REGISTERED CHARITY NUMBER: 285524 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST RML Taylor FCCA I Carnegie Road Newbury Berkshire RG14 5DJ
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2021 Page Report of the Trustees Independent Examiner's Report statement of Financlal Activities Balance Sheet Notes to the Financial Statements 6 to 11
LAMBOUAN CHURCH OF ENGLAND SCHOOL HOUSE TRUST REPORT OF THE TRUSTEES For The Year Ended 31 December 2021 The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted Ihe provisions of Accounting and Reporting by Charitles.. Stalement of Recommended Prartice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective I January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Lambourn Church of England School House Trust Is an unincotporated tharity established by a Deed of Trust, whose purpose is 'the advancement of the education of children in the parish of Lèmbourn.. The Trust aims to fund grants and donations each year with the total value detemiined by investment returns and the avallabllity and eliglbility of proJ"ertslartivities to fund. The trustees apply the funds at their discretion and In accordance with the charitable purposes and object of the charity. Any decision whether to award a grant or donation remains solely the re5ponslbllity of the trLJStees. Public benefit The focus of the trust Is on supporting projects and artivities that are outslde the core educatlon provlslon and that are benefitial in rneeting the specific needs ol the children In the parish. The Chèrlty's Trustees have had due regard to the Charlty Commlssion's guldance on Publlc Beneflt. ACHIEVEMENT AND PERFORMANCE Achievements and Performance In 2021 the trust intrea5ed the amount It allocated to grant-maklng by 160%. In addition to the grant to the local school towards the lease of two minibusès. an additional grant was made to the school for refurbishing the nursery building and a donation for after-school music-based activity. The trust also committed a grant for the cost of providlng book5 under the Imaglnation Ubrary Scheme to all enrolled chlldren from the Lambourn postcode area. FINANCIAL REVIEW Financial position The Trust doos not carry out any fund-ralsln9 artlvltSes. It funds its grant-maklng actlvSties wlth Income derived from a tanglble asset in the form of a residentlal property whlch provlded a modest annuèl Income and assets held In investment funds at the lower end of the risk spertrum. Reserves policy Tho Trust holds a proportlon of funds readily accessible accounts to ensure It can meet Its annual obligalions for grants and make provlsSon lor the maintenance of the residentlal property. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity Is controlled by its goveming document. a deed of trust and constitutes an unlncorporated charity. Recruitrnent and appolntment of new trustees The appolntment of Trustees is gliverned by the Deetl of Trust of the Charlty. They are subjert to being 3 In number. Each serve a 4 year term. The Trustees are specified In the Deed of Tnjst to be- The Vicar of the Parish of Larnbourn. Appolnted by the Parochial Church Councll of the Parish of Lamboum. Appointed by Excalibur Academies Trust and be from the Parish of Lamboum. Organlsational strurture The Charity was established on l August 1982 and is admlnlstered by the Trustees. All decisions are made by the Trustees having taken appropriate third party advice where deemed necessary. Page I
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST REPORT OF THE TRUSTEES For The Year Ended 31 December 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure that appropriate controls are in place to provi(Je reasonable assurance against fraud and error. A Grants and Donations Policy sets out the criteria for awarding grdnts. Payment of the grant Is made retrospertively ugon rlpt of evidence that the activity or project has taken place in accordan wrth the grant's terms. The Trust hès an Investment Policy and the Trustees review the investrF)ents on a regular basis wllh the asssstarlce of professional advisors. This ensures that any levant risks are identified and monitod and managed in the appropriate manner. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity ntsmber 285524 Prlnclpal address 13A Oxford Street Lambourn Hungerftsrd Berkshire RG17 8XS Trustees N Hastle C Harris Rev J Mintern Independent Examiner RML Taylor FCCA I Carnegie Road ewbury Berkshire RG14 5DJ Approved by order of the board of tneS on ................ ..... ... by.. antl signed on its behalf N Hastle - Twstee Pdge 2
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST Independent examiner's report to the tnrstees of Lambourn Church of England School House Trust I report to the charity trustee5 on my examination of the accounts of iAmboum Church of England School House Trust (the Trust) for the year ended 31 December 2021. Responsibilities and basis of report As the charity trustees of the Trust you are resporksible (or the preparation of the accounts In accordance with the requirements of the (Tharities Art 2011 ('the ACVJ. I report in respect of my examination of the TFU5t's accounts carried out under section 145 of the Act and in orrying Oltt my examination I have followed all applicable Dirertions given by the Charity Commlsslon under sertlon 145(5)Ib) of the Art. Independent examiner's statement I have completed ffly examination. I confirm that no material matters have come to my attention in connectjon with the examination giving me cause to believe that in any material respect.. accounting records were rt kept in pect of the Trust as required by sethork 130 of the Att. or the accounts do not accord with those records. or the accounts do not comply wtth the applicable requirements conceming the fomi and content of accounts set oijt 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 concems and have come acmss no other matters connection with the examlnatlon to whith attentlon should be dravrfn in this report ln order to enable a proper ijnderstanding of the accounts to be reached. L•LL I RNL Taylor FCCA I Carnegie Road Newbury Berkshlre RG14 5DJ Date.. Page 3
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2021 2021 Unrestrirted fund 2020 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 1,269 978,358 Investment income 40,569 26.425 Total 41,838 1,004,783 EXPENDITURE ON Charitable activities Charitable expendlture 19.170 16,946 Net gains on investments 142,066 148,091 NET INCOME 164,734 1,135,928 RECONCILIATION OF FUNDS Total funds brought forward 1,605.758 469,830 TOTAL FUNDS CARRIED FOIiWARD 1,770.492 1,605.758 The notes form part of these financlal siatements Page 4
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST BALANCE SHEET 31 December 2021 2021 Unrestricted fund 2020 Total funds Notes FIXED ASSETS Investments Investments Investment property 1.135,157 475.000 993,091 475,000 1,610,157 1,468.091 CURRENT ASSETS Debtor5 Cash al bank io 81 162.053 58 140,387 162,134 140,445 CREDITORS Amounts falling due within one year li (1,799) (2.778} CURRENT ASSETS 160,335 137,667 TOTAL ASSETS LESS CURRE14T LIABILITIES 1.770.492 1.605.758 NET ASSErs 1,770,492 1,605,758 FUNDS Unrestrirted funds 12 1.770,492 1.605.758 TOTAL FUNDS 1,770.492 1.605,758 The financial statements were approved by the Board of Trustees and authorised for issue on nd were sÉgned on its behalf by: C Harris- Trustee The notes form part of these financial ststements Page 5
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2021 ACCOUNTING POLICIES Basis of preparin9 the financial statements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FKS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing Iherr accounts in accord3nce with the Financial Reporng Standard applicable in the UK and Republii of Ireland IFRS 102) (effective l January 201g)'. Financial Reporting gtandard 102 The Financi31 Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Art 2011. The financial statements have been prepared under the historic31 cost convention. with the exception of invegtments which are included at market value. as modified by the rÈvalu3tion of certain assets. Overall risk to operations In common with many other Charities, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had an impact on otjr activiues. The impart is not considered to have been significant and the Charity has still managed to remain in surplus. Following the year end. there have been no substantial developments that would affett the Charity's ability to remain in surplus. The Charity has therefor determined that there are no post balance sheet events and accordingly, the financial posits.on os at, and results of the operations for. the year ended 31 December 2021 have not been adjusted to reflert their impart. Income All income is recognised in the siaiemeni of Financial Activtb'es once the charity has enD'tlement to the funds, rt is probable that the income wtll be ceiVed and the amount can be measured reliably. Expenditure Lièbilities are recognised as experbditure as soon as there is a legal or con5trurtive obligatio committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligat50n can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been dassified under hcadings that aggregate all cosl related to the category. Where costs cannot be directly attributed to particular headlngs they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end dale are noted as a commitment but not accnjed as expenditure. Charitable actlvlties Grant and Donations.. The Trustees apply the funds of the School House Tnjst at their discretion and in accordance with the charltable purposes and objects of the Charity. The number and value of grants is nece55arily limited to the amount ol funds that are available for dtstribution each year. The trustee5 have determined that the current priorities for fundir>g grants are.. Facilitsting extra-curricular activities for children aged 5-11 in areas of arts. sport and culture. Encouraging pre-school children to attain basic skills in literacy and speaking and listening. Enabling children to achleve their full potential in literacy. The trustees will only consider applications for grants from organi5ations. not indivSduals, within the ParSsh of Lambourn. Applications for grants recelved not in-keeping with the prioréties for support will only be considered under exceptional ctrcumstances. The trustees will allocate a portion of the fund each year for small donations of up to £500. Investments Investment property is shown at most recent valuation. Any 3ggrÈgate surplus or delldt arising from changes in fair value is recogni5ed in the Statement of Financial Activities. The overall investment objective is to produce the best finanaal return with an acceptable level of risk. Page 6 contlnued...
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continLted For The Year Ended 31 December 2021 ACCOUNTING POLICIES- continued Investments Long-term funds: Are used to generate a fairly high level of income while minimising the risk of capital 1055e5. The income and capital gains will aid in protecting the Charity's Capltal from the impart of inflation. The charity use5 the Cor¥sumer Price Index (CPI} as an inflation measure and the target retum o investment is inflation plus 5%. Short-term funds.. The Charity will use short term investments with a minimum A-credit rating* to achieve competitive rate of interest on cash balances. with the main aim being to have readily accessible funds in the case tsf unexpected expenditure or low value capital projects. Ethical Policy.. The Charity expects funds to be tnvest and managed in accordance with the Church of Enoland's Ethical Investment Advisory Group and the UK Stewardship code. Taxation The charity is exempt from tax on its charitable activrties. Fund accounting Unrestricted funds can be used in accordance wlth the tharfjtable objectFves at the discretion of the trustees. Restricted fvnds can only be vsed for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are ralsed for particular restricted purp05e5. Further explanation of the nature and purpose of each fvnd is induded in the notes to the financial statements. INVESTMENT INCOME 2021 2020 Rents received Investment income Dep051t account interest 11,688 28.881 11.568 14,430 427 40.569 26,425 GRANTS PAYABLE 2021 2020 Charitable expendifure 16,020 12,010 The total grants pald to organisations during the year was as follows-. 2021 2020 Lambourn Church of England Primary School 16,020 12,010 Page 7 continued...
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 31 December 2021 INDEPENDENT EXAMINERS. REMUNERATION 2021 2020 Auditors, remuneration Auditors, remuneration Non Audit Independent examiners, remuneration Independent examiner%' remuneration 1,350 1,428 372 1,428 Non Independent examination TRusfEES' REMUNERATION AND BENEFITS There were no trustee5' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. Trustees, expenses There were no trustees. expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020. STAFF COSTS The Trust did not employ any staff in the current or the preceding year. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrivrTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 978,358 Investment income 26,425 Total 1,004,783 EXPENDITURE ON Charitable activities Charitable expenditure 16,946 Net gains on investments 148.091 NET INCOME 1,135,928 RECONCILIATION OF FUNDS Total funds brought forward 469,630 TOTAL FUNDS CARtUED FORWARD 1,605,758 Page 8 continued.,.
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 31 December 2021 FIXED ASSET INVESTMENTS sted investrnents MARKET VALUE At l January 2021 Revaluations 993,091 142,066 At 31 December 2021 1.135,157 Nyf BOOK VALUE At 31 December 2021 1,135,157 At 31 December 2020 993,091 There were no investment assets outside the UK. Cost or valuation at 31 December 2021 is represented by: Listed investments Valuation in 2020 Valuation in 2021 Cost 93,091 142,066 900,000 1,135,157 INVESTMENT PROPERTY FAIR VALUE At l January 2021 nd 31 December 2021 475.000 NET BOOK VALUE At 31 December 2021 475,ODO At 31 December 2020 475,000 Fair value at December 2021 is represented by: Valuation in 1998 Valuation In 2007 Valuation in 20L4 Valuation in 2017 Valuation in 2020 Cost 169,960 255,000 35.000 (40,0001 55,000 40 475,000 The cost represenis the orÈginal cost of the land on whlch the property Is now situated. There is no supporting documentation available to deterniine the costs incurred when erectlng the property. The Trustees obtained a professional valuation of the Investment property during the year ended 31 December 2020. The valuation was conducted by Marc Allen Estste Agents and 15 Still consldered to be a fair estlmate of the market value. Page 9 continued...
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021 10. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2021 2020 Prepayment5 81 58 11. CREDtTOR5: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 other creditors 1,799 2.778 12. MOVEMENT IN FUNDS Net movement in funds At 31.12.21 At 1.1.21 Unrestricted funds General fund 1.605,758 164,734 1,770.492 TOTAL FUNDS 1,605,758 164,734 1,770,492 Net movement in funds, induded in the above are as follows.. Incoming resotjrces Resources expended Gains and losses Movement in fund5 Unrestricted funds General fund 41.838 (19,170) 142,066 164,734 TOTAL FUNDS 41,838 (19,170) 142,066 164.734 Cornparatives for movement in funds Net movement in funds At 31.12.20 At 1.1.20 Unrestricted funds General fund 469,830 1,135.928 1.605,758 TOTAL FUNDS 469.830 1,135.928 1,605,758 Comparative net movement in funds, induded in the above are as follows: Incoming resources Resourie5 expended Gains and losses Movement in funds Unrestricted funds General fund 1.004,783 116,946) 148,091 1,135,928 TOTAL FUN05 1.004,783 (16,946) 148,091 1,135,928 Page 10 continued.,.
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021 12. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined posltion is as follows.. Net movement At 31.12.21 At 1.1.20 in funds Unrestricted funds Gener31 fund 469,830 1.300.662 1,770,492 TOTAL FUNDS 469,830 1,300,662 1,770,492 A current year 12 months and prior year 12 months combined net movement in funds, induded in the above are 35 follows= Incoming resource5 Resources expended Gains and losses Movement n funds Unrestricted funds General fund 1,046.621 (36,116) 290,157 1,300,662 TOTAL FUNDS 1.046.621 {36.116) 290,157 1.300,662 13. RELATED PARTY DISCL05URES N H3stle is a Trustee appolnted by Excalibur Academies Trust who are responsible fDr Lambourn Church of England School which receives donations from the Trust. Page 11