
| Bursaries | 1,651,744 | 93,013 | (78,006) | 242,565 | 1,909,316 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| Total restricted funds | 1,735,211 | 96,450 | (79,336) | 254,206 | 2,006,531 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| Permanent endowment funds | |||||
| General | 5 | - | - | - | 5 |
| Lefort | 10 | - | - | - | 10 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| Total permanent endowment funds | 15 | - | - | - | 15 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| Total funds | 2,415,275 | 342,099 | (130,200) | 407,857 | 3,035,031 |
| =========== | =========== | =========== | =========== | =========== |
10
THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
| 8. | FUNDS (continued) | |||||
|---|---|---|---|---|---|---|
| As at 1 July | Investment | As at 30 June | ||||
| 2019 | Income | Expenditure | losses | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Designated funds | ||||||
| Bursaries appeal fund | 376,410 | 348,163 | (29,353) | (15,171) | 680,049 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Total designated funds | 376,410 | 348,163 | (29,353) | (15,171) | 680,049 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Restricted funds | ||||||
| OSA Capital Project | 84,279 | 1,661 | (1,022) | (1,451) | 83,467 | |
| Bursaries | 1,677,927 | 59,721 | (55,746) | (30,158) | 1,651,744 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Total restricted funds | 1,762,206 | 61,382 | (56,768) | (31,609) | 1,735,211 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Permanent endowment funds | ||||||
| General | 5 | - | - | - | 5 | |
| Lefort | 10 | - | - | - | 10 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Total permanent endowment funds | 15 | - | - | - | 15 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Total funds | 2,138,631 | 409,545 | (86,121) | (46,780) | 2,415,275 | |
| =========== | =========== | =========== | =========== | =========== |
The charity’s objects are to support SVS, so any unrestricted funds are held in that context. All unrestricted funds are therefore designated for bursaries.
The restricted funds held at the year-end for bursaries are receipts from a number of individual past pupils and other donors, the single largest amount being a legacy of £1.41m received from the estate of the late Brian Blythe (OS).
Trustees have decided to hold and invest long-term the capital held for bursaries, and to use the regular income received for annual bursaries for pupils at SVS.
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Current | Current | |||
|---|---|---|---|---|
| Investments | Assets | Liabilities | Net assets | |
| £ | £ | £ | £ | |
| Current year: | ||||
| Designated funds | 953,031 | 82,442 | (6,988) | 1,028,485 |
| Restricted funds | 2,088,672 | - | (82,141) | 2,006,531 |
| Permanent endowment funds | - | 15 | - | 15 |
| ----------------------- | ----------------------- | ----------------------- | ------------------- | |
| 3,041,703 | 82,457 | (89,129) | 3,035,031 | |
| =========== | =========== | =========== | ========== |
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THE SUTTON VALENCE SCHOOL GENERAL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
| Current | Current | |||
|---|---|---|---|---|
| Investments | Assets | Liabilities | Net assets | |
| £ | £ | £ | £ | |
| Prior year: | ||||
| Designated funds | 619,013 | 66,016 | (4,980) | 680,049 |
| Restricted funds | 1,798,001 | - | (62,790) | 1,735,211 |
| Permanent endowment funds | - | 15 | - | 15 |
| ----------------------- | ----------------------- | ----------------------- | ------------------- | |
| 2,417,014 | 66,031 | (67,770) | 2,415,275 | |
| =========== | =========== | =========== | ========== |
10. RELATED PARTY TRANSACTIONS
The United Westminster and Grey Coat Foundation
The charity has close links with the United Westminster and Grey Coat Foundation, a registered company (number 11464504) and charity (number 1181012) whose predecessor United Westminster School was created in 1873 following the recommendations of the Endowment Schools’ Commission, and with earlier origins in 1594. Its object is the provision of five Christian schools, including SVS. Transactions with SVS are shown within note 3.
11. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Endowment | Total 2020 | ||
|---|---|---|---|---|---|
| Funds | funds | funds | |||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Donations | 2 | 330,717 | 25,212 | - | 355,929 |
| Investment income | 17,446 | 36,170 | - | 53,616 | |
| -------------------- | ------------------ | -------------------- | -------------------- | ||
| Total income | 348,163 | 61,382 | - | 409,545 | |
| -------------------- | ------------------ | -------------------- | ------------------- | ||
| Expenditure on: | |||||
| Raising funds | |||||
| Investment manager fees | 5,294 | 11,030 | - | 16,324 | |
| Charitable activities | 3 | 24,059 | 45,738 | - | 69,797 |
| ------------------- | ------------------ | ------------------- | --------------------- | ||
| Total expenditure | 29,353 | 56,768 | - | 86,121 | |
| ------------------ | ------------------- | ------------------ | --------------------- | ||
| Net income before investment gains and losses | 318,810 | 4,614 | - | 323,424 | |
| Net investment losses | (15,171) | (31,609) | - | (46,780) | |
| ------------------ | ------------------- | ------------------ | --------------------- | ||
| Net income and net movement in funds | 303,639 | (26,995) | - | 276,644 | |
| Balances brought forward at 1 July | 376,410 | 1,762,206 | 15 | 2,138,631 | |
| ---------------------- | ------------------- | ---------------------- | -------------------- | ||
| Balances carried forward at 30 June | 680,049 | 1,735,211 | 15 | 2,415,275 | |
| =========== | =========== | =========== | =========== |
12