QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021 Charity ReEislratiOD Number: 296618 QUEEN AN]YE'S SCHOOL GENERAL CHARITABLE TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021 CONTENTS Page Referen¢e and administrative detai15 Trustees, report Independent audilor's Tewrt Statement of financial aclivilie5 Balan¢¢ 5he¢t Notes to the accounts QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2021 Trnstee5 Mr R F P¢nfold Mr D Charle5 Ms A J Wiscarson S¢¢Tttsry Mr E Hellir Prlneipal address Quttn Anne's School Henley Road Caversham Reading RG4 6DX Charity registrntion number 296618 Independent Auditor Haysmacinryre LLP 10 Queen Streei Place t￿ndOn EC4R IAG Principal bankers Barclays Bank plc Ixicesier LE87 2BB Investment managers CCLA Inv￿men( Management Limited 80 Cheapside London EC2V 7QA Schroders Investments Limited 31 Gresham Street London EC2V 7QA QUEEN ANNE'S SCHOOL GENERALCHARITABLE TRUST TRUSTEES? REPORT FOR THE YEAR ENDED 30 JUNE 2021 The T￿￿tee5 pruent their ststuiory report wilh the accounts of Queen Ann¢'s S¢hool General Charitable Tnjst (*he Trust for the year ended 30 June 2021. The aecounts have been p￿Pared in accordance with ihe accouniing policies set out on pages 9 to 10 of the attached accounts and comply with ihe charity's trull deed. the Charities Act 20118nd Accounting and Reporting by Charities.. Siatement of Recommended Practice applicable to Charities preparing their ￿Counts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102), effeciive foraccounting years ¢ommen¢ing on l Jwnuary 2015 or later. GOVERNANCE, STRUCTURE AND MANAGEMENT Status The Trnsi is a registered tE￿ity. numb¢T 296618. governed by a deed dat&1 22 February 1983. Charitable objeetlye The Trust's objectiv¢ is the fvrthernn¢e of any ¢harttsble PUTPOSe connected with Queen Anne's School C*he School"). Thi5 object is b¢ing fulfilled by the provision of bursarie5 for pupils attending the School and by the provision of financial support for variou5 fiJndTaisin8 events and other items. In making decisions aE¥)ut the way in which the Trust ￿]r11S its objec4 the Trusttts have h4d due regard to the Charity commission￿ public benefii guidance when ¢x¢r¢ising any p)wers or duties to which the guidance is relevant. Org2ni5ation The Trust 15 the responsibility of the Board of TnJs*es. The following served &s Tru￿tts since l July 2019: Ms A J Wiscarson Ms S A Thewlis (resigned 5 November 2020) Mr R F Penfold Mr D Charles (appointed 28 January 2021) There are no ¢mployee$ of the Trust. Risk management The key risks faeing the Trust are #ssessed and di5CUS5eAJ at periodic Trusiees. meetings. Truslee5 consider the stability of in¢ome yi¢ld on their investments the largest threat io the Trt￿'S ability to meet th¢ funding committed to the student5 of the School. By regular monitoring of the investments. the Tn]ste¢5 aim to mitigate this risk. Related chgritie$ The Trust has close links with the Schwl and with the United Westminster and Grey Coat Foundation. a charity registered in England and Wales, r¢gi5tration number 1181012. Transactions with and amounts due from the Schwl are disclosed in notes 4, 6, 8 and I I ￿ ihe accounts. Inve5ttnent Policy Except for the £5 pertnanent endowment, the Red Cloak Fund. the While Fund and the Dr Ceril Jones Fund and where appeals are launched to support specifi¢ items, the Tn￿teS have the discretion to manage the assets of the Trust as appropriate to meei the Trust's objeci. The Trustees review the investment policy and holdings annually. QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 311 JUNE 2021 REVIEW OF PERFOMANCE FOR THE YEAR AND FUTURE PLANS During the year the Trust funded bursartes to six (2020: $ix) pupils at the School amounting to a total of £96.684 (2020= £80,247), io assist in th¢ fvrtherance of their education. The appeal to provide ￿lIdS foT the general benefit of the School continued. The Red Cloak Fund appeal continued. io provide funding for transforn￿t]onaj bursaries for fuiure pupils at the School. The Trustees remain grate￿] to the original settlor of th¢ Warner Fund for agreeing to the transfer of the monies in the former Wsrner Fund into th¢ Red Cloak Fund. In addiiion to school fees it will cover. if needed, ¢xtr25 such as unifomi and School trips. The long terni aim is to coniinue to apTKal for sUPPQrt for thi5 5ubstaniial Fund from fomier pupils. parents and others with a connection to the School, and for the provision of burwie5 to be expanded a5 much as possible. The first rccipienl of a R¢d Cloak Award joined the School in September 2019 and continues to make very good progress. A Second Red Cloak A ward was made in September 2021 and the recipieTrt is also taking full advantage of a Queen Anne's education. The Trustees plan io continue th¢ exi$tirtg a¢tivitie5 of the T￿￿ for the foreseeable fvture. As noted in the a￿O￿lts, the Tntst holds certain fU[￿S as agent on behalf of the School. principally cortsisting of the School's development appeal monies. During the year. appeals remained open for General Dev¢lopment Y4nd for Music. with a totsl of £24,604 including Gift Aid received. These amounts were paid over to the School shortly after the year end. Specific items requiring SUPPOrt in the fiktsjre will be kept under review. TTUStees continue io claim Gift Aid on donation$ where possible. FINANCIAL REVIEW Results for the year A summary of the results for ihe year can be found on page 7. Total incorne was £206.146 (2020 - £135.842). Expenditure was £97,786 {2020- £80,394). This includ¢d grants to ihe Sch￿[ of £96.684 {2020: £80247) in respect of bursari¢s #ward¢d and grants dir￿¢ to individuals of £l.OCrfJ (2020.. £nil). Net gains on investments were £332.07012020- £15.770). OveralL funds in¢rea5ed by £440.430 (2020 - £71.224). Reserves polley Reserves in the general fund are held to ¢over future expendiwre and to maintsin sustainable bursary grpnts to the S¢hool for the fore%¢able future. The Trust's investmeni holdings generate income which is us¢d to fund the Trust's activities. Financial posltio Unrestricted ￿ndS ai 30 June 2021 were £1,782,466. The Truste¢5 wn5ider this level of free reserves provides the Trust with sufficiertt funds to enable it to rn¢¢l its obligations over the next 12 months and to meet th¢ policy objeciiv¢5 ou¢lined above. Statement of Tr¥3tees' responsibilitie5 The Trustees are responsible for preparin8 the annual re￿rt and a¢count5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). QUEEN Af4NE'S SCHOOL GENERAL CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 30 JUNE 2021 Statement of Tru5tees' responsibilities {continued} Th¢ law appIl￿ble to ¢h8rities in EnglaTKI and Wales require5 the Trustees to prepare accounts for each financial year which give a tNe and fair view of the slate of affairs of the Tr￿81 and of the income and expenditt]r¢ of th¢ Trnst for that year. In prep#ring these atrounis, the Trust¢¢s ar¢ required to: • S¢l¢¢t suitable a¢counting policies and then apply ihern consi5tently' Observe the method5 and principles in Accouftiing and Reporting by Charities.. Siatement of Recommended Pra¢ti¢e applicable io charities preparing their accounts in accordartce with the Financial Reporting Standard applicable kn the UK and Republic of Ireland (FRS 102)- • Make judgements and estimates that are Teasonable and wudent. • stsie whether applicable United Kingdom Accountirtg Standards have b¢en follow¢d. subjert to any rnaterial departUTe5 disclosed and explained in the %counts- and Prepare the accounts on the going concern basis unle&s it is inappropriate to presume that the Twst will coniinue in operation. Th¢ Truste¢s ar¢ r¢sponsibl¢ for keeping proper 4¢¢ounting records that disclose with reasonable accuracy at any time the financial position of the TTUSt and enable them to ensure that the accounts comply with the Charilies Act 2011, applicable Charity (Accounts and Reports) Regulaiions and the provisions of the charity's trust deed. They are a150 re5porisible for safeguarding th¢ o￿ts of th¢ Trust ond hence for tsking reasonable steps for the prevention and detection of fraud and other i]Tegularitie5. Si8n¢d on behalf of ¢he Boord of Trus*¢5 Trust¢e Approved by the Board of T￿￿CeS on: lo Fkn VLL INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST Opinion We have audiied the financial statements of Queen Anne's School General Charitable Trust for the year ended 30 June 2021 which comprise the Statement of Financial Activities, Balance Shed and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that ha8 been applked in their preparation 15 applicabl¢ law and United Kingdom Accounting Standards, includin8 Financial Reporting Siandard 102 The FinoncialReporlEJYgSiondard applicable in ihe UK andRepublic oflTeland(Uniied Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the stale of the chariry's affairs &8 at 30 June 2021 and of the charity's nei movem¢ni in funds for the year then ended. have been prop¢rly pr¢pared in a¢¢ord8n¢¢ with Urtited Kingdom Generdlly Accepted Accowlting Pr￿tire. and have been prepared in accordance with the requiremenis of the Chariiies Act 2011. Basi5 for opinion We have been appointed as auditor under seciion 144 of ihe Chariiies Acr 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conduaed our audit in acconlance wilh Intern￿l￿nal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Ourresponsibiliiies underthose stsndards are ￿rther described in the Auditor's responsibilities for the audit of ihe financial staternents section of our rewrL We are independent of the chariry in accordance with the ethical requirements that are relewant to our audii of the financial Matements in the UL including the FRC'S Ethical Standard, and we have fulfilled our other ethical restmmsibiliiies in accordance with these requirements. We believe that the audii evidence we have obtained is sufficient and apwOpri￿e io provide a b&sis for our opinion. Conclusions relating to going CODcer In auditing the financial 5taternen￿ w¢ have Conclud￿ that the tNstees' use of the going concern basis of accounting in the preparation of the financial statements 15 appropriale. Based on the work we have perforrne(L we have not identified any material uncertaintie5 relating to events or conditions that, individually or coll￿tivelY. may casl signifiwit doubl on the charity's ability to continue as a going concern for a period of at least twelve monih5 from wh¢D the financial statements are authori5ed for issue. Our responsibiltiies and the responsibilitie$ of the trust¢es with re¥￿ to going ¢on¢ern are described in the relevant sections of this report. Other infonnation The trustees are res￿nsIble forthe other inforniation. The otller information comprises th¢ infornation included inihe Trust¢es' Annual Report. Our opinion on the finartcial statement5 does not ¢over the other infomation and, ex¢ept to the extent oth¢rwise expliciily stated in our repoff. we do ¢xprw any forni of ￿Uran¢t ¢on¢lusion th¢reon. In connection with our audit of the financial siaiemenis, our responsibiliry IS to read the other information and. in doing so. consider whether ihe other infomiation is maierially inconsisient with the flnancial siaiements or our knowledge obtained in the audit or oiherwise appears io be materially misstated. If we iderttify such material inconsistencit5 or apparent material missiaiements, we are requrred to detem)ine whether ihere is a material misstatement in the financial Statements or a material misstatemeni of the other infomiation. If, based on the work we have performed, we conclude that there is a mat¢rial misstatemeni of ihis other infornlliion. we are required to rew)rt that fact. We have nothing to report in this regard. Matters on whieh we are required to report by exeeption We have nothing to report in respect of the following matters in re]￿lOn to which the Charities (Account5 and Reports) Regulation5 2008 require us io report to you if. in our opinion: adequate accounting records have not been kept by ihe charity. or sufficient accountirtg records have not been kepl. or the ¢harity financial ststements are not in agreement with the accounting records and rewrns. or we have not received all the infornmtion and explanations we require for our a￿￿11. INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF QUEEN A]4NE'S SCHOOL GENERAL CHARITABLE TRUST Responsibilities 4f trustees Cor the finaneial statemen($ As explained more fully in the trustees, re5ponsibilitieg statement, the trustees are responsible forthe preparation of the financial statements and for bcing satisfied that they give a true and fair view. and for such inietnal control as thE trustees d¢lennin¢ is necessary to enable the preparation of financial statements thai are free from material tni55tatem¢nt. whether due to fraud or error. In preparing the financial swementy ihe r￿￿1￿S are responsible for assessing Ihe charity's ability to conrinue as a going concern. disclosin& as applicable. matters relatrd io going concern and using the going concem basis of accounting unless the trustees either iniend to liquidate the charity or to cease operaiions. or have no realisiic aliemative bui io do so. Auditor's responsibiliti￿ for the audit of the financial statements Our objeciives are to obtain reasonable assurdnce a￿￿Trut whether the financial statemenis as a whole are free from material misstatement, wheiher due to fraud or eTror. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guaraniee rh￿ an audit conducted in accoTdance with ISAS (UK) will always delect a material misstaiement when it exists. Missiatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected io influence the e¢0￿Mi¢ decisions of users taken on the b￿lS of these financial statements. Irregularities, including fraud, are in5tan¢e5 of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined abo¥e, to del￿1 material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting iTregularitie5. including fraud is detailed below. Based on Our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-cornplian¢e with laws and regulations related io tTh51 law requirements over the use of restricted and endowed funds, and we considered the extent to which non-cornpliance might have a material effect on the financial ststements. We a150 considered those laws and r¢gulations that have a direct impact on the preparation of the financial slatements such as the Charilies Act 2011. We evaluated manag¢merti's incentive$ and opporh]nities for fraudulent manipulation of the financial stal¢m¢nt5 (in¢ludingthe risk of override of Control$), and deierniirted that the principal risks were related to posting inappropriate journal entries to income and management bias in aeeounting estimates. Audit proc¢dures p¢rformed by the ¢n￿g¢ment team included.. In5peeting correspondence with rtgulators: Discussions with management in¢luding wnsider*ion of known or suspected instances of non-compliance with laws and regulation and fraud- Evaluating management's controls designed to prevent and detect irregularities. Edentifying and testing journal entrie5- and Challenging a55UrnPtions and judgements rnade by management in their critical accounting estimates. A fijrther des¢ription of our re5ponsibili¢ies for th¢ #udit of the finan¢ial stat¢m¢nts is locatrd on the Financial ReFN)rting Coun¢il'5 website at: www. . This descriplion forms part of our auditor's report. Use of our report This report IS tnade 501¢ly to the charity's tru5te¢5, &5 a IxKly, in awjrdance with se¢tion 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work ha% been undertaken so that w¢ might 5tat¢ to the charity's trustees (hose matters we a￿ required io stsie to them in an Auditorfs report and for no oth¢r PUTP05e. To the fullest extent perniitted by law. we do noi accept or assume responsibility to anyone other than the clwity'5 trustees as a EN)dy for our audit work, for this report. or for the opinions we have fornied LLe Haysmacintyre LLP Statutory Auditors 10 Queen Street Place tA)ndon EC4R IAG Date.. 23.3.22 Haysmacinryre LLP is eligible to act as an audiior in tern￿ of section 1212 of the Companies Act 2006. QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021 Unr¢s¢ric¢¢d Restricted Permanent rund$ funds Ewdowment Fund Tot81 2021 Total 2020 Note Ineome from: Donaiions I￿e5¢￿ent 45.096 50,410 31 72.389 35,162 3.058 117.485 85,572 3,089 49.096 84.960 1.786 Oiher Total iTrcome 95.537 110,609 206,146 135,842 Expenditure on: Ckariiable aeiivitEes 44.352 53,434 97.786 80,394 Tot81 expenditure 44.352 53.434 97.786 80,394 Net ineome before gglns on Investments 51.185 57.175 108.360 55,448 Net gains on invesmKnts 196.447 135.623 332.070 15,776 Net inwm¢ and net mov¢ment' funds 247.632 192,798 440.430 71.224 Balances brought forward at l July 1.534.834 1.016.116 2.550,955 2.479.731 Balances ca￿led forward it 30 June ,782,466 1208,914 2,991,385 2,550,955 The statement of financial activities includts all gains and 1055e5 recognÈ%d in the year. The notes on pages 9 to 15 form part of the accounts. For full comparatives for ihe Ststement of Financial Activities stt note 12. QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST BALANCE SHEET AS AT30 JUNE 2021 2021 2020 Note FIXED ASSETS Investments 2.782.155 2.450.085 CURRENT ASSETS Debtors Cash ai bank 25.OlYJ 191,419 50.000 55.059 216.419 105,059 CREDITORS- amounts falling due within one year (7,189) (4,189) NET CURRENT ASSETS 209,230 100,870 TOTAL NET ASSETS 2,991.385 2,550,955 REPRESENTED RESERVES BY FUNDS AND Pem)aneni endowment ￿nd Restricted funds The Red Cloak Fund White Fund Dr Ceril Jones Fund .141.785 31.687 35.442 956,714 28,162 31,240 1,208.914 .016.116 Unrestri¢ted funds General funds 1.782,466 1,534.834 2,991.385 2,550,955 The accounts were approved and authorised for issue by the T￿￿tts on .14 F IL . and were signed on their behalf by- Trustee The note5 on pages 9 to 15 fonn part of the accounts. QUEEf4 ANIYE?S SCHOOL GET4ERAL CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED30 JU]YE 2021 ACCOUNfiNG POLICIFS The principal otTice of the Trust is shown on page l of the accounts within Reference and Administrative details. The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparaiion of the accounts are as follows.. BASIS of preparation The accounis have been prepared in accordance with Accountingand Ryrting by Charities: Sratement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeaive l January 2015) - (Charities SORP (FRS 102)) and the Financial Reporting Stsndard applicable in ihe UK and Republic of Ireland (FRS 102). The Tn￿tte% have taken the exemption available io small chariiies and have not prepared a cash flow statement. The Trust meds ihe definition of a public benefit entity under FRS 102. Assets and liabilities are initially rttognised ai hI￿Orical cosi or transaaion value unless otherwise stated in the relevant accouniing policy n￿e{SI Crltle818ecounting estlmates and ams of judgement Prepardtion ofthe accounis may require the Tn]stresio make significant judgements and e￿iMateS. No such judgements or estimates were requtred in the year. Assessment of gijlng eoneern The Tnjsiees have assessed wheiher the use of the going concem assumption is apprwiate in preparing these accounts. The Tn]stees have made this assessment in res￿ a period of one year from the date of appTr)val of these Accounts. The Tntstee5 of the Tnjst have concluded ihat there are no material uncenainiies relaied to events or conditions thai may cast SI￿lfICant doubt on the ability of the Tnjst ro continue as a going concern. The Tn￿leeS are of rhe opinion that the Trust will have sufficient resources to meet ils liabilities as they fall du Donations Donations are recognised when the Tnjst has confimlation of tx)th the amount and settlement daTr. In th¢ eventofdonations pledged but not received. the amount is a¢¢n￿d for where the receipi is corLSide￿d probable. L*gacies Legacies are Incl￿ in the Statement of Fi[wKi￿ Auiviiie5 when the Tn￿1 is entitled io the legacy, Ihe executors have established thai there are sufficieni Su￿[US assets in ihe emate to Wdy the legacy and any conditions attached to the legacy are within the control of the TrusL Entitlement is taken as ihe earlier of the d*e on which either= the TTUSt is aware that probate has been grnnted, the estate has ken finalised and notific￿lon has been made by the executor to the TTr￿1 that a distribution will ￿ made. or when a distribution is received from the estate. Receipi ofa legacy. in whole orinpart, is only considered probable when the amount can be measured reliably and the Trust has been n¢xified of the execu￿r'S inteniion io make a distribution. Where legacies have been notified to the Trust. or ihe Tn￿t is aware of the grantin8 of probate, but the criteria for income recognition have not been then ihe legacy is treated as a contingent asset and disclosed if material. Expenditure Expenditure is included on an accnjals basi4 inclusive of inycoverable VAT. Expenses are attributed to the category of expenditure to which tiw rel￿e. Financial instruments The Tnjst holds only financial instruments of a type which qualify as basic financial instruments as defined by FRS 102. Debtors DebtOTS are recognised at their settlement amount. less aTty provision for non-recoverability. Pryayments are Valued at the amount prepaid. They have bttn discounted to the present value of the fijwre cash receipi where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such ￿coUnts and instruments that are availabk on demand or have a maturity of les5 than ihre¢ Tnonths from the date of a¢qui5ltion. QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST NOTES TO THE ACCOUNTS (continufd) FOR THE YEAR ENDED 30 JUNE 2021 ACCOUNTING POLICIES (eolltln￿ed) Fixed asset investments Listed investh)enis are a forni of basic finaneial instrument WKI are initially recognised ￿ their transaction value and subsequently me&8ured at their fair value as at th¢ balance shect date using the closing quoted market price. Realised and unrealised investment gains (or losses) are ¢OTnbin¢d in the &atement of Financial Activilie5 and are credited (or debited) in the year io whi¢h they ￿15¢. Credltors and provlslo Creditor5 and provisions ar¢ re¢ogrtised wh¢n there 15 an oblig#iion at the ba]ance sheetdate a5 a result of a past even( it is probable thata tEan5f¢r Of￿0￿Orni¢ ￿n¢fit will be required in s¢ttlemenL and the amount of the settlemeni can be estimaied reliably. Cr¢ditor5 and [￿vIsIO￿5 are rewgnised at the amount the Trust anticipates it will pay to settle the debt. They have b¢¢n diswunl¢d to ihe present value of th¢ fvture cash payment where such discounting is material. Fund accounting Permane￿iEnd￿wmeU¥ FuNd The pernwnent endowinent represents the original £5 capital donated by the original Trnstees when the Trust was set up. Restricitdfunds Restricted funds contain monies which have been received whe¥etheir use has been restricted to a specifac purpose or where the donor ha5 imp)sed particular conditions on their us Unre51ricledfvnds Unrestricted funds be utili%d within the objects of the TTUSL DONATIONS Dortations Teceived by the Trust in 2021 and 2020 are ￿ unrestricted purposes except fordonations of£72.389 which were s￿¢if]eallY to suprth bursari¢s12020: l¢gaey of £24.024 whi¢h specifically to SUPP￿t bursaries). INVESTMENT INCOME Unrestricteil Funds Restrieted Funds Total Current year: Investment income 50.410 35.162 85,572 2021 Total Funds 50,410 35,162 85.572 Prior year: Investment income 50.003 34,957 84,960 2020 Total Funds 50.003 34,957 84,960 10 QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR Ef4DED311JUNE 2021 EXPENDITURE ON CHARITABLE A￿1VITIEs Unrestricted Fund5 Re5tricfed Fund5 Totsl C￿rrertt year: Bursaries to Queen Anne's School Gran15 to individuals Administrative expenses 44.250 52,434 1,000 96.684 ,000 102 102 2021 Tot#1 funds 44.352 53,434 97,786 Prior year: Bursaries to Queen Anne's School Grants to individuals Administrative expertses 46,937 33.310 80.247 147 147 2020 Tol*l fund$ 47.084 33.310 80.394 INVESTMENTS 2021 2020 Market value at l July Purchases in the year Net investment gains 2,450.085 2.427.424 6,885 15.776 332.070 Market value at 30 June 2,782.155 2.450,085 Historical cost at 30 June 1,556,635 1.556,635 The investment holding at 30 June cornpri5ed the following.. Managed Investments COIF- 87 760 income units (2020- 87.760 units) SUTL Cazenove Chariry Multi Assd Fund- 1.870.515 itKome units (2020- 1.870.515 in¢ome units) 1.688.839 ,472.554 1.093.316 977.531 2.782,155 2,450.085 QUEEN ANNE'S SCHOOL GENERALCHARITABLE TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR Ef4DED 30 JUNE 21121 DEBTORS 2021 2020 Contributions from Queen Ann¢'s S¢hool 25,000 50.0(KJ 25.000 50,0(K) CREDITORS: Amounts falling due within one year 21121 2020 Sundry creditors 7,189 4,189 7,189 4,189 AMOUNTS HELD AS AGENT 2021 2020 Invested on beh2lf of QueeD Artoe'$ Sthotsl In respect of: The Siallard Legacy The following were held on behalf of the Queen Artne's School: Schwl Music Fund O¢neral D¢v¢lopment Fund The Winterton Fund Queen Anne's Sch(M)I Sports Fund Schwl Entranee FuDd 61 61 9.259 27,120 26,000 134,315 100 3.329 8,445 26,000 134,315 196.855 172.150 As these amounts are held as agent. they have been excluded from the balance sheet in accordanee with the Charities SORP (FRS 102). 12 QUEEN ANNE'S SCHOOL GENERALCHARITABLE TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2021 FUNDS A$4t J￿lY 2020 Asat 30 June 2021 Gains on Income Expenditure investments Transfers Unrestrieted fund General fund Restricted funds Red Cloak Fund White fund Dr C¢ril Jones Fund Permanent tndowment lllnd .534.834 95,537 (44.352) 196,447 1,782.466 956.714 28.162 31240 108,648 882 1.079 (51,684) (750) (1.0￿} 128.107 1.141,785 3.393 31,687 4.123 35,442 2.550.955 206.146 (97,786) 332.070 2,991,385 Asat l July 2019 Asat 30 June 2020 GAin5 QD lTrcome Expenditure investmethts TraDsfers Unrestrffict￿ fund General ￿nd Restricted funds Red Cloak Fund Warner fund White fund Dr Ceril Jones Fund Permanent endowment fuud 1,496.774 75.119 (47.084) 10,025 1.534,834 925,030 (925,030) 58.772 (32,560) 5.472 956.714 925.030 27.895 30.024 877 1.074 (750) 137 142 28,162 31,240 2,479.731 135.842 (80,394) 15,776 2,550,955 The Warner fund was estsblished from a donation by a fom)er pupil at th¢ School. Its PUTPOSe is to fund bur5arie5 for pupils at the Sch¢x)l. During the year. the original settlor of the Wam¢r Fund agreed to become the founding donor of the new Red Cloak Fund and ihe monies in the Warner Fund wer¢ therefore transfeTTed to the new Fund. The School also iTansferred its Red Cloak Fund monies into this new Fund. The purp(w of the new Red Cloak Fund is to provide bursaries forgirls applying io Ihe Sch(KJl whocould oiherwi$¢ Thxafford th¢ f¢¢s includin& where needed, a contribution tOWdrd5 extra items such as unifom and school trips. The Whi¢t fund was set up through a legacy from a fornRr pupil ar the Sch(M)l. The l*qu¢$t is for the foundirjg of a s¢holarship known as Tr Jaqueline White Scholarship. awarded to a pupil at the S¢hool. The Dr Ceril Jones ￿lld was established in memory of a fornier parent at th¢ School. It fvnds an annual grant to a pupil at the School who has shown an inieresi and promise in subjects ttlat¢d to 5¢ien¢e. 13 QUEEN ANNE'S SCHOOL GENERAL CHARrrABLE TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED30 JUNE 2021 10. ANALYSIS OF NET A&SETS BETWEEN FUNDS Flxed Assets Current Assets Nel assets Current year analysi5: Unrestricted fund General fund Restrl¢t¢d fund$ Red Cloak Fund White Fund Dr Ceril Jones Fund Permane#t endowment fund 1.643.097 139,369 .782.466 .075.770 28.534 34.754 66.015 3,153 688 1,141.785 31,687 35.442 2.782.155 209230 2.991,385 Current Assetsl {Liabilities) Flxed Assets Net asset5 Prlor yeAr 4n*tysb: Unrestricted lund General fund Restricted funds 1.446.651 88,183 1,534,834 Warner Fund 947.063 25,140 30,631 9.051 3.022 609 956,714 28,162 31,240 White Fund Dr Ceril Jones Fund Permanent endowment 2.450,085 100,870 2,550,955 14 QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST NOTES TO THE ACCOUNTS {¢onlinued) FOR THE YEAR ENDED 30 JUNE 2021 RELATED PARTY TRANSACTIONS The United Westminster and Grey Coat Foundation The charity has close link5 With the United We5tmin5ter and Grey Coat Foundation, a register¢d COTnpany (number 11464504) and charity (number 1181012). lis object is the provision of five schools. including the School. Tr8nsactions with th¢ School a￿ thown in note 4. At 30 JUD¢ 2021 th¢ Tw5t was owed £25,000 (2020 £50,000) by the School (note 6). and held funds as agent for the Schwl as disclosed in n￿e 8. 12. COMPARATIVE STATEMENT OF FINANCIAL A￿1VITIEs Unre5trirted Restricted Permanent funds fund5 Endowment Fund Total 21120 Note Income from: Donalions I￿e$l￿e￿I5 Oiher 25.072 50.003 24.024 34.957 1.742 49.096 84,960 1.786 Total ineomt 75,119 60,723 135,842 ExpenditUT¢ on: Charitable aclivi¢ieJ 47,084 33.310 80,394 Tot81 expenditure 47,084 33.310 80.394 Net Income before gains on Investments 28.035 27.413 55.448 gains on investments 10.025 5.751 15.776 Net income and net movement in funds 38,060 33.164 71.224 Balances brought forward at l July 1,496,774 982.952 2.479.731 Bal8n¢e$ urried forw*rd •¢ JO JUD¢ 1,534,834 1.016.116 2.550,955 15 QUEEN ANNE'S SCHOOL GENERAL CHARJTABLE TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021 Charlty Registrstion Nurnber: 296618 QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST REPORT AfqD AccouKrs FOR THE YEAR ENDED 30 JUNE 2021 CONTENTS Page Reference and administrntive details Trnstres, report Ind¢pendent auditor's report Stat¢ll￿nt of financlal activities Balance sheet Notes to th¢ accounts QUEEN ANNE'S SCHOOL GENERAL CHAR￿ABLE TRusr REFERENCE Arm ADMINISTRATIVE DETAIiS FOR THE YEAR ENDED 30 JUNE 2021 Trustses Mx R F Penfold r D Charles Ms A J Wiscarson Secretary Mr E Hellings PriTr¢ipal address Queen Anne's S¢hool Henley Road Caversham Reading RG4 6DX Charlty registration number 296618 Independent Auditor Haysmacinryre LLP 10 Queen Street Place London EC4R IAG Prlneip21 bankers Barclay5 BaT]k pl¢ Leicester LE87 2BB Inyestmellt mAoagers CCLA IDV¢Stm¢nt Managematt Limttsd 80 Cheap5id¢ Inndon Ef2V 7QA SchrodeT5 Inv¢51tryents Limited 3 1 GTesbam Street London EC2V 7QA QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST TRUSTEES? REPORT FOR THE YEAR KNDED 30 JUNE 2021 The TTUSte&8 present their statuiory report with th¢ a¢tounts of Queen Anne's Sch¢)ol General Charitable Trwst (Yhe Trust,) for the year ¢nd¢d 30 June 2021. The accounts have be¢n prepared in accordanre with the accounting policie5 set out on pages 9 to 10 of the attached accounts and ¢ornply with the charity's tr￿t dttd. the Charities Act 2011 and Accounting and Re￿rting by Charities- Statement of Recomm¢nded Practice applicabl¢ to charities preparing their awounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). effective foraccounting years commenclngon l January 2015 or later. GOVERNANCE, STRUCTURE AKD MANAGEMEI Status The Tnjst is a registered ¢harity. number 296618, gov¢rned by a de£d dated 22 Febnwy 1983. Charitable objective The T￿￿1,$ objective is the fvrtherdnce of any charitable purpose connected with Que¢n Anne's School C'the School"). This object 15 ￿1￿£ fulfilled by the provision of bursaries for pupi15 attending the School and by the provision of fjnancial support for various fundraising ¢v¢nts and other it¢ms. tn making decision5 about the WAY in which the Trust fulfils its object, the Trustees have had due regard to the Chority Commission'5 public benefit guidance when exer¢i$ing any p)wers or duties tr) which the guidance is relevant. Organisation The ThL%t Is the responsibility of the Board of T￿$t￿$. The ftsllowing s¢rY¢d as TNstees since l July 2019.. Ms A J Wiscarson Ms S A Thewlis (resigned 5 November 2020} Mr R F Penftild Mr D Charle$ (appointed 28 January 2021) There are no employ¢e5 of the Th Rlsk management Th¢ key risks facing the Trust are assessed and di$￿$s¢d at wiodic Trustees. meetings. Ttvstees consid¢r the stability of income yield on their iMve5tm¢nts th¢ largest tbreat to the Trust's ability to meet the funding Committed to the s(ud¢nts of the School. By regu]ar monitOTing of the investm¢nt4 the TnL￿s aim to mitigate this risk Re]8ted eharlties The Trust close link5 with the Sch(KJl and with th¢ United Westminst¢r and Gr¢y Coat FoundatlOD, a chaTity registered in England and Wal¢s, re8iStration number I 181012. Transactions witb alld amounts due from the School alr disc105ed in notes 4. 6, 8 and I I to the accounts. Investment Poli Except for the £5 permanent ¢ndowmeDt. the Red Cloak FuD(L the White Fund and the Dr Ceril Jones Fund at]d where appeals are launched to supportspecific iterns. the Trustees have the di￿retion to manage the assets of the TTUSt 0$ appropriate to rneet the Trust's objecL Th¢ Trust¢¢5 review the inVestn￿nt w)lTrcy and holding5 annually. QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRusr TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 30 JUNE 21121 REVIEW OF PEKFOMANCE FOR THE YEAR AND FUTURE PLANS During the year the Trust funded bursaries to six (2020: six) pupils at the School amounW to a total of £96,684 (2020.. £80,247), to assist in the ffijrtherance of their educatioll. The app￿ to provid¢ fimds for the generdl benefii of the School continued. The Red Cloak Fund ap￿81 continued. to provide fimding for transfonnational bursaries for fijture pupi]5 at th¢ School. The Trustees remain grnteful to the origtnal settlor of the Wamer Fund for aweing to the transfer of the monies in the fonner Warner Fund into the Red Cloak Funrl In addition io school fees it will cover, if needed, extras such as uniforni and school trips. The long terni airn 15 to continue to appeal foT 5UPEM)rt for tbis substsntial Fund frorn fortner pupils. parents and others with a cowiection to the School. #nd forthe provision of burwi¢s to be expanded as much as possible. The fjrstrecipient of a Red Cloak Award joined the School in Sept¢mber 2019 and continues to make very good progress. A second Red Cloak Award was made in September 2021 aDd tbe recipient is also tsking fuu &dvanta8e of a Queen Anne's education. The TnJstee5 plan to continue the exisling adivitie5 of the TnESt for the foreseeable fimjre. As notsd in the awount5, th¢ TnLSt holds certain funds as agertt on i￿half of the SchooL principally consisting of the School's dev¢loptn¢n¢ appeal monies. During th¢ year. appeals remained open for Genernl Development and for Musi4 with a tolal of £24.604 including Gift Aid received. These arnounts were paid over to the Sthool shortly after the year end. Specific iterns requiring supprt in the fvttwe will be kept under review. Tn￿ colltitiu¢ to claim Gift Aid on donations wbere possibl¢. FINANCIAL REVIEW Results for the year A sumtnary of the results for the year can be found OD page 7. Total income was £206.146 Q020- £135.842). Expenditure w&$ £97,786 (2020 - £80.394). This ineluded graTrts to the Sch¢)ol of £96.684 (2020: £80,247) in re5P¢Ct of bursaries award¢d and grants direct to iJ)dividuals of £l.000 (2020- £nil)- N¢t 8aTrns on investments were £332.070 (2020- £15.776). Overall. fi￿dS InCre￿d by £440.430 (2020 - £71,224). Re5erve5 policy Reserves in the general fund are held to cover firture exwditrjre and to maititain sustainable bursary to the School for the foreseeable fijture. The Trust's inv&stsnent holding5 g¢n¢r* income which is used w fimd the Tn￿t'S activities. Financial posltlOD Unrestrided fi￿dS at 30 June 2021 w¢r¢ £1.782,466. The Truste¢5 consider that this level of free Teserv¢5 provides the Trust with sutricient fijnds to cnable it to meet its obligations over tbe next 12 month5 and to meet the policy objectives outlined abov¢. Statement of Trustees, responsibilities The Th￿te¢S are respo￿lble for pr¢pariDg Ibe aT]nual report and a￿)Unts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G¢nerally Accepted Accounting Practice). QUEEN ANNE*S SCHOOL GENERAL CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 30 JUNE 2021 Statement of Tru5tses' respon$lbilities (continued) The law applicable to tharitie$ in EnglarLd and Wal&$ requitts th¢ TNslees to pr¢pare ￿￿oUntS for ea¢h financial y¢8r whith give a true and fasr view of the state of affair5 of the Trust and of the income and expenditure of the Tntst for that year. In prep￿ing these accowits. the TTh￿¢$ are r¢quired to: • Selert 511itable accounting policies and then apply them consisiently. Observ¢ the tnethods and principles in Accountin8 and Reportoig by Charities: Staterne￿ of Recommended Practice applicable to charities prep￿illg their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republi¢ of Ireland (FRS 102). Make judgements and estimates that are reasonable and prndenL • State whether applicable Unit¢d Kingdom Accounting Standards bave been followed. subject to any rnaterial departures disclosed and explained in tlke a¢￿unts. and Prepare the aC￿llnts on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The TTUStees are responsible for keeping proper a¢counting records that di￿lOse wilh reasonable a¢¢uracy at any time the rinancial position of the Tnjst and enable them to c￿*u[e that the Jccounts compty with the Charities Act 2011. applicable ch￿ity (Acc04Jnts and Reports) Regulations and the provisions of the ch8riry'S trust de¢d. They ￿e also responsible for 5afeguaTdin8 the 18sets of the Trust and hence for ¢akin8 r￿Onable steps for the prevention and detection of fraud and other itTegularities. Signed OD behalf of the Board of Tn Trus(ee Approved by the Board of Tntstees on: lo F INDEPENDENT AUDITORS, REPORT TO THE TRUSTKES OF QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST Oplnlon We have audited th¢ financial stat¢ments of Queen Anne's School General Charitable Tn￿t for the yw ended 30 June 2021 which compTise th¢ Statement of Financial A￿1VItie% Balanc¢ Sheet and note5 to the fulancial Statements. including a summary of significant accountitLg policies. The financial reForrin8 framework that has been applied in their pr¢paration is appli¢able and United Kingdom Accounting Standuds. in¢ludingFinancial Reporting Standard 102 The FinancialReporlingS¢ondard applicoble in ihe UK andRepublic ofJTeland(United Kingdom Gen¢rally Accepted Accounting Practic¢). In OUT opiniou. the financial statements: give a￿¢ and fair view ofthe stste of the charity's affairs as at 30 June 2021 and of the charity's ne¢ movement in funds for the year then ¢nded- have been properly prepared in acwrdanc¢ with United Kingdom G¢n¢rally Accepted Accounting Pradi¢e' and have b¢¢rt prepared in a¢cotdance with the requirements of the Charities A¢t20I A. Basis for opinion We have be¢n appointed as auditor under se￿10n 144 of th¢ Charities Act 2011 and report in accordan¢e with the A¢t and rel¢vant regutations made or having effect thereunder. We conduded our audit tll acwrdance with Intemational Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under thos¢ standard% are furtberdes¢ribed in the Auditor's responsibilit1¢5 for the audit of the fllwLcial ststements section of our repo￿ We are indyndetrt of the charity in accordonce with the ethical requirements that are r¢levant to our audit of the f￿anCIal statements in the UK, including the FRC'S Ethi¢al Standard. and we have thifilled our oth¢r ethi¢al responsLTriliti¢s in accordance with these requiren)ents. We believe that the audit evidence w¢ have obtsined is sufficient and 4>propriate to provide a basis for our opinion. Conclusions relating to going Concern In auditing th¢ finan¢ittl staternenw w¢ haye wncluded that the buste¢s' use of the going conm basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have p¢rformryi we have not identified any rnaterial wttrtwnti¢s relating to events or conditions tha¢ individually or collectively, may cast significant doubt on the thariry's *bility to continue as a going concern for a period of at least twelve months from when the financial st4t¢ments aTe authoTised for i￿ue. Our r¢sponsiTr>ilities and the Tesponsibiliiies of the with respect io going concern are described in the relevant 5e¢tions of this report. other inform#tlon The twstees aT¢ responsible forthe other infoTmtion. The other inforniation comprisesthe information included intheTTUStees' Annual Report. Our opillion on the fujancial statements does noi cover the other inforn￿tion and, exceptto the exlent otherwise explicitly stated in our r¢po¢ we do not exwess any form of a55urance conclusion thereon. In connection with our audit of the fjnancial statrments. our r¢sponsibility is to read the other inforniation and, in doing so, consider whether the other infortnation is materially inconsistentwith thB fmancial statem¢nts or our knowledge obtained in the audit or otherwise app¢atS to be matertally misststed. If we identify such material inconsi5tencie5 or appar¢ni material misstaternents, we are required to detennine whether there is a material misststement in the fllwArial statern¢nt5 or a material ynisststeTD¢nt of the oth¢r infonnation. If. based on th¢ work we hav¢ performed. we conclude that there is a matersal misstatement of this other infornjatiofy w¢ are required to report that fact We hav¢ nothing to rep)rt in this regard. Matters on whieh we 8re required to report by exception We have nothing to report in respect of the following mattets in rekntion to which the ChaTities (Arxounts aTrd Reports) Regulations 2008 require us to report to you if, in our opithion: adequate acco￿ting records have not beeD kept by the charity: Of sufficient accounting recotd5 have not been keptr. or the Clwity financial statements 3r¢ not in agreement with the accounting records and returns: or we have not received all the infortnation and explanatsolls w¢ requir¢ for our audiL Ir4DEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST Responsibilitles of trustees for the finAneSal ststemellts As ¢xplained more Ojlly in th¢ trustees. r¢5PODsibiliti¢$ statsrnentsthe twstees areresponsible for the Preparation ofthe fmancial statements and for being satisfied that they give a true and fair vi¢w. and for such internal control as the tswtees deierniine is necessary to enabl¢ the preparation of fLnancial statelnents that ar¢ free from material misstatemenl whether due to fraud or error. In pr¢paring the fmanci81 staternent4 th¢ tN5tees are respo￿1￿1¢ for &%se55ing th¢ charity's ability to continue as a going ¢onc¢m, disclosing, as applicable. Matters related to going concern and using the going concern basis of accounting unless the frustees either intend to liquidat¢ th¢ ¢lwity or to ceas¢ operntion5. or have no realisti¢ alternati￿ but to do so. Auditor's responsibilities for the audit of the financial stgtements Our objectives are to o￿aIn reasonable 85surwnce aknut whether the fynanci￿ stat¢ments as a whole are free from material misslatemenL whether due to fraud or etror. and to issue an auditor's report that includes our opinion. Reasonable ￿sUranCe is a high level of assurance, but is not & guarantee that an audit conduct¢d in awjrdance with ISAS (UK) will always detect a material misstatement when it exists. Misststements Can arise from fraud or error and are considered matErial if. individually 01 in the aggregate, they could reasonably be expethd to influence th¢ economic decisions of users taken on the basts of th¢se rinancial statements. Irregulariiies. Éncluding fraud, are instances of noll*complian¢e with laws and regulations. We desi￿ procedures in line with our responsibiliues, outlined above. to detxt material misstat¢ments in r¢spect of irregularities. including fraud. The extent to which our procedures are capabl¢ of ddectiDg irregularitie4 including fraud is detsiled below. Based on our under5talld?ng of ihe charity attd th¢ enViron￿t in which it oFr8tes, we id¢ntified that the prillcipal risks of non-complian¢e with laws and r¢gulations related to tsi]st law requirements over the use of restricted and endowed fund5, and w¢ considered the extent to wht¢h non-compliance mi8ht have a material effect on the ￿n￿cIal ststernen￿ We a150 Considered those laws and regulations have k dir¢¢t impact on the preparation of the financial statements such &8 the Charitie$ Act 2011. We evaluat￿￿ manag¢nKnt's iTh¢entiv¢$ and opportunities for frnudulent manipulation of the fjnancial statements (including the Ti5k of ove￿ide of wntrols), and det¢miin¢d that the principal risks were related to posting inappmpriate journal entries to sncome and malla8ement biL% in accounting ¢stimates. Audit procethues F¢rfornied by the engagernent team included: Inspe¢ting correspond¢nce with regulators: Discussions with management includsng c4)nsid¢ration ofknowi) OT SUSP¢Cted instances of non-compliance with laws aDd regulatioTh aDd fraud. Eva]uatiDg managcrnent's controls designed to prevent and d¢tect iThegularitie5: Idenlifying testing journal entries. and Challenging a&8umption5 atul judgements made by management in their critical accounting estimat¢S. A fvrther d¢5cription of our rnations are recognAsed when the Trusth&s confirn)ation ofboth theamount and settlementdat& Inth¢ ¢ventofdonations pledged but T￿t receive4 th¢ amount is ￿Cru￿ for where the receipt is considered probable. L￿a¢l¢S t£gacie% are included Tn the Siatement of FinaJ]cio1 Activiti&s when the Trust is eniltl¢d to the legacy. the exexutors have established that there are sufficient Surplus in the estste to toy the legacy and any conditio]]s att￿hed to the legacy are within the ¢ontrol ofthe Tn Entitlement is taken as the earlier of the date on which either. the TDJsi is aware that probate has been pit¢￿ the estate has been finali5¢d and Tkotification hL8 been rnade by the exttulor to th¢ Trust that a distribution will b¢ made. or when a distribution is r￿eivedfr0rnth¢ estst¢. Receiptof a l¢gacy, inwhol¢ orillpa￿ isonly con5ideredprobablewhen the amount canbe m¢&sured r¢liably and the TTr￿1￿ been notified of the ex￿utOr'S intention to make a distribution. Where legacies have E¢￿ notified to the Tn￿ or th¢ Tn￿[ ts awatt of th¢ granting of probatr, but the criteria for incorne reco￿ltI0￿ have not been meL then th¢ legacy is treated as a conting¢nt ass& and disclosed if materi￿. Expenditure Expenditure is included an a¢a￿al3 IASIS. inclusiv¢ of irre¢overable VAT. Expenses are attnbuted to th¢ category of expenditure to which they ￿1¥41¢. Financial instrument5 The Tn￿ hold5 only fuwicial i￿￿￿￿ellts of a type which qua]ify &8 basic fmancial it￿ents as defined by FRS 102. Debtors D¢btors are recO￿lSed at their settlement amounL less anyprovision for non-recovttability. ]¥epayments are valued at the amount prepaid. They have b¢en diwunted to the present valu¢ of th¢ fllbjre cash re¢eipt where such discounting is rnateriaL. CJsh at b*nk and In hand Cash &t bank and in hand r¢presents such aecounts and instsuments that pre available on denllnd orbav¢ a matyrity of les5 than thr¢e months from the date of acquisition. QUEEN AF4NE?S SCHOOL GENERAL CHARITABLE TRUST NOTES TO THE ACCOUNTS (¢ontinved} FOR THE YEAR ENDED 30 JUNE 2021 ACCOUNTING POLICIFS (continued) Fixed 8sset Investments Listed investments are a fonn of ba51¢ fjnanciai instrument and pre initially reco￿lSed ai their transaction value and subsequentiy measured at their fair Val￿ &8 at the ba]ance sheet date using the closing quoted n]arket price. Realised and llnreali5ed inv&siment gasn5 (or lo&ses) are combined in the Ststement of Financial Activitkes and are credited (or debited) inthe year in which they ari*. Creditorn provi5i0DS Creditor5 and provision5 aTe reco￿lsed when there is ￿ obligation at the bAlallce sheet date as a result of a past event, il is probablethata trallsferofewnomicben¢fit willberequiTed in settlemenL and the amountofthe settlement canbe estimated reliably. Creditors and provisioL8 are reW￿lsed at th¢ amount the TTUSt onticipates it will pay io settle the debt. They have l*en discounted to the present value of th¢ fikn payment where suth dsscowiting is Ma￿la1. Fund aceounling Ptrnidneni Endowment Fund The pernianent endowment fund repY&8eEts th¢ original £5 capital donated by the oriwnal TTUSt¢es Wh￿ th¢ Trust wa5 set Restrleiedfwid5 R¢stricted fi￿d5 Contain mon?e5 whichhaveE*enTeceiYed %thuEd*iruse has beeorestrictedto a$￿¢lfiC PUTPOS¢ orwhere th¢ dottor has impowl p&ticular ¢ondtiion5 on their use. Unroirlrtedfunds Uyjrestricted funds Gan be utili5ed within th¢ objttts of the TnL%t. DONATIONS Donations re¢eivedby the TnLSt in2021 and2020 are for UT]restrictedpurp05¢5 except fordonations of£72J89 which were 5￿CIfiCallY lo support burs8ri&% (2020.. legacy of £24.024 which was sp¢cifically to support bursaries). INVESTMENT INCOME Unrestrlcted Funds Restricted Funds Total Current year: Investment in¢ome 50.410 35.162 85,5r2 202I Total Funds 50,410 35.l62 85.572 Prlor year: Invesknent in¢om¢ 50.003 34.957 84.960 2020 Totsl Fwids 50.003 34,957 84.900 io QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRUST NOTES TO THE ACCOiINTS (continued) FOR THE YEAR ENDED 30 Juf4E 2021 EXPENDITURE ON CHARITABLE ACTIVITIFS Ullre5tri¢ted Fund$ Restricted Fvnd5 Totsl Current year: Bursaries to Queen Anne's School Grants to individuals Adniinistrdtive expense5 44.250 52,434 1.000 96,684 1.000 102 102 2021 Totsl funds 44,352 53.434 97,786 Prlor year: Bursarie5 to Queen Anne's S¢hth)I Grants to indivith]ais Athninistrative expe]Lses 46.937 33.310 80,247 147 147 2020 Total 47.084 33.310 80.394 INVESTMENTS 2021 21120 Market value 8t l July PUrd￿Se$ in the year Net investment gains 2,450,085 2,427,424 6,885 15,776 332.070 Market value at 30 June 2.782.155 2,450.085 Historical cost at 30 June 1.556.635 1.556,635 The investment holding at 30 June CODwrised the following: Managed SDvestmeDts COIF - 87 760 income uttits (2020- 87.760 utiits) SUTL Caz¢uove Charity Mujii A&set Fund - 1.870.515 income units (2020 - 1,870.515 illcotne units} 1,688,839 1,472.554 1.093,316 977.53 1 2,782.155 2,450,085 QUEEN ANNE'S SCHOOL GEf4ERAL CHARITABLE TRUST NOTES TO THE AccouKfs (coDtitslled) FOR THE YEAR ENDED 30 JUNE 2021 DEBTORS 2021 2020 Contributions from Queen Anne's S¢hool 25.000 50.0( 25,000 50,000 CREDITORS: AmouMts falling due within one ye8r 2021 2020 Sundry creditors 7,189 4.189 7,189 4.189 & AiwJouNfs HELD AS AGENT 2021 2020 Invested on behalf of Queen Anne's School in Mpect of: The Stallard tLgacy The followlng were held on ljehaiftsf the Queen Anne'5 Sebool: School Music Fund Generdl Development Fund The WirLterton Fund Queen Anne's Sch￿} Sp)rts Fund School Entrance Fund 61 6l 9.259 27.120 26,000 134.315 100 3.329 8.445 26.000 134.315 196.855 172,150 As these amounts are held as ageni they have iwi excluded from the balance sheet in accordance with the Charities SORP (FRS 102). 12 QUEEN ANNE'S SCHOOL GENERAL CHARrrABLE TRUST NOTES TO THE AccouKfs (eoDtinu¢d) FOR THE YEAR ENDED 30 JUNE 2021 Fuf4DS A58t l July 2020 A58t 30 June 2021 Gains on Incom¢ Expendltllre Investmenls Tr*llsfers UDrutricted fund General fund Restricted fund$ Red Cloak Fund White fimd Dr Ceril Jon&s FUTr Permanent endowment fund 1.534.834 95537 {44,352) 196.447 1.782,466 956.714 28.162 31,240 108,648 882 1.079 (51.684) (750) (1,000) 128.107 1,141,785 3.393 31,687 4.123 35.442 2.550.955 206,146 (97,786) 332.070 2,991,385 Asjt l July 2019 Asat 30 June 2020 G8ln5 OD ltteoD)e Expenditure investments Tr*Msfers Unrestricted fund Gen¢rnl fund Rwtrleted funds Red Cloak Fund Warn¢r fi￿d Whitc fund Dr Cerii Jone5 Fund Permanent endowm¢nt fund 1.496,774 75.119 (47.084) 10.025 1.534,834 925.030 (925.030) 58.772 (32,560) 5.472 956,714 25.030 27.898 30.024 877 1.074 (750) 137 142 28,162 31240 2,479,731 135.842 (80.394) 15.776 2,550.955 The Warner fund was ¢stsblished from a donation by a fornier pupil at the School. Its puryose is to Sjnd bursaries for pupils at the School. During the year. the original s¢tdor of the Warner Fund agreed to become the founding donor of the new Red Cloak Fund and th¢ rnonies in the Warn¢r Fund were therefore transferred to the new F￿lld. The School also traTssf¢rred its Red Cloak Fund moni&s into thi5 new Fund. The purpose of the new Red Cloak Fund is to provide bursaries forgir]s applytn8to the School who could otherwis¢ not4fft¥rdthe includin& where needed. a contribution towards extra items such as uniforni and school trips. The White fund was set up througb a legacy from a forn)er pupil ai the School. The bequest is for the founding of a scholarship known as The Jacqu¢lille White Scholarship. awarded io a pupil at the Sthool. The Dr C¢ril Jones fi￿d was &stsblished in memory of a fornier parent at the School. It funds an annual grant to a pupil at the School who has thwn an interest and pron￿Se in subjects relat￿1 to science. 13 QUEEN ANNE'S SCHOOL GENERAL CHARITABLE TRusr NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2021 10. ANALYSIS OF NET A&SETS BETWEEN FUNDS Fixfd Current Assets Net assets CurreDt year 2ttalysls: Unrestricted fund General fund Restricted fund$ Red Cloak Fund White Fund Dr Ceril Jones Fund Permanent endowment futtd 1.643,097 139J69 1.782.466 1.075.770 28,534 34.754 66.015 3.153 688 1,141,785 3 1.687 35.442 2.782,155 209230 2.991,385 Current A95etsl (Lixbilities) Flxed A55et$ Net assets Prior year analysis: Unrestri¢ted fund Genenl fijnd Restricted funds Warner Fund Vthite Fund Dr C¢ril Jon¢s Fund Permanent endowment fund 1.446.651 88.183 1.534.834 947.663 25.140 30.631 9,051 3,022 609 956.714 28,162 31.240 2.450.085 100.870 2,550.955 14 QUEEN ANNE'S SCHOOL GENERAL CHARrrABLE IIIUST NOTES TO THE AccouTrrrs (continued) FOR THE YEAR ENDED 30 JUNE 2021 11. RELATED PARTY TRANSACflONS The United We5trninster and Grey Coat Foundation The charity has close links with tlJ¢ United Westminster and Grey Coat Foundation. a registered company (number 11464504) and charity (number 1181012). Its obje¢t is the provislon of five school4 induding the School. Transactions with the School are shown in note 4. At 30 June 2021 the Trust Wds owed £25.000 (2020 £50,000) by the School (note 6). attd held fillth as agent for the School a5 disclosed in note 8. 12. COMPARATIVE STATEMENf OF FJNANCIAL ACTIVITILS Unrestricied Reslrieted funds ruDds Permanent Endowment Fund Totsl 20211 Note Income from: Donations Imwlments O¢her 25.072 50,003 44 24.024 34.957 1.742 49.096 84.960 1.786 Tot81 Jneome 75.119 135.842 Expenditure on: Charitable aaivilies 47.084 33.310 80.394 Totsl expenditure 47.084 33.310 80,394 Net income before gains on investments 28.035 27.413 55.448 Net gains on investm¢nts 10.025 5,751 15,776 Net income and net movetttent rwids 38.060 33.164 71.224 Balances brougbt forW￿d at l July 1.496.774 982,952 2,479.731 Balances carried foTW4Td It 311 June 1,534.834 1.016,116 2.550.955 15