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 DI0￿San 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 WELLS BLUE SCHOOL TRUSTEES, REPORT Icontlnuodl FOR THE YEAR ENDED 31 DECEMBER 3020 0olall& of Inionglblo Income Thg qovernor5 USO IhLK tK1mliiiblidl￿n Id¥ililifk5 ul iliD& 81iJ& Schaol and Ii%Tr. (Jf roiJTh4 loi govoi'nors meolinqs, No nn8iir.iJl y.41iJu 11<14 hAaii p1acod lor 11115 4111 In Ilio &ir.caiinls. d. RELATED PARTY RELATIONSHIPS Thn Lh¢lilly ivork5 closoly viilh Iho Icul auinC￿ty ond Ilie leachor and slall ai Ilie Bluo Scl)ool. é. RISK MANAGEMENT Thn irnitliees nhve a rtsk mKiiiayeiiioiii siraieliy ivlii¢h r;¢miJiSBcs. Ali 4JniiiiJl iuylvw ol Iho risks Il)0 Lliarilv mily laciTr IITiiaiil ol sybieins 4711(I llror.edur￿ab to miliy,116 Ilio&t) risks ideiililièd.. And The ittipltr.nibniaiivn 91 prncèdtir4JS EIp41unod lo tniniin15e any i)Ditsiilltil iiiii)iJil oil 11)0 iliaiitl slivuk1 ihose rlsks maléri¢iS1¢11 TRUSTEES. RESPON5181LITIES STATEMENT The Tnjsletrs Io6Drgnslbly lur yrtlPallll9 Ihe Trusltes, repofl and tIIL finuiiLlnl sldtui¥ienls In accord￿￿(0 iyiili i)pllcal)lo IAW ￿nd Uiillèd Klngdom Accouiilln!1 51EindAfds Iuiill¥d Trfliiydom Genorally Acc0p￿¢j Ar_pMiii)Ilno Praclic81. The lai%, appliGdl)lo Iu Gharlii¢s EnglAnrl & j)Iys rbuiiiros Ilie Tr115tee5 10 prep41'o nnJncial £iolenienis for oach Iiiiancial yeor wttich glve B Irufj and lalr vittiv ol Ilie slalo 01 ¢)Ilairs ol Ihe charily anfj al iho Ini,'uiiiiiig and applir)1Snn rtf rts&our¢85 01 Ilie Gli&rlly l(Jr Ihal peTrrlod. In pro￿￿rIn￿ 11)abft firii*nLioI 8taiernents, Ihe Tru51e¥TTr aro roqulrod lo selecl suilablo Bceouniing ynllr.1ns.jnd thon ayply 1110111 cor151510nily', OL)£iarvo Iliu Inulliods aiiu priiiciplos In Ihe Cliariiie5 SQRP., iiiaksj iiidgn)enlS and accotsi)Iing tssllniaier Ihkil roa onablo ari(1 prud•nl'. %laie iYhLilior IipD1lr￿L)Stt UK A¢:rLiinilDu JidiiL14ard* lie+ve beon InllThwifid, *Libwr.I In Any llidlgrlal Ilèpdnures Qigclosed anil Èxylnlnod lit Ill￿ liiidiiLial slatenioiilo. J.altsmniils oil Iht) golrn(J con(:tsrii DI1915 Ul)Ir4fj$ 1115 Inaiiproyriatc. lo prèBun)b Iliil1111n The Triislees ar¢ re5ponhible for k('.I2iiliiiJ propttr atCOiJhling rèc¢rd$ Ih?l ArA %ulllclenl In 8hiiw ond OMpl¢lln tli chadlsls IrDnsaciSDns ll(I dl4LIusg Willi ioaknoiiablo dccuracy any tho firi.Iiiudl posit￿n ol Ihè chVlYlL)¢is Iho li￿41 ae(Jd. Tliey Jro olso rospM8Shlo for suluuiiiiYIIiii Iliu 8$s¢Jl8 or Ili¢> clIArily arid liÉtiiL& lor reasonable 31ar>3 lor lh8 Df4.!veiiliOiI aiid d¥leGlloii ol Iraud Arid oihor irrogulnrillE¥S. TlIls Toyoll Wiis appro¥od by Ilio Trliylrttyli, 0111112021 Jnd ()n Inoir tronall by Mr P Hoddlnoll I'rustoo 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 a￿ordanCe 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 Ac￿pIed 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 Charte￿d 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?roY￿j 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