**Charity registration number 228739**
**THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mrs A C Mayes MBE BSc||
|---|---|---|
||Miss F Murdin||
||Mr B W Wills-Pope MBE DL||
||Mrs J Richards||
||Mr G Myers||
||Rt Rev Nicholas McKinnel||
||Mrs S Acland|(Appointed 6 December 2021)|
|**Charity number**|228739||
|**Principal address and trust**|Wollens Solicitors||
|**administrators**|22 Cathedral Yard||
||Exeter||
||Devon||
||EX1 1HB||
|**Independent examiner**|Mr J L Coombs MA (Cantab) FCA||
||Simpkins Edwards LLP||
||Michael House||
||Castle Street||
||Exeter||
||Devon||
||EX4 3LQ||
|**Bankers**|Barclays Bank Plc||
||3 Bedford Street||
||Exeter||
||Devon||
||EX1 1LX||
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 10|
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
The trustees present their annual report and financial statements for the year ended 5 April 2022.
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 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)” (as amended for accounting periods commencing from 1 January 2019)
## **Objectives and activities**
The objects of the trust, as set out in the Trust Deed, are:
- To provide grants to help children and young people in their education and training;
- To provide grants to children, young adults and disabled people in need; and
- To provide grants to any charitable or voluntary organisation whose objects include the education and training of children and young people.
The trustees have paid due regard to guidance issued by the Charity Commission on public benefit and in deciding what activities the charity should undertake.
The investment income is used to provide grants for both individuals and public bodies in accordance with the Trust Deed. The charity is advertised on the County Council website and has direct links with various educational and sporting authorities.
The Charity's capital was invested into a COIF Investment Fund and Property Fund together with an amount on deposit which helps to increase the annual income available for expenditure in support of the charity's objects.
No fundraising is undertaken, no trustee receives any form of benefit from the Trust and there are no related
party transactions. The Trust does not own or occupy any property or other accommodation.
The trustees aim to expend the whole of the annual income available, after meeting modest administration
expenses, on the objects of the Charity.
The trustees in 1993 resolved that the policy for making grants should be as follows:
## **Statement of policy**
The trust's main concern is to provide for further education and training of young persons under the age of 21 by making grants:
- To individuals who have at any time been in the care of or provided with accommodation by Devon County Council or who are in need;
- To any person under the age of 21 resident in the County of Devon for further education and training;
- To any charitable or voluntary organisation whose objects include the purposes outlined above;
- Successful applications generally result in the making of a single grant;
- Grants will not be given to statutory agencies, including self-governing National Health Service Trusts, in
- the performance of their duties;
- Grants will be made against detailed invoices or accounts where appropriate;
- Grants will not be given unless applicants or their sponsors have checked thoroughly that assistance or
- benefit is not available from the Department for Work and Pensions, or from other public funds;
- All individual applications require the support of an independent sponsor or reference, eg school teacher
- or social services;
- All individual applications need to be made by the parent or guardian of the intended beneficiary with full and accurate details of the applicant's financial position - of both parents/partners, where appropriate - on a consistent monthly or weekly basis.
The trustees hold meetings every three months at which all applications are considered and decided. If any urgent applications arise between meetings, they are considered by the chairman and one other trustee, and the decisions reported to the next available trustees' meeting.
- 1 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **Achievements and performance**
During the year the trust has made 16 grants to individuals and 15 to institutions. This year we have made grants of £49,577 to organisations involved in educating young people in need or disabled, for special projects outside the scope of their ordinary finances. Grants of £5,959 were paid to individuals. We have made grants to persons under 21 to help with their education, applicants often being disabled and needing computers, or referred by Social Services.
## **Financial review**
During the year under review, investment income has increased to £83,071 (2021: £81,054). Total expenditure increased to £65,473 (2021: £21,346) as a result of grant expenditure returning to a pre-covid level. Unrealised gains on investment assets were £232,353 (2021: £425,832), resulting in net surplus of £249,951 (2021: £485,540). The value of the Trust Investments and Funds on Deposit increased to £2,908,590 (2021: £2,676,237).
The Trust is not seeking to add to its capital reserves. We endeavour to distribute to net incoming resources before other recognised gains and losses each year despite being authorised to accumulate capital by our Trust Deed. When we have net incoming resources we deposit the balance at the best rate obtainable as a matter of good housekeeping, thus increasing the total amount available to help where we can. When suitable applications for assistance arise, the available funds will be spent.
We do not envisage any risks to the general financial stability beyond normal fluctuations of the stock market. We rely on the skill and advice of Charities Official Investment Fund.
## **Structure, governance and management**
The charity was constituted by a Trust Deed dated the 3rd day of February 1993 made by the Secretary of State for Health, consequent upon the cessation of the Farringdon House School, Devon, as an approved school for girls.
The Trust Deed provides wide powers of investment which are delegated to the Charities Official Investment Fund, through whom all investments are made. There is a power to accumulate income at the discretion of the trustees for the first twenty one years and add it to the capital of the charity.
|The trustees who served during the year and up to the date of signature of the financial statements were:|The trustees who served during the year and up to the date of signature of the financial statements were:|
|---|---|
|Mrs A C Mayes MBE BSc||
|Miss F Murdin||
|Mr B W Wills-Pope MBE DL||
|Mrs J Richards||
|Mr G Myers||
|Mr D Mead|(Resigned 6 December 2021)|
|Rt Rev Nicholas McKinnel||
|Mrs S Acland|(Appointed 6 December 2021)|
Trustees may be appointed by a resolution of a meeting of the trustees provided the total number of trustees does not exceed seven or be less than three. The nominated trustee may be appointed by the County Council. New trustees are directed to the Charity Commission guidance on becoming a new trustee "the essential trustee: what you need to know, what you need to do (CC3)".
- 2 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
The trustees' report was approved by the Board of Trustees.
## **Mrs A C Mayes MBE BSc**
Trustee Dated: 10 July 2022
- 3 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
I report to the trustees on my examination of the financial statements of The Farringdon House School Charitable Trust (the charity) for the year ended 5 April 2022.
## **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**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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.
## **Mr J L Coombs MA (Cantab) FCA**
for and on behalf of Simpkins Edwards LLP
Michael House Castle Street Exeter Devon EX4 3LQ
Dated: 29 July 2022
- 4 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**Unrestricted**
**funds**
**2022**
**Notes**
**£**|**Unrestricted**
**funds**
**2022**
**Notes**
**£**|**Total**|
|---|---|---|
||**funds**||
||**2022**|**2021**|
||**£**|**£**|
|**Income from:**|||
|Investments
**2**|83,071|81,054|
|**Expenditure on:**|||
||||
|Charitable activities
**3**|55,536|17,775|
||||
||||
|Other
**5**|9,937|3,571|
|**Total resources expended**|||
||||
||65,473|21,346|
||||
||||
|Net gains/(losses) on investments
**6**|232,353|425,832|
||||
||||
|**Net movement in funds**|249,951|485,540|
|Fund balances at 6 April 2021
**Fund balances at 5 April 2022**|||
||2,824,940|2,339,400|
||||
||||
||3,074,891|2,824,940|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2022**_
|**Notes**|**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
||||||
|**Fixed assets**|||||
|Investments
**8**
**Current assets**|179,389
(13,088)|2,908,590
166,301
3,074,891
3,074,891
3,074,891|158,697
(9,994)|2,676,237|
||||||
|Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**9**|||||
|Net current assets||||148,703|
|**Total assets less current liabilities**|||||
||||||
|||||2,824,940|
||||||
||||||
|**Income funds**|||||
|Unrestricted funds||||2,824,940|
||||||
||||||
|||||2,824,940|
The financial statements were approved by the Trustees on 10 July 2022
Mrs A C Mayes MBE BSc **Trustee**
- 6 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **Charity information**
The Farringdon House School Charitable Trust is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Woodwater House, Pynes Hill, Exeter EX2 5WR.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 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 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, modified to include certain financial instruments at fair value. 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.
## **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.
Investment income is accounted for in the period in which the charity is entitled to the receipt.
## **1.5 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is included on an accruals basis.
Grants are charged in the year in which the offer is paid to the recipient.
- 7 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
**1 Accounting policies (Continued)**
**1.6 Fixed asset investments** Investments are shown at fair value at the balance sheet date. Gains/losses on revaluation are shown in gains/losses on investment assets in the Statement of Financial Activities.
## **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 initially measured at transaction price.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2 Investments**
|**Unrestricted**
**funds**
**2022**
**£**|**Unrestricted**
**funds**
**2022**
**£**|**Total**|
|---|---|---|
||**funds**||
||**2022**|**2021**|
||**£**|**£**|
||||
|Income from listed investments|83,058|80,994|
|Interest on listed investments|6|18|
|Interest on cash deposits|7|42|
||||
||||
||83,071|81,054|
- 8 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **3 Grants payable**
|**Grants**
**payable**
**Grants**
**payable**
**2022**
**2021**
**£**
**£**
Grants to institutions:|**Grants**
**payable**
**Grants**
**payable**
**2022**
**2021**
**£**
**£**
Grants to institutions:|**Grants**
**payable**
**Grants**
**payable**
**2022**
**2021**
**£**
**£**
Grants to institutions:|
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
||||
|Grants to institutions:|||
|Children & Families in Grief|7,976|-|
|Calvert Trust Bursary Scheme|10,000|-|
|TOR Support Systems|5,608|5,132|
|Devon Information & Advice Services|(1,920)|1,920|
|Mayfield School|15,000|-|
|Devon County Council|5,400|-|
|Canbridge School|5,297|-|
|St Christopher's Primary Multi Academy Trust|387|-|
|Navigate Charity|800|-|
|Willos Devon LTD|400|-|
|Teignbridge Childcare|400|-|
|Parallel Independence|229|-|
||||
||||
||49,577|7,052|
||||
|Grants to individuals|5,959|10,723|
||||
||||
||55,536|17,775|
## **4 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **5 Other**
|**Unrestricted**
**funds**
**2022**|**Unrestricted**
**funds**
**2022**|**Total**|
|---|---|---|
||**funds**||
||**2022**|**2021**|
|||**£**|
||||
|Administration fee|9,027|2,761|
|Independent examiner's fee|910|810|
||||
||||
||9,937|3,571|
- 9 -
## **THE FARRINGDON HOUSE SCHOOL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**6**
**Net gains/(losses) on investments**|**6**
**Net gains/(losses) on investments**|**6**
**Net gains/(losses) on investments**|
|---|---|---|
|**Unrestricted**
**funds**
**2022**
**£**
Revaluation of investments
232,353|||
|||**funds**|
||||
|||**2022**|
|||**£**|
||||
|||232,353|
||||
|**7**
**Employees**|||
|There were no paid employees during the year.|||
||||
||||
|**8**
**Fixed asset investments**|||
|**Cost or valuation**
At 6 April 2021
Valuation changes
At 5 April 2022
**Carrying amount**
At 05 April 2022
At 05 April 2021
**9**
**Creditors: amounts falling due within one year**|||
||||
||||
||||
||||
||||
||||
||||
||||
||||
||||
||||
|Accruals and deferred income||**2022**|
|||**£**|
||||
|||13,088|
||||
||||
|**10**
**Related party transactions**|||
There were no disclosable related party transactions during the year (2021 - none).
- 10 -