Charlty number: 309085 ST BARTHOLOMEW'S SCHOOL FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
ST BARTHOLOMEW'S SCHOOL FOUNDATION CONTENTS Page Refgrenco and Admlnlstratlve Detslls of the Charlty, Its Trustees and Advlgers Trustees. Report Independent Examlnei's Report statgmont of FinanGial Actlviti Balance Sheet 10 Statement of Ca8h Flows 11 Notes to the Financial Statements 12-23
ST BARTHOLOMEW'S SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustee$ Appointed by Newbury Town Councll.. Councillor S Dibas (appointed 20 Juty 20231 Councillor N Fool {unlil 4 May 2023, reappointed 15 Jun& 2023} Counclllor S Slack lunlil 4 May 20231 Appointed by Wesl Berkshire Council.. Councillor L Dillon luntil 4 May 20231 Councillor L Doherty luntil 4 May 20231 Councillor B Drummond lunlil 4 May 2023} Councillor E Pattenden {appoinled 16 July 20231 Councillor M Vickers lappoinled 24 July 20231 Councillor P Clark (appointed 8 September 20231 Appointed by Newbury Almshouse Trust.. MrMHart Community Trustees Mr8 J Clifford, Chair Mr T Emberlin, Vice-chair Mr R Mead Mr L Pummell Mrs P Ray Mr M Smith Officers Mr M Smith, Treasurer rs H Sutherfand, Clerk Charity registered number 309085 Prlnclpal ofllce St Barthdomew's School Andover Road Newbury Berkshlre RG14 6JP Indepgndtnt Examin•r James Cowper Kreston Audit Chartered Accounlanls Greenham Business Park 2 Communications Road Newbury B8rkshire RG19 6AB Page 1
ST 8ARTHOLOMEW'S SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Bankers Lloyds Bank plc 5 Bridgo Streg1 Newbury Berkshire RG14 5BQ Sollcltors Coffin Mew Rivergale House London Road Newbury Berkshire RG14 2PZ Investment Advisers Black Rock Investment Managers 33 King William Street London EC4R 9AS Paga 2
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees pre$enl their annual report together with the financial stslgmenls for the year ended 31 March 2023. Thg Trustees confirm that the Annual Report and financial statements of the charity comply with the current slalutory requirements, the requirements of tho chariws governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charitias, preparing their account8 in accordance wf(h the financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffactive 1 January 20191. Structur8. governance and management . Governing document The St Bartholomew's School Foundation was formed as a charitable foundation (Charity No. 3090851 under a trust deed dated 10 February 1910, as modified by subsequent order8. This scherne was replaced by a new scheme dated 18 October 2007. There have been no changes in the objectives 8lnce the last annual report. b. Governlng Body and organlsational managemgnt The Charity is managed by a Board of Trustees whose details arè listed under the reference and administration details section. The Trustees meet al loasl three limes each year and receive agendas, mlnutes and papers prepared by the Clerk. Decisions are taken by major(ty voting where necessary, usually by sh¢)w of hands. Meetings are chaired by the elected Chair or Vice Chairman and minutes are tsken by tho Cl8rt(. In between Trustees, meetings urgent decisions can bg taken by the Chair, Mrs J Clrfford, Vice Chair, Mi T Emberlin and Treasurer, Mr Martin Smith. The day lo day administration of the Charity Is delegated lo the Clerk to the Tru8tee8, Mrs H Sulhertand. In 2014 il was agreed that thg number of Trustees would reduoe from seventeen lo e1ve when current appointments expire, Under the new structure two Trustees are appointed by Newbury Town Council, three by West Berkshire Council and one by the Newbury Almshouse Trust. These are known as Rèpresenlalive Trustees. The remaining six Iruslees are designated Community Trustees. Recrultment and ¢ralnlng of trustees Represenlalive Trustees are appointed after their respective organi8atwJn's internal nomination processes arg Complete. Community Trustee8 arg recruited in a variety of ways, inciuding informal discussions wtth the School's Governors and an open reoruilmenl process when required. All Community Trustees are chosen for Ihgir personal attributes and expgrience. necessary to malnlain an appropriate balance of 8kills and professionalism on the Trustee Board. Trustees are inducted by Ihg Chair, Vice Chair and the Clerk following recruilmenl and are encouraged lo maintain their knowledge of general charity Lgw and regulatory matters via the Charity Commission website and educational initiatives. Pagè 3
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 structure, governance and management leontinuodl d. Risk managemgnt The Trustees ar8 responsible for the Identification of rlsks Inherent within the Charity, their potential impact on ils operations and the irnplementalion and maintenance of a system of control in order to mitigate those risks. The Trustees periodically reviow risk and the key controls maintained by the Charity which include.. 1. fomial agendas for all mèetings well eslahlished organisalional slructurg and reporting lin88 3. clear aulhorisalion and delegated responslbilllies regular review and reporting of financial position Use of èxtemal professionals for advi where the n&cossary expertise is not available from within tha body of Trustees. Legal, financial, commercial and investment adviser8 have been used during the year. The Trustees are satisfied that any major risks have béen identified and mitigated where necessary through their risk management processes. Objectives and activiti05 a. Oblectlvos and actlvltle8 for publlc beneflt The principal objective of the Foundallon Is to provido ¢dutional benefits lo the students of St BartholomeW8 School. The Trustees are aware of the Charity Commission's general guidance on public b8nefil which has bean considered when reviewing policy and objectNes. The Foundation is responsible for admlnislering permanent endowment funds and assets which arg held in a portfolio of cash, managed investments, land and property. The Foundation own8 the large majority of the land and buildings ol the School, including playing fields, all of which have been leasèd lo the School. The buildings have begn removed from the Balance Sheet of the Foundation as disGlosed in note 18 to the accounts. The Foundation owns some allolmenl land Called Parsons Green in th8 town, which is let lo the Newbury Town Councll. There is also a property at No. 4 Buckingham Road, Newbury. The Foundation is the custodian of many prize funds, 80me restricted in purpose, bul all intended lo reward good work, effort or achièvemènt on the part of pupi15 al the School. These prize funds have been cgnsolidaled under new Charity scheme dated 18 October 2007 known as the Sl Bartholomew's School Foundation Consolidated Prize Fund. The Foundallon18 SUPPOrted by one part lime clerk. Page 4
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and perfomiance a. Achlevem8nts and porformanco The Twslees take a keen interest in the development of the school and greatly value the regular updates f¥om the headleacher and invitations to School events. 11 is thgir objective to balance risk and reward and oplimise th8 lolal relum on the Foundation's investments in order to provide funds for those activities which cannot be mel from other sources. The Trustees are mindful of their obligatic)n to future generglions of students in their execution of the management of the charill8 P8rmanent endowment and other assets. This year. Trustees were partlculady delighted lo finance °Awards Evenings. that recognise the achievernenl and atlainmenl of studen18 and the inclusive C¢lebralion Days. that reward students for thalr hard work as well as marking milestones su¢h as the school's Outstanding Ofsled report and a decade of schogl life in the new buildings. Tiusleas also ti)ok steps lo maintsin good Stewardship of The Foundation's assets, for example by commissioning a comprehensive land valuation exercise, continuing lo maintain Ic8 rental property and agreelng lo changes lo the school eslale lo reflect changlng needs of the school community. Trustees would like lo thank former Headlaacher Julia Mortimore for her enomious contribution to the school and congratulate new Headleacher David Fitter on his well-doserved appointment to the rolè. b. Invgstmgnt policy The Trusle8s have appointed Black Rock Inve8tmenl Managers lo menage the Foundation's inveslmenls. The Fund Managers issue quarterly slal&m8nls and detailed valuations and portfolio reports e8ch year. The Truste8S review the performance of the Foundation's investments on a poriodic basis. In general terms, the Foundation seeks a mixture of capital growth and income generation from the performanco of its investments. Financlal Tevlgw a. Financlal review The accoun18 fol the year ended 31 March 2023 show Income of £49,02212022'. £42.9201 as detsiled on page 9 of the accounts. Inve8lmenl income continued lo be generated from monies held on deposit, from dwidends and from letting invoslmenl property. Dividend income was higher than in the previous year, the prior year being affected by the transition lo new investment funds. The Foundation's investment property at 4 Buckingham Road continues lo produce useful rgnlal income and long term capital growth for the charity. The eslimaled market value of the property as at 31 March 2023 was £750.00012022'. £750,000). Land owned by the Foundation and used as 8llolmenls IParson8 Greenl is rented lo the Newbury Town Council at £850 per annum. Charitable expendiluie predominantly comprised donations lo support the awarding of school prizes. The EndoNMenl funds Stood al £1,777,033 al 31 March 2023 compared wllh £1,787,550 8131 March 2022. The Pemianenl Endowment of the Foundation includes funds held in Funds managed by Black Rock Investment Managers. The* valug of the investments decreased by £17.855 during the year Compared with an increase of £52,114 in the previous year. b. Slgniflcant development$ durfng the year There were no significant developmen18 during thè year. Page 5
ST BARTHOLOMEW'S SCHOOL FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 c. Reserves pollcy The Trustee8 do not havè a formal policy for delemiining tho level of cash reseNes. However Ih8ir practice has been lo maintain sufficient liquid assets in an interest bearing deposit account lo enable the Foundation to meet unexpected expendrture, such as uninsured lossès or uryenl repairs ID the school buildings that could not be mel by the School or the Department for Education. Currently these cash roserves sland at £196,468 12022.. £176,288). The Prvze Funds which were consolidated under 8 scheme dated 18 October 2007 continue to accumulate income. Each year the Tru81ees pay for a range of prizes awarded to students al the School and meet the costs of school community events from general income. Specific unrestricted fund income le.g. the Repair and Improvement Fund) is being used for special projects undertaken by Ihg Schod. The level of reserve8 is considered to be appropriate ond at a prudent level. Plans for the future d. Future developments The Foundation has beèn part of thè Sl Bartholomew's community for mora than a century, in which time the school has gone from 31renglh lo strength. 11 is proud to work in partnership th the Headleacher and school govemors for the benefrt of the school community and looks forward to continuing to fuFfil ils mlssion in the future. In the near term, f( will contribute financialty lo the school's goal lo use technology to enhance learning, in the mid-term. explore how it can Work with the school lo develop a fund-raising programme and in the long tem. it stands ready 10 5UPPOrt the school in whal8v8r way it can, as it has Since 1910. ststemont of Tw$tee$' re$ponslbilitifjs The Trustee8 are responsible for preparfng the Trustees, Report and the financial sl8lemenls In accordance with applicable law and United Kingdom AcKsunling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees lo prepare fi'nancial statements for &ach financial Year which gNie a true and fair view of the stsle of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these rinancial stslemenls, the Trustees are requlred lo.. Solecl suitable accounting policies and then appty them consistently., obseNe the methods and principles of the Charities SORP {FRS 1021., make judgements and accounting eslimal6s that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explalned in the financial slalem&nls'. prepare the financial statements on th8 going concern basis unlèss It IB inappropri?18 to presume that the Charity will continue in bu$ingS$. Page 6
ST BARTHOLOMEW'S SCHOOL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 statement of Trustees. responslbllltles {CONTINUED) The Truslegs are responsible for keeping adequate accounting records that are suft7cient to Show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial posillon of the Charity and enablè them lo ensure that the financial slal&ments comply with the Charities Act 2011, the Charty IAceounls and Reporis} Regulations 2008 and tho provisions of the Trust deed. They are also respon8lble for safeguarding the assets of the Charity and hence for taking reasonabie steps for the prevontion and detection of fraud and other irregularities. Approved by order of the mombers of the board of Trustees and signed on their b8half by.. rs J Cllfforrl hair Dale.. 19 September 2023 Mr mlth Treasurer Page 7
ST BARTHOLOMEW'S SCHOOL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Ind8p&nd8nt Examlnerfs Report to tho Tru8te&s of St Bartholomew's School Foundatlon I'the Charity'l I report lo the charity Trustees on my examination of thg aUnIS of the Charity for tho Year ended 31 March 2023. Re5ponslbllFtle8 and Bas18 of Report As tho Trustee$ of the Charity you are responsiblo for the preparation of the accounts in accordance wlh thg requirements of the Charities Act 20111'lh& 2011 Acl'l. I report in respect of my examination of the Charity'8 accounts carried out under secllon 145 of the 2011 Act and in carTwng out my examination I have followad the applicabl8 Dirertions gThien by the Charity Commission under section 145151(bl of the 2011 A¢1. Indendent Examlnerfs Statement I have completed my examination. I confim that no matters have eome to my attention In eonnection wth the examination givlng me cause lo believe that in any malarial respect.. accounting r¢wrds were not kept in TO$pecl of the Charity as required by section 130 of the 2011 AGI., or the accounts do not accord with those records., or the accounts do not comply wth the applicable requirements ¢gn¢erning the form and content of accounts sel out in tha Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no olhor matters in Gonneclign with the examination to which attention should be drawn in this report in ordor lo enablo a proper understanding of the accounts lo be reached. This report is made solety lo the Charity's Trustees, as a body, in accordance with Part 4 of the Charilies (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Charitls Trustees those matters l am required 19 slate lo them in an Independent Examinerfs Report and for no other purpose. To the fullosl exienl permilled by law, I do not accept or assume responsibility to anyone other than the Charity arid the Charivs Tlustees as a body, for my work or for this r¢port. Signed. Dated.. 25 September 2023 Fiona Hawkins Msc FCA James Cowper Kreslon Aud 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB Page 8
ST BARTHOLOMEW'S SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Endowment Unrestricted fund8 funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Investments 7,187 41.836 49,022 42,920 Total Income and endowments 7,187 41.835 49,022 42,920 Expendlture on: Raising funds Charit8ble aclNilKg8'. Direct Costs Govemance 5,389 5.389 3.628 13,435 7,532 13,435 7.632 10,332 2,726 Totsl expendlture 26,356 26,356 16,686 Net Income before not {1088e8llgalns on Investments Net (1088esllgalns on investments 7,187 (17.704) 15N79 (1511 22,666 117.8551 26,234 52,114 Net movement In funds 110,5171 15,328 4,811 78,348 Roconclllatlon of funds.. Total funds brought fonard Nel movement in funds 1,787.550 110,51n 200,528 15,328 1,988.078 4.811 1,909,730 78.348 Total funds carrled forniard 1,777,033 215,856 1,992,889 1,988,078 The Statement of Financial Activities includes all gain8 and1088e8 recnISed in the Year. The notes on pages 1210 23 fom) part of these finanGial statements. Page 9
ST BARTHOLOMEWS SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Flxed assets Tangible a85els Investments Investment propety 191204 859,190 750,000 194,204 869,858 750,000 10 1.803,394 1.814,[2 Current assets Cash al bank and in hand 196,468 176,288 196.488 176,288 Creditors.. amDunls falling due within ong year 11 6,9731 12,2721 Net current assets 189,495 174,016 Total net a88et8 1,992,889 1,988,078 Charlty funds Endowment hjnds Unro5trided funds 12 1.777,033 21S,856 1,787,550 200,528 12 Total funds 1,992,889 1,988,078 The financlal statèments werè approved and auth¢rised for issue by the Tru81ees and signed on their behalf by.. J Clifford Ith Treasurer ate.. 19 September 2023 The notes on pages 12 to 23 fomi part of these financial slalements. Paga10
ST BARTHOLOMEW'S SCHOOL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Noto Cash flows from oporating activities Nel cash used in operating activities 14 121,6551 115,3881 Cash flows from Investlng actlvltles Dividerbds. interests and ftnls from investments 41,835 37,384 Net cash provlded by Inve8tlng actlvltles 41.835 37.384 Chango In cash and cash equlvalents In lhe Year Cash and ca8h equivalent8 at the beginning ofthe Year 20,180 176,288 21,996 154,292 Cash and Gash equlvalgnts at the 9nd of the Year 15 196,468 176,288 The notes on pages 12 10 23 fomi part of these financial statements Page11
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2023 A¢¢oun¢lng pollGIo$ 1.1 Basls of praparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021- Accounting and Reporting by Charities.. Slalemenl of Recommended Practico applicable lo charities proparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffedive 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102} and the Charities Act 2011. The financial slalemenls have been prepar¢d lo givg a 'lrue and fair, vi8w and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a Irue and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommendod Practice effective from 1 April 2005 which has since been withdrawn. Sl Bartholomevfs School Foundation moets the dofinilion of a publlc benefft entity under FRS 102. Assets and liabilf(ies are initially recognised at historical cost or transaction valu8 unless olhenNise slated in the relevant accounting policy. 1.2 Incomg All income is recognised once the Charity ha8 entitlgmenl to the income, il 18 probable that the income will be received and the amount of in¢omo ro¢9ivable can bè measured reliabFy. Income tax recoverable in relation lo inve81menl income is recognised at the lime the inveslmanl income is receivable. Inlergst on funds held on dgpo$il is included when receivable and the amount can b6 measured rgliably by the Charity,. this is normally upon nolificalion of Ihg interest paid or payable by tho inslilulion with whom the funds are deposited. 1.3 Expendlture Expendllure18 recognised once there Is a legal or eonstru¢live obllgalion lo transfer economic benefrt lo a third party, il is piobable that a transfer of economic benefits will be required in selllemenl and th8 amount of tho obligation can bfi measured reliably. Expenditure is classified by aclivlly. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved In undertaklng each activity. Direct costs attributab lo a single activity ar& allocated directly lo that actity. Support costs which are not attributable lo a SIng activity are apportioned between those aclivrties on a basis consislenl w¢th the u88 ol resources. Expendiiure on raising funds includes all expenditure incurred by the Charity lo raise funds for118 haritable purposes and includes costs of all fundraisin9 actiwties events and nonrycharilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further Ihg Charitls objectives, as well as any associated 8UPPOrt costs. All expenditure 1$ inclusive of irrecoveiable VAT. 1.4 Tanglble Ilxed assets and deprèciation Tho lanrj held for use by the charity as al 1 April 1996 has begn shown on the Balancg Shegt al ils valuation on 1 April 1996. The value of this land is £174,145. In accordance with section 17 of FRS102 this valuation has not been updated. Additions lo land subsequent lo this have also begn included at cost. The land is not depreciated. Page 12
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng poll¢l8s Icontlnuedl 1.$ Investment property Investment propertieg are inltlally recognised at their transaction cost and subsequently measured al fair value. Gains are recognised in the Slalemenl of Financial Acliwlies. Investment 9alns and k)sses, whether iealised or unrgalised, are combined and Shown in the heading 'Net gainsll108sesl on inv8slm&nl8' in the Slalèmenl of Flnan¢ial Activf(ies. 1.6 Investmgnts Fixed asset investments are slated al their open market value al the Balance Sheot date. Investment gains and losses. whelhar r&alised or unrealised, are Mbined and shown in the heading 'Net gainslllossesl on inveslmenls, in the Slalemenl of Financial Aclivilies. 1.7 Cash at bank and In hand Gash at bank and in hand indudes cash and short-term highly liquid investments wf(h a short maturity of three months or less from the dale of acqui811ion or opening of the deposit or similar account. 1.8 Liabllitle$ and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a T8suII of a past event, il is probable that a transfer of economic benefit will be requiied in settlem&nt, and the amount of the settlement Can be estimated reliably. Liabilities are rgcognised at the amount that the Charity anticipates it wll pay to sellle the debt or the amount it has raceived as advancad payrnents for the g¢Jods or s8rviGes Il must provide. 1.9 Financial instruments The Charity only h88 financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Bgsic financlal Instruments aro initially recognised al transaction valu8 and subsequently measured al their settlement value. 1.10 Fund accounting General funds are unrestricted fvnds which are availab for use at the discrelSon of the Trustees in furtherance of the general objective8 of the Charty and which have not been designated for other purposas. Investment income, gains and losses are allocatod to the appropriate fvnd. 1,11 Critical accounting estimates and areas of judgement The preparation of the financlal slalements requires the Trustees to make judg&ments, estimates and assumptions that affèct the amounts reported for assets and liabilities as at the Balance Sheet dale and the amounts reported for rev8nues and expenses during the year. However the nature of g$1imalion means that actual outcomes could differ from those eslimales. In preparing these accounts the value of the investment property has been delemiined by the Trustees based on infomialion available. Pagfj13
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment income Endowmgnt Unrestrlctsd funds funds 2023 2023 Total funds 2023 Total funds 2022 Lettings income Dividends Interost received 18,280 22.557 998 18,280 29,744 998 17,499 25,397 24 7,187 Totsl 2023 7,187 41,835 49,022 42.920 Total 2022 5,536 37,384 42,920 Expenditure on raising funds Costs of raising voluntsry income Unr8Strlctsd fund$ 2023 Total funds 2023 Total funds 2022 Investment propety costs 5,389 5.389 3,828 Total 2023 5.389 5,389 3,628 Page 14
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of gxpgndlture by actlvltles Actlvltles undertaken dlrectly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Education 13,435 7,532 20,967 13,058 Total 2023 13,435 7,532 20,967 13,058 Total 2022 10,332 2,726 13,058 Analysls of dlrect Gosts Total funds 2023 Total funds 2022 Education 2023 Donation lo Sl Bartholomev/s School Newbury Aknshouse Trust Sundry expenses 12,940 491 12.940 491 9,837 491 Total 2023 13,435 13A35 10,332 The donats'on to St Bartholomevls School comprlsed of £4,440 for prizes and £8,500 for celebration days. Analysis of support ¢osts Total funds 2023 Totsl fvnds 2022 Educatlon 2023 Govemance $1S 7.532 7,532 2,726 Total 2023 7,532 7.632 2,726 Page 15
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Governance costs 2023 2022 Accountancy chaige8 Indèmnlty Insurance Clerk's fees Legal and professional 3,600 558 1,668 525 533 674 2,700 7,532 2,726 Indep&nd&nt examIne$ remuneration 2023 2022 Fees payable to the Chartys independent examiner for the independent examination of the Charity's annual accounts 2.000 1,740 Fees payable lo th& Charity's indepondenl examiner in respect of. Accountancy seNices 1,61)0 3,600 1,740 Trustees. remuneratlon and expenses During the Year, no Trustees received any remuneration or olhor benofils (2022- £NIL). During th8 Y1 onded 31 Marth 2023, no Trustee expenses havè been incurred12022 - £NILI. Pag8 16
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Tanglble flxed assets Freehold property Cost or valuation At 1 Aprll 2022 194,204 Al 31 March 2023 194.204 Nat book value Al 31 March 2023 194.204 Al 31 March 2022 194,204 Land held at 1 Aprll 1996 has been Included al the Trustees, 8Stimale of the value as at that dal&. Land al York House acqulred slnce that dale, and now Includtsd wllhin the Maln School Sile, is Included al cost. The inler85t in the new school building, sports facilllies, IT and other trqulpment and fillings was transleThed lo Sl Bartholomew's School during Ihg financlal year ended 31 March 2021 {sge note 181. Property retalned by the Foundatlon Non dgpreclatlng assets Playlng fields at Enbome Road Maln School SFte Land north of Fifth Road Parsons Green Allotments 49,145 110,059 25,000 10,000 194,204 School Land previously known as 'Land al Fifth Road,, 'Land al York House, and 'Land al Luk8r slte, ha8 been amalgamated undor the description of'maln School Sile,. Land previously descrfbed as'woimeslall slt8' has been renamed 'Land north of Flflh Road,. Page17
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Property donated or leased to St 8artholome8 School in Septembei 2011 (see nots 181 Dèprèclatlng assets: New schi)ol building IT equipment Furniture, fi'xtures and equipment Mulll use games area and synlhelic turf pitch Sports equipment 35,101,273 931.680 1,191.695 1,810,551 22,301 Total 39.OS7,500 Investment propgrty Frnehold Investment property Valuatlon At 1 April 2022 760.000 At 31 March 2023 760,000 The last formal valuation wa8 mad8 by Henwick Properties on 2 February 2022, on an open Market value for estIng use basi$. Page 18
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Flxed assot Investments Llstod investments Cost or valuatlon At 1 April 2022 Additions Revaluations 869,858 7.187 {17,8651 Al 31 March 2023 859,190 Investments at market value comprlse: 2023 2022 BLK Charities UK Equity Fund BLK Charities UK Bond Fund 80S,908 53,282 807.651 62.207 859,190 889,858 All the fixed ass&1 investm8nls are held in the UIQ 11. Credltors: Amounts falllng due wlthln one year 2023 2022 Accruals and deferred income 6,973 2,272 Page 19
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Statement of fund8 Statemgnt of funds . Gurront Ygar Balance at 31 March 2023 Balance at 1 Aprfl 2022 Gainsl ILosso$} Income Expendlture Unrestrlcted lunds General funds Designated funds 197,541 2,987 41,835 126.3661 1151) 212.869 2,987 200,S28 41,836 (26,356) 11511 215.856 Endowment funds Endowment funds 1,787,550 7,187 117,7041 1,777,033 Total of funds 1,988.078 49,022 128,3561 117.8551 1,992,889 The Trustees have designated £2,987 for the Improvgment and repair of school buildings. Pago 20
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Statement of funds Icontlnugd ststement of funds - prior Year Balance at 31 March 2022 Balance al 1 April 2021 Gainsl (Losses) Income Expenditure Unr08trlcted lunds General fund8 Designated funds 176,478 2,987 37,3e4 116,6861 365 197,541 2,987 179,465 37,384 116,6861 365 200,528 Endowmont funds Endowment fund8 1.730,265 5,536 51,749 1,787,550 Total of funds 1,909.730 42,920 116,6861 52,114 1,988.078 Transfer belon funds Improvements in 2014 and 2015 to the investment property al 4 Buckingham Road which forms part of the endowment funds were financed from unrestricted fund8. The Trustees have agreed that if the inve81menl prop&rty is sold the co81 of these works, which lotalled £108,445 over the tso years, wll be repaid lo th8 unr68trfcl8d fund. 13. Anatysis of net assets between funds Analysls of net assots between funds - current year Endowment Unrestrtcted funds funds 2023 2023 Total fund8 2023 Tanglble fixed as8&ts Fixed asset investments Investment property Current 889et8 Creditors due wthin one year 174,145 852,888 75Q,QOO 20,059 6,302 194,204 859,190 7SO,000 196.468 16,973} 196,488 18,9731 Total 1,777,033 215,8S6 1,992,889 Page 21
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Analysls of net a8Sats between funds Icontlnuedl Analysis of net assets bgtwagn funds - prlor yoar Endovmienl Unreslricled tunds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investmonls Investment property Current assets Creditors due within one year 174.145 8S3.405 750,000 20,059 6,453 194,204 869,858 750,000 176,288 {2,272) 176,288 (2,2721 Totsl 1,787,550 200,528 1,988,078 14. RtconCllla0n of net movement In funds to net cash flow from operatlng actlvllies 2023 2022 Net income for the year las p8r Statement of Financial Activities) 4,811 78,348 Adjustments for: Gainslllossesl on inve$lmenl$ Dividends, intgrests and rents from investments Decrease in debtors Increase in cr&dilor8 17,855 149,0221 {52,114) 142,920} 781 517 4.701 Net cash used In op8ratlng actlvlt108 121.6551 115,388) 15. Anaty$ls of cash and cash oqulvalents 2023 2022 Cash in hand 196.468 176,288 Total cash and cash equlvalents 196.468 176,288 Pago 22
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Analysis of ¢hanggs in not d9bt At 1 Aprll 2022 Cash flows Al 31 March 2023 Cash al bank and in hand 176.288 20,180 198,468 176,288 20,180 196,468 17. Related party transactions During the year the Trustee8 made 8 donation of £12.940 {2022'. £9,837} from unrestricted funds lo Sl BartholomeW8 School. 18. Long terniloaso On 2 September 2011 the Trustees entered into a 125 year lease at a peppercorn rent with St Bartholomew's School in respect of land and buildings owned by the Foundallon and used by the School. By granting the lease the Trustees have transferred the risks and rewards of ownership of the buildings and other depreciating assets lo the School. Th¢se buildings and other depreciating assets as listed in note 8 were therefore removed from the Balanco Sheet. However. the risks and rewaids of ownership of the land remain with the Foundation and therefore the land remains on the Balance Sheet of the Foundation. 19. Controlllng party The chartty Is controlled by ils board of Trustees. Page 23