**Charity Registration No. 288443** ## **THE CHALLONER'S GIRLS FOUNDATION** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2020** ## **THE CHALLONER'S GIRLS FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr L Williams Mr D Priest Mrs P Wood Mr A Roe Mr T Broadhead Mrs C Russell **Charity number** 288443 **Principal address** c/o Dr Challoner’s High School Cokes Lane Little Chalfont Amersham Buckinghamshire United Kingdom HP7 9QB **Independent examiner** Azets Audit Services Anglo House Bell Lane Office Village Bell Lane Amersham Buckinghamshire United Kingdom HP6 6FA ## **THE CHALLONER'S GIRLS FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Statement of cash flows|6| |Notes to the financial statements|7 - 12| ## **THE CHALLONER'S GIRLS FOUNDATION** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 AUGUST 2020**_ The trustees present their report and financial statements for the year ended 31 August 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's declaration of trust dated July 1983 , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The trust is established for or towards the educational welfare of and the provision of educational amenities for all or any of the pupils at Dr Challoner's High School. The charity receives donations mostly from parents or relatives of pupils at the school. The trustees make donations to the school throughout the year that allow the school to undertake projects or purchase equipment that would not otherwise be possible with the funding it receives from the central government. The trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake. ## **Achievements and performance** During the year the trustees have made donations to the school to support: - The work of the school counsellor - The one to one school laptop scheme for all pupils in Year 7 through to and including Year 11 - The purchase of calculators for all Year 7 students and various other educational resources and consumables ## **Financial review** The Statement of Financial Activities shows that £604,166 (2019 - £399,943) was due to be received by the charity during the year and in turn £252,850 (2019 - £418,990) was donated to the school towards the various projects already outlined. The initial capital campaign which was targeted at various school improvements, now completed, including the provision of two additional science laboratories and the refurbishment of the Art and Technology Department will continue to bring additional donations over the course of the next four years. In addition the second campaign, launched at the end of 2019, will continue to receive funds over a similar period, and the funds generated from both campaigns will be used to fund the new sixth form building. Trustees will ensure that every penny received into the campaigns is donated to the school. Donations received are for the benefit of girls at the school and trustees consider that a cash reserve of £60,000 is sufficient for the effective operation of the trust. The total funds held as at 31 August 2020 were £627,355 (2019 - £278,292) of which £338,297 (2019 - £nil) were restricted funds and £289,058 (2019 - £278,292) unrestricted funds. Funds have increased during the year as donations were received into the campaign accounts but will not be passed onto the school until work starts on the new sixth form building. Work will only start once all funding from various sources is in place but it is hoped that work will commence in the Autumn of 2021. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. - 1 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2020**_ Covid-19 was declared a global pandemic by World Health Organisation on 11 March 2020. It has had an impact on the operation of the Charity and the school during the year. National lockdowns, the ban on public meetings and social distancing have all made it more difficult to meet new parents and establish relations and publicise the work of the Charity. Covid-19 has caused financial uncertainty nationally and this in turn may also have an impact on incoming donations. In the coming year, the Trustees expect that the Charity’s activities will continue along broadly the same lines as in the period to 31 August 2020 with support provided for various projects to enhance the educational experience of the girls at Dr Challoner’s High School. ## **Structure, governance and management** The charity was established by Trust Deed. Trustees are appointed with the exception of one who as the Headteacher of Dr Challoner's High School is an ex-officio trustee of the charity. The Trust Deed stipulates that there should be no more than six and no fewer than four trustees. At least two of the trustees, including the Chair, should be independent of the school. Decisions should be made by majority vote with the Chair holding the casting vote, if required. The charity's day-to-day activities are administered by the Business Manager of Dr Challoner's High School on a voluntary basis. The financial management of the school is subject to annual independent external audit and complies with the financial management standards set out in the Department for Education's Academies Financial Handbook and this financial awareness and care is also applied to the charity's day-to-day operations. Income is from voluntary donations and bank interest. Grants to the school are only made once money has been received and as a result the trustees perceive that day-to-day operations of the trust are low risk. The trustees who served during the year and up to the date of signature of the financial statements were: Mr L Williams Mr D Priest Mrs P Wood Mr A Roe Mr T Broadhead Mrs C Russell The trustees' r eport was approved by the Board of Trustees. .............................. **Mr L Williams** Trustee 8 March 2021 Dated: ......................... .............................. **Mr D Priest** Trustee 8 March 2021 Dated:......................... - 2 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE CHALLONER'S GIRLS FOUNDATION** I report to the trustees on my examination of the financial statements of The Challoner's Girls Foundation (the charity) for the year ended 31 August 2020. ## **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** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. David Cary LLB FCA Azets Audit Services Anglo House Bell Lane Office Village Bell Lane Amersham Buckinghamshire HP6 6FA United Kingdom 9 March 2021 Dated: ......................... - 3 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
241,970
362,196
Other trading activities
**3**
(500)
-
Investments
**4**
88
93
**Total income**
241,558
362,289
**Expenditure on:**
Raising funds
**5**
134
-
Charitable activities
**6**
230,658
23,992
**Total resources**
**expended**
230,792
23,992
**Net income/(expenditure)**
**for the year/**
**Net movement in funds**
10,766
338,297
Fund balances at 1
September 2019
278,292
-
**Fund balances at 31**
**August 2020**
289,058
338,297|**Total**Unrestricted
Restricted
funds
funds
**2020**
2019
2019
**£**
**£**
**£**
604,166
253,719
146,224
(500)
20,523
-
181
102
46
603,847
274,344
146,270
134
139
-
254,650
265,183
155,517
254,784
265,322
155,517
349,063
9,022
(9,247)
278,292
269,270
9,247
627,355
278,292
-|Total
2019
**£**
399,943
20,523
148
420,614
139
420,700
420,839
(225)
278,517
278,292| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2020**_ |**2020**
**Notes**
**£**
**Current assets**
Debtors
**10**
105,075
Cash at bank and in hand
525,790
630,865
**Creditors: amounts falling due within**
**one year**
**11**
(3,510)
Net current assets
**Income funds**
Restricted funds
**12**
Unrestricted funds
**12**
The financial statements were approved by the Trustees on ......................
..............................
..............................
Mr L Williams
Mr D Priest
**Trustee**
**Trustee**|**2019**
**£**
**£**
79,324
385,444
464,768
(186,476)
627,355
338,297
289,058
627,355
...|**£**
278,292
-
278,292
278,292| |---|---|---| - 5 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ |**Notes**
**Cash flows from operating activities**
Cash generated from operations
**15**
**Investing activities**
Investment income received
**Net cash generated from investing**
**activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2020**
**£**
181|**£**
140,165
181
-
140,346
385,444
525,790|**2019**
**£**
148|**£**
124,703
148
-
124,851
260,593
385,444| |---|---|---|---|---| - 6 - **THE CHALLONER'S GIRLS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ ## **1 Accounting policies** ## **Charity information** The Challoner's Girls Foundation is a charitable trust (Charity Registration number 288443). The Trustees meet as required to oversee the administration of the charity and are responsible to the Charities Commission for the approval of the accounts. The registered address is c/o Dr Challoner’s High School, Cokes Lane, Little Chalfont, Amersham, Buckinghamshire, United Kingdom, HP7 9QB. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's declaration of trust, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. - 7 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ ## **1 Accounting policies** ## **(Continued)** Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Income from other trading activities is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the course of fundraising events. ## **1.5 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.6 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. - 8 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ ## **2 Donations and legacies** ||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||**funds**|**funds**||funds|funds|| ||**2020**|**2020**|**2020**|2019|2019|2019| ||**£**|**£**|**£**|£|£|£| |Donations and gifts|241,970|362,196|604,166|253,719|146,224|399,943| ## **3 Other trading activities** ||||||**Unrestricted**|Unrestricted| |---|---|---|---|---|---|---| ||||||**funds**|funds| ||||||**2020**|2019| ||||||**£**|£| |Fundraising events - Winter/Spring Ball|||||(500)|
20,523| |**Investments**||||||| ||**Unrestricted**|**Restricted**|**Total**|Unrestricted|
Restricted|Total| ||**funds**|**funds**||funds|
funds|| ||**2020**|**2020**|**2020**|2019|
2019|2019| ||**£**|**£**|**£**|£|
£|£| |Interest receivable|88|93|181|102|
46|148| ## **4 Investments** ## **5 Raising funds** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2020**|2019| ||**£**|£| |Fundraising and publicity||| |Seeking donations, grants and legacies|134|139| ||134|139| - 9 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ ## **6 Charitable activities** |Total grants to Dr Challoners' High School
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds
**Governance costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Independent examination
-
1,800
-
1,800|**2020**
**£**
252,850
1,800
254,650
230,658
23,992
254,650
**2020**
**£**
1,800
1,800|**2019**
**£**
418,990
1,710
420,700
265,183
155,517
420,700
2019
£
1,710
1,710| |---|---|---| ## **7 Governance costs** ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **9 Employees** The average monthly number of employees during the year was: |Total
**10**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income|**2020**
**Number**
-
**2020**
**£**
105,075|**2019**
**Number**
-
**2019**
**£**
79,324| |---|---|---| - 10 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ ## **11 Creditors: amounts falling due within one year** |Trade creditors
Accruals and deferred income|**2020**
**£**
1,710
1,800
3,510|**2019**
**£**
-
186,476
186,476| |---|---|---| ## **12 Movement in funds** ||||||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---| |||||**Balance at**|**Incoming**|**Resources**|**Balance at**| |||||**1 September**|**resources**|**expended**
**31**|**August 2020**| |||||**2019**|||| |||||**£**|**£**|**£**|**£**| ||Unrestricted funds|||278,292|241,558|(230,792)|289,058| ||Restricted funds|||-|362,289|(23,992)|338,297| |||||278,292|603,847|(254,784)|627,355| |**13**|**Analysis of net assets**|**between funds**|||||| |||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total| |||**funds**|**funds**||funds|funds|| |||**2020**|**2020**|**2020**|2019|2019|2019| |||**£**|**£**|**£**|£|£|£| ||Fund balances at||||||| ||31 August 2020||||||| ||are represented||||||| ||by:||||||| ||Current assets|292,568|338,297|630,865|428,936|35,832|464,768| ||Current liabilities|(3,510)|-|(3,510)|
(150,644)|(35,832)|(186,476)| |||289,058|338,297|627,355|278,292|-|278,292| ## **14 Related party transactions** There were no disclosable related party transactions during the year (2019 - none). - 11 - ## **THE CHALLONER'S GIRLS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2020**_ |**15**
**Cash generated from operations**
**2020**
**£**
Surplus/(deficit) for the year
349,063
Adjustments for:
Investment income recognised in statement of financial activities
(181)
Movements in working capital:
(Increase) in debtors
(25,751)
(Decrease)/increase in creditors
(182,966)
**Cash generated from operations**
140,165
16
**Analysis of changes in net funds**
The charity had no debt during the year.|**2019**
**£**
(225)
(148)
(60,080)
185,156
124,703| |---|---| - 12 -