Charity number: 309085 ST BARTHOLOMEW'S SCHOOL FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ST BARTHOLOMEW'S SCHOOL FOUNDATION CONTENTS Page Reference and Adminlstratlve Details of the Charity, its Trustees and Advlsers Trustees. Report Independent Examlnerfs Report Statement of Financial Activittes Balance Sheet 10 Statement of Cash Flows 11 Notes to the Flnanclal 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 2024 Trustees Appointed by Newbury Town Council.. Councillor S Dibas (appointed 20 July 2023) Councillor N Foot (resigned 4 May 2023, reappointed 15 June 2023) Councillor S Slack (resigned 4 May 2023) Appointed by West Berkshire Council.. Councillor L Dillon (resigned 4 May 2023) Councillor L Doherty (resigned 4 May 2023) Councillor B Drummond (resigned 4 May 2023, reappointed 7 December 2023) Councillor E Pattenden (appointed 16 July 2023} Councillor M Vickers (appointed 24 July 2023. resigned 8 December 2023) Councillor P Clark (appointed 8 September 2023) Appointed by Newbury Almshouse Trust.. MrMHart Community Trustees Mrs J Clifford, Chair (until 19 September 2023) Mr T Emberlin, Vice£hair, Chair (Vice-chair until 19 September 2023, Chair from 20 September 2023) Mr R Mead Mr L Pummell, Treasurer (from 20 September 2023) Mrs P Ray, Vice Chair (from 20 September 2023) Mr M Smith (until 19 September 2023) Officers Mrs J Clifford, Chair {until 19 September 2023) Mr T Emberlin, Vice-chair, Chair (Vice-chair until 19 September 2023. Chair from 20 Seplember 2023) Mr M Smith, Treasurer (until 19 September 2023) Mr L Pummell, Tre8surer (from 20 September 2023) Mrs H Sutherland, Clerk Charity regislered number 309085 Principal office st 8artholomevls School Andover Road Newbury Berkshire RG14 6JP Page 1
ST BARTHOLOMEW'S SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlner James Cowper Kreston Chartered Accountants Greenham Business Park 2 Communications Road Newbury Berkshire RG19 6AB Bankers Lloyds Bank plc 5 Bridge Street Newbury Bed(shire RG14 5BQ Solicitors Knights Rivergate House London Road Newbury Berkshire RG14 2PZ Investment Advisers Black Rock Investment Managers 33 King William Street London EC4R 9AS Page 2
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements for the year ended 31 March 2024. The Trustees confirm that the Annual Report and financial statements of the charity comply with the currenl statutory requirements. the requirements of Ihe charity's governing document and the provisions of the stalernent of Recommended Practice {SORP) applicable to charities, preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Structure, governance and management a. Governlng document The St Bartholomew's School Foundation was fomied as a charitable foundation (Chartty No. 309085) under a trust deed dated 10 February 1910, as modified by subsequent orders. This scheme was replaced by a new scheme dated 18 October 2007. There have been no changes in the objectives since the last annual report. b. Governlng Body and organisational management The Charity is managed by a Board of Trustees whose details are listed under the reference and administration details section. The Trustees meet at least three times each year and retsrve agendas, minutes and papers prepared by the Clerk. Decisions are taken by majority voting where necessary, usually by show of hands. Meetings are chaired by the elected Chair or Vice Chaimian and minutes are taken by the Clerk. In bebNeen Trustees, meetings urgent decisions can be taken by the Chair, Mr T Emberlin, Vice Chair. Mrs P Ray and Treasurer, Mr L Pummell. The day to day administration of the Charity is delegated to the Clerk to the Trustees, Mrs H Sutherland. In 2014 it was agreed that the number of Trustees would reduce from seventeen to twelve when current appointments expire. Under the new structure Trustees are appointed by Newbury Town Council, three by West Bert(shire Council and one by the Newbury Almshouse Trust. These are known as Representative Trustees. The remaining six trustees are designated Community Trustees. c. Recruitment and training of trustees Representative Trustees are appointed after their respective organisation's internal nomination processes are complete. Community Trustees are recruited in a variety of ways, including infonnal discussions with the School's Govemors and an open recruitment process when required. All Community Trustees are chosen for their personal attributes and experience, necessary to maintain an appropriate balance of skills and professionalism on the Trustee Board. Trustees are inducted by the Chair, Vice Chair and the Clerk following recruitment and are encouraged to maintain their knowledge of general charity law and regulatory matters via the Charity Commission website and educational initiatives. Page 3
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, govemance and management (continued) d. Risk management The Trustees are responsible for the identification of risks inherent within the Charity, their potential impact on its operations and the implementation and maintenance of a system of control in order to mitigate those risks. The Trustees periodically review risk and the key controls maintained by the Charity which include: 1. formal agendas for all meetings 2. well established organisational structure and reporting lines clear authorisation and delegated responsibilities regular review and reporting of financial position use of extemal professionals for admce where the necessary expertise is not available from within the body of Trustees. Legal, financial, commercial and investment advisers have been used during the year. The Trustees are satisfied that any major risks have been identified and mitigated where necessary through their risk management processes. Objectives and activities a. ObjectiV8s and activlties for public beneftt The principal objective of the Foundation is to provide educational benefits to the students of St Bartholomew's School. The Trustees are aware of the Charity Commission's general guidance on public benefit which has been considered when reviewing policy and objectives. The Foundation is responsible for administering pemianent endowment funds and assets which are held in a portfolio of cash, managed investments, land and property. The Foundation owns the large majority of the land and buildings of the School. including playing fields, all of which have been leased to the School. The buildings have been removed from the Balance Sheet of the Foundation as disclosed in note 18 to the accounts. The Foundation owns some allotment land called Parsons Green in the town, which is let to the Newbury Town Council. There is also a property at No. 4 Buckingham Road, Newbury. The Foundation is the custodian of many prize funds. some restricted in purpose, but all intended to reward good work, effort or achievement on the part of pupils at the School. These prize funds have been consolidated under a new charity scheme dated 18 October 2007 known as the St Bartholomews School Foundation Consolidated Prize Fund. The Foundation is supported by one part time clerk. Pag@ 4
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance a. Achievements and performance The Trustees take a keen interest in the development of the school and greatly value the regular updates from the headleacher and invitations to school events. It is their objective to balance risk and reward and optimise the total return on the Foundation's investments in order to provide funds for those activities which cannot be met from other sources. The Trustees are mindful of their obligation to future generations of students in their execution of the management of the charitys pemianent endowment and other assets. This year, Trustees were particularly delighted to finance 'Awards Evenings. that recognise the achievement and attainment of students. Trustees also took steps to maintain good stewardship of The Foundation's assets, for example by commissioning a comprehensive land valuation exercise, continuing to maintain its rental propety and agreeing to changes to the school estate to reflect changing needs of the school community. b. Investm8nt policy The Trustees have appointed Black Rock Investment Managers to manage the Foundation's investments. The Fund Managers issue quarterly statements and detailed valuations and portfolio reports each year. The Trustees review the perfomiance of the Foundation's investments on a periodic basis. In general temis. the Foundation seeks a mixture of capital growth and income generation from the performance of tts investments. Financial revlew a. Financlal revlew The accounts for the year ended 31 March 2024 show income of £52,553 (2023.. £49,022) as detailed on page 9 of the accounts. Investment income continued to be generated from monies held on deposit, from dividends and from letting investment property. Dividend income was higher than in the previous year, the prior year being affected by the transition to new investment funds. The Foundation's investment property at 4 Buckingham Road continues to produce useful rental income and long term capital growth for the charity. The estimated market value of the propety as 8t 31 March 2024 was £750,000 (2023.. £750,000). Land owned by the Foundation and used as allotrnents (Parsons Green) is rented to the Newbury Town Council at £850 per annum. Charitsble expenditure predominantly comprised donations to support the awarding of school prizes. The Endowment funds stood at £1.806,732 at 31 March 2024 compared wilh £1,777,033 St 31 March 2023. The Permanent Endowment of the Foundation includes funds held in Funds managed by Black Rock Investment Managers. The value of the investments increased by £22,838 during the year compared wilh an decrease of £17,855 in the previous year. b. Significant developments durfng the year There were no significant developments during the year. Page 5
ST BARTHOLOMEWS SCHOOL FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 c. Reserv8s policy The Trustees do not have a formal policy for determining the level of cash reserves. However their practice has been to maintain sufficient liquid assets in an interest bearing deposf( account to enable the Foundation to meet unexpected expenditure, such as uninsured losses or urgent repairs lo the school buildings that could not be met by the School or the Department for Education. Currently these cash reserves stand at £190,684 (2023.. £196,468). The Prize Funds which were consolidated under a new scheme dated 18 October 2007 continue to accumulate income. Each year the Trustees pay for a range of prizes awarded to students at the School and meet the costs of school community events from general income. Specific unrestricted fund income (e.g. the Repair and Improvement Fund) is being used for special projects undertaken by the School. The level of reseNes is considered to be appropriate and at a prudent level. Plans for the future d. Future developments The Foundation has been part of the St BartholomeWs communty for more than a century, in which time the school has gone from strenglh to strength. It is proud to work in partnership with the Headteacher and school govemors for the benefit of the school community and looks foNard to continuing to fulfil its mission in the future. In the near temi, Ft will contribute financially to the school's goal to use technology to enhance learning, in the mid-term, explore how it can work wilh the school to develop a fund-raising programme and in the long term, it stands ready to support the school in whatever way it can. as it has since 1910. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Chariiy and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stalements, the Trustees are required to.. select suitable accounting policies and then apply them con51Stently', obseNe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. Page 6
ST BARTHOLOMEW'S SCHOOL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, responsibilities (CONTINUED The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulartties. Approved by order of the members of the board of Trustees and signed on their beha by: Mr T Emberlin Chair Date.. 12 November 2024 Page 7
ST BARTHOLOMEW'S SCHOOL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of St Bartholomew's School Foundation I'the Charlty'} I report to the charity Trustees on my examination of the accounts of the Charity for the Year ended 31 March 2024. Responslbllltles and Basls of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5>(b) of the 2011 Act. Independent Examlnerfs Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records. or the accounts do not comply wth the applicable requirements conceming the fonr and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charitls Trustees those matters l am required to state to them in an Independent Examinels Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charitys Trustees as a body, for my work or for this report. Signed.. Dated: 2011212024 Fiona Hawkins Msc FCA James Cowper Kreston 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 2024 Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 7.022 45,531 52,553 49,022 Total incorne and endowments 7,022 45,531 52,563 49,022 Expenditure on: Raising funds Charitable actiwties.. Direct costs Governance 3,047 3,047 5,389 37,561 7,300 37,561 7,300 13,435 7,532 Total expenditure 47.908 47,908 26,356 Net incomel(expenditure) before net gainsl(losses) on investments Net gainsl(losses) on investments 7.022 22,677 (2,377) 161 4,645 22,838 22,666 (17,855) Net mov8m8nt in funds 29.699 12,216) 27,483 4,811 Reconclllatlon of funds: Total funds brought forward Net movement in funds 1,777,033 29.699 215,856 (2,216) 1,992,889 27,483 1,988,078 4,811 Total funds carried forward 1,806,732 213,640 2,020,372 1,992,889 The Statement of Financial Actrvtties includes all gains and losses recognised in the Year. The notes on pages 12 to 23 form part of these financial statements. Page 9
ST BARTHOLOMEW'S SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 194,204 889,050 750,000 194,204 859,190 750,000 10 Investment property 1,833,254 1,803,394 Current assets Debtors Cash al bank and in hand 213 190,684 196,468 190,897 196,468 Creditors.. amounts falling due within one year 12 (3,779) (6,973) Net current assets 187,118 189,495 Total net assets 2,020,372 1,992,889 Charlty funds Endowment funds Unrestricted funds 13 13 1,806.732 213,640 1,777,033 215,856 Total funds 2,020,372 1,992,889 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr T Emberlin Chair Date.. 12 November 2024 Mr L Pummeil Treasurer The notes on pages 12 to 23 form part of these financial statements. Page 10
ST BARTHOLOMEW'S SCHOOL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Noto Cash flow3 from operatlng actlvltles Net cash used in operating activf(ies 15 (51,102 (21,655) Cash flows from Investing activltles Dividends, interests and rents from investments 45,318 41,835 Net cash provlded by investing actlvltles 45,318 41,835 Change in cash and cash equjvalents in the Year Cash and cash equivslents at the beginning of the Year (5,784) 196,468 20,180 176,288 Cash and cash equivalents at the end of the Year 16 190,684 196,468 The notes on pages 12 to 23 form part of these financial statements Page11
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polici8S q.1 Basls of preparatlon of flnanclal statements The financial statements have bn prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and faiff view and have departed from the Charilies (Accounts and Reports) Regulations 2008 only to the extent required to provide a Yrue and fairf view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. st Bartholomew's School Foundation meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. 1.2 Income All income is recognised once the Charity has entttlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Interest on funds held on deposrt is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.3 Expenditure 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 benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs 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 attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activf(ies on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising actiwties events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitls objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Tanglble flxed assets and depreclation The land held for use by the charity as at 1 April 1996 has been shown on the Balance Sheet at tts valuation on 1 April 1998. The value of this land is £174.145. In accordance with section 17 of FRS102 this valuation has not been updated. Additions to land subsequent to this have also been included at cost. The land is not depreciated. Page 12
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.5 Investment property Investment properties are initially recognised at their transaction cost and subsequently measured at fair value. Gains are recognised in the Slatement of Financial Activities. Investment gains and losses, whelher realised or unrealised, are combined and shown in the heading 'Net gainsl(losses) on investments, in the Statement of Financial Activities. 1.6 Investments Fixed asset investments are stated at their open mathet value at the Balance Sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gainsl{losses) on investments. in the Statement of Financial Activities. 1.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due, 1.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments Wtth a short maturity of three months or less from the date of acquisition or opening of Ihe deposit or similar account. 1.9 Liabilit18s and provisions Liabililios are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 1.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequently measured at their settlement value. 1.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. l.q2 Critlcal accountlng estlmates and areas of judgement The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet dale and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. In preparing these accounts the value of the investment propety has been detemiined by the Trustees based on infomiation available. Page 13
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Lettings income Dividends Interest received 19,631 23,116 2,784 19,631 30,138 2,784 18.280 29,744 998 7,022 Total 2024 7,022 45,531 52,553 49,022 Toial 2023 7,187 41,835 49,022 Exp8nditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment property costs 3,047 3,047 5,389 Total 2024 3,047 3,047 5,389 Page 14
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by actlvltles Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Education 37.561 7.300 44,861 20,967 Total 2024 37,561 7,300 44,861 20,967 Total 2023 13,435 7.532 20,967 Analysis of direct costs Total funds 2024 Total funds 2023 Educatlon 2024 Donation to St Bartholomews School Newbury-Almshouse Trust Sundry expenses 37,189 368 37,189 368 12,940 491 Total 2024 37,561 37,561 13,435 The donation to St Bartholomews School comprised of £4.189 for prizes and £33,000 for devices for Y7 students. Analysis of support costs Total funds 2024 Total funds 2023 Education 2024 Govemance costs 7.300 7,300 7,532 Total 2024 7,300 7,300 7,532 Page 15
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Governance costs 2024 2023 Accountancy charges Indemnity insurance Clerks fees Legal and professional 3,780 614 800 2,106 3,600 558 674 2,700 7,300 7,532 Independent examlnerfs remuneration 2024 2023 Fees payable to the Charitys independent examiner for the independent examination of the Charity's annual accounts 2,100 2,000 Fees payable to the Charitls independent examiner in respect of.. Accountancy services 1,680 1.600 3,780 3,600 Trustees, remuneratlon and expenses During the Year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the Year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 16
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tanglble flxed assets Freehold property Cost or valuation At 1 April 2023 194,204 Al 31 March 2024 194.204 Net book value At 31 March 2024 194,204 At 31 March 2023 194,204 Land held at 1 April 1996 has been included at the Trustees, estimate of the value as at that date. Land at York House acquired since that date. and now included within the Main School Site, is included at cost. The interest in the new schi)ol building, sports facilities, IT and other equipment and frttings was transferred to St Bartholomews School during the financial year ended 31 March 2021 (see note 19). Property retalned by the Foundation Non depreciating assets Playing fields at Enborne Road Main School Site Land north of Fifth Road Parsons Green Allotments 49,145 110,059 25,000 10,000 194,204 School Land previously known as 'Land at Fifth Road,. 'Land at Yorf( House, and 'Land at Luker stte, has been amalgamated under the description of 'Main School Site,. Land previously described as 'WorTnestall site, has been renamed 'Land north of Fifth Road,. Page 17
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Property donated or leased to St BartholomeWs School in September 2011 (see note 18) Depreciating assets. New school building IT equipment Furniture, fixtures and equipment Multi use games area and synthetic turf pitch Sports equipment 35,101,273 931,680 1,191,695 1,810,551 22,301 Total 39,057,500 Investment property Fre8hold investment property Valuation At 1 April 2023 750.000 At 31 March 2024 750,000 The last fomial valuation was made by Henwick Properties on 2 February 2022, on an open market value for existing use basis. Page 18
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Flxed asset Investments Listed Investments Cost or valuation At 1 April 2023 Additions Revaluations 859.190 7,022 22,838 At 31 March 2024 889,050 Investments at market value comprlse: 2024 2023 BLK Charities UK Equity Fund BLK Charities UK Bond Fund 836.566 52,484 805,908 53,282 889,050 859,190 All the fixed asset investments are held in the UK. 11. Debtors 2024 2023 Due wlthln one year Prepayments and accrued income 213 213 12. Credltors: Amounts falllng due wlthln one year 2024 2023 Accruals and deferred income 3,779 6,973 Page 19
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of funds Statement of funds - current Year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Los58s) Income Expenditure Unrestricted funds General funds Designated funds 212,869 2.987 45,531 {47,908) 161 210,653 2,987 215,856 45.531 (47,908) 161 213,640 Endowment funds Endowment funds 1.777.033 7.022 22,677 1,806,732 Total of funds 1,992,889 52,553 (47,9081 22,838 2,020,372 The Trustees have designated £2,987 for the improvement and repair of school buildings. Page 20
ST BARTHOLOMEWS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. statement of funds {continued) Statement of funds - prior Year Balance at 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure Unr8stricted funds General funds Designated funds 197,541 2,987 41,835 (26.356) {151) 212,869 2,987 200.528 41,835 (26,356) (151) 215,856 Endowment funds Endowment funds 1,787,550 7,187 (17,704) 1,777,033 Total of funds 1,988,078 49,022 {26,356) (17,855) 1.992,889 Transfer between funds Improvements in 2014 and 2015 to the investment property at 4 Buckingham Road which forms part of the endowment funds were financed from unrestricted funds. The Trustees have agreed that if the investment propety is sold the cost of these works. which totalled £108,445 over the two years, will be repaid to the unrestricted fund. 14. Analysis of n8t assets between funds Analysls of net assets between funds - current period Endowment Unrestricted funds funds 2024 2024 Totsl funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 174,145 882,587 750,000 20,059 6,463 194,204 889,050 750,000 190,897 13,779) 190,897 <3,779) Total 1,806,732 213,640 2,020,372 Page 21
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysis of n8t assets between funds (continued Analysls of net assets between funds - prior period Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 174,145 852,888 750,000 20,059 6,302 194,204 859,190 750,000 196,468 (6,973) 196,468 (6,973) Total 1,777,033 215,856 1,992,889 15. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the period (as per Statement of Financial Activities) 27,483 4,811 Adjustments for: Gainsl(losses) on investments Dividends, interest5 and rents from investments (Decrease)Ilncrease in creditors Decreasel(Increase) in debtors (22,838) (52,340) (3,194) (213 17,855 (49.022) 4,701 Net cash usod in operating activltles (51,102) (21,655) 16. Analysis of cash and cash equivalents 2024 2023 Cash in hand 190,684 196,468 Total cash and cash equivalents 190,684 196,468 Page 22
ST BARTHOLOMEW'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 196,468 15,784) 190,684 196.468 (5,784) 190,684 18. Relat8d party transactlons During the year the Trustees made a donation of £37.189 (2023.. £12,940) from unrestricted funds to St Bartholomew's School. 19. Long temi lease On 2 September 2011 the Trustees entered into a 125 year lease at a peppercorn rent with St Bartholomews School in respect of land and buildings owned by the Foundation 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 to the School. These buildings and other depreciating assets as listed in note 8 were therefore removed from the Balan Sheet. However. the risks and rewards of ownership of the land remain with the Foundation and therefore the land remains on the Balance Sheet of th& Foundation. 20. Controlling party The charity is controlled by its board of Trustees. Page 23