FRANT SCHOOL TRUST Regi¥tered Yumbcr: 306491 REI)ORT IllND ACC:OIINT4i For the l'ear ended 31 Dcccm ber 2023 Iliinaging Tru¥tees: Juliet Nl8htin8ale Kyle Laidler Reverend Brendan Martln The Mana8lng Trustees are the Incumbent of the Benefice of Frant with Eridge and the Churchwardens for the tSme bein& of the Ecclesiastical Parish of St Albans, Frant. Custodian Trustee: The Chichester Board of Finance Independent Examlner: Duncan Hardy Hazelhurst Down Lane Frant TN3 9HP Offlce Address: St Alban's Church Office Church Lane Frant Tunbrld8e Wells TN3 9DX Telephone: 01892 750638 FRANT SCFIOOI. TRIIST Year ended 31 Decemher 2023 RLPOR"I' OF I'IIE I'RIIS"I'F.Tr=S The Trus1 is adininislLfL>d and manabied bv ihe Managiinb 'fruSlLx￿. subjLci and in ontoriiiil), Ivith a SchLinc approvLd by ihe Charii), Commis%ionLrs dJt¥d l ?Ih April i yc)(). Rl.P()R'f OF TIIF. TRIISI'EES The Trustees remained the same until May 2023 - namely the Reverend Brendan Martln, Jane Emler and Juliet Ni8htin8ale. In May, Jane Emler was replaced by Kyle Laidler. th The Trustees met on 29 June 2023 and 5th September 2023. The property, 11 Great Dur8ates Close, Wadhurst. continues to be managed by the Tunbridge Wells Agent Belvoir. The property is let on a Shorthold Tenancy Agreement to Dudley Joiner and Thelma Joiner. The rent was £1,625 which was increased in October 2023 to £1,675. In November an inspection of the property was Carried out by Simon Reid of 8elvoir, who reported that it was being well cared for by the tenants and was in good order. Four payments were received from M&G Charities In February, May, August and December 2023. thls had been held in trust by Chichester Diocese as the result of the reverter bein8 overturned and the money reinvested as part of the trust. The capital sum of £129.599.62 was returned by the Diocese to the trust on 9 May 2024 and wlll be accounted for in the followlng years accounts. A BRIfr:Tr IIISTC)RI' C)F TIIE'I"RI,'ST The Frant School Trust predates any diocesan or county Involvement and came about we believe at the tlme of the buildin8 of the original School in 1816 with the Rector and Wardens as trustees. The school was subsequently rebuilt in 1852 and a8ain in 2010. This trust owned School House that the headmaster lived in, and also owned Frant School which was latterly leased by E35t Sussex County Council when it became a Church of England aided school. When the school was rebuilt in 2010 the trustees of the Frant School Trust sold the school and the money used towards the purchase of the land of the new school. Chichester Diocese Board of Finance were designated Custodian Trustee and the Frant School Trust Trustees (the Rector and Warden's) became Managin8 Trustee5. The School House had a reverter in that It had to be used for the purposes of Education in Frant and could not be simply rented out for money. However it happened that there was a small flat as part of thls house that was rented out on the open market at one tlme, and therefore when it was sold, the cost of the flat (roughly £130,000) was held in trust by Chichester Diocese as a reverter. The rest Was able to continue to be used by the Trust and the house was sold and relnvested In another property. We successfully petitioned Chlchester Dlocese in 2022 that the reverter which had been vested in the diocese for some 12 years or more no longer applie5 and that it should be released back to us in order to be able to have funding to build a preschool at Frant CE School. If we cannot 8et the preschool 80in8 at Frant we will look at other ways of Investin8 the Income according to the purposes of the Charity. Thls reverter held by the dlocese wa5 not Invested but slmply held all those years until 2023, when they said to us that according to their policies it must be invested, so we as trustees gave the permission for it to be invested in M&G which is why for the first time there was additional Income. We did not set up a separate account for thls Investment, but was I believe held in a sub investment account as part of wider diocesan investments, and the money was given directly to U5 Startin8 in 2023. The full and final payment of the reverter money came into the trust after the accounts closed in 2023, and at that point full current assets of the charity, including the house will be made clear in the 2024 accounts. It maybe necessary at that point to look at any changes that need to be made following the finalising of the vesting of the land and buildings: "The vesting of the lond ond buildings known 05 Front School ond the School House property ond the mointenonce of its Stotus os o school ond the monogement of School House, is still in the process of change with the sale of School House & the cessotion of the school. The chonges will be presented to the Chority Commission In due course to ossess their occordonce with the Chority Commission Scheme." Charity Commission Website. TIITr: PIIRPC)4iTr. OTr- TIITr. TRI5.fiT The Application of Income Is made clear in the trust's documents.. Subject to payment of the expenses aforesaid lin the application of 5ncomel the Managing trustees shall apply the income of the Charity in either or both of the followin8 ways: (l) In providing at the school of the Chafity such special benefits of any kind not normally provlded by the local education authority 35 the Managin8 Trustees may from time to tlme be agreed between the School Governors and the Mana8in8 Trustees after consultation with the local education authority. (2) In otherwise promoting the education of children and adults who are resldent in the Parish of Frant. E,IPfr.N Dl'fiiRE l¥lIlDF, BY THF, TRIIST 2023 l) Frant Preschool The trustees are keen to support and expand the work of Frant School, and as such have undertaken preliminary work to see whether it might be possible to build a preschool on the School site, and under the management and governance of the school, This was taken forward by the rector (who is ex officlo governor) along wlth the one of the acting executlve head of Frant School and the governors. A small working party was put tO8ether to take this proposal forward. Frant School Trust have made initial investments towards the Preschool including professional fees for an architect to do drawin8s for the preschool and planning permission for the proposal. The preschool would beneflt in a ntsmber of ways: Frant Nursery was closed a number of years 380, and there is a need for local provision. To enable seamless transition for Chlldren Into receptlon dass at school which we believe will be beneficial for their education. To enable parents to drop off youn8er children at the simllar time/place as school children. To ensure pupil Intake Into reception as we believe if we have them In younger, they will stay at the school into reception. ensurin8 a full cohort each year which Is necessary for the ongoin8 fundin8 the school requires. To increase our mission an(J service to our community as a Church to support younger families. 2) The Youth and Famllles Minlster The reason we have supported the work of the Youth and Famllles Minister was that it was a very effettive way of enabling.educatlon in Frant to youn8 people and across ages: Helpin8 With Frant School assemblies and lessons. Helping to support the school at lunchtimes. Helping with the school residential trlp. Running Forest School Activities for the school, which was especially 800d for those children who struggled with friendships and educ3tlon generally, learnin8 team buildin& boosting confidence and teaching new skills. Running the church Holiday Clubs in the year with over 30 children attending, where children are taught Forest School Skills. archery. group artivities, and about the Bible. Running the village Youth Club, which is one of the few activities that pulls In youth across the villa8e, and as part of that teaches the children about the Bible and how to live well. Helpin8 with the Little Fishes toddler group. teachln8 the children son8s and bible stories. This has been a big investment for the trust, and has shown real benefit for the Frant community for education. There will be very few children in the village who have not been posltively impacted by the 8ood work of the Youth and Families Minister. Durlng the year grants were made for the followin8:" Frant Primary School Leavers Bibles 193.60 Frant Friendship Group 750.00 St Albans Church 8rant towards Chlldren and Families Minister 12.271.00 Total £13,214.60 Si8ned on behalf of the Trustees 414 The Reverend Brendan Martln 8. 10*2024 FRANT SCHOOL TRUST Sl'il"rF.￿1F.￿T OF. b INAINCI.JlL ArfiviTIES l'ear ended 31 December 2023 I"hl% l'ear IAs1)'ear Inr tricl Incominx rcsources Reni.s receivable 19700 20396 Dioccsan Revener 7481 Intercsi rLceivablc i?00 ?64 I'otal incominE r￿oU rcej 838 2(K>60 Rcsources expend(Yl Grants for chariiable puryx)ses 13214 103i7 Pro￿nY ouigioings (note ? and 4) 8012 5?58 ProfLssional charges Inoie 5) 87? 500 .1 otal resource8 expend￿1 2098 6( Net incominki re¥ourccs for ihe vear Balance ai l .lanuari' 21122 £6283 £61724 BalAnce Ai JI December 2023 £68007 £61724 FRANT SCHOOL TRUST BALtlNC.E SIIETr.T 31 De¢emb¢r 2023 This Year Lxyt I'car C.'urrenl a8yets c.ash funds Lhurch of England Chorilics Deposii Fund Bank balances ?7j83 $$70 9383 Total cash (undq £69383 £62953 Debiors and paymLnts in advance RcnLs in arrears 1058 965 Totxl current AJYCts £71M41 £63918 c.urrent lillbilities Cr¢dilors and provisionq IILniS fLYLivLd in adiiance (2434) (21g5J Total currcnl limbilitics 2434 Net curreni llsset.% 680(17 Ilnrcgtricteil fundg Ai)i)roi'ed b), thL' I'rustL'es: 61723 Thc Reverc'nd Brendan Nlllrtin .Yuliei Ni&¥hiingale Daled 2024 FRANT SCHOOL TRIIST Yenr cnded 31 Dccembcr 2(I23 Note¥ to Anil (orming part of ihe Aceounl ( l ) Land and BuildingFS 'I'he folloil'ing properties are oivned by th¢ Trust and i'csied in ihe L ustodian Tru4lL'e',- Land tog¢thLr iviih thc buildings known as I l GrLat Durbiaies Close, Wadhurst. Ivhich ivas purchagcd in Septcmber ?0 I l and ivhich il'ill forni thL basis of renial incom¢ for the luture years. (?) No I rusiee. nor an!, rKTson connecied thereiviih. Ivas in r¢CLlPt of any rLinun¥ralioii or Lxpenses trom thc 'l'rusi during ihe )iear. (3) ThL Trusi doc5 noi have anv employces. 14) Property costs rLtILct extKnsL's incurred nei of rLtunds and suins due from sKr50ns lor whom costs havc bccn incurrcd bi. thc TTUSt { f ) ProfLssional charges rLPfescnt cost incurred saiisfving thL' Trusis Lc)mplianLL rL'quifLmLnis. Should thcrL bc thL risk. ofLxlra Losi% bLinb inLurrLd a provi.sion is nMdL, ii,hich is ￿[lOdiCallY adJustLd i%.hen aLtuul costs havL bL"cn incurrLd FRANT SCIIOOI, TRllS'r 'eAr enilcd 31 Deccmher 21)23 Rcport of Ihc Independent Tr'IRmincr Rctx)rt lo ihc iruslLYS of Frani School Trusi on ihe accounls for thc ycar cndcd 31 DLc¢mber ?023 sel out on pages livo 10 five inclusive. cctitre re4 onsihilities of Trnstees and F.iamincr Thc iruslCLS of ihc charity are rLSPK)nsible for the preparaiion of ihL accounis. 'rhL irustees ol'the charity consider ihat an audii is not rLquirLd for this yLar uiider sectiL)n 144 orth¢ Chariiies Ad 2011 (The Charities Aci) and thai an indLpend¢nt ¢xaminalion is needcd. li is my reswnsibilitj. to'.- eMmin¢ ihe accounts (under section 145 ofihe Chariiie5 Acl) lo follow Ihc procedures laid down in the General Direciions bjifven bj ihL Charitv Commission (under seciion 145(5y.b} ()f IhL Charitics Act: and siaie wheiher particular mattLrs have comL io m.v aiieniion. BAli.i of Inde ndcni F.xAminer'i Sialcmenl My Liarnination ii?s carried out in accord<1nc¢ iviih GLnLral Directions bpivLn bN' IhL L'h