The Fulham Boys School Foundation CIO Trustees Report and Financial Statements Year ended 31 August 2024 Charity number: 1197150
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Contents
| Page | |
|---|---|
| Reference and Administrative Details of the School, its Trustees and Advisers | 3 |
| Trustees’ Report | 4-5 |
| Independent Examiner’s report | 6-7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10-12 |
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Reference and Administrative Details of the School, its Trustees and Advisers
Trustees
Katherine Boysen Chiara Gorgoni Gufoni (appointed 09 October 2023) Brendan Gilmore Mark Harris Alexander Wade
Charity registration number
1197150
Registered Office
The Fulham Boys School 532 Fulham Road London SW6 5BD
Bankers
Metro Bank One Southampton Row London WC1B 5HA
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Trustees’ Report
The Trustees present their annual report together with the financial statements for the year ended 31 August 2024. The Trustees confirm that the Annual Report and Financial Statements of the charity comply with the Charity’s trust deed, current statutory requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 01 January 2015).
Structure, Management and Governance
Constitution
The Fulham Boys School Foundation CIO (“The Charity”) is registered with the Charities Commission and is established by a Trust Deed on 15[th] December 2021.
The Trustees who were in office for the year ended 31 August 2024 are listed on page 2.
Management
All Trustees give their time voluntarily and receive no remuneration or other benefits.
Governance
The charity must have at least 4 Trustees in place. Trustees are elected for a 3-year term and are appointed at a regular Trustee meeting.
Objectives and activities
The objects of the CIO are for the public benefit:
to advance the education and relieve the needs of the pupils at The Fulham Boys School (or any successor school) (“the School”) in particular (but without limitation) by providing and assisting in the provision of facilities not provided by The Department for Education for education at the school; and,
to advance such other exclusively charitable purposes as the trustees may from time to time decide in accordance with the laws of England and Wales within three miles of the School.
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Trustees’ Report Continued
Achievements and performance
The charity has supported the school by delivering additional funding to support the areas of the curriculum in line with the Founders’ original vision including smaller class sizes, an extended school day and a comprehensive programme of co-curricular activities. A key focus of activity during the year has been research into grant funding opportunities as well as continuing development of regular parental giving programs and work to source available external grants and prepare formal bids for funding as required.
Trustees met regularly during the year to review budget, expenditure and projected income and to agree how best to support the school’s aspirations and needs. Outside of these meetings, requests for expenditure consistent with the charity’s objects were agreed by a majority of trustees.
Effective 1[st] September 2023, the charity was merged with The Fulham Boys School Foundation (charity number 1159542) and took on all of the assets held by that charity of £39,835 being the cash at bank at the time of the merger £40,335 adjusted for debtors of £10,000 and creditors of £10,500.
Financial Review
The majority of donations income comes from individual donors contributing via regular monthly standing orders or one-off donations. In addition, lump sum funding comes from fundraising events held during the year.
Reserves policy
At the period end net assets amounted to £56,497 (2023: £NIL). This was considered to be sufficient reserves by the charity as expenditure is only made on specific projects and only when funds are available. All reserves are held in cash deposits as the charity wishes to have the funds available to be released as soon as a project is accepted.
Plans for Future Periods
In the course of the next year, the charity will continue to support The Fulham Boys School to deliver its ambitious educational vision. This specifically includes smaller class sizes, an extensive sports programme and co-curricular activities provided during an extended school day, promoting enterprise and ensuring the school is able to recruit and retain outstanding teachers.
Declaration
The Trustees declare that they have approved the Trustees’ report above.
Brendan Gilmore
1[st] May 2025
Chair
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Independent Examiner’s report to the Trustees of The Fulham Boys School Foundation CIO
I report on the financial statements of the charity for the year ended 31 August 2024 which are set out on pages 8 to 12.
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My 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 and the charity’s Trustees as a body, for my work or for this report.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities Statement of Recommended Practice issued on 01 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 01 January 2015.
Respective Responsibilities of Trustees and Examiner
The charity’s Trustees are responsible for the preparation of the financial statements. The charity’s Trustees consider that an audit is not required for the period (under section 144(2) of the Charities Act 2011 (The Act)) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to:
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examine the financial statements under section 145 of the Act:
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5) (b) of the Act; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statements below.
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Independent Examiner’s report to the Trustees of The Fulham Boys School Foundation CIO
(Continued)
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in, any material respect, the requirements below have not been met:
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a. to keep accounting records in accordance with section 130 of the act; and
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b. to prepare accounts which accord with the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) and in other respects comply with the accounting requirements of the Act.
or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
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.
Sharon Tye (ACMA)
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Statement of Financial Activities
Year Ended 31 August 2024
| Note | Restricted | Total | |
|---|---|---|---|
| Funds | 2024 | ||
| £ | £ | ||
| Incoming resources | |||
| Donations | 706,860 | 706,860 | |
| __ | __ | ||
| Total incoming resources | 706,860 | 706,860 | |
| __ | __ | ||
| Resources expended | |||
| Charitable expenditure | 650,363 | 650,363 | |
| __ | __ | ||
| Total resources expended | 650,363 | 650,363 | |
| __ | __ | ||
| Net incoming / (outgoing) resources | 56,497 | 56,497 | |
| Reserves brought forward | 0 | 0 | |
| __ | __ | ||
| Reserves carried forward at 31 August 2024 | 56,497 | 56,497 | |
| ======== | ======== |
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Balance sheet as at 31 August 2024
| Note | Restricted | |
|---|---|---|
| Fund | ||
| Assets | ||
| 2024 | ||
| £ | ||
| Current assets | ||
| Cash at Bank | 56,997 | |
| Current Liabilities | ||
| Accrued Expenditure | 500 | |
| _ | ||
| Net assets | 56,497 | |
| _ | ||
| Funds of the charity | ||
| _ | ||
| Total funds | 56,497 | |
| ======= |
These financial statements were approved by the Trustees on 01 May 2025 and are signed on their behalf by
Brendan Gilmore Chair
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Notes to the Financial Statements
1. Accounting Policies
1.1 Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
No restatement of comparative figures has been required in the application of the above basis of preparation.
The Fulham Boys School Foundation constitutes a public benefit entity as defined by FRS 102.
1.2 Going concern
The Trustees assess whether the use of the going concern principle is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast doubt on the ability of the charity to continue as a going concern for the foreseeable future. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. On this basis the Trustees consider that the adoption of the going concern principal is appropriate.
1.3 Fund accounting
All funds received are treated as restricted funds which must be applied to the specific objectives of the charity
1.4 Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value can be measured with sufficient reliability.
1.5 Resources expended
Expenditure is recognised in the period in which liability is incurred and has been classified under headings that aggregate costs related to that category. All resources expended are inclusive of irrecoverable VAT.
1.6 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of the charitable organisation for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 Part 11 of the Corporation Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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Notes to the Financial Statements (Continued)
2. Analysis of charitable expenses
| Total | Total | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Grants to support the education at Fulham Boys School | 638,071 | NIL |
| Other Expenditure | 8,466 | 0 |
| _ | __ | |
| 646,537 | NIL | |
| ======== | ======== | |
| 3. Analysis of Governance Costs | ||
| Total | Total | |
| 2024 | 2023 | |
| £ | £ | |
| Accounting costs | 0 | 0 |
| Costs of Independent review | 500 | NIL |
| Other administrative costs | 3,326 | NIL |
| __ | __ | |
| 3,826 | NIL | |
| ======== | ======== |
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Notes to the Financial Statements (Continued)
4. Summary of funds
| Brought | Incoming | Resources | Carried | Total | |
|---|---|---|---|---|---|
| Resources | |||||
| Forward | Expended | Forward | 2024 | ||
| £ | |||||
| £ | £ | £ | £ | ||
| General funds | - | - | - | - | - |
| Restricted funds | 0 | 706,860 | (650,363) | 0 | 56,497 |
| Restricted funds | |||||
| fixed assets | |||||
| - | - | - | - | - | |
| __ | __ | __ | __ | __ | |
| 0 | 706,860 | (650,363) | 0 | 56.497 | |
| ======== | ======== | ======== | ======== | ======== |
5. Related party transactions
Certain Trustees of the Charity are also members and/or trustees of Fulham Boys School Limited, the company that operates The Fulham Boys School.
Charitable expenses during the year include grants amounting of £638,071 (2023: NIL) made to Fulham Boys School Limited.
The Charity received funds of £NIL (2023: NIL) from the Friends of FBS (charity no: 1174214). The Trustees of the charity are parents of boys attending The Fulham Boys School.
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