Registered Charity Number: 298986 GGS SCHOOL FUND Flnanclal Statements for the year ended 31 August 2022
GGS SCHOOL FUND CONTENTS Page Trustees, Report Tndependent Exan]iner'8 Report ststenwit of Financial ActivAties BalaTLce Sheet Notes to the Financial Statements 7-12
GGS SCHOOL FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees pres¢nt theiT Teport for the year ended 31 August 2022. Structur& Governance and Management Th¢ TThstces who scrvcd in thc yr W¢TC as follows: G S Wybar M D Moaby (Appointed 12 July 2022) D J Lewis (Appointed 12 July 2022) S L Tremain (Appointed 12 July 2022) M Fall (Resigned 12 July 2022) The Charity was established by Trust Deed dated 6 May 1987 as amended on 4 December 1996 and was registered with the ChaTity Commission, No 298986 on 25 July 1988. The CILaritys address is The Decus Educational Trus( Churcb WalL Milton, Grnves¢nd, K¢n¢ DA12 2PII The board of trustees administers the charity. No trustees receive any remuneration for their duties. The day to day responsibility of the running of the charity lies with the management of The Decus Educational Trust. The ChaTity's Independent Examiner is Louise Hallsworth FCA of Messrs Baxter & Co, Lynwood House, Crofton Roa4 Orpington, KenL BR6 8QE and its bankers are HSBC. Objects, Organisation, AetiVAties and Public Benefit The Clwity ig estsblished to promote and advance the education of the students of The Decus Educational Trust. The Charity is administered by a council of management made up of the above naDd TTUStee5. Day to day management of the Charity is delegated to relevant staff of The Decus Educational Trust and the Truste are responsible for setting the strategy and monitoring the activities of the fund. Activities include fund-raising from parents of tbe students of Grav¢send GTammar School, an academy within The Decus Educational Trust, to be applied in the fltherance of the Cbaritys obje¢tiv¢s. We were pleased to offer a wide range of extra-currlcular activlties for students, including arts and sports. Numerous day trips took place to conferences, theatres, Computer History museun Hampton Court Palace and Geography trips, all complementing the curriculum offered by the school. Residential trips included Yorkshire walking, Rona sailing and summer camp, with several more in the pipeline for future. Page I
TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Students and staff also raised funds foT various charities including Movember, Save the Children and VoleYes. PaTental donations to the charity ar¢ deployed by the trnstees to assist disadvantaged children in attending educational visits, and to support a wide range of eKtracuTTicular activities, including sport, drama and music. In setting our objectives and planning our activities. the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. Rlsk Assessment The Trustees have considered the rnajor risks to which the Charity is exposed and appropriate systems are in place to manage these. Financial Review The attached Financial Statements show the current stat¢ of th¢ finances which the TStee$ consider to be sound. Funds of £146,038 (2021: £161,909) have been accumulated at 31 August 2022 which are made up of restricted funds of £43,543 (2021: £28,988), an endOllent fund of £1,521 (2021: £1,521), numerous designated funds totalling £6,154 (2021: £38,944), leaving a balance of £94,821 (2021: £92,456) for general purposes. ATh analysis of these funds is included in tbe notes to the accounts. R¢strict¢d funds include a legacy of £20,043 T¢¢¢ived in 2013. Policy on Reserves The Charity's policy on r¢serve5 is that unrestricted, non-designated funds should not exceed £ioo,000. Future Plans The trustees plan to Continue with current activities and School trips, which are n]Dning successfully with few r¢strictions. There have been several language experienee trips to Fran¢¢ and Gern]any and future trips planned for Spain and the fst ski tiip to Italy for a couple of years. Signed as approved on behalf of the Trustees by: Date: (Trnstee) Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GGS SCHOOL FUND l Teport to the InteeS on my examination of the accounts of the Charity for the year ended 31 August 2022 which are set out on pages 4 to l l. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in caTrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act. Independent examiner's ststement Since the charity's gross income exceeded £25,000 l am qualified to undertake the examination being a member of the Institute of Chartered Accountants in England & Wales, which is on¢ of the listed bodies. I have compl¢t¢d my examination. I confirni that no material matters have come to my attention in connection with th¢ examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by seciion 130 of the Act. OT th¢ accounts do not accord with those records; or the accounts do not comply with the applicabl¢ requirements concerning the forn] and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement tbat the aceounts give a '%nie and faiT view" which is not a matter considered as part of an independent ¢xan]ination. I have no concerns and have come across no other matters in connection with the exan]ination to which attention should be drawn in this report in order to enable a proper understaDding of the accounts to be reached. Louise Hallsworth FCA (Senior Statutory Auditor) For 2Dd on behalf of Baxter & Co Chartered Certified AccouDtants LyTLwood House Crofton Road Orpington Kent BR6 8QE Dated: 22 Mar¢h 2023 Page 3
GGS SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 Totsl Fund5 2021 Totsl Fullds UDrestrictsd Funds Note General Designated Restrlctsd Endowment Funds Funds Incoming Res0re¢s. Donations & Fundraising A¢tivitie$ in furtherattte of the Charity's Objectives: School Trips and Joun]eys Other Activities 14,181 20.750 34,930 2S,667 61,995 61,995 26,668 11,550 22.984 26,668 Totsl IDcomlng Re5Dllrces 14.181 26,668 82.745 123,594 60.201 Resource5 Expended Direct Charltable Expenditure: Donations & Fundraising Cost of Actlvltles ID furtherance of the Charlty's Objectives: School Trips and Journeys Other Activities Other Expend5tsre: Management and Athninistrdtion of the Charity loo.00 4,877 4.977 19,9(M) 63,612 63.612 69,225 44,857 21,426 69.225 1,650 1,650 1.650 Total Resour¢e5 Expended 1,750 69225 68.489 139,464 87.833 Net Incomlng (Outgoing) Resouries before Transfers 12.431 (42,557) 14256 (15,871) (27.632) Gtoss Transfers Between Funds (10,066) 9,767 299 Net Movement In Funds 2,365 (32,790} 14,555 (15.871) {27,632) Total Funds BTought Forward 92,456 38,944 28,988 1.521 I61,909 189,541 Total Funds Carried Forward £94,821 £6,154 £43,543 £1.521 £146.038 £161,909 The comparative fi8ures for 2021 are analysed according io fund on the followingpage of these financial ststements. Pag¢ 4
GGS SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 SUPPLEMENTARY NOTE: coiktPAIiATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2021 2021 TotAI Fund5 Unrestrletsd Funds Note Generil Designated Restricted EndoivmeDt Funds Fulld5 lll¢omiDg Resources: Donations & Fundraising Actfvities In furtberaDee of the Charlty's Objectives: School Trips and Journeys Other Activitie5 11,896 13.770 25,666 11.550 11.550 22.985 22,985 Totsl IncomlDg Re5(•urces 11,896 22.985 25,320 60,201 Resources EXpeded Direct Charitable Expenditure: Donations & Fundrnising Cost of Aclivities In furtherance of the Cbarity's Objectives: School Trips and Journeys Other Activitieg Other Expendlthre: Management and Administration of the Charity 19,900 19,900 44.857 44.857 21,426 21.426 1,650 1.650 Total Resources Expended 1.650 21,426 64,757 87.833 Net IDcomiDg (Outgoing) Resources before Transfers 10,246 1,559 (39,437) (27,632) Gross Trdnsfers Between Funds (8.366) 8,067 299 Net Movement In Funds 1.880 9.626 (39.138) (27.632) Total Funds BTought Forward 90,576 29.318 68,126 1.521 189.541 Totsl Funds Corrled Forward £92,456 £38,944 £28,988 £1.521 £161,909 Page 5
GGS SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Notes Current Assets DebtOTS Cash at Bank and in Hand 157.656 236.365 163,559 394.021 163,559 Current Liibilities - Amounts falling due within one year (247.983) (1,650) Net Assets £146.038 £161,909 Represenled By: GeneTal Fund DeSited Fund R¢stricted Fund Endowment Fund 94,821 6,154 43.543 1,521 92,456 38.944 28,988 1.521 £146.038 £161.909 The Financial Statements set out on pa approved by the Trustees on ....... 12 were . 2023 and signed on their behalf: lef ExU Officer and Truste¢ Moaby Headteach stee Page 6
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES 1.1 Accountlng eonvention These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, and UK Generally Accepted Accounting PTactice as it applies from l January 2015. The charity is a Public Ben¢fit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional CUTrency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going concern At the tim¢ of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the for¢s¢¢abl¢ future. The trustees, continue to adopt the going Concern basis of accounting in preparing the accounts. IJ Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. All of the funds of the charity are unrestricted. 1.4 Incoming resources Jncome is recognised when the charity 15 legally entitled to it after any perfornwlce conditions have been meL the amounts Qan be measured reliably, and it is probable that income will be received, In the case of school trip and activity income, this is recognised when the has cntitlement to the funds. At year end any income received in advance of trips and activities taking place in the future are Tecognised as a defeed income in the balance sheet. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unEess perforniance conditions require deferral of tbe amount. Jncome tax recoverdble in relation to donations r¢c¢ived under Gift Aid or deeds of covenant are recognised at the time of the donation. Legacies are recognis¢d on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known. and Teceipt is expected. If the amount is not kllow the legacy is treated as a contingent asset. Page 7
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUI¥4TING POLICIES 1.5 Resources Expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligatioll can be measured reliably. In relation to school trips and activities, at the year end any payments made in advance of trips or activities taking place in the future are recognised as a prepayment in the balance sheet. Expenditure is classifi¢d by activity. The Costg of each activity are made up of the total of direct costs and shared costs, including support Costs involved in undertaking each activity. Direct costs attributabl¢ to a single activity are allocated directly to that activity. Shared costs which Contribute to more than one activity and support costs which are not attTibutable to a single activity arc apportioned between those activities on a basis nsistent with the use of resources. Governance costs include the costs attributable to the charity's compliance with constitutional and statutory requiT¢ments. All resources expended are inclusiv¢ of irrecoverable VAT. 1.6 Cash and cash equivalents Cash and cash equival¢nts include cash in han(L deposits held at call with banks, other short-tenn liquid investments with original maturities of three months or less, and baDk overdrafts. BaDk overdrafts are shown within borrowings in current liabilities. 1.7 Financial Statements The charlty has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instrum¢nts Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becotnes paty 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 Tecognised amounts and there is an intention to settle on a net basis or to Tealise the asset and settle the liability simultsneously. 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 amortlsed cost Using the effective interest method unless tb¢ arrangement constitute5 a financing transaction, where the transaction is measured at the present value of the future re¢¢ipts discounted at a market rate of interest. Financial assets classified as receivable witbin one year are not amortised. Page 8
GGS SCHOOL FUND NOTES TO THE FINANCLiL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 I. ACCOUNTING POLICIES Basic fiD8nci81 liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pricc unless th¢ arrangcment ¢onstitut¢s a financing transaction, wh¢r¢ thc debt instrument is measured at the present value of the tUre receipts discounted at a market rate of interest. FiDancial liabiliti¢s ¢lassifi¢d as payable within one year are not amortised. Debt instnunents 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 COUTse 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 Tnitially 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. IA Funds Unrestricted funds can be used in accordance with the charitable objectives at the discTetion of the trustees. Further explanation of tbe natUTe and purpose of each fund is included in tbe notes to the fancIaL statements. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Trustees are required to niake judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be r¢levant. Actual results may differ from these ¢StinteS. The estimates and underlying assumptions ar¢ Teviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both CUTrent and fi]ture periods. Critical areas of judgement tn preparing these Fillancial Statements, the Trustees have not needed to exercise any subjective judgements that would be criticaE to the FirncIal Statements. Page 9
GGS SCHOOL FUND STATEMENT OF FANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 3. ANALYSIS OF FUNDS- Current Year Balance At 31 August 2021 Incoming Expenditure Re$ources & G25ns, Lo$se5 TraNsfers & Transfers Balance *t 31 August 2022 General Funds Designated Funds Restricted Funds Endowinent Fund 92,456 38,944 28,988 1.521 14,181 26,668 82,745 11,816 59.458 68.190 94,821 6,154 43.543 1,521 £161,909 £123,594 £139.464 £146.038 Purpose of EndowmeDt Fund (The Edivard Champlon Award): A pernwient endowment of £l.521 was instituted in m¢mory of a fornier pupil of the School. The inc¢)me duived from this endowment is to be used foT the benefit of pupils to assist with travel or project study. Purpose of Restricted Funds: The balance held within the restricted fund represents amounts received for school trips, ¢hartti¢s and oth¢r Pu0$eS lo which school fvnds must be applied. En respect of school trips and similar activities. on ¢ollclusion of the triplactivity, small suTpIu5 balance$ May be trdnsfeTred to the unrestricted general fund. 2022 2021 Restrfcted fund5 at 31 August 2022 Comprised: Legacy Teceived for a Trnvel Bursary Other donation&- charity colleclions Th¢atre Day and resideTAtial h0o] trips 20,043 17,146 7.707 87,323 £132.219 20.043 1.273 7.672 £28.988 Purpose of DesigDated Fynds: The balance held within the deSAlated nd represents amounts which have been allocated by th¢ TteeS for specific pun)os¢s. ANALYSIS OF FUNDS- Previous Year Balance at 31 August 2020 Incoming Expenditure Resource5 & Gains L055es Transfers & Transfers Balane¢ at 31 August 2021 General Funds DesipJat¢d Funds Restricted Funds Endowment Fund 90.576 29,318 68,126 1,521 £189,541 11,896 22.985 25,320 10,016 13,359 64,459 92.456 38.9H 28.988 1,521 £161.909 £60,201 £87,833 Page 10
GGS SCHOOL FUND STATEMENT OF FANcIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 4. MANAGEMENT AND ADMINISTRATION EXPENDITURE IDdependent Examinatioll Fees £1,650 £1.650 5. DEBTORS 2022 2021 Prepayinents £157,657 £0 6. CREDITORS 2022 2021 Amounts fal]ing due within one year. Aecrnals Deferred income £1,650 £246,333 £1.649 £0 £247.983 £1,649 The deferRd in¢om¢ as 31 August 2022 represents trip and activity income received in advance of £246.333 (2021: £nil). 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS- Current Yeor Restrictsd Funds Endowment Fund Unrestricted Funds Gener41 Deslgnated Totsl Funds 2022 Current Assets Current Liabiliti¢s 43.543 1,521 342.804 (247,983) 6.154 394.021 (247,983) Net Assets £43,543 £1,521 £94.821 £6.154 £146.038 ANALYSIS OF NET ASSETS BETWEEN FUNDS- Previous Year Restrietcd Funds Endowment Fund Unrestri¢ted Funds Gcneral Deslgnated Total Funds 2021 Curr¢nt Assets Current Liabilities 28,988 1,521 94,106 [1,650) 38.944 163,559 (1.650) Net Assetg £28.988 £1,521 £92.456 £38.944 £161,909 P¥4ge I I
GGS SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 . RELATED PARTIES The following related paty transaclions took place in the period of 8¢¢ount: An amount of £80.503 (2021: £60,529), including £32,000 for a minibus donation. was paid to The Decus Educational Trust during the year for reimburs¢ment of School Trip5 and Journey expenditur¢. No amounts were outstanding at 31 August 2021 (2021.. £nil). The Academy Ttu$t is a relat¢d paty by virtue of G S Wybar being the Chief Executive Officer (Governorrrrustee) of the Academy Trust. Dwing the year £nil (2021.. £5.133) was a donation to Gravesend Grnmmar School Development Fund (charity number 107231) for whom G S Wybar is olso a tnjstee. No amounts were outstanding 8t 31 August 2022. Page 12