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2022-01-31-accounts

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

TRUSTEES’ ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

31 JANUARY 2022

Charity Number: 311604

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

Contents Page
Trustees’ Annual Report 3 – 6
Reference and Administrative Information 7 – 8
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes forming part of the Financial Statements 12 - 17
Non-statutory pages 18 - 20

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 JANUARY 2022

Objectives and activities

The objects of the charity are to maintain and repair the building of St Mary Redcliffe and Temple Church of England Secondary School and to provide additional benefits to those provided by the Local Authority to St Mary Redcliffe Secondary and Primary Schools. Also, to provide grants for educational purposes to persons who have attended the school and are in need of financial assistance.

After paying for associated expenses, these lettings raise enough income to provide a grant to Executive Trustees to maintain the school buildings and to provide resources from which various maintenance and capital projects can be funded.

The Trustees confirm that they had due regard to the public benefit guidance published by the Charity Commission.

Activities and performance

The income from lettings decreased by £710 to £31,959 (2021 - £32,669). The Trustees have paid grants of £25,999 (2021 - £30,217) for Trustees’ 10% contribution to the cost of LCVAP (Locally Coordinated Voluntary Aided Programme) projects and £2,795 (2021 - £23,371) for other school costs.

Future plans

During 2021-2022, the second phase of the 6[th] form roofing is almost complete so total costs are still to be finalised, but are estimated to be £200,000; Trustees will be asked to contribute £20,000.

The school has been awarded £383,350 through School Capital Allocation (SCA) for 2022-23. This means that Trustees will need to budget for £38,335 being their 10% contribution towards these costs. The successful SCA bids are half of the renewal of the 6th form heating. A new fence that spans from the tennis courts all the way around the back of Ikoba to the Sports pitch (MUGA). New windows for the gym and a new canopy for the 6[th] form.

Structure, governance and management

The charitable activities of the charity are undertaken by the Trustees as there is no Chief Executive or staff. The Trustees, as shown on page 7, meet once every academic term. These meetings are Minuted and some actions are delegated to the School Business Manager and Premises Manager.

The charity is governed by a scheme sealed by the Charities Commission on 18 February 1980 and the Trustees are nominated by the related organisations as set out on page 7.

Recruitment, Induction and Training of Trustees

The scheme mentioned above clearly states that the Foundation Governors of the school are the Trustees of the Educational Charity.

There is no formal policy on or procedures for the induction and training of new Trustees or the training of existing Trustees. Instead, individual arrangements are made as appropriate (e.g. to introduce new Trustees to the charity and its affairs). Many Trustees have professional and

3

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 JANUARY 2022

business backgrounds or other specialist knowledge and experience and obtain relevant training and development opportunities as a result of those.

Related parties and co-operation with other organisations

The charity has links with the following related organisation, whose generous help is gratefully acknowledged:

St Mary Redcliffe Parochial Church Council

The PCC is responsible, with the priest appointed to have charge of the parish, for the church’s work in the parish and in the wider world and its participation in the overall life of the church (e.g. through deanery and diocesan Synods and deanery and diocesan links).

Risk management

The Trustees have identified and reviewed the major risks to which the Charity is exposed and have established processes and controls to mitigate those risks. These include the appointment / engagement of professional advisors for bookkeeping, independent examination, investment management and legal advice as listed on page 8.

The charity’s chequebook is now held by the school, with requests confirmed by two of the Trustees (normally the Chairs of the Executive Trustees and Educational Charity Committees).

The main source of income stems from lettings of school facilities at St Mary Redcliffe and Temple School which are administered and managed on a day-to-day basis by the School Business Manager and Premises Manager. Schools’ Cash Office is used to produce reports which are regularly reviewed by the School Business Manager, including, in particular, the Aged Debtor List, which is also reported to Trustees at their meetings.

Ethical investment policy

The following ethical investment policy was followed in the year:

4

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 JANUARY 2022

Financial review and results (refer to the Statement of Financial Activities on page 10)

Investment income and interest is generated from the investments held which has decreased to £10,395 from £14,939 (page 13). The total income for the year was £42,354 compared to £47,608 in 2021 (page 10).

The main expenditure was the grants of £28,794 (2021 - £53,588) to the Trustees (page 13). There were also lettings expenses of £3,753 (2021 - £31,686) towards the caretakers’ costs, administration costs for issuing and chasing invoices and the purchase of a new updated software package. Support costs of £6,418 have reduced from £9,783 in the year ended 31 January 2021 due to a decrease in the number of Bursaries awarded (page 14).

The total expenditure has decreased from £97,127 in 2021 to £41,210 in 2022 (page 10). There was a net gain on investments sold of £10,422 in 2022 (2021 – gain of £6,552) and a net unrealised gain of £974 (2021 - loss of £7,321) on the increase in the market value of the investments at the end of the year arising from market trends. This results in an overall net increase in funds of £12,540 (2021 – decrease of £50,288) in the year (page 10).

Commitments

The school employs a team of caretakers who are largely engaged in the managing of the letting of the school buildings in the evenings and at weekends on behalf of the Executive Trustees of SMRT. The Executive Trustees have agreed that the associated employment costs and contributions towards heating and lighting will continue to be met from the lettings income for the coming year. Both the Executive Trustees and Trustees of St Mary Redcliffe with Temple Educational Charity commit annually to providing 10% towards any LCVAP funding granted to the school.

Reserves policy and going concern

The charity aims to maintain a reserve of at least £50,000 to cover 12 months of expenditure. The free reserves of the charity as at 31 January 2022 are £129,186 (2021 - £126,368) which is in line with the policy.

The trustees have reviewed the circumstances of the charity and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The Trustees are of the view that the charity is a going concern.

Investment policy

The investment policy of the charity is governed by the Charities (Trustees’ Investment Act 1961) Order 1995. The Trustees have delegated the management of their investments to investment advisors, J M Finn & Co, who currently manage the investments following the criteria of maintaining capital value and optimising income.

5

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 JANUARY 2022

Trustees’ Responsibilities in relation to the Financial Statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with 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).

The law applicable to charities in England & 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 of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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/constitution. 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 and signed on their behalf by:

………………….. ………………….. Mrs Karen Brown Mr Andrew Burton Chair Trustee

Approved by the Trustees on

6

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

REFERENCE AND ADMINISTRATION

YEAR ENDED 31 JANUARY 2022

Governing Document

St Mary Redcliffe with Temple Educational Charity was established by a scheme sealed by the Charity Commission on 18 February 1980. It is a registered charity, number 311604.

Trustees

Vicar Canon Daniel Tyndall

Nominated by St Mary Redcliffe Parochial Church Council Mrs Nicola Claire Alsop Mr Paul Sylvester

Nominated by Temple Ecclesiastical Trustees Mrs Greca Warr

Nominated by the Diocese Mrs Karen Brown – Chair Mr Andrew Burton Mrs Denise Nixon Mrs Christina Cunningham Mr Philip Coomber (resigned 28 September 2022) Miss Aisha Thomas

Key management personnel

The Trustees comprise the key management personnel of the charity.

Trustees and Governors

The report and accounts only relate to the Trustees income and expenditure.

Principal Office

St Mary Redcliffe and Temple School Somerset Square Redcliffe Bristol BS1 6RT

7

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

REFERENCE AND ADMINISTRATION

YEAR ENDED 31 JANUARY 2022

Professional Advisers

Stockbrokers J M Finn & Co 31 Great George Street Bristol BS1 5QT Bankers National Westminster Bank Plc Ashton Gate, Bristol (A) Branch PO Box 235 North Street Bristol BS99 5AW Independent Examiner Joshua Kingston BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

8

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

INDEPENDENT EXAMINER’S REPORT

YEAR ENDED 31 JANUARY 2022

Independent Examiner’s Report to the trustees of St Mary Redcliffe with Temple Educational Charity

I report to the trustees on my examination of the accounts of St Mary Redcliffe with Temple Educational Charity (the Charity) for the year ended 31 January 2022.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form 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 fair view which is not a matter considered as part of an independent examination.

I have no concerns 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.

Joshua Kingston BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date:

9

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 JANUARY 2022

Note
Income from:
Charitable activities
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
8
Net gains/(losses) on revaluation
of fixed assets investments
Net movement in funds
16
Total funds at 1 Feb
16
Total funds at 31 Jan
16		 Unrestricted
Funds
£
31,959
10,395
42,354
5,998
35,212
41,210
-
1,144
-
1,144
492,423
493,567		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
21,570
21,570		 Endowment
Funds
£
-
-
-
-
-
-
10,422
10,422
974
11,396
376,663
388,059		 Total Funds
2022
£
31,959
10,395
42,354
5,998
35,212
41,210
10,422
11,566
974
12,540
890,656
903,196		 Total Funds
2021
£
32,669
14,939
47,608
33,756
63,371
97,127
6,552
(42,967)
(7,321)
(50,288)
940,944
890,656

See note 12 for fund-accounting comparative figures

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

The notes on pages 12 to 17 form part of these financial statements

10

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

BALANCE SHEET

AS AT 31 JANUARY 2022

Note
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors : amounts falling
due within one year
15
Net current assets
Net assets
FUNDS
Unrestricted funds
General funds
17
Designated funds
17
Restricted funds
17
Endowment funds
17
Total funds		 2022
£
448,403
448,403
1,007
457,698
458,705
(3,912)
454,793
903,196
306,013
187,554
21,570
388,059
903,196		 2021
£
437,050
437,050
3,367
452,800
456,167
(2,561)
453,606
890,656
304,869
187,554
21,570
376,663
890,656

These financial statements were approved by the Trustees on November 2022 and are signed on their behalf by:

Mrs Karen Brown - Chair

Mr Andrew Burton - Trustee

The notes on pages 12 to 17 form part of these financial statements

11

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

1 Accounting policies

Accounting convention

The financial statements have been prepared in accordance with the historical cost convention (except for investments which have been included at market value and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued 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.

The charity is a public benefit entity as defined under FRS102.

There are no material uncertainties about the charity’s ability to continue as a going concern, despite the significant uncertainty being caused by the worldwide COVID-19 crisis. Whilst the Trustees expect there to be a significant impact on the charity’s operations and reserves in the coming months and years, the charity has sufficient reserves to be able to meet these challenges.

Income

Income from donations is included in income when these are receivable, except as follows:

I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.

Investment income is included on a receivable basis.

Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness.

Expenditure

Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.

Raising funds

Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale.

Charitable activities

Grants awarded are allocated to charitable activities.

Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

Allocation and apportionment costs

Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.

Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in note 7.

Pension costs and other post-retirement benefits

The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

12

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

1 Accounting policies (continued)

Fixed asset investments

Investments are included at market value at 31 January. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals during the year.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.

Endowment funds must be retained in capital in perpetuity. The income from the funds is restricted or unrestricted depending upon the terms of each endowment.

2 Income from: charitable activities

Lettings income Total Funds
2022
£
31,959
31,959		 Total Funds
2021
£
32,669
32,669

All income from charitable activities in the current and previous year is unrestricted.

3 Income from: investments

Dividends
Interest received
Bank interest received		 Unrestricted
Funds
£
7,061
2,120
1,214
10,395		 Restricted
Funds
£
-
-
-
-		 Total Funds
2022
£
7,061
2,120
1,214
10,395		 Unrestricted
Funds
£
5,823
8,939
-
14,762		 Restricted
Funds
£
-
177
-
177		 Total Funds
2021
£
5,823
9,116
-
14,939

4 Expenditure on: raising funds

Letting expenses
Management fees		 Total Funds
2022
£
3,753
2,245
5,998		 Total Funds
2021
£
31,686
2,070
33,756

All expenditure on raising funds in the current and previous year is unrestricted.

5 Expenditure on: charitable activities

Note
Grants to Trustees
6
Support costs
7		 Total Funds
2022
£
28,794
6,418
35,212		 Total Funds
2021
£
53,588
9,783
63,371

All expenditure on charitable activities in the current and previous year is unrestricted.

13

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

6 Analysis of grants to trustees

The total costs of donations to the School during the year was as follows:

10% Contribution to LCVAP and DFC
Equipment including sound system
CPOMS license
Transport costs
Book tokens
Vending supplies
Youth Moves
Staff costs
Forest School initiative
Oxford Reading Scheme
Number Partners provision
Ablaze provision
Other costs
Support costs
Bookkeeping and management accounts
Insurance
Bursary
Gifts
Fees to Bristol Diocese
Bank charges
Governance costs
Independent Examiner's fee
Net income/(expenditure) for the year
This is stated after charging:
Fees payable to the Independent Examiner for:
Independent examination of the financial statements		 2022
£
25,999
-
68
234
1,104
66
323
-
-
-
-
-
1,000
28,794
Total
2022
£
4,183
560
600
244
3
-
828
6,418
2022
£
828		 2021
£
30,217
17,558
1,573
60
1,920
-
-
122
385
1,290
188
275
-
53,588
Total
2021
£
3,932
560
2,100
232
3
2,137
819
9,783
2021
£
819

7 Support costs

8 Net income/(expenditure) for the year

9 Staff costs and numbers

The average weekly number of employees during the year was Nil (2021: Nil), calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension were £Nil (2021 payroll: £Nil).

10 Trustees and related parties

No Trustees received any remuneration during the year (2021: £Nil), and the aggregate donations from Trustees to the School was £28,794 (2021: 53,588).

There were no transactions during the year with related parties.

11 Taxation

The charity is exempt from corporation tax on its charitable activities.

14

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

12 Statement of Financial Activities comparative figures

For the year ended 31 January 2021
Income from:
Charitable activities - lettings
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Net gains/(losses) on revaluation
of fixed assets investments
Net movement in funds
Total funds at 1 Feb
Total funds at 31 Jan
Fixed asset investments
Listed investments
At 1 February 2021
Acquisitions at cost
Proceeds on disposal
Net gain/(loss) on revaluation
At 31 January 2022
Cash or cash equivalents
Total investments
Historical cost at 31 January 2022
Listed investments
Bonds
Equities
Debtors
Due in less than one year:
Prepayments and accrued income		 Unrestricted
Funds
£
32,669
14,762
47,431
33,756
63,371
97,127
-
(49,696)
-
(49,696)
542,119
492,423		 Restricted
Funds
£
-
177
177
-
-
-
-
177
-
177
21,393
21,570		 Endowment
Fund
£
-
-
-
-
-
-
6,552
6,552
(7,321)
(769)
377,432
376,663
2022
£
432,497
29,669
(16,294)
974
446,846
1,557
448,403
370,815
2022
£
88,409
358,437
446,846
2022
£
1,007
1,007		 Total Funds
2021
£
32,669
14,939
47,608
33,756
63,371
97,127
6,552
(42,967)
(7,321)
(50,288)
940,944
890,656
2021
£
431,994
17,326
(9,502)
(7,321)
432,497
4,553
437,050
362,003
2021
£
86,842
345,655
432,497
2021
£
3,367
3,367

13 Fixed asset investments

14 Debtors

15

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

15 Creditors

Amounts falling due within one year:
Accruals and deferred income		 2022
£
3,912
3,912		 2021
£
2,561
2,561

16 Movement in funds

For the year ended 31 January 2022

Restricted funds
Building and Repair Fund
Endowment Fund
Unrestricted funds
Revenue funds
Executive Trustees of SMRT
Designated Fund - Asset Management Plan
Designated Fund - Discretionary
Designated Fund - Emergency fund
Total funds		 At 1 Feb
2021
£
21,570
376,663
398,233
43,788
261,081
103,000
554
84,000
492,423
890,656		 Income
£
-
-
-
10,395
31,959
-
-
-
42,354
42,354		 Expenditure
£
-
-
-
(6,848)
(34,362)
-
-
-
(41,210)
(41,210)		 Transfers
£
-
-
-
-
-
-
-
-
-
-		 Gains/
(losses) on
Investments
£
-
11,396
11,396
-
-
-
-
-
-
11,396		 At 31 Jan
2022
£
21,570
388,059
409,629
47,335
258,678
103,000
554
84,000
493,567
903,196

Restricted Funds

The Building and Repair fund is a restricted fund subject to the specific trust that income from it is used to provide for the maintenance and repair of the school buildings. The capital is to be maintained at £10,000 out of the income of the charity, if necessary.

The Endowment fund is a form of restricted fund which must be retained as capital, producing an income for the general purpose of the charity which may be spent at the discretion of the Trustees.

Unrestricted Funds

Income from lettings, grants, donations, less expenses from the Executive Trustees fund held for the general purposes of the charity, which may be spent at the discretion of the Trustees.

Revenue Funds are from bank interest and cover the support and governance of the charity.

Designated Funds

The Asset Management Plan is supported by a "sinking fund" set up with a transfer of £70,000 from historic funds, a further £10,000 in 2013 and then £23,000 in 2014 and is to cover long-term improvements to the school buildings.

The Discretionary Fund was set up with a transfer of £5,000 from funds in 2013 and is for discretionary payments to St Mary Redcliffe Primary School and others.

The Emergency Fund was set up with a transfer of £52,000 from historic funds, then a further £10,000 in 2013 and then £22,000 in 2014 and is to be used to meet shortfalls in any areas not covered by the trust deed.

16

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

16 Movement in funds (continued)

Prior year comparatives
For the year ended 31 January 2021
Restricted funds
Building and Repair Fund
Endowment Fund
Total Restricted funds:
Unrestricted funds
Revenue funds
Executive Trustees of SMRT
Designated Fund - Asset Management Plan
Designated Fund - Discretionary
Designated Fund - Emergency fund
Total Unrestricted funds:
Total funds		 At 1 Feb
2020
£
21,393
377,432
398,825
38,387
316,178
103,000
554
84,000
542,119
940,944		 Income
£
177
-
177
14,762
32,669
-
-
-
47,431
47,608		 Expenditure
£
-
-
-
(9,361)
(87,766)
-
-
-
(97,127)
(97,127)		 Transfers
£
-
-
-
-
-
-
-
-
-
-		 Gains/
(losses) on
Investments
£
-
(769)
(769)
-
-
-
-
-
-
(769)		 At 31 Jan
2021
£
21,570
376,663
398,233
43,788
261,081
103,000
554
84,000
492,423
890,656

17 Analysis of net assets between funds

As at 31 January 2022
Unrestricted Funds
Restricted Funds
Endowment funds
Prior year comparative
As at 31 January 2021
Unrestricted Funds
Restricted Funds
Endowment funds		 Investments
£
176,827
11,306
260,270
448,403
Investments
£
178,501
11,041
247,508
437,050		 Net Current
Assets
£
316,740
10,264
127,789
454,793
Net Current
Assets
£
313,922
10,529
129,155
453,606		 Total
2022
£
493,567
21,570
388,059
903,196
Total
2021
£
492,423
21,570
376,663
890,656

17

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

The following pages do not form part of the statutory financial statements and are included for the information of the Trustees only

18

ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

INVESTMENT SUMMARY

YEAR ENDED 31 JANUARY 2022

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No of Market Income for
Capital fund units value Cost the year
Quoted investment held £ £ £
Aberdeen Stnd Fund Mgrs Purchased 5,800 9,976 9,945 54
City Merch Hi Yield 25p Ordinary (Invesco Bond Income Plus, Ord NPV) 4,464 8,191 6,855 469
Invesco Fund Managers 4,723 9,573 9,421 265
Smith & Williamson Church House Inv Grade FXD Int XL Inc 8,431 9,932 9,388 232
Experian PLC Ordinary USD0.10 Sold 100 shares 400 12,324 4,566 171
Glaxosmithkline Welcome Ordinary GBP0.25 700 11,501 11,916 560
Intertek Group Ordinary GBP0.01 250 13,360 5,967 265
Prudential Corp Ordinary GBP0.05 850 10,502 3,154 99
RELX PLC Ordinary GBP0.1444 600 13,620 10,411 286
Rio Tinto Ordinary GBP0.10 Sold 150 shares 200 10,370 2,755 1,732
Royal Dutch Shell B Ordinary EUR0.07 650 12,263 1,246 388
Unilever 3.11111p Ordinary 350 13,256 9,807 517
BMO Fund Management 8,500 16,338 12,312 489
Impax Environmental Markets Ordinary Sold 700 shares 3,300 14,916 8,342 142
Ninety One GLB Environment K Acc Purchased 5,500 8,089 8,626 -
First Sentier Investors (UK); Steward Investors ASIA 4,500 13,834 10,562 39
First Sentier Investors (UK); Steward Investors WORLD 4,200 10,565 9,991 12
T Bailey Fund Services 4,800 11,759 10,412 294
Greencoat UK Wind Ord GBP 0.10 Purchased 6,500 9,217 9,124 -
Troy Trojan X Inc 12,933 16,238 10,012 18
235,824 164,809 6,032
COIF Charities Ethical Investment Fund 7,793 23,148 17,953 656
Total quoted investments 258,972 182,762 6,688
Cash on deposit 1,298 1,298 -
Total capital fund investments 260,270 184,060 6,688
M&G Investments Charibond 72,757 88,159 90,000 1,819
United Trust - 2 Year Bond 88,409 85,540 1,567
Building and Repair Fund
Quoted Investments
1.25% Treasury Stock 2027 2,750 5,723 5,195 54
CG Portfolio Real Return A Inc 27 5,583 5,761 81
Total quoted investments 11,306 10,955 135
Cash on deposit 259 259 -
Total Building and Repair Fund Investments 11,565 11,214 135
Total Investments 448,403 370,815 10,209
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ST MARY REDCLIFFE WITH TEMPLE EDUCATIONAL CHARITY

INCOME AND EXPENDITURE FOR THE LAST SIX YEARS

YEAR ENDED 31 JANUARY 2022

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Year ended Year ended Year ended Year ended Year ended Year ended
30 January 31 January 31 January 31 January 31 January 31 January
2022 2021 2020 2019 2018 2017
£ £ £ £ £ £
Endowment income
Income from investments 7,061 5,823 9,919 10,195 11,442 11,446
Interest receivable 2,120 9,116 7,040 5,446 3,167 3,534
Rent receivable - Toomer Farm - - - 80 80 80
9,181 14,939 16,959 15,721 14,689 15,060
Endowment expenditure
Investment management costs (2,245) (2,070) (2,130) (2,071) (3,059) (1,935)
Support costs (3,034) (4,980) (2,939) (1,841) (1,841) (1,833)
Miscellaneous expenses (244) (232) (21) (4) (688) (790)
Audit and accountancy (2,148) (2,079) (1,836) (1,266) (1,356) (1,331)
(7,671) (9,361) (6,926) (5,182) (6,944) (5,889)
Net endowment income 1,510 5,578 10,033 10,539 7,745 9,171
Executive Trustees of SMRT
Letting income
Letting fees 31,959 32,669 142,267 125,911 120,106 126,012
Less: Letting expenses (3,753) (31,686) (29,098) (27,620) (46,229) (25,025)
Trustees indemnity insurance (392) (392) (392) (392) (392) (383)
27,814 591 112,777 97,899 73,485 100,604
Other income
Interest receivable 1,214 - 486 66 40 49
Rush Sunday collection - - - 1,056 1,208 1,007
1,214 - 486 1,122 1,248 1,056
Net income 29,028 591 113,263 99,021 74,733 101,660
Grants paid to Governors
10% Contribution to LCVAP (25,999) (30,217) (19,382) (20,939) (19,320) (15,222)
10% Contribution to DFC - - (3,835) - (1,267) (1,491)
- - - - -
Building works (137,912)
- - -
Equipment including sound system (17,558) (13,681)
- - - -
Hospitality at end of term event (711) (60)
Staff room refreshments/staff parties (122) (826) (927) (1,287) (500)
Book tokens (1,104) (1,920) - (1,720) (1,920) (2,070)
IKOBA - - - (1,000) (1,035) (2,500)
6th Form PE kit - - - - (1,467) -
CPOMS license (68) (1,573) - - - -
- - - -
Transport costs (234) (60)
- - - - -
Vending supplies (66)
Youth Moves (323) - - - - -
Forest School initiative - (385) - - - -
- - - - -
Oxford Reading Scheme (1,290)
- - - -
Number Partners provision (188) (188)
- - - - -
Ablaze provision (275)
Other costs (1,000) - (5,658) - - -
(28,794) (53,588) (43,570) (25,297) (164,268) (21,783)
Grants to third parties
6th Form bursaries (600) (2,100) (3,000) (600) (1,150) (250)
(600) (2,100) (3,000) (600) (1,150) (250)
Net Executive Trustees of SMR income (366) (55,097) 66,693 73,124 (90,685) 79,627
Net gains/losses on investments 10,422 6,552 (1,045) (850) 700 (1,100)
Net income/(expenditure) for the year 11,566 (42,967) 75,681 82,813 (82,240) 87,698
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