Charlty nutnber". 3102eO WELLS BLUE SCHOOL UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
WELLS BLUE SCHOOL CONTENTS Page Referènce and administrative details of the charity, Its trustees and advisers Trustees. report Independent examinerfs report Statement of flnan¢ial actlvlties Balance sheet ststement of cash flows Notes to the financial ststements 9-17
WELLS BLUE SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Mrs Sharon Baker Dr Katrina Bradley Revd ScJiiiu¥I Deiiy¥r, Ex OffiGIO Mrs Jane Gardiner Mr DÈvid Hiscox1 Mr Peter Hoddinottl Mr Richard Houllon Miss Kat Kinshaw Mrs Elizabeth Ramsay, Dr Kewn Rowlands Dr Elizabeth Walker Mrs Jennifer Warnock Mr Mark Woodlock, l.leadteacher Foundation Committe8 Charity roglstered number 310266 PriiiGipal offiGe Th¢ Bluc School Kennlon Road Wells Somersel BA5 2NR Independent examiner Bishop Flemlng Bdlli LiiTiiI¢ Charteréd Accountants Minerva House Lower Bristol Road Bath BA2 9ER Bankers and adviser5 HSBC Bank PIC 1 Market Pla Wells Somerset RAS ?RN Ralhbone Investment Management The Senate Southernhay Gardens Exeter EX1 1UC Soli¢itors Harris & Harris DI0San Registry 14 Market Place Wells bomerset BA5 2RE Page 1
WELLS BLUE SCHOOL TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present their annual report together with the financial statements of for the ye8r 1 January 2020 to 31 December 2020. The official name of the charity is Wells Blue School. It also has ine worKlng names The Fuuiidiiliuii diid The Wells Blue School Governors Foundation. OBJECTIVES AND ACTIVITIES a. POLIGIES AND OBJeGTIVES The Objects of the Charity The objects of the Ll)arily are, for the public benefit, to 8dvance educGlion through.. 111 the provision of items, services and facilities for the School.. and {21 promoting the education of persons who are in need of financial assistance in the following order of priorily.. per8ons who arc attonding the School- and Ibl persons who have al any time attended the School. In such ways as the trLJStees think fil including by.. awarding 10 such persons sbliul(Ilbliiyb, iiiaiiiteiiance allowances or grants tcnablc at tsny univèrsity, collegè or institution of further or higher education., providing their education lincluding the study of music or other arts), lo undertake travel in furtherance of that eclucalion or lo prepare for entry to any occupation, trade or profession on leaving any eduGalional establishment. Public Benefit The trustees confirm that they have referrad to the guidance contained in the Charity Commission's general guidance on public benefit wlien reviewing the charity$ aims and objectives and in planning future activities 2nd in getting the grant m2king Dnliry for the year. ACHIEVEMENTS AND PERFORMANCE . REVIEW OF ACTIVITIES The Board of Trustees are satisfied with th¢ performancè of the charity during the year and thp position at 31 December 2020 and consider that the Charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations. The Foundation's annual income is derived from agricultural land rents and Snterest from inveslniefjls. The detailed 5Ghedule5 show the re3ults for Ihc ycar. The Scham8 of Foundation divides the applicatinn of the annual income after payment ol annual expenses in to three categories. These are.. Religious Instruction, Special Benefits to the School, Other Educational Benefits. A summary of grants made can be found in the statement of financial activity- Page 2
WELLS BLUE SCHOOL TRUSTEES. REPORT {continugdl FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW . RESERVES POLICY At 31 December 2020, the charity l)ad unrestricted reserves of £6,424 {2019.. £22,809), which ar8 ragarded as free reserves. It is the charity policy to maintain unrestricted funds, which are the free reseNes of the charily al a level which equates lo approximately 12 months unrestricted expenditure as well as emergency applications for grants and unexpected calls on resour¢es, including maintenanae of the investment proprielies. The ttuslees reviewed and agreed the policy during the year. Total unreslricled funds, including revaluation reserves. at 31 December 2020 were £11,075 (2019- £9,594). b. MATERIAL INVESTMENTS POLICY There are no restrictiony on the charity's power to invest_ Tha invp.stmp.nl qlrategy is sel by the trustees periodically and takes account of reGeril deniand for funds and the quality of the funding 2pplicalions. The Jstees consider the income requirements. the risk profile and investments manager's review of the market prospects in the medium term. The strategy is set within an overall policy which stales that the endowment fund is to be invested in low and medium risk investments with a view to ensuring that capital appreciation of the fund exceeds inflation over the long term. The trustees reviewed thé investments during the year and agreed the investmeni policy. STRUCTURE. GOVERNANCE AND MANAGEMENT a. GOVERNING DOCUMENT Wells Blue School is a registeréd chartty, number 310266. The charity was registered with the Charity Commission in 1967 and was created by the Schame dated 18 April 1967 whi¢h laid down th8 objects and powers of the c.harily', modified by the Memorandum and Articles of Association dated 4 February 1970, as varied on 24 November 1975, as affected by a Resolution made under $74 of The Charities Act 1993 dated 26 May 2011 and a mo(Jilication order daied 17 May 2011. Uiidei Ili¥ powers given in the Charities Act 2011 the scheme was modified on 14 March 2013. This scheme replaces the former trusts of the charity. The charity has been in exibtence for a number of years beforo the dale of rcgislralion. Th8r8 are no restrictions in the governino dnr.Iimp.nt nn thp aperalion of the charity other than those imposed by general charily law. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The members of the Board of Trustees of the charity during the year and the changes Sin are listed on page 1. Trustees a the persons who arp. governors for the time being of the Wells Ellue bchool. Governors are elected in accordance with the school's Memorandum and Articles of Association and the law. The lay govèrnors are appointed for 4 years and retire by rotation. Retiring lay governors Gan be re-elected. The Guffent trustees will provide induction and training to the newly appointed trustees. . OROANISATIONAL STRUCTURE AND DECISION MAKING The chdrity is managed by the Board of Trustees who, in their Meetings, agree the broad strategy and are88 af activity for the charity, including nsideratIon of investment, reserves and risk management policies and perfomance. Tnjslees meet regulady lo discuss and plan objecliveg and implemenlalion thereof. Matters of oeneral concem are ralsed with all members. Policies As trustees we work within our terms of reference, whlch are tu ITldi1114ill diid iinpiove the foundation in terms of finan¢e and physical assets in accordance with the Charities Act and the charitys Scheme of Foundation. Page 3
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WELLS BLUE SCHOOL INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WELLS BLUE SCHOOL {the'charty'l I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020. RESPONSIBILITIES AND BASIS 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 charills accounts cArried out under section 145 of the 2011 Act an in carrying out my examination I have followed all the applicable Direction8 given by thc Charity Commission under section 14515)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attention ts drawn to the fact that the charity has prepgre(i the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Gharities preparing their accounts aordanCe with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Challlies.. Statement of Recommended Practice issued on 1 April 2005 which iq referred lo in the extant regulations bul has been withdrawn. l Ljnderstand that this has been donè in order for the accounts lo provide 8 true and fair view in accordan with the Generally AcpIed Accounting Practi effective for reporting p8riods beginning on or after 1 January 2015. I have ¢ompieieo my examlnatiuii. l uii WTifirm that no matter5 hav¢ ¢ome to my attontion in connoction with th8 examination giving me cause lo believe that in any material respect.. accounting records were not k8Pt in respect of the charity as requireé by section 130 of the 2011 Act- or the accounts do not accord with those records., or the accounts do not comply with Ilie appliGable requirements concerning the fom7 and content of accounts set out in the Ch3ritips (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view whi¢h is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connedion WTlli the examination lo which attention should bo drawn in this raport in order to enable a proper iinderstanding of the accounts to be reached. Signed.. Dated-. 0111112021 Simon Morrison FCA {Senior Statutory Auditor) BISHOP FLEMING BATH LIMITED Charted Accounlanls MineNa House Lower Bristol Road Bath 8A2 gER Page 5
WELLS BLUE SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted funds 2020 Restricted Endowment funifs fuiids Total funds 2020 Totsl funds 2019 2020 2020 Note INCOME AND ENDOWMENTS FROM: Investments 775 26,331 27,106 29,311 TOTAL INCOME AND ENDOWMENTS 775 26.331 27,106 29,311 EXPENDITURE ON: Raising funds Charitrible activities 4,046 4,046 25,625 704 ?.1,722 25,625 TOTAL EXPENDITURE 25,625 4,046 29,ti71 22,420 NET INCOME I IEXPENDITUREI BEFORE INVESTMENT GAINS Nttl yolillb vii investments (24,850) 22,285 60.547 12.5651 69,547 6,885 14q.An2 10 NET INCOME I IEXPENDITUREI BEFORE TRANSFERS (24,8SOI 26,331 91,832 126,3311 66,982 156,687 Transfers between Funds 12 NET MOVEMENT IN FUNDS 1,481 65,501 66,982 156,687 NET MOVEMENT IN FUNDS 1.481 65,501 66,982 156,687 RECONCILIATION OF FUNDS: Totsl funds brought forward 9,594 500,000 1,989,460 2.499,054 2,342,367 TOTAL FUNDS CARRIED FORWARD 11.075 500.000 2,054.961 2,566,036 2,499,054 The noles on pages 9 10 17 form part of these financial stslemenls. Page 8
WELLS BLUE SCHOOL BALANCE SHEET AS AT 31 OE¢EMBER 2020 2020 Nolo FIXED ASSETS Iiivusiiiioni propgny 7AS,734 1,689.934 744 7J4 I ri.13.7fi2 2,445,688 2.379,.1) URRENT ASSETS ash al i)ank In hand CREOITORS.. Lim¢xJrilii IAllliiu dut) %iiiilln 140,491 l J4,273 120.1231 114,7151 NET CURRENT ASSETS 120,368 119,.fj.SB NET ASSETS 2,56G.036 ?.4g9.05 CHARITY FUND5 Endo%viDont luridB Reblrlcttyd fLinds UnroslriLILid lunds 2.054,961 500.000 11,075 1,989,460 500,OQO 9.594 12 TOTAL FUNDS 2,588,03fj ? 4qfl.n54 Tho niiMncio14lnierTifjnis woro ap?roYj by Ihty Trusieè$ on 0111112021 uii Ihfjir belinll, by= Mr P Hodrllnolt Tlits nolos on pago8 g to 17 IDM part ol iheso IinaD¢lo1 slAl*m8nls. Pa(5ti 7
WELLS BLUE SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Not& Cash flows from operating activities Not cagh used in opprating artivitips 14 14,6091 14,0621 Cash flows from investing •¢tivities: Bank interest received Procceds from the sale of langib5e fixed assets Proceeds from sale of inveslmenls Purchase of investments 120 110,000 148,492 189,1041 274.293 1329,40TI Ngt cash {usod inllprovlded by investing activities 155,114} 169.508 Change In cash and cash equivalents in the year Caqh and cash equivalents brought fotward {59,7231 223,534 165,446 50,000 Cash and cash equivalents carri¢d forward 15 163,811 223.534 The notes on pages 9 to 17 form part of these financial statements. Page 8
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES 1.1 CHARITY INFORMATION Wells Blue School is an unincorporated charity and is registered at the Charity Gommission In Enqland and Wales. The principal office 15 The Blue School, Kennion Road, Wells, Somerset, BA5 1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statementts have been prepared lo give a Yrue and fairf vi8w and have departed from the Charities (Acrnunts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair. view. This departure has involved following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements have been prepared under the historical Gosl coiivention with items reGognised at cost or transaction valuè unless otherwise staled in the relevant notes lo these accounts. The financial statemenls have been prepared in accordance with the Statement of Recommend8d Practice= Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irel8nd {FRS 1021 iSSLie.d an 16 July 2014 and Financial Keporking siandard appllcable iii Ili¥ Uiiited Kingdom and Republic of Ireland (FRS 1021 and Charities Act 2011. Wells Blue School constitutes a public benefit entity as defined by FRS 102. 1.3 FUNn ACCOUNTING General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the g8neral objèctives of the charity and which have not been designated for other purposes. Designated fundo oompri8g unraslricted fundg that hAvp. hp.pn sel aside by the Trustees for particular purwses. The aim and use of each designated fund is set out in the nol8s lo the fin2nci31 ststemenls. Restricted funds are funds which are lo be used in accordance with specifiG restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering sucn funds are Lli<Ji¥¥d dyain6t tlie SP¢Gific fund. Thc aim and u80 of a3ch restricted fund is sel out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. 1.4 INCOME All income is recognised On the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Gifts in kind donated lur distribution are included 81 valuation and recognisod as incorne when they aro digtribLilo.A tn th9 r)rojects. Gifts donated for resale are Included as income when they are sold. Donated facilities are included al the value lo the charity where this can be quantified and a third party is bearinq the cost. No amounts are induded in the financial statements for services donated by voluntéers. Other income is recognised in the period in which it is re1vable and to the exlenl the goods hBve been provided or on completion of tha Èorvi¢g. Page 9
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES l¢ontinu¢d} 1.5 EXPENDITURE Expenditure 18 recognised once there is a legal or construc.tive obligation to transfer economic benefit to a third party, it is probable thal a transfer of economic benefits 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 th6 total of direct costs and shared costs, including support costs involvert in undertaking each activity. Direct G0815 attributable to a single activity are alloGatcd directly lo that activity. Sharod costo whir.h r.nntribute to more than one activity and support costs whSch are not dtlribulable to a single activity are apportionod between those activities on a basis CL)nsislp.nl with the use of reSoUrs. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Governance costs are those incurred in connection with adminislralion of the charlty and complian with constitutional and stsiulory requiivililit5. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the charitys operations, including support costs and costs relating to the governance ot the charity apportloned to chariLcibl¥ dblivilies. Grants payable are charged in the year when the offer is Inad¢ expt in those c2ses where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to ¢ondilions which have not bcon mel al tha year end are noted as a commitmont, bLIt nnt Af.p.riipd as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.6 INVESTMENTS Iiivestnient properties, which arc all froehold, are a form of fin3nr.ial in8lniment and are inttially recognised al their transaction cost and subsequently measured al fair value al the Balance sheet dole, unless fair value cannot be me88UTed reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, 8re combined and shown in the he.adin J 'Gainsl{lossesl on investments, in the Statement of financial activilies. Investment properties are held for their investment potential and not for use by the charity and so their current value is ot pnme Imponance. Suoh properties cil¥ Iiul drpi"eGlated. Llsted invesltnenls are shown at dosing mid-markel value al the Balance sheet date. Any gain or loss on revaluation is taken lo the Slalemenl of Finanal Activities. 1.7 INTEREST RECEIVABLE Interest on funds held on deposit is induded when re¢8ivable and the amount can be measured reliably by the chatity,. this is nomally upon notificatlon of the interest paid or payable by the BBnk. 1.8 GASH AT BANK AND IN HAND Catsh al bank and in hand includes cash and short term highly liquid inve..qtments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 10
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES {continued} 1.9 LIABILITIES AND PROVISIONS Liabilities are recognised when thor8 is an oblig21ion at the BAlance sheet date as a result ot a pasi event, il 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 amourit tl)al the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provislons are tnedsured at the best estim2le of the aimounts required to ttl¢ the obli92tion. Where tha pffp.r.t nf thp time value of money is material, the provision is L)ased on the preseiit value of those amounts, discounted at the pre-t3x discount rate that reflects the risks spe.c.ific lo the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.10 FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify ab basic financial Instrumentb. Basic financial inslrumcnts are initially recognised al transaction value and subsequenuy measured al their selllement value with the exception of bank loans which are subsequently measured al amortised cost using the p.ffective interest method. INVESTMENT INCOME Unrestrieted Endowment funds funds 2020 2020 Total funds 2020 Total funds 2019 Incomo from UK iiiveslment properties Income from UK listed investments Bank interest re1vable 775 775 26,331 700 28,491 120 26,331 775 26,331 27,106 29,311 Totsl 2019 820 28,491 29,311 INVESTMENT MANAGEMENT COSTS Total funds 2020 Total lui)ds ?n19 Eslale account expenditure Property legal and professional fees Profit on the sale of listed investments Invesliii¥iil Iiiaiiagemenl fees 93 17,4521 11.405 6,107 {16,6981 11.291 4,046 704 Total 2019 704 Page11
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ANALYSIS OF GRANTS 2020 2019 Student unifoms student grants School pholoqrapny Chaplain's budget Contribution towards school projects Retirement gifts fvlis¢ellaneous 2,353 3,018 500 2,835 2,740 500 17.500 23 100 12,000 115 100 23,216 19.068 The charity receives grant applications from a number of sources within the school and from past students. Every application is considered by the Foundation Committee in relation lo pre agree(5 ParaMetcry. Information of such requegts io oivp.n In all tnjstees via minutes presentecj and approved at the full governlng body meeliiigs. GOVERNANCE COSTS Total funds 2020 N£ Total funds 2019 Accountancy fees Independent examiners. fe8 Insurance Llert( to Govemors honorarium 1,050 450 409 500 1,040 700 414 .fjoo 2,409 2,654 NET INCOMEIIEXPENDITUREI This is stated after charging: 2020 2019 Independent Examiners. remuneration 1,500 1.740 During the year, no Trust8es received any remLine.ration12019'. £NILI. Page 12
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 STAFF COSTS The charity has no employees other than the Truslees, who did not receive any remuneration {2019: £NILI. No employee reiVed remuneration amounting to more than £60,000 iii either year. GIFTS IN KIND The charity received the use of admiri IdLiliIib fiom the Dlue JGh0O1 Wclls. No valuo has baon includgd in the accounts for this donation. INVESTMENT PROPERTY Freehold investment property VALUATION At 1 January 2020 and 31 December 202n 745,734 Investment properties were independently valued by Carter Jonas Charted sUey0[$ in June 2012 at tnarkel value. The tr(Jstees believe the is no significant difference bptween this valuation and the mArket value of the properties at the balance sheet dale. Due to the age of the investment properties, Ihere is insufficient data to b8 able to accurately disclosé their 0ri9inal historical ¢osl. 10. FIXED ASSET INVESTMENTS Listed securities Cash Total MARKET VALUE Al 1 January 2020 Additions Disposals Revaluations 1.544.501 329,407 {266,8411 69.547 89.261 300,493 1366.4341 1,633,762 629,900 1633,2751 69.547 Al 31 December 2020 1,676,614 23.320 1.699,934 INVESTMENTS AT MARKET VALUE COMPRISE: Listed investments Cilbli lield for investment 1,676,614 23.320 7.544,501 89.261 Total market value 1.699,934 1,633,762 All the fixed asset investments are held in the UK Page 13
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Accruals 2nd deferred income 20,123 14,715 12. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 Gainsl Docember (Losses) 2020 8alance at 1 January 2020 Transfers inlout Incomè Expenditure UNRESTRICTED FUNDS Capital Revaluation General Funds 4,651 4,943 4,651 6,424 775 (25.625) 26,331 9,594 775 (25.6251 26,331 11,075 ENDOWMENT FUNDS Capital Fund Maintenance Fund Extraordinary Rppair Fund 1,926,293 2,000 61.167 ?.R,-731 14.046) 126,331) 69,547 1,991,794 2,000 61,167 1.989,460 26.331 14,0461 {26.3311 69,547 2,054,961 RESTRICTED FUNDS Capital Fund 500,000 500.000 Total of funds 2.499,054 27.106 {29,671) 69,547 2,566,036 Notes on Endowment Funds Assets held by the charity subject to restriction are carried in the Capital Fund. The income from these assets is credited lo the fund and has been transferred lo Iinrestricted funds. In 2020 this amounted lo £26.33112019. £28,491). The maintenan Fund is reslricled to expenditure on the routine maintenance of the chaiills investment properties. The Extraordinary Repair Fund is reslricled to expenditure on the chority's investment properties of an axtraordinary nglure. Notes on Restricted Funds There have been no movements on the restricted funds during the year ended 31 December 2020. The restricted fund was established on 19 May 2011 when the Wells Blue School can)pus was donated by Somersel County Council and represents the value placed upon the land and buildings in the hands of the Llioiiily uiidei" Ilie term) of the tran3fcr ot that tima. Page 14
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2020 12. STATEMENT OF FUNDS {continuedl STATEMCNT or ruNDS- PRIOR YEAR Balance at 31 Balance at 1 January 2019 Transfers inlout Gainsl (Losses) December Income Expenditure 2019 GENERAL FUNDS Capital Revaluation General Funds 4,651 12,6461 4,651 4,943 820 121,722) 28,491 ENDOWMENT FUNDS Capital Fund Maintenance Fund Exlraordinary Repair Fund 1,777,195 2,000 61.167 28,491 17041 {28,4911 149,802 1.92ti,293 2.000 61,167 1,840,362 28,491 17n41 128,4911 149.802 1.989.460 RESTRICTED FUNDS Capital Fund 500,000 500,000 Total of funds 2,342,367 29,311 122,4261 149,802 2,499,054 SUMMARY OF FUNDS- CURRENT YEAR RAlantp. at Balance at 1 January 2020 31 Gainsl December {Lossesl 2020 Transfers inlout Incom$ Expenditur• Ceneral fund- Endowmentfunds Restricted funds 9,594 1.989,460 500,000 775 26.331 {25,625) (4,046) 26.331 {26,331) 11.075 2,054.961 500,000 69,547 2,499.054 27,106 {29,6711 69,547 2,566.036 Page 15
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12. STATEMENT OF FUNDS {continuedl SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 Gainsl December (Losses) 2019 Balance at 1 January 2019 Transfers inlout Incotn¢ Expeiiditure General fvnds Endowment funds Restricted funds 2,005 1,840,362 500,000 820 28,491 121,722) {704) 28,491 {28,4911 9,594 1,989,460 500,000 149,802 2,J42,367 29,311 496) 149,802 2.499.0. 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2020 Restricted Endtswment funds funds 2020 2020 Total funds 2020 Fixed asset investments Investmont property Current assets Creditors due within one year 1,699,934 245,734 109,293 1,699,934 745,734 140,491 {20,1231 500.000 31,198 120,1231 11,075 500,000 2,054.961 2.566,036 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR UnrgÈtrict•d lui)ds Restricted Endowmp.nt funds funds 2019 T(Jtal funds 2019 2019 2019 Fixed asset investments InVe1cnI Property Current assets credito due within ane year 1.633,762 245.734 109,g64 1,632.762 745,734 134.273 114,7151 4nr).noo 24,309 114,7151 9,594 fjoo,000 1.989,460 2,499,054 Page f6
WELLS BLUE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2020 2019 Net income for the year las per Slalement of Financial Activities) 66,982 156,687 Adjustment for: Bank interest receivable Nel y(Jill uii iiive5tment3 Profit on the sale of fixed assets Increase in creditors (1201 114Q An?) {16.6981 5.871 169,5471 17,4521 5,408 Net cash used in operating activities (4,6091 14,0621 15. ANALYSIS OF CASH AND CASH EQUIVALENTS 2020 2019 Cash in hand Cash held for investment 140,491 23,320 134,273 89,261 Total 163,811 223,534 Page 17