Charity Registration No. 1188881
SUNNINGDALE SCHOOL DEVELOPMENT FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SUNNINGDALE SCHOOL DEVELOPMENT FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr W D C Mountain Mrs J M Bannister Mr M I C Arthur Charity number 1188881 Charity address Sunningdale School Ltd Dryarch Road Ascot SL5 9PY Independent examiner Ward Williams Limited Bay Lodge 36 Harefield Road Uxbridge Middlesex UB8 1PH
SUNNINGDALE SCHOOL DEVELOPMENT FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 9 |
SUNNINGDALE SCHOOL DEVELOPMENT FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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)” (published October 2019).
Objectives and activities
The objects of the charity are restricted to the advancement of education of the pupils at Sunningdale School by providing and assisting in the provision of facilities for education at the school and for the public benefit to promote the education of boys (under the age of 14 years) in the UK, in such ways as the charity trustees see fit, including by awarding to such persons, scholarships, maintenance allowances or grants.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Achievements and performance
During the year the charity continued to collect a significant number of donations which will enable it to fund the continued development and building of new facilities at the Sunningdale School.
Financial review
Donations, gift aid and interest was received during the year totalling £34,384 (2022: £140,702), with expenditure incurred of £20,209 (2022: £6,300). The majority of this expenditure was relating to new equipment purchased during the year for the school and professional fees relating to planning for new projects. Costs were also incurred relating to school fees for a student from Ukraine, which is being funded by restricted donations. A surplus for the year has arisen of £14,175 (2022: £134,402).
The charity had a carried forward surplus of £277,932. This means that with the surplus made in the year, the charity is now in a net assets position of £292,107 as at the year-end. These funds will be carried forward and utilised by the charity against future developments at the school.
Given the nature of the charity the Trustees do not consider it necessary to hold a minimum reserves level or have a set reserves policy. Donations received are spent on the provision of facilities at the school. Any shortfall in funding would be required to be covered by the school itself.
The Trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for the future
The charity will continue with its fundraising efforts to maximise the receipts of donations which can then be spent on the continual development of facilities at Sunningdale school. It will also consider the awarding of scholarships, maintenance allowances or grants to such persons as the Trustees deem necessary, as and when funds allow.
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management
The charity was registered with the Charity Commission on 2 April 2020 (Charity Number 1188881). The charity is governed by its constitution which was adopted on 12 June 2019.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr W D C Mountain
Mrs J M Bannister Mr M I C Arthur
The Trustees' report was approved by the Board of Trustees.
Mr W D C Mountain
Trustee Dated: 10 September 2024
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SUNNINGDALE SCHOOL DEVELOPMENT FUND
I report to the Trustees on my examination of the financial statements of Sunningdale School Development Fund (the charity) for the year ended 31 December 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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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 financial statements to be reached.
Frank Harling ACCA
Ward Williams Limited Bay Lodge 36 Harefield Road Uxbridge Middlesex UB8 1PH
Dated: 13 September 2024
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Restricted funds funds Notes £ £ Income from: Donations and legacies 2 26,574 7,773 Investments 3 37 - Total income 26,611 7,773 Expenditure on: Charitable activities 4 12,436 7,773 Net income for the year/ Net movement in funds 14,175 - Fund balances at 1 January 2023 274,177 3,755 Fund balances at 31 December 2023 288,352 3,755 |
Total 2023 £ 34,347 37 34,384 20,209 14,175 277,932 292,107 |
Total 2022 £ 140,702 - |
|---|---|---|
| 140,702 | ||
| 6,300 | ||
| 134,402 143,530 |
||
| 277,932 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
| Notes Current assets Trade and other receivables 8 Cash at bank and in hand Current liabilities 9 Net current assets Income funds Restricted funds 10 Unrestricted funds |
2023 £ 2,985 291,348 294,333 (2,226) |
£ 292,107 3,755 288,352 292,107 |
2022 £ 3,012 275,880 278,892 (960) |
£ 277,932 |
|---|---|---|---|---|
| 3,755 274,177 |
||||
| 277,932 |
The financial statements were approved by the Trustees on 10 September 2024
Mr W D C Mountain Trustee
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Sunningdale School Development Fund is an unincorporated charity which was registered on 2 April 2020. The Charity's registration number is 1188881.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, 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)” (published in October 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to each particular category. Where costs cannot be directly attributed to a particular heading they are allocated to activities on a basis consistent with the use of those resources.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.7 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.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs .
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Donations and legacies
| Unrestricted Restricted funds funds £ £ Donations and gifts 23,589 7,773 Gift aid claims 2,985 - 26,574 7,773 For the year ended 31 December 2022 136,947 3,755 Investments Interest receivable |
Total 2023 £ 31,362 2,985 34,347 2023 £ 37 |
Total 2022 £ 137,689 3,013 |
|---|---|---|
| 140,702 | ||
| 140,702 | ||
| 2022 £ - |
3 Investments
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
4 Charitable activities
| Sports facilities development/equipment for school Professional and planning fees regarding developments School fees paid Share of governance costs (see note 5) |
2023 £ 3,960 7,456 7,773 19,189 1,020 20,209 |
2022 £ 5,340 - - |
|---|---|---|
| 5,340 960 |
||
| 6,300 |
5 Support costs
| Support costs Governance costs £ £ Accountancy - 1,020 - 1,020 Analysed between Charitable activities - 1,020 |
2023 £ 1,020 1,020 1,020 |
2022 Basis of allocation £ 960 Governance 960 960 |
|---|---|---|
Governance costs includes payments to the independent examiners of £1,020 including VAT (2022: £960).
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
There were no employees during the year.
8 Trade and other receivables
| Trade and other receivables | ||
|---|---|---|
| 2023 | 2022 | |
| Amounts falling due within one year: | £ | £ |
| Other receivables | 2,985 | 3,012 |
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SUNNINGDALE SCHOOL DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
9 Current liabilities
| Other payables Accruals and deferred income |
2023 £ 1,206 1,020 2,226 |
2022 £ - 960 |
|---|---|---|
| 960 |
10 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | |||
|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 31 | |
| January | resources | expended | December | |
| 2023 | 2023 | |||
| £ | £ | £ | £ | |
| Ukraine fund | 3,755 | 7,773 | (7,773) | 3,755 |
The above restricted fund relates to donations that were kindly received to pay for 50% of the school fees for a boy from Ukraine. This restricted fund had a balance of £3,755 carried forward as at the year-end.
11 Analysis of net assets between funds
| Unrestricted Restricted £ £ Fund balances at 31 December 2023 are represented by: Current assets/(liabilities) 288,352 3,755 288,352 3,755 |
Total £ 292,107 |
|---|---|
| 292,107 |
12 Related party transactions
There were no disclosable related party transactions during the year.
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