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2020-12-31-accounts

Charity Registration No. 243956

THE F E CLEARY SCHOOLS FUND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE F E CLEARY SCHOOLS FUND

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 13

THE F E CLEARY SCHOOLS FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present the annual report and financial statements of the Charity for the year ended 31 December 2020. The financial statements comply with current statutory requirements and the requirements of the Charity's governing document.

Objectives and activities

The Trust's objects are laid out in the Trust Deed. The Founder of the Charity was Mr Frederick Ernest Cleary who was educated at Owen’s School when the boys’ school was located in Islington. It was the desire and intention of the Founder that the Trust Fund and the income thereof should be applied in the furtherance of education and in particular the furtherance and assistance of the schools forming part of the Dame Alice Owen’s Foundation. At the time of the setting up of the Charity there were two such schools, one for boys and another for girls. In the early 1970s these two schools amalgamated and moved to a new site in Potters Bar as Dame Alice Owen's School. Dame Alice Owen's School is an Academy.

Donations Policy

The Trustees, having examined carefully the Trust Deed have decided on a donations policy of funding educational, sporting, musical and other extra curricular projects for which state funding is not available.

Ensuring the Work of the Charity Delivers its Aims

The Trustees review the objectives and activities each year. The review examines what has been achieved and the outcomes of the Charity’s work in the previous 12 months. The review looks at the success of each activity and the benefits that have been brought to the various groups of students. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Focus of the Charity's Work

During 2020, the Trustees reviewed and agreed the donations policy for the Charity. Due to the COVID-19 restrictions, this year most members of the Trustee Body were unable to visit Dame Alice Owen's School to see projects supported by the Charity. However, some members of the Trustee Body are also Governors of the Dame Alice Owen's School, which gives the Trustees a valuable insight into the needs of the School and in the early part of 2020 allowed them to visit the School.

How the Activities Deliver Public Benefit

Who Used and Benefitted from the Charity

The opportunity to benefit from the Charity is limited to the furtherance of education and in particular to Dame Alice Owen’s School. The Charity charges no fees to beneficiaries. Trustees are committed to equal access to the Charity’s funds in accordance with its donations policy. Each year the net income from the previous year is distributed to the beneficiaries in accordance with the Trust Deed. Set out below is a summary of the Charity’s activities over the past year focusing on how significant contribution is made to the Charity’s purposes by providing long-term benefit to a significant number of pupils. In September and December 2020 grants were made to Dame Alice Owen’s School totalling £42,894 towards the cost of funding a number of different projects for the academic year 2020-21. The Headteacher reports to the Trustees annually on how the grant has been spent at the School in accordance with the donations policy. The outcomes for this donation will be reported in 2021.

THE F E CLEARY SCHOOLS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance School Report and Academic Background for 2019-20

Although the academic year 2019-20 got off to a good start, the Coronavirus pandemic in 2020 made it a very challenging year for the School. Whilst the public examination results achieved were excellent, they were also tinged with sadness about the process that staff and students had to endure over the summer months. Staff calculated grades with rigour and integrity making difficult decisions where needed. 27 students went on to study at Oxbridge and only 15 students did not progress immediately to university, for a variety of reasons.

Whilst the year was cut short in many ways by lockdown measures introduced in March, the School was able to provide the opportunity for a number of extracurricular activities for students, including: A DAOS student was one of only 6 nationally chosen to represent the UK in the Diamond International Maths Olympiad in Bath held from 11th to 22nd July. He achieved a Silver medal and was ranked 59th in the world.

The School’s Year 8 team made it to the finals of the Amazon Web Services competition for which students had to develop an app to solve a problem. DAOS students developed an app called ‘Apatheia’ to help children with IED (Intermittent Explosive Disorder) or other similar mood disorders cope and stay calm in and out of the school environment.

Years 12 and 13, calling themselves ‘Team Tango’, won the Raspberry Pi competition for their age group by developing an app that measures air pollution.

A DAOS student was chosen to represent the UK in the Informatics Olympiad where he achieved a bronze medal and was ranked 116th in the world.

Two DAOS students were crowned winners of the Rotary Club Young Writer competition.

A Year 10 student’s piece entitled A Normal Train Ride was selected as a winner from over 17,000 submissions to the Royal Academy of Arts, and was exhibited in the Young Artists’ Summer Show in both the online exhibition in July and was exhibited onsite at the Royal Academy in the Autumn 2020 term.

The School was on track to win the Spring Grove music festival and was selected to participate in the Music for Youth competition too before lockdown.

Sport (£10,710 granted for 2019-20)

The FE Cleary grant supported the travel costs for an extensive extra-curricular sporting programme, as well as helping to improve and maintain the School’s extensive, 35-acre site by providing equipment for both grounds maintenance and sport training. The School is able to host multiple games concurrently, which creates a fantastic environment for both pupils and parents (particularly on a Saturday morning). None of this would be possible without the support of the School’s Groundsman.

Having a PE Technician is also of huge benefit to the department. Alongside taking responsibility for various sports teams, the PE Technician is able to coordinate many duties, such as fixture and sports tour information, ordering and organisation of equipment and supporting PE staff in lessons. Having a member of staff who can take care of the majority of logistics allows PE staff to focus on delivering high quality teaching and extracurricular practices.

Due to the pandemic, the DAOS students were not able to travel to the usual athletics meets nor to cricket matches in the summer term. The Trustees have therefore approved a proposal to carry forward £2,000 from the pupil transport costs area of the 2019-20 Sport bid, to support the school’s bid in 2020-21.

THE F E CLEARY SCHOOLS FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Many of the School's sports teams were in a very strong position before COVID stopped all competitions. The football and hockey teams had reached the later stages of the county competitions and there were some excellent performances from both rugby and football teams. The additional funding of a coach for the 1st XV rugby team was hugely beneficial, with the team managing to win a triangular competition against Hitchin Boys and St Clement Danes (which took place the week before lock down).

Sport was very limited over lockdown with the majority of sports cancelled. The PE department ran a virtual Sports Day during National School Sports Week, with which many of the pupils engaged. The competition involved 10 challenges that pupils had to perform throughout the week. The School also put together a virtual sports awards event to celebrate the achievements of pupils from September through to March.

Music (£9,588 granted for 2019-20)

The student leadership within music continued to grow over the first two terms of the year. This allowed individuals to shine and appreciate talents they did not realise they had. As with so much, the lack of the summer term took its toll, with many musical events being cancelled. In true Owenian spirit however, a great deal of music went online and students, especially those in Year 13 who had more time and expertise, coordinated online concerts, which were a marvel to behold.

The School teaches in excess of 400 music lessons per week. Part of the FE Cleary funding allows the School to subsidise some of its most disadvantaged students and to enable them to be part of this special part of the School at reduced costs. The need to ensure that disadvantaged students do not miss out on the ‘cultural capital’ afforded to their more affluent peers is well documented. For many students, the online music lessons they were able to attend during lockdown were not only another way of helping them maintain their link to the School, but also were an opportunity for them to engage with others in virtual group work through ensembles and practices for digital concerts.

The School continues to have impressive numbers of students who have been accepted into the National Youth Orchestras and the National Children's Orchestra, as well as students who are members of the London Schools Symphony Orchestra and the National Youth String Orchestra. There are also several who are leading and taking prominent roles in their Borough and County Youth Orchestras (e.g. Barnet, Enfield and Hertfordshire).

Financial Support (£6,437 granted for 2019-20)

Whilst the number of parents seeking support for their child in order to facilitate their involvement in the extended curriculum offered by the School continued to increase of 2019-20, the number of visits the School could offer decreased dramatically, with all exchange visits and the visits planned for the Easter and summer being cancelled. Students always benefit from the “Window on the World” Owen’s offers. Whether it be the opportunity to go to the theatre, to art galleries, spaces of beauty or foreign countries; for increasing numbers of students it is only through school that this ‘cultural capital’ can be gained and it is only with financial support that they are able to participate.

Due to the reduced number of opportunities the School was able to offer students, the Trustees approved a proposal to carry £3,000 of this grant forward to support the 2020-21 bid.

Field Studies Visits (£2,802 granted for 2019-20)

The Biology Field Trip, due to take place in the summer term was cancelled, as was the Geography fieldwork. The School is having to look at different ways to manage this element of the course which would usually entail students staying overnight. The Trustees approved a proposal to carry these unspent funds over to the academic year 2020-21, when both Year 12 and 13 may have to complete their coursework in possibly more costly ways.

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

THE F E CLEARY SCHOOLS FUND

Duke of Edinburgh's Award Scheme (£3,060 granted for 2019-20)

Dame Alice Owen’s remains the school with the 3rd highest enrolment and 6th highest completion rate for the Duke of Edinburgh's Scheme in the country, which is all the more impressive given that students are not obliged to participate, but choose to do so. Grant funds help the School to ensure that no student who wants to participate in the Award is turned away due to financial need.

2019-20 was a difficult and interrupted year for the D of E scheme at the School. Two expeditions took place at the start of the year (allowing 90 students to complete their Bronze Award), but the remaining had to be cancelled due to the pandemic. COVID-19 also made it difficult, if not impossible, for students to complete their volunteering, however 10 students managed to complete their Silver and 12 completed their Gold awards in spite of the difficulties.

A large number of modifications were made to allow the Award to progress. In order to enable all students in Year 11 to complete their expedition, the School will need to enlist the help of a company, as it would not otherwise be able to cope with the large numbers of participants (approximately 100). This will bring an increased cost to the School as such companies charge £75 per participant. The cancelled gold expeditions will hopefully, take place in 2021.

FE Cleary funding allowed the School to support staff to undertake courses, including expedition supervisor and expedition assessor courses, in order to be able to run the bronze and silver expeditions.

Drama Production (£5,814 granted for 2019-20)

No one was more disappointed than the Drama (and music) department(s) when the country went into lockdown, as they were moments away from opening night after having worked tirelessly on Chicago for some time. Whilst costs for Chicago were not recoverable in the main, there is £500 remaining, which the Trustees have approved to be rolled over to support the 2020-21 bid.

Prior to lockdown, a production of Sherlock Holmes & the Strange Case of the Circassian Dagger was put on in December 2019. The Tech Crew remained indispensable over the year, supporting staff and any number of events from assemblies to parent presentations, music concerts to gym and dance, as well as the Visitation video produced at the end of the year.

Plans for Future Periods

Looking ahead to 2021, the aim of the Trustees is to continue to make funds available for distribution to Dame Alice Owen's School and to continue providing funds for educational, sporting and musical projects for which state funding is not available.

Financial review

During the year, the Trust has continued to receive income from its investments however due to COVID-19 there was a significant drop in returns with income totalling £40,122 (2019: £55,487). There were no donations received in the year (2019: £Nil). The net income will be distributed in accordance with its charitable objects.

Principal Funding Source

The FE Cleary Schools Fund derives its income from stock market investments and bank interest.

THE F E CLEARY SCHOOLS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Investment Policy

It is the policy of the Trustees that sufficient income is generated from unrestricted funds to maintain a reasonable level of annual grant to the beneficiaries. In February 2020, the Trustees reviewed the policy and defined the investment objective as “Principally, the maintenance of Capital in real terms as measured by RPIX over a rolling 5-year period, and then an average annual nominal growth in income in the longer term” As at 31 December 2020 the total unrestricted funds were £2,045,171 (2019: £2,072,701) of which £2,041,847 (2019: £2,052,807) is invested for income. The Trustees are advised by the Investment Committee of the Brewers' Company who meet regularly with their Investment Advisors, Newton Investment Management, to monitor performance.

Investment support is provided by the Investment Advisors, who are set targets for income and capital performance by the Investment Committee in addition to administrative support given by BNY Mellon. In 2020, the income achieved was significantly lower than the target set and following a volatile year, the underlying capital base decreased by 0.53% (2019: increased 15.59%). The Trustees agreed not to add anything further (2019: added £Nil) to investments from current assets.

Reserves Policy

In February 2020, the Trustees reviewed the Reserves Policy. It is the aim of the Trustees to distribute the net current income over the following year to beneficiaries. In the event of an unexpected downturn in investment income, the Trustees may choose to utilise the investment capital to enable continuing operation of the charity for a period of time.

Structure, Governance and Management

Governing Document

The FE Cleary Schools Fund was established by a charitable Trust Deed on 26 May 1965. The Fund is governed by a Charity Commission Scheme dated 19 December 1988 together with a Deed of Variation dated 26 May 1993, and is a registered charity under number 243956.

Under the governing document, the body of Trustees shall consist when complete, of nine competent persons being: One Ex-Officio Trustee, one Nominated Trustee, and seven Co-opted Trustees. The Nominated Trustee shall be a Member of the Court of Assistants of the body corporate called The Master and Keepers or Wardens and Commonalty of the Mystery or Art of Brewers of the City of London (The Brewers’ Company).

Governance

The Trustees are given the powers under the Trust Deed to manage the capital and income of the Trust as they shall determine to further the charitable objects. The Trustees apply the net income of the Fund in accordance with the charitable objects. The Trustees consider annually the potential causes which could be supported by the Fund, as nominated by the Headteacher of Dame Alice Owen’s School, the School of Dame Alice Owen’s Foundation.

The Brewers' Company provides administrative staff and office premises and facilities as required for the administration of the Charity. All members of the Trustee Body give their time voluntarily and received no benefits from the charity. No Trustee reclaimed any expenses from the charity in 2020.

The Trustees meet twice a year, including via on online platforms such as Zoom and Teams, during which the business of the Charity is conducted. The Trustees are advised by the Investment Committee of the Brewers’ Company. This committee meets three times a year.

THE F E CLEARY SCHOOLS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, Governance and Management (continued)

The Trustees who served during the year and up to the date of this report were:

Co-opted Mr TW Morkill MBE (Chairman) Co-opted Mr PJ Martin Co-opted Mrs B Miller Co-opted Mr RE Harries Co-opted Mrs D Coyne Co-opted Mr I Smedley Co-opted Mr C Tracy Nominated Mr MA Jenner DL Ex-Officio Col MGC O’Dwyer OBE (Secretary)

Trustee Induction and Training

Candidates for membership of the Trustee Body if approved are co-opted by existing Trustees. New Trustees are given background papers on the Charity including reports and accounts. Trustees are able to make regular visits to Dame Alice Owen’s School to see projects being supported by the Charity. Trustee training opportunities are flagged to Trustees by the Brewers’ Company.

Reference and administrative details of the charity, its Trustees and advisors

The F E Cleary Schools Fund is a charity registered in England and Wales no: 243956. The principal address of the charity is Brewers’ Hall, Aldermanbury Square, London EC2V 7HR. The principal advisors to the charity are:

Independent Examiner Paul Windmill FCA Myers Clark Chartered Accountants Egale 1 80 St Albans Road Watford WD17 1DL Bankers Lloyds TSB Bank plc Moorgate Branch London EC2R 6PL Investment Advisors Newton Investment Management Limited Mellon Financial Centre 160 Queen Victoria Street London EC1A 9DW Solicitors Farrer & Co 66 Lincoln's Inn Field London WC2A 3LH

THE F E CLEARY SCHOOLS FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of trustees' responsibilities

Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the net income/(expenditure) for the year. In preparing the financial statements the Trustee is required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.

Independent Examination

Paul Windmill of Myers Clark was re-appointed as the charity's independent examiner during the year and has expressed his willingness to continue in that capacity.

The trustees' r eport was approved by the Board of Trustees.

TW Morkill MBE

Dated: 22 February 2021

THE F E CLEARY SCHOOLS FUND

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE F E CLEARY SCHOOLS FUND

I report to the trustees on my examination of the financial statements of The F E Cleary Schools Fund (charity no. 243956 ) for the year ended 31 December 2020 on pages 8 to 12 .

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:

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.

P Windmill FCA

Myers Clark Chartered Accountants

Egale 1 80 St Albans Road Watford Herts WD17 1DL

Dated: 3 March 2021

THE F E CLEARY SCHOOLS FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Income from:
UK listed investments
UK interest receivable
Total income
Expenditure on:
Grants to Dame Alice Owen's School
Grants to one individual
Administration charge
Meeting costs
Irrecoverable VAT & sundry expenses
Independent examination fee
Total expenditure
Net (losses)/gains on investments
Net movement in funds
Fund balances at 1 January 2020
Fund balances at 31 December 2020		 2020
£
40,115
7
40,122
42,894
2,000
8,211
221
1,966
1,400
56,692
(10,960)
(27,530)
2,072,701
2,045,171		 2019
£
55,477
10
55,487
38,411
2,000
7,166
411
1,766
1,250
51,004
276,799
281,282
1,791,419
2,072,701

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE F E CLEARY SCHOOLS FUND

BALANCE SHEET

AS AT 31 DECEMBER 2020

2020
Notes
£
£
Fixed assets
Investments
2
2,041,847
Current assets
Cash at bank and in hand
5,004
Creditors: amounts falling due within
one year
3
(1,680)
Net current assets
3,324
Total assets less current liabilities
2,045,171
Funds of the charity
Unrestricted funds:
General funds
2,045,171
2,045,171
The financial statements were approved by the Trustees on 22 February 2021
TW Morkill MBE
D Coyne
Trustee
Trustee		 £
21,454
(1,560)		 2019
£
2,052,807
19,894
2,072,701
2,072,701
2,072,701

THE F E CLEARY SCHOOLS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

1.1 Basis of preparation and assesment of going concern

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The financial statements have been prepared 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) effective 1 January 2019.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying '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) effective 1 January 2019' rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.

The charity constitutes a public benefit entity.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Incoming resources

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the charity has been notified of the amounts and settlement date. If a donation or sponsorship is given to support a specific event the income is deferred and not recognised until the event has taken place.

Investment income is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the income paid into the income account held by the investment managers.

1.3 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

1.4 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.5 Funds

Unrestricted funds represent funds received that can be applied at the Trustees’ discretion within the general objects of the charity. Restricted funds represent funds received that are required to be applied in accordance with the wishes of the donor.

THE F E CLEARY SCHOOLS FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

2 Fixed asset investments

Valuation
At 1 January 2020
Valuation changes
At 31 December 2020
Historic cost
3
Creditors: amounts falling due within one year
Accruals and deferred income
4
Funds of the charity
Balance at 1
January
2020
£
General funds
2,072,701
2,072,701
Prior year comparitive
Balance at 1
January
2019
£
General funds
1,791,419
1,791,419		 2020
2019
£
£
2,052,807
1,776,008
(10,960)
276,799
2,041,847
2,052,807
1,114,898
1,114,898
2020
2019
£
£
1,680
1,560
Income Expenditure
Gain on
investment
Balance at 31
December
2020
£
£
£
£
40,122
(56,692)
(10,960)
2,045,171
40,122
(56,692)
(10,960)
2,045,171
Income Expenditure
Gain on
investment
Balance at 31
December
2019
£
£
£
£
55,487
(51,004)
276,799
2,072,701
-
(51,004)
276,799
2,072,701

The purpose of the unrestricted funds is set out in the Trustees’ Report.

THE F E CLEARY SCHOOLS FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Trustees' remuneration

No trustees received any remuneration during the year or were reimbursed for any expenses. The fund is charged for administration costs by t he Brewers’ Company. Of the Fund’s Trustees, MGC O’Dwyer OBE held an appointment in t he Brewers’ Company as Clerk and D Coyne held an appointment in t he Brewers’ Company as Deputy Clerk. The administration charge for the year ended 31 December 20 20 was £ 8,211 (201 9 : £ 7,166 ).

6 Related party transactions

The Fund’s principal beneficiary, as laid out in its Trust Deed, is Dame Alice Owen’s School. One of the Fund’s Trustees who served in the year is associated with the School; PJ Martin is Chairman of the School’s Governors.