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2022-04-05-accounts

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

FREESTONE & CO

Chartered Accountants One The Centre High Street GILLINGHAM Dorset SP8 4AB

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION CONTENTS

Page
TRUSTEES’ ANNUAL REPORT 2-5
INDEPENDENT EXAMINERS REPORT 6
RECEIPTS AND PAYMENTS ACCOUNT 7
STATEMENT OF ASSETS AND LIABILITIES 8
NOTES TO THE FINANCIAL STATEMENTS
 9-10

1

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

Reference and administration details

Charity’s principal address: Gillingham School, Hardings Lane, Gillingham, Dorset. SP8 4PQ

The trustees of the charity are ex officio the governors of Gillingham School. The number of trustees (currently 16) and their appointment or election is organised according to the most recent Instrument of Government of the School. All trustees have equal responsibility to fulfil the objects of the charity and manage its assets.

Charity trustees

Name Office (if any) Dates acted if not for whole year

Foundation Governors– appointed by the Foundation trustees in office

Mr G Lowton, SP7 8HL Chair Mr A Jenkins, BA9 6DY Mr T Sharp, DT10 1NR Mrs J Rees, BA12 6DY

Authority Governor – appointed by the Local Authority

Mr S Uden, SP7 8LX

Parent Governors – elected by parents of pupils at Gillingham School

Mrs M Ayre, SP7 0BF Mrs P Davidson, SP8 4GX Mr Richard Hopton, SP8 5NH Appointed 16 November 2021 Mrs Simmone Shearn, SP8 4GT Appointed 16 November 2021

Staff Governor – elected by the staff at Gillingham School

Ms E Vallender, SP7 8PG

Co-Opted Governors – appointed by the board of Governors

Mr R Harvey, DT10 1NP Vice Chair Mr N Demmar, SP8 5BQ End of term 30 October 2021 Mrs S Hunt, SP8 5AD Mr M Lake, SP3 6AD Mr I Day, SP8 4PG Appointed 13 February 2022 Ms C Willis-Clarke Resigned 12 July 2021 Mr P Andrews, SP8 4EP Appointed as Co-opted Governor 18 May 2021

2

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 (Continued)

Headteacher

Mr P Nicholson, SP5 5QQ

Resigned 28 September 2021

Reference and administration details (continued)

Names and addresses of advisers

Type of advisor Name Address Accountants Freestone & Co One The centre, High Street, Gillingham, Dorset Solicitors Farnfield & Nicholls The Square, Gillingham, Dorset Bankers Lloyds TSB plc High Street, Gillingham, Dorset Investment advisors and nominees St James’s Place Wealth Management 1 Tetbury Road, Cirencester GL7 1FP

Structure, governance and management

Description of the charity’s trusts

Type of governing document:

The foundation of Gillingham School was created in 1516 by the gifts of lands and tenements so ‘that out of the issues and profits thereof there might be perpetually maintained within the said town a schoolmaster for the instruction of youth in good literature for the better discharge of their duty to God, the King and Commonwealth’.

In 1965 a scheme was made by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960, as amended by the scheme dated 15 January 2003, which sets out the rules and regulations for the activities of the Foundation.

How the charity is constituted:

Foundation Trust

3

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

(Continued)

Objectives and activities

Summary of the objects of the charity set out in its governing document:

The school of the Foundation shall be a day or boarding school for boys or girls.

The principle object of the Foundation is to use the income of the fund for providing special benefits for the School and its scholars not normally provided by the Local Education Authority.

Summary of the main activities in relation to these objects:

The main activities include;

The trustees who manage the charity meet at least four times a year.

Achievements and performance

Summary of the main achievements of the charity during the year

During the period the Foundation continued to provide assistance for special benefits, field trips, exchanges, prizes and awards.

4

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 (Continued)

Financial review

Brief statement of the charity’s policy on reserves

The capital of the various endowments and profits made thereon are restricted so that only the income generated can be spent on meeting the Foundations objectives.

Details of any funds materially in

None.

deficit

Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature …………………………………… …………………………………… Full name Mr G Lowton Mr R Harvey

Position Chair Vice Chair Date …………………………………… ……………………………………

5

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

TO THE BOARD OF GOVERNERS OF GILLINGHAM SCHOOL, AS TRUSTEES OF GILLINGHAM SCHOOL FOUNDATION

FOR THE YEAR ENDED 5 APRIL 2022 AS SET OUT ON PAGES 7 TO 10

Respective The charity’s trustees consider that an audit is not required for this year (under section responsibilities of 145(1) of the Charities Act 2011 (the Act)). The trustees have requested that an trustees and examiner independent examination be carried out. It is my responsibility to: examine the accounts (under section 145 of the Act), to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145 (5) of the Act), and

to state whether particular matters have come to my attention.

Basis of independent My examination was carried out in accordance with General Directions given by the examiner’s statement Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention

  1. which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that: proper accounting records are kept (in accordance with section 130 of the Act); and

accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Date:

Name: Mr R. Freestone Relevant professional FCA, FCCA qualifications:

Address: One The Centre High Street Gillingham Dorset SP8 4AB

6

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted
Funds
£
4,900
1,202
14,593
145,000		 Restricted
funds
£

0
0
0
0		 Restricted
funds
£

0
0
0
0		 Endowment
funds
£
0
0
0
0		 Total
funds
£
4,900
1,202
14,593
145,000		 Last
Year
£
5,442
1,685
14,000
0
£ £
165,695
0		 0
0		 0
115,902		 165,695
115,902		 21,127
0
s 165,695 0 115,902 281,597 21,127
6,560
1,004
0
0
5,141
5,531
600
1,750
840
0		 0
0
0
0
0
0
0
0
0
0		 0
7,376
0
0
0
0
0
0
0
0		 6,560
8,380
0
0
5,141
5,531
600
1,750
840
0		 7,140
326
0
1,020
3,345
483
400
3,892
840
0
21,426
145,000		 0
0
 7,376
28,802
108,526
253,526		 17,446
0
166,426 0 115,902
282,328		 17,446
(731)
0
17,549		 0
0
0		 0
(731)
0
0
0
17,549		 3,681
0
13,868

7

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 5 APRIL 2022

Note
Unrestricted
funds
£
Restricted
income funds
£
Endowment
funds
£
Total this
year
£
Total last
Year
£
Cash funds
Cash at Lloyds Bank
16,818
0
0
16,818
17,549
16,818
0
0
16,818
17,549
Investment assets
Land and investments
1.
0
513
765,057
765,570
640,916
Other assets
Rents due
0
0
0
0
0
Liabilities
Creditors and
accruals
900
0
0
900
738
Net assets
2.
£781,488
£657,727
Signed on behalf of all trustees
Signature
……………………………………
……………………………………
Full name
Mr G Lowton
Mr R Harvey
Position
Chair
Vice Chair
Date
……………………………………
……………………………………		 Unrestricted
funds
£
Restricted
income funds
£
Endowment
funds
£
16,818
0
0		 Total this
year
£
Total last
Year
£
16,818
17,549
16,818
0
0		 16,818
17,549
0
513
765,057		 765,570
640,916
0
0
0		 0
0
900
0
0		 900
738
£781,488
£657,727

8

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022

1. LAND AND INVESTMENTS

Holdings
Fixed interest
Units
Diversified Bond
164,815
Corporate Bond
106,311
International Corporate Bond
123,410
Equities
Shares
Equity Income Unit Trust
39,190
Global Equity Income
40,413
UK High Income
0
Worldwide Income
80,089
UK Class UT Inc
14,467
Global Equity UT
5,872
2022 Totals
2021 Comparatives		 Cost
b/fwd
Additions
(Disposals)
/reinvest-
ments
Gains /
(losses)
Cost
c/fwd
Market
value
Est. net
income
for year
£
£
£
£
£
£
£
128,018
28,710
97
156,825
137,324
5,066
95,988
21,533
100
117,621
108,544
4,333
95,950
21,532
136
117,618
104,097
5,191
319,956
71,775
333
0
392,064
349,965
14,590
64,207
14,355
(146)
78,416
83,552
2,032
64,258
(161)
64,097
100,183
208
128,345
(112,303)
(16,042)
0
0
64,150
14,355
(79)
78,426
103,795
1,756
28,710
109,538
138,248
137,046
728
14,355
(36)
14,319
14,323
76
320,960
71,775
(3,187)
(16,042)
373,506
438,899
4,800
640,916
143,550
(2,854)
(16,042)
765,570
788,864
19,390
640,916
0
0
0
640,916
650,878
19,438

LAND

In addition to the above investments the Foundation holds investments in land, which have not been valued. These include the site of the school and four parcels of agricultural land in Gillingham.

9

Charity No. 306212

GILLINGHAM SCHOOL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022

2. ACCUMULATED AND OTHER FUNDS

ENDOWMENT FUNDS
Capital Fund
Other Funds
- Sports Challenge Award
- Freame Prize
- Megson Memorial
- Fletcher Award
- Elphick Prize
- G Jones Memorial
- Megson Income Fund
UNRESTRICTED FUNDS
Income Fund
TOTAL FUNDS		 Balance
b/fwd
Gain/(loss) on
investments
Movements
in year
Balance
c/fwd
£
£
£
£
630,329
(16,042)
140,696
754,983
6,410
0
0
6,410
29
0
0
29
500
0
0
500
484
0
0
484
87
0
0
87
2,564
0
0
2,564
513
0
0
513
10,587
0
0
10,587
16,811
0
(893)
15,918
16,811
0
(893)
15,918
£657,727
(16,042)
139,803
781,488

10