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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
CONTENTS AND CHARITY INFORMATION
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|CONTENTS|
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|Report|of the Trustees|
|Independent|Auditor's Report|4-7|
|Statement|of|Financial|Activities|8|
|9|
|Balance|Sheet|
|Notes to the Financial|Statements|10|-|16|
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The Charity Commissioners granted a Certificate of Incorporation of the Trustees[on][14][ November][ 2000.]
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
CHARITY INFORMATION
CHARITY REGISTRATION NUMBER
| CHARITY REGISTRATION NUMBERNUMBER | 311326 |
|---|---|
| EX-OFFICIOTRUSTEES | TheRev'dDrJ Bunker Vicarofthe Parish ofAscension Mr AlistairMack Representing St Paul'sChurch |
| The Rev'd STaylor VicarofSt Philip's CanonAdrian Daffern VicarofGreat StMary's (until 20thMay2020) |
|
| MrRichardSummers Representing StClements (from 20thMay 2020) |
|
| LAYTRUSTEESAPPOINTEDBYPCCs | MrsGAmbrose ParishofAscension |
| MrD Farrer ** St Paul's |
|
| MrA MacLellan, * ‘St Philip's |
|
| MrM Pettifer ** St Cuthbert's |
|
| LAYTRUSTEESAPPOINTEDBYTHE | MrA Read * |
| DIOCESANBOARDOFEDUCATION | The Rev'dAndrewDay |
| TRUSTEES APPOINTEDBYTHE | DrK Carne *, ** |
| UNIVERSITYOFCAMBRIDGE | MrsTPritchard* |
| TRUSTEEAPPOINTEDBYSOUTH | The Rev'dDrRNicholls(until 14thJuly2020) |
| CAMBRIDGEDEANERYSYNOD | Currently vacant |
| TRUSTEEAPPOINTEDBYNORTH | The Rev'dRAdams |
| CAMBRIDGEDEANERYSYNOD | |
| CO-OPTEDTRUSTEES ELECTEDBY | DrJRoss (until 9thMarch 2020) |
| THEBOARDFOR 5 YEARS | MrsC Lowe |
| The Rev'dM Roberts* | |
| CHAIRMANOFTHEBOARD | DrK Carne |
| MANAGEMENTTEAM | Isobel Rawlinsonsupportedby administratorandprojectofficers |
| PRINCIPAL OFFICE | c/o St Philip's Church Centre |
| 185 Mill Road,Cambridge, CB] 3AN | |
| AUDITORS | Prentis&CoLLP CharteredAccountants and Statutory Auditors |
| 115c Milton Road, Cambridge, CB4 IXE | |
| BANKERS | CAFBank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME194JQ |
| SOLICITORS | Ashtons Legal, 77Newmarket Road, Cambridge,CB5 8EU |
| SUBSIDIARYCHARITYTRUSTEE | Jesus LaneSunday SchoolEndowmentFund (charityno.311311) |
| (amaigamated11thFebruary2020) |
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EX-OFFICIO TRUSTEES
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LAY TRUSTEES APPOINTED BY PCCs
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- denotes member of the Executive Committee | ** denotes member of the Finance Committee
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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
REPORT OF THE TRUSTEES
The Trustees present their annual report together with the financial statements ofthe Charity for the year ended 31st December 2020 The finaneial statements comply with the CharitiesAct 2011, Accountingaad Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financiw! Reporting Standard applicable in the UK and Republic of Ireland (RS 102) (seeond edition published October 2019) (etfective | January 2019).
Structure, governance and managemest The Church Schools of Cambristge (The Trust) is a registered Charity, number 311 326 end was. founded in 1703 (known as The Oid Schools) by the Rev'd William Whiston who raised funds from senior figures at the University to start seven schools which provided schooling for 260 poor children in Cambridge. The Church Schools of Cambridge now owns four primary schoots in the City of Cambridge - St Luke's, St Paul's, St Philips and Park Stroet and has a minority Interest in St Bede's Inter-Church School, The main activities of the trust are the provision of the buildings and financial support and the appointment ofFoundation Governors to its four primary schools, The Trust also funds and manages activities that support the general provision of Religisus Education and Collective Worship-in schools in the Cambridge area and thraugh grants to Sunday Schools,
The Trust was incorporated in November 2069 and is managed by Trustees as outlined fn the Charity Commission Scheme of 3rd January 2008. The incumbents ofthe parishes in which our four schools He-are all Trustees ex officio. Trustees are appointed for4 years ahd may be reappointed. A meeting of ful Trustees is generally held two or three times ayear. At these meetings trustees agree strategy, receive projact and grant tpdates and raview the financial position, Day te'day management of trust activities ts overseen by[the][Executive] Committee of Trustées which, with the Director, implements the agreed strategy, allocates funding and avarsses.the organisation,
All trustass give theit time freely and once a year disclose all relevent interesta, at each meeting any conflict of interest is daotared, Where, exreptidnally, a Trustee has a thatertal interest in a decision or project, ttey-do not take partin iteconsideration, The Trust seeks to support its four primary schools and §$t-Bede's through Head Teashers, goveraing bodies and staff. [talso maintains a relationship with the six other Churelt of England schools within its area of benefit. It has close [inks to Churches in Cambridge, particularly with those parishes in which the schools are situated, It[has][strong][ mutual][ links][ with][the][ Diocese] of Ely: the Trust's Director is a co-opted member of the Diocesan Board of Education and the Diocesan Director of Education is a Trustee, Through our support for projects, we have operational Jinks[to][ several][Local][ organisations][ including][ Romsey][Mill,] GenR8, Cambridge Heritage and Great St Mary's Heritage Centre, In July 2015 The Trust became the Sele Trustee of Jesus Lane Sunday School Endowment Fued, a registered Charity in England and Wales (charity munber 3111341), whose charitable objects. are to.'assist certain Sunday Schoolsand the church schools in Cambridgeshire. On 2nd May 2019 the Charity Commission gave permésston for its assetg to be transferred tothe Charity and oa 1 Hh February 2020 it merged with the Charity. The Jesus Lane Stuiday Schoo! Endowsnent Fund was then amalgamated onthe same day. Risk Management From time to time the trustees have considered the major financial and other risks to which the Charity is exposed and have documented these in a risk register. A key risk is the possible impact of changes in school funding and changes in governance arising from the Government's national policy on academies.
The main operational risks include structural problems with our four school buildings. This is addressed by regular structural and condition surveys in order to identify tramediate and long term issues ail works with the schools with the aim of ensuring that facilities meet the developing needs of the schools, within the prevailing funding constraints.
Aims and objectives The vision of the Trust is to, "grow Christian environments where children can learn and flourish". It seeks to undertake this vision in accordance with the objectivas fisted in the Charity Scheme,
The Trust seeks to achieve these aims both directly and through supporting other organisations. We consider and promote capitat projects to improve our schools, lead activities such as exhibitions and Footprints of Faith (schoo! walking tours), support activities such as the Diocese educational improvement programme, and initiatives that ate led by other organisations. The programme of activities is reviewed. annually.
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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
REPORT OF THE TRUSTEES ........./CONTINUED
The Trustees have regard to the Charity Commission guidance on Public Benefit, All Trust activities are undertaken in accordance with its charity objectives, therefore ensuring that they deliver public benefit from the work the Trust with its four schools, and its work in partnership with other in the area of benefit.
Achievements and performance
Although some activities have been reduced or not possible during the Covid19 pandemic, the Trustees are pleased with the following activities it has been able to support during 2020.
Development, and maintenance of church school buildings The Trust has continued to support school governors of its four primary schools in the upkeep and development of their buildings by contributing towards the cost of development plans and projects including upgrades to IT facilities.
Promotion of education in its Cambridge Church Schools The Trust has continued to provide an annual grant to each of its four Primary Schools and to St Bede's, used for additional activities that support the learning needs of the children. In 2020 this has included funding for additional resources to support remote learning during the pandemic.
The Trust has initiated an additional programme to support school improvement and enable schools to enrich the curriculum for their pupils. An Education sub-committee of Trustees has been formed early in 2021 to provide a focus for this activity which will work with the schools to fund added value projects aimed at raising the overall quality of education delivered in the medium term. It is envisaged that this programme will extraordinarily commit some of the Trust's reserves to this area of school support in 2021 and beyond.
Other education related projects and grants
The Trust has continued to provide grants to other organisations which support the education of children including the Ely Diocesan Board of Education, Romsey Mill, and Great St Mary's.
The Trust has worked closely with the Diocese of Ely Board of Education to encourage improvements at schools within the Diocese, particularly within Cambridge. This includes staff wellbeing, a programme of leadership coaching for head teachers in Trust schools and support for counselling pupils whose mental health has been impacted by the pandemic,
The Trust has not been able to organise interactive exhibitions and workshops during the year but has provided on-line resources to schools for use in RE and collective worship, whether in-school or during periods of remote learning. These are not limited to the Trust's schools and are accessed by schools more widely. It has provided bibles to Year 6 schoolleavers in the Trust's four primary schools.
The Trust has continued to provide grants to church Sunday Schools in Cambridge.
Financial Review
All Trust investments are held primarily in order to provide income to fund the work of the Trust with the majority forming our permanent endowment, The Trust's financial support to its four primary schools and wider educational activities is therefore reliant on the income it receives from these investments. This is supplemented with income raised from the solar panels installed at its four primary schools and from rental income. The Trust also acts as an agent on behalf of its four schools in managing Devolved Formula Capital (DFC) a source of state funding towards periodic maintenance, minor capital works and IT resources,
The Trust's total income in 2020 was £324,188 (2019: £578,141).
Reserves Policy
The Trust expenditure varies over time according to the opportunity to contribute to repairs, and development work enabled by extemal (primarily government) funds and partner activity linked to the aims and objectives of the Trust. The Trust through regular budget reviews and forward planning activity aims to keep sufficient reserves to respond to such opportunities as they arise, to accommodate the cash flow requirements of larger capital projects it manages, and to support activities that benefit the children whom we serve. It is the trustees policy, therefore, to pass surplus income to reserves in years of lower expenditure to enable it to utilise those reserves to fund years of greater development activity.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 IST DECEMBER 2020
REPORT OF THE TRUSTEES ....,..../CONTINUED
Each year, Trustees review committed grant and project activity spend it makes to the schools and to other bodies in light of current income, projected expenditure and available resources and trustees believe its resources are adequate to meet current commitments and potential liabilities. ;
Plans for the future The Church Schools of Cambridge has, through its various schools and education support projects, been supporting primary education in Cambridge for over 300 years and plans to continue to do so in keeping with the aims and objectives referred to above.
STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for the preparation of the Trustees' Annual Report and financial statements in accordance with _ applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and ofthe incoming resources, and application of resources, of the Charity for that period. In preparing the financial statements, the Trustees are required to:
° select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the applicable Charities SORP; ° make judgements and estimates that are reasonable and prudent; ° state whether applicable accounting standards 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 operation. ;
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, theapplicable Charity (Accounts and Reports) Regulations 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 irregularities,
Approved by the Trustees on 16'°TH Jane 202 and signed on their behalf by:
A MACLELLAN HONORARY TREASURER
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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHURCH SCHOOLS OF CAMBRIDGE
We have audited the financial statements of The Church Schools of Cambridge for the year ended 31st December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity’s affairs as at 31st December 2020, and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011,
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 8 to the financial statements, and we have fulfilled our other ethical responsibilities In accordance with these requirements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSION RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concer are described in the relevant sections
of this report.
OTHER INFORMATION
The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the Report of the Trustees.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the Report of the Trustees and, in doing so, consider whether the Report of the Trustees is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
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) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHURCH SCHOOLS OF CAMBRIDGE
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters to which the applicable Charities (Accounts and Reports) Regulations require us to report to you if, in our opinion;
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the information given in the financial statements is inconsistent in any material respect with the Report of the Trustees; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees' responsibilities statement set out on page 3, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal contro! as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists, Misstatements can arlse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
PROCEDURES TO INDENTIFY MATERIAL MISSTATEMENTS INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We have considered the nature of the industry and sector, control environment and business performance, including the design of the Charity’s remuneration policies.
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- We have enquired with management in regards to their own assessment of the risks of irregularities, including fraud.
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- We have obtained relevant documentation and representations in order to form an opinion on potential irregularities, including fraud.
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Our audit work is limited to samples inherently used under International Auditing Standards, therefore not all transactions are reviewed so the detection of irregularities, including fraud is limited to this.
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- Any matter we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to:
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Identifying, evaluating and complying with laws and regulations and whether they are aware of any non-compliance.
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- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
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- The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is in relation to the overstatement of revenue. In common with all audits under ISAs (UK). We are also required to perform specific procedures to respond to the risk of management override.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHURCH SCHOOLS OF CAMBRIDGE
We also obtained an understanding of the legal and regulatory environment and frameworks in which the Charity operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, The key laws and regulations we considered in this context included the Charities Act 2011.
In addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements, but compliance which may be fundamental for the Charity to operate or to avoid a material penalty. These included compliance with discrimination in the workplace, health and safety and, in relation to the current pandemic, compliance with Covid-19 Government regulations.
Relevant identified laws and regulations were communicated within the engagement tear so they remained alert throughout the audit for indications of fraud or non-compliance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
USE OF OUR REPORT
This report is made solely to the Trustees, as a body, in accordance with the Charities Act 2011, Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed.
PRENTIS & CO LLP CHARTERED ACCOUNTANTS & STATUTORY AUDITORS 115c Milton Road Cambridge CB4 1XE
Prentis & Co LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
PAGE 8
.
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
BALANCE SHEET
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|BALANCE|SHEET|||
|,|
|2020|2019|
|Notes|£|£|£|£|
|FIXED ASSETS|
|Tangible|fixed assets|9|12,363|13,005|
|Investments|10|9,911,704|9,265,202|
|TOTAL FIXED ASSETS|9,924,067|*|9,278,207|
|CURRENT ASSETS|||
|Debtors|ia|26,636|22,549|
|Cash|at bank and|in hand|188,824|148,845|
|TOTAL CURRENT ASSETS|215,460|171,394|
|||
|LIABILITIES|,|
|Creditors:|amounts|falling|due within|.|
|one year|12|(70,194)|(110,861)|
|NET CURRENT ASSETS|145,266|60,533|
|TOTAL NET ASSETS|10,069,333|9,338,740|
|THE FUNDS OF THE CHARITY|
|Restricted|funds:|
|Permanent endowment fund|13|7,772,271|7,129,844|
|Unrestricted funds|an|2,297,062|2,208,896|
|TOTAL FUNDS|10,069,333|9,338,740|
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The financial statements were approved by the Board ofTrusteeson (O° (TUNE ZovZt and signed on their behalf by:
TRUSTEE A MACLELLAN
The notes on pages 9 to 16 form part of these financial statements.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
PAGE 9
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
1, ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) BASIS OF PREPARATION
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019, applicable from Ist January 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The Charity had a subsidiary which merged with the Charity on 1 1th February 2020.
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note,
The financial statements are presented In sterling, which is the functional currency of the Charity.
The Trustees have opted to take advantage of the amendment to Charities SORP FRS 102, where only larger charities are required to prepare a Statement of Cash Flows.
(b) GOING CONCERN
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. As such, they continue to adopt the going concern basis of accounts in the financial statements, which assumes the Charity will continue in operational existence for the foreseeable future. The trustees have given due consideration to the working capital and cash flow requirements of the Charity for at least 12 months from the date of signature of the accounts.
(c) FUND ACCOUNTING Unrestricted income funds comprise of funds which the trustees are free to use for any purpose in the furtherance of the charitable objectives.
The Trust also has a number of restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.
(d) INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Interest on funds held on deposit 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 bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Income from Government Securities is recognised when it is received. Income accrued and not received on these securities at 31 December is included in the market value of the investments held.
Rental income under operating leases is charged to the profit and loss accounts on a straight-line basis over the terms of the lease.
(e) GRANTS
Grants received for special projects are credited to the Income and Expenditure Account when the Charity has been entitled to the monies and can be measured with reasonable accuracy.
Capital Grants are recognised when receivable and are not deferred over the life of the assets on which they are expended, Where the restriction is fulfilled by the purchase of fixed assets, the restricted income is released via transfer to the unrestricted funds of the Charity.
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THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
PAGE 10
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
(f) EXPENDITURE AND IRRECOVERABLE VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the mount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and relates to the charitable activities. VAT is charged as a cost against the activity for which the expenditure was incurred, The allocation of expenditure between the various activities of the trust has been reconsidered by the trustees and re-analysed in the current year and for the prior year in order to more accurately reflect the nature of the activities undertaken.
(g) ALLOCATION OF SUPPORT COSTS
Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities, Support costs include back office costs, finance, personnel, payro!l and governance costs which support the trust's activities. These costs have been allocated to expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6,
(h) DEPRECIATION
All assets costing more than £500 are capitalised at their historical cost when purchased.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Mobile classrooms 10% on cost Leases 2% on cost Computers 33% on cost
Assets are reviewed for any indications of impairment at each balance sheet date.
School buildings are not included on the balance sheet however details of the insurance values of the school properties are included within note 10.
(i) INVESTMENTS
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closed quoted market price (the bid price). The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year,
The Charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors,
(j) DEBTORS
Sundry debtors are recognised at the settlement amount due, Accrued income is included at the best estimate of the best estimate of the amounts receivable at the balance sheet date.
(k) CASH AT BANK AND IN HAND Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or three months or less from the date of acquisition or opening of the deposit or similar account.
(1) CREDITORS Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount date to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
|
PAGE 11
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
(m) FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets are measured at their fair value, being the original cost of the assets. Investments are valued at market value which is based on the bid price at the year end, Al! other transactions are valued at cost.
(n) PENSIONS
----- Start of picture text -----
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Employees|of|the Charity|are|entitled|to join a defined|contribution|"money|purchase"|scheme.|The|Charity|
|contribution|is|restricted|to|the|contributions|disclosed|in|note|8.|
|DONATIONS|2020|2019|
|£|£|
|Donation|from|subsidiary|-|240,448|
|In|2019|this|represents|the|transfer of|assets from|our subsidiary Charity|Jesus|Lane|Sunday|School|following|
|agreement|of the|Charity Commission on 2nd May 2019.|
|INVESTMENT INCOME|2020|2019|
|£|£|
|Interest on cash deposits|104|1,665|
|Income from|listed|investment|275,384|284,240|
|Rental|income|41,038|41,038|
|316,526|326,943|
|4.|INCOME FROM OTHER TRADING ACTIVITIES|2020|2019|
|£|£|
|Solar|Pane!|income|7,457|10,441|
|Other|205|309|
|'|7,662|10,750|
|Sa,|EXPENDITURE ON CHARITABLE ACTIVITIES|Direct|Support|Total|
|CURRENT YEAR|Grants|costs|costs|2020|
|£|£|£|£|
|Grants.|to|promote|education:|
|Grants|to|schools|135,668|3,090|-|138,758|
|Grants to service|delivery|charities|12,412|-|-|12,412|
|Sunday School|grants|3,939|-|-|3,939|
|In house education|projects|-|44,054|-|44,054|
|Administration|-|-|30,652|30,652|
|Development,|repair and|maintenance|
|of church|schools|-|6,368|3,810|10,178|
|Total expenditure|for|charitable|activities|152,019|53,512|34,462|239,993|
----- End of picture text -----
3,
|||||||||
|---|---|---|---|---|---|---|
|THECHURCHSCHOOLS|SCHOOLS OFCAMBRIDGE (THEOLDSCHOOLS)||||PAGE 12||
|FINANCIAL STATEMENTS FORTHEYEARENDED 31STDECEMBER 2020|||||||
|NOTESTOTHEFINANCIAL STATEMENTS|||||||
|5b.|EXPENDITUREONCHARITABLEACTIVITIES||Direct|Support|Total||
||PRIORYEAR|Grants|costs|costs|2019||
|||£|£|£|£||
||Grants topromote education:||||||
||Grants toschools|204,950|4,115|-|209,065||
||Grants to service delivery charities|55,022|-|-|55,022||
||Sunday School grants|6,176|-|-|6,176||
||In house education projects|-|63,382|-|63,382||
||Administration|-|-|25,537|25,537||
||Development, repairand maintenance||||||
||of church schools|-|8,832|3,850|12,682||
||Totalexpenditure forcharitableactivities|266,148|76,329|29,387|371,864||
|Se.|ANALYSISOF SUPPORTCOSTS||Charitable Governance||Total||
||CURRENTYEAR||activities|costs|2020||
||||£|£|£||
||Wagesand salaries||30,652|-|30,652||
||Audit,accountancy and legal fees||-|3,810|3,810||
||Totalsupport costs||30,652|3,810|34,462||
||||Charitable Governance||Total||
||PRIORYEAR||activities|costs|2019||
||||£|£|£||
||Wages and salaries
Audit,accountancy and legal! fees||25,537
-|-
3,850|25,537
3,850||
||Totalsupportcosts||25,537|"3,850|29,387||
|6.|ANALYSISOFSTAFF COSTSANDKEYMANAGEMENT PERSONNEL|||2020
£|2019
£||
||Wagesand salaries
Pension costs|||64,241
2,643|54,811
2,882||
|||||66,884|57,693||
||Noemployeeshademoluments inexcess of£60,000 (2019: none).||||||
||TheTrustees received no remuneration orreimbursementofexpenses duringtheyear(2019: none).||||||
||TheCharitytookouttrustee indemnity insuranceduringtheyear aspartofapolicy that|||cost£759|||
||(2019: £1089).||||||
||TheCharity considers that thekeymanagement personnel tobe allmembersofstaffandtherefore theirtotal||||||
||remuneration is as stated above.||||||
||Theaverage monthly headcountwas 3 (2019; 3)and analysisofthe staffemployees||employees intheyear were:
2020||2019||
||Office and administration
Charitable projects|||1
2|!
2||
|||||3|3||
| |
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
PAGE 13
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
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|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|7,|PENSION|COSTS|
|The|association|operates|a defined|contribution|pension|scheme.|The|assets|of the|scheme|are|held|separately|
|from|those|of the|association|in|an|independently|administered|fund.|
|8.|NET INCOME|2020|2019|
|Net|income|is|stated|after charging|£|£|
|Depreciation|642|1,735|
|Auditors|remuneration|:|
|-for audit services|2,500|2,500|
|-for accountancy|services|1,310|1,350|
|4,452|5,585|
|In|common|with|other small|entities of our size|and|nature we|use|our auditors|to|assist with|the|preparation|of|
|our|financial|statements.|
|9a,|TANGIBLE FLXED ASSETS|
|CURRENT YEAR|Computer|Mobile|Park|Street|
|Equipment|Classrooms|Lease|Total|
|COST OR VALUATION|£|£|£|£|
|Balance|at|Ist|January|2020|and|31st|December 2020|3,276|35,724|32,113|74,113|
|DEPRECIATION|
|Balance|at|1|January|2020|3,276|35,724|19,108|58,108|
|Charge|for the year|-|:|642|642|
|Balance|at|31|December 2020|3,276|35,724|19,750|58,750|
|NET BOOK VALUE|at|31|December 2020|-|-|12,363|12,363|
|9b.|TANGIBLE|FLXED ASSETS|
|PRIOR YEAR|Computer|Mobile|Park|Street|
|Equipment|Classrooms|Lease|Total|
|COST OR VALUATION|£|£|£|£|
|Balance|at|Ist January 2019 and|31st|December 2019|3,276|35,724|32,113|71,113|
|DEPRECIATION|
|Balance|at|1|January 2019|2,184|35,724|18,465|56,373|
|Charge|for the year|1,092|-|643|1,735|
|Balance|at|31|December|2019|3,276|35,724|19,108|58,108|
|NET BOOK VALUE|at|31|December 2019|~|-|13,005|13,005|
----- End of picture text -----
Tangible fixed assets do not include the value of school buildings as it is not known and on the basis that it is immaterial to the Trust.
|
PAGE 14
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 10a. | INVESTMENTS -CURRENTYEAR | Market | ||||
|---|---|---|---|---|---|---|
| Value | Net | |||||
| IstJanuary | Additions/ | Unrealised | ||||
| 2020 | Income | ‘Transfer | Gains | Total | ||
| £ | £ | £ | £ | £ | ||
| Permanent endowment fund | ||||||
| Central boardoffinance investment fund | 7,115,819 | - | - | 642,384 | 7,758,203 | |
| Central board offinance deposit fund | 14,025 | 43 | - | - | 14,068 | |
| 7,129,844 | 43 | ~ | 642,384 | = 7,772,271 | ||
| General funds | ||||||
| Central board offinance investment fund | 2,061,248 | - | - | 4,014 | 2,065,262 | |
| Centra! board offinance deposit fund | 74,110 | 61 | . | - | 74,171 | |
| 2,135,358 | 61 | : | 4,014 | 2,139,433 | ||
| Restricted fund Investments | . | |||||
| Central boardoffinance deposit fund | - | - | - | . | - | |
| Total Investments | 9,265,202 | 104 | - | 646,398 | 9,911,704 | |
| The historical cost ofinvestments at31st December2020 was | £4,686,725 | (2019: £4,686,725). | ||||
| All investments are held primarily forthe | purposeofprovidingan investment return. | |||||
| 10b. | INVESTMENTS -PRIORYEAR | Market | ||||
| Value | Net | |||||
| IstJanuary | Additions/ | Unrealised | ||||
| 2019 | Income | Transfer | Gains | Total | ||
| £ | £ | £ | £ | £ | ||
| Permanent endowment fund | ||||||
| Central board offinance investment fund | 5,764,767 | - | 228,802 | 1,122,250 | 7,115,819 | |
| Central board offinance deposit fund | 2,379 | - | 11,646 | - | 14,025 | |
| 5,767,146 | - | 240,448 | 1,122,250 | 7,129,844 | ||
| General funds | ||||||
| Centralboard offinance investment fund | 1,637,825 | 308,000 | (173,959) | 289,382 | 2,061,248 | |
| Centralboardoffinance deposit fund | 139,701 | - | (65,591) | - | 74,110 | |
| 1,777,526 | 308,000 | (239,550) | 289,382 | 2,135,358 | ||
| Restricted fund investments | ||||||
| Centralboardoffinance depositfund | 898 | - | (898) | - | - | |
| TotalInvestments | 7,545,570 | 308,000 | - | 1,411,632 | 9,265,202 |
The historical cost of investments at 31st December 2019 was £4,686,725 (2018: £4,378,725). All investments are held primarily for the purpose of providing an investment return.
| Il. | DEBTORS | 2020 | 2019 |
|---|---|---|---|
| £ | £ | ||
| Accrued income and other debtors | 25,416 | 22,549 | |
| Prepayments | 1220 | . | |
| 26,636 | 22,549 |
|
PAGE 15
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
12. CREDITORS: Amounts falling due within one year
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Taxation and social security | 1,047 | 1,233 | |||||
| Othercreditors | 45,042 | 89,934 | |||||
| Sums held on behalfofschools | 20,355 | 16,094 | |||||
| Accruals | 3,750 | 3,600 | |||||
| "70,194 | —-110,861 | ||||||
| 13a. | FUNDSANALYSIS | Balance as | Balance as | ||||
| - CURRENTYEAR | at Ist | at 31st | |||||
| January | December | ||||||
| 2020 | Income | Expenditure | Gains | 2020 | |||
| £ | £ | £ | £ | £ | |||
| Permanent endowment fund | |||||||
| Old Schools ofCambridge | 7,129,844 | 43 | - | 642,384 | 7,772,271 | ||
| Unrestricted funds | |||||||
| General fund | 2,208,896 | 324,145 | (239,993) | 4,014 | 2,297,062 | ||
| Total funds | 9,338,740 | 324,188 | (239,993) | 646,398 | 10,069,333 | ||
| 13b. | FUNDSANALYSIS | Balance | as | Balance as | |||
| - PRIORYEAR | at Ist | at 31st | |||||
| January | December | ||||||
| 2019 | Income | Expenditure | Gains | 2019 | |||
| £ | £ | £ | £ | £ | |||
| Permanent endowment fund | |||||||
| Old Schools ofCambridge | 5,767,146 | 240,448 | - | 1,122,250 | 7,129,844 | ||
| Restricted funds | |||||||
| Miss LEraut fund | 898 | - | (898) | - | - | ||
| Unrestricted funds | |||||||
| Genera! fund | 1,952,787 | 337,693 | (370,966) | 289,382 | 2,208,896 | ||
| Totalfunds | 7,720,831 | 578,141 | (371,864) | 1,411,632 | 9,338,740 |
Unrestricted funds General funds represents the free funds of the Charity which are not designated for particular purposes.
| 14a. | NETASSETSBY FUND -CURRENTYEAR |
Tangible Fixed |
Net Current |
2020 | |
|---|---|---|---|---|---|
| Assets | Investments | Assets | Total | ||
| £ | £ | "o£ | £ | ||
| Permanent endowment fund: | |||||
| Old Schools ofCambridge | - | 7,772,271 | - | 7,772,271 | |
| Unrestricted funds | 12,363 | 2,139,433 | 145.266 | 2,297,062 | |
| Totalfunds | 12,363 | 9,911,704 | 145,266 | 10,069,333 |
.
|
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS)
PAGE 16
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 14b, | NETASSETS BYFUND -PRIORYEAR |
Tangible Fixed |
. Net Current |
2019 | |
|---|---|---|---|---|---|
| Assets | Investments | Assets | Total | ||
| £ | £ | £ | £ | ||
| Permanent endowment fund: | |||||
| Old Schools ofCambridge | - | 7,129,844 | - | 7,129,844 | |
| Unrestricted funds | 13,005 | 2,135,358 | 60,533 | 2,208,896 | |
| Totalfunds | 13,005 | 9,265,202 | 60,533 | 9,338,740 |
There were no related party transactions that require disclosure during the year.
15, RELATED PARTY TRANSACTIONS