KNOWLE HILL SCHOOL FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 8 AUGUST 2024
KNOWLE HILL SCHOOL FUND CHARI INFORMATION FOR THE YEAR ENDED 8 AUGUST 2024 Reference and admlnhtratlve Inform*lon: Trustees.. Mr. J.A. Ctr)ke Ichalmianl Dr. G. Raper Mr. P. Murphy Mr. R. Sweeney Mrs. J. Richmond Mr. R. Smith Mr. M. Coker Norninate trustee Co-oplab've trustee Co-oplative Iruslee Nominative trustee Co-optative trustee Co-optative trustee Co-optative trustee Clerk.. Nicholas R. Wlson, Soliitor Principal office.. 13 Windy Arfoour KenIV0rth CV8 2AT Charty No.. 231807 Independent Ex8miner. Geoffrey Cox BA FCA Daffems LLP Chartered Accountants One EasDd Harry Weston Road Binley Business Park Coventry CV32UB Bankers.. Coventy Building Society Economic House PO8ox9 High Street Coventy CV15QN Investment advisers.. CCLA Investment Management Limited Senator House 85 Queen Victoria Straet London EC4V 4ET Pagg 1
KNOWLE HILL SCHOOL FUND TRUSTEES REPORT FOR THE YEAR ENDED 8 AUGUST 2024 The trustees present their report and financial statements for the year ended 8 August 2024. The trustees have adopted the provisions of Statement of Recommended Practice ISORP) 'Accounling and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT The unincorporated tharity was established by a Scheme dated 8 August 1985 and is regtered with the Chanty Commission. No. 231807. Re¢rullment, appolntmont, Indu¢tlon and tralnlng of Trustees An amendment to the Charity Scheme was made on 16 January 2003 to alter the number of Trustees to not less than six and not more than nine, being fyvo nominatr've Trustees and not less than four, nor more than seven co oplats've Trustees. The nominative Trustees are appointed by vvalCkShir8 County Coun¢ll as local education aLrthority and the co- oplalive Trustees are persons who through residence, occupats'on or employment, or otherwise have sFecial knowledge of the County of Warwickshire. Cowoptab've Trustees sefve for a term of five years from date of appointment. The Trustees m81 on three occasions to consider applications and award grants. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of Trustee expenses and related paty transaclions are disclosed in note 2 lo the 8c£ounts. managoment The Trustees h8ve 8sse8sed the major risks lo whh tha chanty is èxposed, and ara satisfied that systems are in pLgce lo mib'gale exposure to these. The Trustees consider variability of investment returns on the eftdoWffnt lo constitute the cttarity's major financial risk. The trustses have invested the endowed funds in Charit$ offici81 investment fund lo mib'gate this risk. Key manag•m•nt pornonn•l r•mun•ratlon The charty retains the serVe8 of trle clerk, Mr N R Wilson, an¢J review his remuneration annually and any changes are rninuled. OBJECTIVES AND ACTIVITIES The charity is established to assist with and promote the education of young people under the age of 25 years, who are, or who have a parent resident in the old County of wak, as con$liluled in 1905. This included Solihull 8nd part of the eastern side of Birmingham as w611 as the whole of Coventy. In particular the chanty may apply ils income.. - lal In providing for any county or voluntary school in the area of the County of Warwick as constiluled on the 14 Apnl 1905 Ihereinafter Cal the area of benefit) such special benefits of any kind not normalty provided by the local education authority as may from lime lo time be agreed between the School Govemors and the Trustees after consultation with the local education authority. Page 2
KNOWLE HILL SCHOOL FUND TRUSTEES REPORT FOR THE YEAR ENDED 8 AUGUST 2024 OBJECTIVES AND ACTIVITIES CONT'D Ibl In making grants to or providing special benefits for any charitable independent school in the area of benefit. Icl In advancing the education, inoluding social and physi¢81 training, of persons under the age of 25 years who are or who have a parent or paren15' redent in the area of benefrt and who are in need of financial a5SiStance in one or more of the folbwing ways.. In awarding lo such Fersons exhibitions tenable at any secondary school. college of education, university, or other institutron of further (including professional and technicall education approved by the Trustees", (Sil In providing financial assistance, ouffits, clothing, tools, in51rumenls or books to enable such Fersons on leaving school. unwersity or any other educational establishment, to prepare lor, or to enter a profession, trade or calling., liiil In awarding bursaries or maintenance allowance9 to enable such persons lo travel, whether in th county or abroad, to pursue their education., livl In providing finarrial assistsnce to enable such pergons to study music or other arts., lvl In othemise promoting the education of such persons. The Trustees have full power lo make Nles for the award of exhibitions, bursaries or maintenanc£ allowan3 or other benefits, including rnles as lo the value and period of tenure of the awards. and the qualifications and method of asrtaInment and selection of persons to benelil. The Trusteeg, where approprKgle, consult the local educats'on authority as to their general actson under thi9 clause and as to the educatK>nal qualificatKns of candidate8 for benefft. Applications for gr8nts are elicited by formal means. induding limited targeted advertising in the local press and registration with appropriate grant search organisations. The Trustees confirm that they have referred to the guidance contained in the Charity Commissioner's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE The Trustees endeavour lo keep expenses to a minimum. Total resources expended in the year lo 8 Augu81 2024 were £18,90412023. £20,31 of which awards and grants amounted to £9,97712023'. £13,505) 24 No No. Grants to individuals Grants to Schools Post Graduate Grant 6,020 2,457 1.500 28 6,730 3,025 3,750 22 The large number of small sums which are awarded lo individual applicants inevitably creates a high degree of paperwort( and administration relative lo the amounts, but the Trustees feel very strongly that in this way they are able lo give assistsnce to those in the most need. The attached financial ststements show the Current stste of the finances which the Truslees ¢on$ider to be sound. The charity is reliant on income from its investment. The charity's investment of 54.164 income units in the CharitS Official Investment Fund is invested to achieve both capital growth and generate inrne. During the year the investment realised income of £29.73612023.' £29,509) and a capital gain of £53,136 {2023.' £27.537 decline). Page 3
KNOWLE HILL SCHOOL FUND TRUSTEES REPORT FOR THE YEAR ENDED 8 AUGUST 2024 FINANCIAL REVIEW The financial policy is to aim lo expenoj the rnost part of the annual income from investments, the gater part of which is invested through the Chanty CommL8sioners for capital growth as well as income relum. Re8erves pollcy It15 the policy of the Charty lo maintain a minimum reserve of one yearfs expendrture. Unrestricted 'free' reserves were £91,61012023'. £77,843) at the year-end which is sufficient lo meet one years expected expenditu. FUTURE PLANS The Trustees intend to continue providing grants in a 6imilar way to the recent past. TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees are sponsible for pParIng the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practicel, Th8 law applicable lo chanlies in Englantj and Wales requires the Trustees to prepare financial statements for each financial year whh give a true and fair view of the Chan'ty's financial activities during the year and of ils position al the end of the year, In preparing financial statamenls, givlng a trua and fair vw, the trusloes should follow best practir and'.- 8elKI sultable accounting pollcies and then apply them consistenlly., observe the mett*)ds and principles of the Chanties SORP,, make judgements and estimates that are reasonable and prudent., state whether applicable accounting standard8 and statements of recommended pracb'ce have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that th8 charity will continue its actNilies. The Trustees are responsible for keeping proper accounting records, which disclose wrth reasonable accuracy al any lime, the financial position of the Charty and which enable them lo ensure that the financial statements compty with the Charities Act 2011. the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They have general responsibility for taking such steps as a asOnablY open lo them to Safeguard the assets of the charity and lo prevent and delecl fraud and other irregularities. INDEPENDENT EXAMINER The Tru$tee5 intend to ask tho existing exarniner to undertake the independent examination of the Charity in the following year. Approved by the Trustees on 27 February 2025 and signed on their behalf by.. Mr. J.A. CoJke Chairman Page 4
KNOWLE HILL SCHOOL FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KNOWLE HILL SCHOOL FUND I report to the charity truste8s on my examination of the accounts of the charty for the year ended 8 August 2024 which are set out on pages 6 to 12. Re8pon81bllltle8 and ba818 01 report As the charity's trustees you are reswnsible for the preparation of the accounts in accordance with the requirements of th8 Chafities Act 20111'the Act'l. I report in respect of my examinab'on of the charity's accounts carried out under section 145 of the Act and in Carying out my examination I have followed all the applicabl8 Directions given by the Charity Commission under section 14515) of the Act. Indepandant axamlnerfs statement I have completed my examination. I confirm that no material matters have come to ry attention in connection with the examination giving me cause to beIve that in any material sPect". 1. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or 2. the accounts do not accord with those records.. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Chartties IA¢counts and Reports) Regulations 2008 other than any requi ment that the accounts give a 'true and fair view, which is not a matter conskjered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Geoffrey Cox BA FCA Oafferns LLP Chartered Accountants One EaS¢)0d Harry Weston Road Binley 8usiness Park Coventy CV3 2UB Page 5
KNOWLE HILL SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES for the year ended 8 Augu8t 2024 Unrestricted aocumulated Income Endowment fvnds Totsl 2024 Total 2023 Notes INCOME AND ENDOWMENTS Income and endowments from: Investment income Interest I1vable 29,736 2,9D3 29.736 2.903 29.509 Totsl Incomo and ondowmènts 32,639 32.639 30,375 Exp•ndlturn on: Charitable actlvltle8 Awards and grants Clerk's fees 9,977 6,634 9,977 6,634 13,505 5,300 SupportCO8ts: Accountancy and independent ex8minats.on Office costs Tru51ees' Ikgbility insurance 1.380 721 192 1,380 721 192 1,272 699 187 Total •xpgndlture 18,904 18,904 20,963 N•t Incomd {oxp•ndlturo1 13,735 13,735 9,412 Oth•r rownisod gain8lllM•••l: Nel unrealised gainAoss on investments 6 32 53,104 53,138 {27,5371 N•t movomont In lund8 13,787 53,104 66,871 {18.1251 Reconclllatlon of fund•: Fund balances brought fOard at 9 August 2023 77,843 1,023,878 1,101,721 1,119,846 Fund balances c•rrlod fovward at 8 Augu8t 2024 91,610 1,076,982 1,168,592 1,101.721 statement of financial activibes includes all gains and losses re¢ognised in the year. AJI incoming resources and SoUrceS expended derNe from continuing activities. The notes on page5 8 to 12 form part of these accounts Page 6
KNOWLE HILL SCHOOL FUND BALANCE SHEET 8 August 2024 2024 2023 Notes FIXED ASSETS Investrnents 1,077,624 1,024,488 CURRENT ASSETS Debtors Building society depos 8,254 84,835 7,550 76,862 92,889 84.412 CREDITORS.. Amounts falling due thin one year 11,9211 17.1791 NET CURRENT ASSETS 90,968 77,233 NET ASSETS 1,168,592 1,101,721 FUNDS OF THE CHARITY Endowment fund Unreslricled income fvnd 1,076,982 91,610 1,023.878 77,843 TOTAL FUNDS 1,168,592 1.101,721 Approved by the Trustees on 27 February 2025 and signed on thelr behalf by.'- Mr. J.A. Cooke Trustee Mr. M. F. Coker Tnjstee The notes on pages 8 to 12 form part of these COUnts Page 7
KNOWLE HILL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS for the year ended 8 August 2024 ACCOUNTING POLICIES The following wlicies have been used consislenuy in dealing with rtems which are considered material in relation to the charity's accounts. lal Bas1$ of preparatlon Knowle Hill School fund is an unincorporated charity registered in England and Wales. The address of the registered Offi is given in the charity information on page 1 of these fi'nancial statements. The nature of the charity operations and principal activities 15 to assist with and promote the education of young people under the age of 25 years who are, or who have a parent res#denl in the old county of Wal¢k as conslrtuted 1905. The charity conslilules a public benefit entity as defi'ned by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recommended Practsce applicable lo charities preparing their accounts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland i55ued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011. and LJK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 onty lo the exl8nl required lo provide a 'true and fair view,. This departure has involved following the Accounting and Reportin9 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 IFRS 1021 issued in October 2019 rather than the Accounting and Reporting by Charilie5.' Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial sta18ments are prepared on a going concern basis under the historical cost convention, modified to include certain items al fair value. Th8 financial Statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. The signifiGanl accounting policies applied in the preparation of these fi'nancial slalemenls are set out below. These policie5 have been con51$1ently applied to all years presented unless otheise stated. Ibl Capitsl and incomo Capitsl and income are $¶ted in xcordance with Trust Law. 1¢) In¢omfr All incoming resourGe5 are recogni¥ed once the ¢harity has entilement to the sOurCeS, f( is probable that the resource5 will be received and the monetsry value of incoming SOurceS can be m8asured wlh sufficient reliabilty. Idl Inve¥tment incoffle Investment income Is accounted for in the period in which the charity 1$ enlilled to weipt and represents unreslricled income, lel Expendlture and Irrecoverable VAT Liabilities are recognised as resources expended as soon as there is a legal or constructive obligati'on committing the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Fund. The grants are accounted for where either the Trustees have aged lo pay the grant without condition and the recipient has a reasonable expectation that they will Ceive grant. or any condition attaching to the grant is outside the control of the Fund. Irrecoverable VAT is charged against the category of resources exnded for which it was incurred. Page 8
KNOWLE HILL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS for the year ended 8 Augu$t 2023 ACCOUNTING POLICIES ICONT'D 10 Flxgd asset investments Investments are recognisgd initialty at fair value which is norrnally transaction price excluding transath'on costs. Subsequently they are measured al fair value with changes recognised in net gainslllossesl on investments, in the slalement of financial a¢livities if the shares are publically traded or their fair value can otherwise be measured reliably. Ig) R•all8•d galns and1088o8 All gains and losses are taken to the statement of financial activities as they arise. Realised gains end losses on investments are calculated as the difference been sales proceeds and opening matl(et value Ipurchase dale if later). Unrealised gains and losses are calculated 8s the difference between the market value al the year end and opening market value lor pUhase date if later). Realised and unreali5ed gains are not separated in the Statement of Financial ACtivits. Ihl Dgbtor8 and credttors recelvablelpayable wlthln ono year Debtors and creditors with no slated interest rale and receivable or payabkg Wrthin one year ar8 record at transaction price. Any losses arising from impairment are recognised in expenditure. lil Fund8 Endowment fund8 This fund consists of the original endowment together with the accumulated gains and losses arising from its investment, and may onty be applied in the acquisition of other investments. Unre8trlcted tund8 This fund consists of accumulated surpluses of income not applied lo other purposes. which the Charity may use for purposes designated by its governing Scheme. o.) Golng concèrn The financial slalem8nts have been prepared on 8 going concern basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the lev81 of funds held and the expected level of income and expendrture for 12 months from authonsing these financial statements. RELATED PARTY TRANSACTIONS AND TRUSTEES, RElaUNERATION Trustees receNed no emoluments12023'. £Nill nor expenses in the year12023'. £Nill. INCOME AND ENDOWMENTS All income reiVed in the Current and predIng year 1$ wholly attributable lo the Unrestricted accumulated income fvnd. Page 9
KNOWLE HILL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS for the year ended 8 August 2024 AWARDS AND GRANTS 2024 2023 Grants to Institutlons Dunchurch Junior Academy 1.857 2.500 Milverton Primary School 600 525 2,457 3,025 Post Graduate Award Schemo Celli¢ Murray Thoma5 Kelly Juzer Kas5amali Bethany Morgan Kupakwahe Rabvukwa Hafsa Kader 500 500 1,000 1.750 1.000 500 1,500 3,750 Grnnt8 to Indlvldual8 28 {2023.' 22) 6,020 8.730 Totsl 9,977 13,505 All aw8rds and grants are made from the UnStrICted aumUlated income hjnd in the current and preceding year. In latIon lo grants to individua19 the Trustees require applunts to complete a comprehen$Ne fom which sets out, inter elia, the purpose of the application, the means of the applicant and d8lai15 of the applicant's family induding ¢o-habilees and children who may not be subject of the appllcalion. In accordan with the charity deed applicants should be in need of financial assistance and fall within three main categories 0$ follows:. ssistance with school unrform and equipment. For attendance upon organised school trips (usually residential ft)r 5 days} Whe the individual families are unable to meet the cost (normally around £380 per applicant). Ihere applicants have been referred direct from social workers. The Tnjslees lend to be rTr)re supportive of Ihis category of applic8ti0n. Page 10
KNOWLE HILL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS for the year ended 8 August 2024 SUPPORT COSTS All support costs relate to the charity's one tharitsble activity and are wholly attributable to the Unrestred accumulated income fund in trth the current and predIng year. FIXED ASSET INVESTMENTS 54,164 Income shares in the Charities Official Investment Fund Market value al 9 August 2023 Unrealised gain 1.024,488 53,136 Mafkel value al 8 August 2024 1,077,624 Historical cost at 8 August 2024 262.350 DEBTORS 2024 23 Accrued dNidends Accrued interest Othèr debtors 7,437 817 7,323 227 8,254 7.550 CREDITORS.. Amounts falling due within one year Independent Examiners fees Office c¢ysls Clerk's Fee 1,380 S41 1,26D 619 5,300 1,921 7,179 ANALYSIS OF NET ASSETS BETWEEN FUNDS Cash balances Other nel curnt assetsl Inveslm8nts Endowment fund Unrestricted accumulated income fund 1.076,982 1,078,982 91,610 84,635 6,333 1,077,624 84,635 6,333 1,168,592 The UnStricted Accumulated Income Fund represents the unrestricted funds which are free to use in accordance with the charitable objects. The Endowment fund represents those assets which must be held pennanenlty by the drty, principally its investment in the Charities Official Investment Fund. Page 11
KNOWLE HILL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS forthe year ended 8 August 2024 10. CONTROLLING PARTY The Charity was under the control of its 8oaTd of Trustees throughout the current and preceding year. 11. FINANCIAL INSTRUMENTS The carying amount of the charty's financial instruments are as follow8.. 2024 2023 Flnanclal ••$•ts Measured fair value through net incom&lexpendilure.' Fixed a8S8ts listed investm8nts (note 61 1,077,624 1,024.488 The income, expenses, net gains and net losses attributable to the chanty's financial instruments are Summarised 8$ fOlws.. 2024 2023 Income and expense Financi81 assets measured at falr value through nel income l expenditure 29,736 29.509 Nel gains 8nd108ses lincludlng changes in fair value) Financial assets measured al fair value through net income l expenditure 53,138 127,537) Page 12