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2020-12-31-accounts

Charity number: 279628

This draft produced on 6/4/2021 15:10

ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

This draft produced on 6/4/2021 15:10

ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Charity registered number 279628 Principal office 130 Regent Road Leicester LE1 7PG

Accountants Cooper Parry Group Limited Chartered Accountants One Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 8BG

Bankers and Investment HSBC Managers 91A London Road Leicester LE2 0QW CCLA Investment Management Limited 80 Cheapside London EC2V 6DZ EFG, Harris Allday 33 Great Charles Street Birmingham B3 3JN

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the Association of School and College Leaders Benevolent Fund for the year 1 January 2020 to 31 December 2020.

Objectives and activities

a. Policies and objectives

The objective of the Benevolent Fund is the relief of poverty and need of members, former members, employees and former employees of the Association of School and College Leaders and their widows, widowers, civil partners, children and dependents

It is the policy of the trustees to achieve the widest possible awareness of the fund amongst potential beneficiaries.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

Trustees seek to raise the profile of the Fund by ensuring that information about it is included in ASCL publications, on its web site and at conferences. Professional staff of the Association, who support members in difficulty, are regularly briefed about the Fund.

All requests for support are reviewed by trustees and decisions made in accordance with the trust's objectives, on the basis of the specific request and in confidence.

c. Activities undertaken to achieve objectives

Assistance is given to beneficiaries , some long- term cases, some short- term emergencies. Support is given in the form of regular payments, interest free loans, specific grants for treatment or equipment relating to illness or disability, contributions to the costs of counselling, including careers counselling and support in the case of unemployment, one off grants to meet domestic emergencies and other cases of need.

In addition, cards and small gifts are sent in cases of bereavement and to those experiencing difficult or traumatic experiences.

Assistance is given without geographical or other restrictions and regardless of gender, race or religion.

Achievements and performance

a. Main achievements of the Charity

In 2020, the fund supported some forty beneficiaries, providing assistance totalling £80,000. This represents a considerable increase over the past few years.

b. Investment policy and performance

The Trustees continue to regularly review their investment policy to ensure that it still meets the aims of low

risk investment together with the safeguarding the charity’s capital.

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees do not have a Reserves Policy as such but closely manage the financial affairs of the Charity to Ensure that annual income flows are available to meet anticipated out-goings.

Structure, governance and management

a. Constitution

Association of School and College Leaders Benevolent Fund is a registered charity, number 279628, and is constituted under a Trust deed dated February 1980, as amended by Deeds of Amendment dated 25 July 2003, 8 June 2006 and 12 June 2018.

b. Methods of appointment or election of Trustees

There are eleven trustees, three of whom are appointed by the Council of ASCL, two by its Associates Committee and six by the trustees.

In 2020, the trustees established their intention to review the procedure for making such appointments, with a view to widening the field from which trustees are drawn and potentially increasing diversity.

c. Organisational structure and decision-making policies

All matters of policy and management are determined by the trustees, who meet three times a year.

Trustees elect officers - a Chair, who has some delegated powers and is supported by a Vice Chair, an Honorary Secretary and an Honorary Treasurer.

Trustees are not remunerated and the charity does not have any employees.

In 2020, trustees agreed to consider whether it wished to adopt the Charity Governance Code, to consider future training, and the possible provision of a handbook, for trustees.

d. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by:

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent Examiner's Report to the Trustees of Association of School and College Leaders Benevolent Fund ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.

I understand that 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 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 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 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 accounts to be reached.

Signed:

Dated:

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

DRAF
Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income before net (losses)/gains
on investments
Net (losses)/gains on investments
8
Net movement in funds
Reconciliation of funds:
Total funds brought forward as previously stated
Prior year adjustment
12
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 T
Unrestricted
funds
2020
£
17,612
64,189
81,801
85,824
85,824
(4,023)
(28,324)
(32,347)
1,498,963
8,432
1,507,395
(32,347)
1,475,048		 Total
funds
2020
£
17,612
64,189
81,801
85,824
85,824
(4,023)
(28,324)
(32,347)
1,498,963
8,432
1,507,395
(32,347)
1,475,048		 As restated
Total
funds
2019
(restated)
£
18,159
62,384
80,543
78,075
78,075
2,468
136,612
139,080
1,368,315
-
1,368,315
139,080
1,507,395

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 8 to 14 form part of these financial statements.

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

BALANCE SHEET AS AT 31 DECEMBER 2020

DRAFT
2020
Note
£
Fixed assets
Investments
8
1,404,261
Current assets
Debtors
9
24,632
10,981
Cash at bank and in hand
51,089
41,682
75,721
52,663
Creditors: amounts falling due within one
year
10
(4,934)
(10,455)
Net current assets
70,787
Total net assets
1,475,048
Charity funds
Unrestricted funds
13
1,475,048
Total funds
1,475,048
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_______and signed on their behalf by:
The notes on pages 8 to 14 form part of these financial statements.		 2019
(restated)
£
1,465,187
42,208
1,507,395
1,507,395
1,507,395
Trustees
on

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

1. General information

Association of School and College Leaders Benevolent Fund is an unincorporated charity (Charity No 279628) which is registered in Endland and Wales. The registered office is 130 Regent Road, Leicester, LE1 7PG.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Association of School and College Leaders Benevolent Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All 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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

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 allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

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

2. Accounting policies (continued)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

3. Income from donations and legacies

DRAFT
Donations
Total 2019
4.
Investment income
Investment income
Bank interest
Total 2019
5.
Analysis of expenditure by activities
Grant
funding of
activities
2020
£
Support costs
-
Grants made - individuals
73,287
73,287
Total 2019
68,625		 Unrestricted
funds
2020
£
17,612
18,159
Unrestricted
funds
2020
£
55,405
8,784
64,189
62,384
Support
costs
2020
£
12,537
-
12,537
9,450		 Total
funds
2020
£
17,612
18,159
Total
funds
2020
£
55,405
8,784
64,189
62,384
Total
funds
2020
£
12,537
73,287
85,824
78,075		 Total
funds
2019
£
18,159
Total
funds
2019
£
56,371
6,013
62,384
Total
funds
2019
(restated)
£
9,450
68,625
78,075

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

5. Analysis of expenditure by activities (continued)

Analysis of support costs

DRAFT
Activities
2020
£
Donations made
3,101
Bank charges
77
Independant exam fee
1,545
Advertising
-
Management charges
3,607
Admin costs
4,207
12,537
Total 2019
9,450
6.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts		 Total
funds
2020
£
3,101
77
1,545
-
3,607
4,207
12,537
9,450
2020
£
1,545		 Total
funds
2019
£
6,034
68
1,000
2,348
-
-
9,450
2019
£
1,000

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

8. Fixed asset investments

DRAFT
Cost or valuation
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
9.
Debtors
Loans to beneficiaries
Other debtors
10.
Creditors: Amounts falling due within one year
Other creditors
Accruals and deferred income
11.
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2020
£
24,234
398
2020
£
949
3,985
4,934
2020
£
51,089		 Listed
investments
£
1,463,261
221,303
(251,979)
(28,324)
1,404,261
2019
(restated)
£
10,583
398
2019
£
8,908
1,547
10,455
2019
£
41,682

Financial assets measured at fair value through income and expenditure comprise cash at bank.

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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

12. Prior year adjustments

A prior period adjustment has been made to correct the 2019 closing loans to beneficiaries balance. An amount of £8,432 has now been corrected to show as loans to beneficiaries, rather than payment of grant to beneficiaries in the prior year. This has had the effect of reducing 2019 expenditure and increasing the loan asset as at 31 December 2019.

13. Statement of funds

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Statement of funds - current year
As restated Balance at
Balance at 1 31
January Gains/ December
2020 Income Expenditure (Losses) 2020
£ £ £ £ £
Unrestricted funds
General Funds - all funds 1,507,395 81,801 (85,824) (28,324) 1,475,048
Statement of funds - prior year
As restated
Balance at
Balance at 31
1 January As restated Gains/ December
2019 Income Expenditure (Losses) 2019
£ £ £ £ £
Unrestricted funds
General Funds - all funds 1,368,315 80,543 (78,075) 136,612 1,507,395
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
Unrestricted Total
funds funds
2020 2020
£ £
Fixed asset investments 1,404,261 1,404,261
Current assets 75,721 75,721
Creditors due within one year (4,934) (4,934)
Total 1,475,048 1,475,048
DRAFT
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ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BENEVOLENT FUND

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

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments
Current assets
Creditors due within one year
Total As restated		 Unrestricted
funds
2019
£
1,465,187
52,663
(10,455)
1,507,395		 As restated
Total
funds
2019
£
1,465,187
52,663
(10,455)
1,507,395

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DRAFT
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