Charity regislfation number.. 1188248 Warwick School Memorial Endowment Fund Annual Report and Financial Statements for the Year Ended 31 March 2024
Warwick School Memorial Endowment Fund Contents (continued) Reference and Adminislralive Delails Tiuslees, Report 2103 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 81012
Wanvick School Memorial Endowment Fund Reference and Administrative Details Trustees M L Harwood J Wwilson G A Hawkesford R H Thornton ARLock M E Barnwell Charily Registration Number 1188248 Prlncipal Office clo Blythe Liggins LLP Edmund House Rugby Road Leaminglon Spa Warwickshire CV32 6EL Independent Examlner Ballards LLP Oakmoore Couil 11c Kingswood Road Hampton Lovett Droitwich WR9 OQH Page 1
Warwick School Memorial Endowment Fund Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024. ObJectlve$ and actlvltles Objects and aims The aim of the organisalion is to support Warwick School. The school head provides recommendations to the Iruslees with details of projects that the school would like the Charity lo support. The unconflicled Iruslees then consider which of those projects to SUPPOrt and discuss other considerations. Public benelit The Iruslees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benelit guidan published by the Charity Commission for England and Wales. Achievements and performance The trustees are considering the future of the Charity in the light of significant changes to the management of the schools governed under the Warwick Schools Foundations IheiefoTe no grants have been matje during the year. Financial review Duiing the year lo 31 March 2024, £195 of interest was received and rental income of £33,600 has been accrued. At the end of the year, the endowment funds reserves stood at £323,042 Structure, governance and management Nature of goveming document The Charity is governed by a Trust Deed dated 12th September 1946 and was registered with the Charity Commissioners (No. 11882481 on the 28th February 2020. The induction process for a new TrLFStee is as follows. A Trustee will meet wlh the new Trustee to explain all aspects of the Charity and lo provide all relevant information regarding it. The Trustees will write lo the new Trustee with a copy of the Trust Deed governing the Charity and a copy of the last set of accounts and Annual Review. The Trustees will also provide all assistance and information necessary for the new Trustee to become familiar with the activities of the Charity, including guidance available from the Charity Commission. Page 2
Warwick School Memorial Endowment Fund Trustees, Report (continued) The annual report was approved by the Iruslees of the charity on . .2211125................. and signed on ils behalf by.. M L Harwood Trustee R H Thornton Trustee Page 3
Warwick School Memorial Endowment Fund Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial slalemenls in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charily and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the trustees are required lo.. select suitable accounting policies and then apply them consistently.. obsetve the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., and prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The IILJStees are responsible for keeping proper accounting records that disclose with reasonable accuiacy at any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities {Accounls and Repoilsl Regulations 2008, and the provisions of the conslilulion. The Iruslees 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. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on -2211125......... and signed on its behalf by.. M L Harwood Trustee R H Thornton Trustee Page 4
Warwick School Memorial Endowment Fund Independent Examiner's Report to the trustees of Warwick School Ivlemorial Endowment Fund I report to the trustees on my examination of the accounts of Warwick School Memorial Endowment Fund for the year ended 31 Maich 2024. Responsibilities and basis of report As the charity trustees of Warwick School Memorial Endowment Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Chaiilies Act 2011 {'the Act,). I report in respect of my examination of the Warwick School Memorial Endowment Fund'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 14515llb} of the Act. Independent examlner's statement I have completed my examination. I confirm that no material mallers have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of Warwick School Memorial Endowment Fund as required by section 130 of Ihe Act., or 2. the aceounls do not accord with those records,. or 3. the accounts do not comply with the accounting Teouirements concerning the form and content of accounts sel 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 maller considered as parl of an independent examination. I have no conceTns and have come across no other mallers in connection with the examination to which allenlion should be drawn in this report in order to enable a proper understandin9 of the accounts lo be reached. M A Skellum FCA Ballards LLP Oakmoore Courl 11 c Kingswood Road Hampton Lovell Dro1[ch WR9 OQH Dale.. 2%11125 Page 5
Warwick School Memorial Endowment Fund Statement of Financial Activities for the Year Ended 31 March 2024 Endowment funds Total 2024 Note Income and Endowments from: Inve51menl income 33,795 33.795 Total income 33,795 33.795 Expenditure on: Charitable activities 9,600 9.600 Total expenditure 9,600 9,600 Net income 24,195 24,195 Net movement in funds 24,195 24.195 Reconciliation of funds Total funds brought forward 298.845 298,845 Total funds carried forward 11 323,040 Endowment funds 323,040 Total 2023 Note Income and Endowments from.. Investment income 33,635 33,635 Total income 33.635 33.635 Expendlture on: Charitable activities 110,180 10,180 Total expenditure 110,180) 110,180 Nel income 23,455 23.455 Net movement in funds 23,455 23,455 Reconciliation of funds Total funds brought fOard Total funds carried forward 275,390 298,845 275.390 11 298,845 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 11. The notes on pages 8 to 12 form an integral parl of these financial slatemenls. Page 6
Warwick School Memorial Endowment Fund (Registration number: 11882481 Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash al bank and in hand 151,323 151,323 184,800 151,200 57,666 208,866 231,777 Creditors: Amounts falling due within one year 10 60,060 Net current assets 171,717 147,522 Net assets 323,040 298,845 Funds of the charity: Endowment funds 323.040 298,845 Total funds 11 323 040 298,845 The financial statements on pages 6 to 12 were approved by the trltslees, and aulhorised for issue on .2211125........... and signed on their behalf by.. M L Harwood Tfuslee R H Thornton Trustee The notes on pages 8 to 12 form an integral parl of these financial slalements. Page 7
Warwick School Memorial Endowment Fund Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accounting pollcles statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basls of preparation Warwick School Memorial Endowment Fund meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial slalemenlsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant notelsl to these accounts. Going concern The Iruslees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income and endowments Investment Income Interest income is recognised when the amounts are received. Expendlture All expenditure is recognised once there is a legal or conslru¢live obligation lo that expenditure, il is probable selllemenl is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. G¥anls payable are paymenls made to Warwick School in the furtherance of the charitable objects of the Trust. Single or mulli-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Iruslees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition altaching to the grant is outside of the control of the Trust. Irrecoverable VAT is charged against the category of resources expended for which it was inGuffed. Governance costs These include the costs allribulable to the charity's compliance with conslilulional and statutory requirements, including audit. strategic management and Iruslees meetings and reimbursed expenses. Page 8
Warwick School Memorial Endowment Fund Notes to the Financial Ststements for the Year Ended 31 March 2024 (continued) Taxatlon The charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and IherefoTe il meets the definition of a charitable company for UK corporation lax purposes. Accordingly. the charity is potentially exempl from laxalion in respect of income or capital gains received within calegoiies covered by Chapter 3 Parl 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Tangible fixed assets are slated al cost (or deemed costl or valuation. Cost includes costs directly allfibulable to making the asset capable of operating as intended. Trade debtors Deblois relate to income accrued and yel to be received. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other shorl-term highly liquid investments that 2re readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, lo defer selllement of the creditor for at least e1ve months aller the reporting dale. If there is an unconditional right lo defer setllemenl for at least e1ve months after the reporting date, they are presented as non-currenl liabilities. Trade Creditors are recognised initially at the transaction price. other creditors relate lo outstanding aulhorised grants. Fund structure The charity has a single permanent endowment. The Warwck School Memorial Endowment Fund provides for the Iruslees lo make grants lo support the education of pupils at Warwick School. Page 9
Warwick School Ivlemorial Endowment Fund Notes to the Financial Statements for the Year Ended 31 March 2024 (continued 2 Investment Income Endowment funds Permanent Total 2024 Total 2023 Interest receivable and similar income.. Interest receivable on bank deposits Income from rents 195 33,600 33,795 195 33,600 33,795 35 33,600 33,635 3 Expenditure on charitable activities Endowment funds Permanent Total 2024 Total 2023 Note Governance costs 9,600 9.600 10,180 4 Analysis ofgovèrnance and support costs Governance costs Endowment funds Permanent Total 2024 Total 2023 Independent examiner fees Examination of the financial statements Legal fees 1,470 8.130 1,470 8,130 1,345 8,835 9,600 9,600 10,180 5 Trustees remuneratlon and expenses No Iruslees, nor any persons connected with them, have received any remuneration from the charity during the year. 6 Taxation The charity is a regisleied charity and is therefore exempt from tsxalion. Page 10
Warwick School Memorial Endowment Fund Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 7 Tangible fixed assets Land and buildings Total Cost At 1 April 2023 At 31 March 2024 151,323 151.323 151.323 151.323 Depreciation At 31 March 2024 Net book value At 31 March 2024 151,323 151,323 At 31 March 2023 151,323 151,323 8 Debtors 2024 2023 Accrued income 184,800 151.200 9 Cash and cash equlvalents 2024 2023 Cash at bank 46.977 57.666 10 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals 57.300 2,760 60,060 57,300 4,044 61,344 Page11
Warwick School Memorial Endowment Fund Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 11 Funds Balance at 1 April 2023 Incoming resources Resources expended Balance at 31 March 2024 Endowment funds Permanent 298,845 33.795 9.600 323,040 Balance at 1 April 2022 Incoming resources Resources exponded Balance at 31 March 2023 Endowment funds Permanent 275,390 33,635 10,180 298,845 12 Analysis of net assets between funds Endowment funds Permanent Total funds at 31 March 2024 Tangible fixed assets Current assets Current liabilities 151,323 231,777 60,060 151.323 231,777 60.060 Total nel assets 323,040 323,040 Endowment funds Permanent Total funds at 31 March 2023 Tangible fixed assets Current assets Current liabilities 151,323 208,866 61,344 151,323 208,866 61,344 Total net assets 298,845 298,845 Page 12