Chipping Campden School Charity Charity No. 311699 Trustees, Report and Unaudited Accounts for the Year Ended 31 March 2024
Chipping Campden School Charity Contents Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 9- 15 Detailed Statement of Financial Activities 16
Chipping Campden School Charity Trustees Annual Report The Trustees present their report with the unaudited financial statements of the Chipping Campden School Charity (the 'Charity'l for the year ended 31 March 2024. Reference and Administrative Detai15 Charity No. 311699 Principal Office Chipping Campden School Cider Mill Lane Chippii)g Catnpden Gloucestershire GL55 6HU Trustees The following Trustees served during the year and to the date of this report.. B. Chatfield Chair resigned 7 June 2024 S. Burnett L. Hay A. Jones D.N. Makin G. Slade L. Southam K. Wood J Flaherty resigned l February 2024 resigned 25 July 2024 appointed 2 May 2024 Key Management Personnel Clerk to the Trustees,. Mrs A Sansom Accountant5 Daniel Colwell & Co The Old Bull Pens Sezincole Moreton-in-Mar5h GL56 9AW Bankers Lloyd5 Bank PIC 19 High street Evesham Worcestershire WR11 4DQ Investment Bankers CCLA One Angel Lane London EC4R 3AB Page | 2
Chipplng Campden School Charity Trustees Annual Report Brian Chatfleld It 15 Wlth great sadness that we report that Brian Chatfield, a Trustee and Chair of the Charity, passed away on 9th June 2024. Brian joii)ed the Charity in 1991 and became Chair some 10 years later. He was a tireless member of the board of trustees and contributed enormously leading & promoting the aims of the Charity throughout this period. The trustees undertake to build on the legacy left by Brian and continue to promote the airns of the Chafity with the same enthusiasm, drive & dedication shown by hitn in his time with the Charity. Structure Governance and Mana ement The Chipping Campden School Charity wa5 established under a Trust Deed dated 21 st Jantjary 1991 and was registered with the Charily Commission on that date (Registered Number 311699). A modification order dated 7th April 1994 amended the nutnber of nominated trustees and a further modification order dated 25th May 2007, which came into force on 1 Oth Julie 2001, was made to the Trust Deed covering the transfer of Chipping Campden School (the 'School'l from Grant Maintained status to Foundation status. The Trust Deed was then further updated land f ully incorporated the provi5ion5 of the previous modification orders into a new fully comprehensive deed) on 15th June 2016 which also ieflected the change in status of the School to an Academy in September 2011. Details of the Trustees who served throughout the period are included 7n the Reference and Adminlstration Details on page 2. Two full meetings of the Trustee5 were held in the year. Trustees Respons7billtles The Trustees are required 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 incoming resources and application of resources during the year and of its state of affairs at the end of the year. In preparing those financial Statements, the Trustees are required to'.- 1. Select suitable accounting policies and then apply them consistently, 2. Make judgements and estimate5 reasonable and prudent, 3. Prepare the financial statements on the going concern basis unless it ?s appropriate to presume that the charity will not continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for takir>g reasonable steps for the prevention and detection of f raud and breache5 of law and regulations. Method of Recruitment and Appolntment or Election of Trustees The updated Trust Deed of 15th June 2016 allowed for 2 nominated Trustees and 7 co-opted Trustees. One of the Trustees is nominated by the School and the other by the Master and Fellow5 of Pembroke College, Oxford. Although the Charity has a diverse group of cornmitted and long term Trustees, the Board of Trustees continues to seek new members and will consider new Trustees who make a valuable contribution to the strategy and management of the Charity. All new Trustee appointments are discu55ed and approved at appropriately convened meetings of all Trustees. The Trustees recogni5e that the management of investments requires appropriate expertise, Therefore the need to have at least two trustee5 Wlth 5uffTcient financial and investment knowledge is taken into account when considering new appointments. Trustees are carefully planning for future retirements. Page | 3
Chipping Campden School Charity Trustees Annual Report Policies and Procedures Adopted for the Inductlon and Training of Trustee5 New Trustees are briefed on their obligation under Charity Law and appraised of the organi5ation and structure of the Charity. Trustees are eiicouraged to attend appropi.iate external training events where these will facilitate the undertaking of their role. Organisational Structure The Board of Trustee5 are responsible for the overall governance of the Charity, and they make all decisions regarding the Charity. ectives and Activitie5 The objects of the charity as set out in its Trust Deed, are to: Provide for the School such special benefits a5 may from time to time be agreed between the Trustees and the Governors of the School.. and Promote the education lincluding social and physical training} of persons under the age of 25 years who are attending or who have for not less than two years attended the school and who are in need of financial assistance and in particular but without prejudice to the generality of the foregoing: il In awarding to such person's scholarship5, exhibitions, bursarie5, maintenance allowances or grants tenable to any School, University, College of Education, or other inslitution of furiher (including prolessional or technicall education approved for the purpose by the Trustees. ill In providing financial assistance, outfit5, clothing, tools, instruments or book5 to assist such persons to pursue their education (including the study of music and other arts), to undertake travel in furtherance thereof, or to prepare for or enter a profession, trade, occupation or service on leaving School, University or other establishment. The Trustees are custodians of endowments that have been left for the benefit of Chipping Campden School and its Students. The Trustees are obliged to protect those endowments in such a way as to be able to discharge the intentions of the benefactors, in perpetuity. Annual prizes to students is an example of how this occur5. The Trustees also consider a range of proposition5 from students and teachers that with small amounts of funding can enable and enrich the student's overall education. The Trustees have maintained strong links with the Master of Pembroke College. Oxford to further develop the itnportant historical link5 between the College, the Charity and the School. Thi5 will result in more students at the school being able to visit Pembroke College. Public Benefit The Trustees confirm that they have complied with the reguirements in the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit in exercising their powers and dutie5. They have referred lo this guidance when reviewing the Charity s objectives and aims and in planning its future act7vities and are satisfied that the Charity's activitie5 comply with this guidance and are of public benefit. Page 14
Chipping Campden School Charity Trustees Annual Report Achievement5 and Performance During the year no new legacies were received by the Charity12023: none). The Board of Trustees paid a total of C2,550 In the year to assist student5 under the Hilda Terry schetne and £500 supporting student5 travel expense5 to London to collect their award in a national Greening Cities Competition. In addition, the Charity pledged support totalling E25,572 to the School for the purchase of 20 MacBook Ali computers and paid E7.400 from the Paul & Andrea Wellei Legacy received in 2020 to equip a dedicated Dark Room built to provide support for a new Photography course being provided at the School lof which £7,400 was expended from the endowment fund) Flnancial Review The total income generated by the Charity during the year was £49,617 which arose from the investment funds held by the Charity. The total expenditure for the year was £42, 388, which covered the Ltsual administrative costs. Overall the Charity generated a net income of £85,080 in the year, after accounting for the realised and unrealised gains and losses on investments and fixed assets of £78,529. At 31 st March 2024, the investments held by the Charity had a market value of £1,458,730. Investment Policy In accordance with the Charity Commission guide CC14, the Trustee5 reviewed their mix of investments and risk levels. Trustees have taken advice from an IFA and will continue developing thi5 relationship. The Trustees regularly revlew the Charitys Investments wlth due reference to their Investment policy. This policy was reviewed and approved by the Trustee5 On 11 Ih December 2023. Ma jor investment is made in two quoted funds managed specially for charities by CCLA who have confirmed the investments were rnid-range in their risk profile. Reserve5 Policy The Trustees policy is to review the reserve leve15 of the Charity on an annual basis. This review will encompass the nature of the income and expenditure streams, the need to match income with commitments and the nature of the Charity's reserves. The Trustees also take into consideration the future plans of the Charity, the uncertainty over some element5 of future income streams and other key risks identified during the risk asse55ment proces5. The reserves of the Charity are held towards providing the School and it5 Students such special benefits as may f rom time to time be agreed between the Trustees and the school governor5. Such benefits being for the promotion of education, scholarships and bursaries, and the provision of financial assistance to students where needed to further their overall development. At 31 st March 2024. the total reserves of the Charlty were E1, 528,626. Plans for future perlods The Trustees plans for future periods are to ensure the Charity continues to fulfil its. Charitable objects as the custodians of the endowments that have been left for the benefit of Chipping Campden School and its, 5tudent5. Signed on behalf of th harity's trustees D. N. Makin Trustee th 12 December 2024 Page | 5
Chipping Campden School Charity Independent Examiners Report Independent Examiner's Report to the trustees of Chipping Campden School Charity I report on the accounts of Chippin¥ Campden School Charity for the year ended 31 March 2024 which comprise the Statemeiit of Financial Activities, the Balance Sheet and the related note5. Res ective res onsibilitie5 of trustees and exarniner The charity'5 trustees are responsible for the preparation of the accounts. The trustee5 consider that an audit is not required for this year under the Charitie5 Act 2011, s.14412I Ithe 2011 Actl aiid that an independenl examination is needed. Having satisfied myself that the charity 15 not subject to audit under charity law and is eligible for independent examination, it 15 my responsibility to.. examine the accounts under s.145 of the 2011 Act. to follow procedures laid down in general Directions given by the Charity Commission under 5.14515llbl of the 2011 Act. and to state whether parlicular matter have come to my attention. Basis of independent examiner'5 report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosure5 in the accounts and seeking explanations from you as trustees concerning any Slrch matters. The procedures do not provide all the evidence that would be required in an audit, and consequently no opinion 15 given as to whether the accounts present a 'true and fair" view and the report is limited to tliose matters set out in the statement below. Independent examiner's statement I have completed my examination, no matter has come to my attention: 11 which give5 me cause to believe that in, any material respect.. to keep accounting records in accordance with s.130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accouijtiiig requirements of the 2011 Act, have not been: or 21 to whic understa Tn my opinion, attention should be drawn in order to enable a proper ding of the count5 o be reached. Signed: Date: Daniel James Colwell FCCA CTA A DanTel Colwell & Co Chartered Certified Accountant Page | 6
Chipping Campden School Charity Statement of Financlal Activltle5 for the Year Ended 31 March 2024 Notes Unrestricted Endowment funds 2024 funds 2024 Total fund5 Total funds 2024 2023 Income and Endowments from.. Investments 44.945 49.617 46,193 Total Income and endowments 44,945 4,672 49,617 46,793 Expenditure on: Charitable activities 33,568 7.400 40,968 3,044 Other 1,370 1,370 1,279 Total 34,938 7,400 42,338 4, 323 Net Ilossesllgain5 on irkvestments 77,012 4,925 81,937 155,1101 Net {lossesllgain5 on fixed asset revaluation 3,408 3,408 Net income/(expendlture) 83,611 2,197 85,080 113,2401 Transfers between funds 4,672 Net expendlture before other gainsl{losses) 88.283 12,475) 85,808 113.240) Other galns and losses: Net movement in funds 88,283 12,475) 85,808 13,2401 Reconciliatlon of funds: Total funds brought forward 1,272,667 170,151 1,442,818 1,456,058 Total funds carried forward 1,360,950 167,676 1 528,626 1 442,818 Page | 7
Chipping Campden School Charity (Charity number: 3116991 Balance Sheet at 31 March 2024 2024 2023 Note Fixed a55etS Tangible assets Investments 16,051 1 458,730 1,474,781 19,459 1,376,793 1,396,252 Current assets Debtors Cash at bank and in hand 10 8,550 80,168 88,718 8,224 47,934 56,158 Credltors: Amount5 falling due within one year 34,873 Net current (liabilitlesllassets 54,158 46,566 Total assets less current liabilities 1,528,626 1,442,818 Net assets excluding penslon a55et or liablllty 1,528,626 1,442,818 Total net assets 1,528,626 1,442,818 The fund5 Of the charlty: Restricted funds Endowfflent funds 12 60,965 68,365 Unrestricted funds General fund5 12 640,705 629,434 640,705 629,434 Reserves Revaluation reseive 12 826,956 745 019 826,956 745,019 Total funds 1,528 626 1,442,818 Ih Approved by the t ustees on 12 December 2024 And signed on th r behalf by: Trustee Page | 8
Chipping Campden School Charity Notes to the Account5 1 Accounting pollcies a5is of preparation The financial statements have been prepared in accordance with 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 afid Republic of Ireland IFRS 1021- Charities SORP IFRS 1021 leffective 1 January 2015) - the Financial Reportillg Standard app17cable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change In basis of accounting or to previous accounts There has been no change to the accounting policie5 (valuation rule5 and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accounting Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Revaluation funds Restricted fund5 Income Recognition of income Income is included in the Statement of Financial Activitie5 ISOFA) when the charity become5 entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income wlth related Where income has related expendilure the income and related expenditure expenditure is reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Donated services and These are only included in income (with an equivalent amount in facilities expenditure) where the benefit to the Charity 15 reasonably quantifiable, measurable aiid material. The value of any volunteer help received Is not included in the accounts. This is included in the accounts when receivable. This includes any gain or loss resulting from revaluing investment5 to market value at the end of the year. Volunteer help Investment income Gains/ Ilossesl on revaluation of fixed a55ets Gains/llosse51 on investment assets This includes any gain or loss on the sale of investments. Page | 9
Chipping Campden School Charity Notes to the Accounts Expenditure Recognition of expenditure Expenditure 15 recogni5ed on an accrua15 basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relate5. These comprise the costs incurred by the Charity in the delivery of its activitie5 and services in the furtherance of it5 objects, including the tnaking of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grant5 that have been approved by the trustees at the end of the year but not yet paid. These include those cost5 assoclated with meeting the constitutlonal and statutory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charily, together with a Share of other administration costs. These are support Costs not allocated to a particular activity. Expenditure on charitable activities Grants payable Governance cost5 other expeiiditure Taxation The charity )5 exempt frorn tax on its charitable activitie5. Tangible fixed a55ets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Freehold property Cups & trophTes Not depreciated Are revalued annually by Trustees Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayrnents are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposit5 Wlth banks and other short-term highly liquid investments with original maturities of three month5 or less and bank overdrafts. In the 5tatetnent of financial p051tion. bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flow5, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other cred?tors Short term creditors are measured at the transaction price. Other creditors and provision5 are recognised where the charity ha5 a present obligation resulting frorn a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowlng for any trade discount5 due. Page | 10
Chipping Campden School Charity Notes to the Accounts 2 Statement of Flnancial Actlvltles - prior year Unrestricted Endowment Total funds fund5 2023 funds 2023 2023 Income and Endowment5 from: Investments 41,829 Total income and endowments 41,829 4,364 46,193 Expenditure on". Charitable actpvities 3,044 3,044 Other 1,279 1,279 Total 4,323 4,323 Net Ilossesllgains on investments Net expenditure 148,337 6,773 55,110 110,831) 12,4091 113,240} Transfers between funds 4,364 Net expenditure before other gainslllossesl 16.4671 16,7731 113,2401 oiher gains and losses: Net movement ID funds 16,4671 6,7731 113,2401 Reconciliation of funds: Total funds brought forward Total funds carrled forward 1,279,134 1,272.667 176 924 170.151 1,456,058 1 442 818 3 Income from Tnvestments Unrestrlcted Endowment Total 2024 Total 2023 Investment income 44,945 4,672 49,617 46,193 44.945 4,672 49,617 46,193 Page | 11
Chipping Campden School Charity Notes to the Accounts 4 Expenditure Unrestricted Endowment Total 2024 Total 2023 Expenditure on charitable activitie5 Exhibition and speech day prizes Hilda Terry awards Grants made (note 5) 3,000 2,550 26,572 3,000 2,550 33,972 1,658 7,400 Governance cost Independent exatnination 1,446 33,568 1 ,446 40,968 1,386 3,044 7,400 5 Analysis of grants Unrestricted Endowment Total 2024 Total 2023 Activity or programme Air Ambulance Student Support Grants to School 500 500 25,572 26,572 500 500 32,972 33,972 7,400 7,400 6 Other expenditure Unrestricted Endowment Total 2024 Total 2023 General administrative costs 1.370 1,370 1,370 1,370 1,279 7 Staff costs No employee received emoluments in excess of £60,000. The trustees rece7ved no renumeration and no expense5 were reimbursed to trustees in the year under review. 8 Tangible fixed assets Land and Bulldings Cups and Trophie5 Total Cost or revaluation At 1 April 2023 Revaluation taken to SOFA At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 19,458 19,459 3,408 16.051 16,050 16,050 19,458 16,051 19,459 The Freehold property relates to a parcel of land upon which Chipping Campden School is situated. The Trustees consider this land to have a nominal value on the ba515 It could only be reali5ed in the event of Chipping Catnpden School ceasing to exist or operate. Page | 12
Chipplng Campden School Charity Notes to the Accounts 9 Investments other Investments Listed Total Cost or revaluation At 1 April 2023 Revaluation Disposals 1,376,793 81,937 1,376,793 81,937 At 31 March 2024 1,458,730 1,458,730 Net book values At 31 March 2024 1 458,730 1.458 730 At 31 March 2023 1,376,793 1 376,793 10 Debtors 2024 2023 Prepayments and accrued income 8.550 8,550 8,224 8,224 11 Credltors amounts falling due within one year 2024 2023 Accruals and deferred income 34,873 9,592 Page | 13
Chipping Campden School Charity Notes to the Accounts 12 Movement in funds IncomTng resources (including At 1 April other 2023 gaTnsllossesl Resources expended Gross transfers At 31 March 2024 Restricted funds: Endowment fund 68,365 4,672 7,400 14,6721 60,965 Total 4,672 {7,4001 60,965 Unrestricted funds: General funds 629,434 41,537 134,9381 4,672 640,705 Revaluation Reserves: Endowtnent fund Unrestricted fund Total revaluatlon reserves Total f unds 101,786 643,233 4,925 77,012 106,711 720,245 745,019 1 442 818 83,937 128 146 826,956 1 528 626 42.338 Purposes and restrictions in relation to the funds: Revaluation re5erve5 Represent the amount by which inve5tment5 exceed their historical cost. Endowment funds.. Endowment fund Funds held to provide for prizes and grants to students and Chipping Campden School 13 Analysis of net assets between funds Unrestricted funds Restricted funds Total Fixed assets Investments Net current assets 16,051 1 ,320,429 24,472 1 360 952 16,051 1,458,730 53,845 1 528 626 138,301 167 674 Page | 14
Chipping Campden School Charity Note5 to the Accounts 14 Related party disc105ures Name of related party The late Mr B Chatfield Description of relationship between the parties A member of Chipping Campden School and a Trustee Chipping Catnpden School Name of related party Mr A Jones Description of relationship between the parties A member of Chipping Campden School and a Trustee Chipping Campden School Page | 15
ChTrpping Campden School Charity Detailed statement of Financial Actlvltle5 Unrestricted funds 2024 Endowment 2024 Total funds 2024 Total fund5 2023 Income and Endowments from: Investments Investment income 44,945 4,672 4,672 49,617 46,193 46,193 Total income and endowments Expenditure on: Charitable activitie5 Exhibition and speech day prizes Hilda Terry awards Grants made 3,000 3,000 1,658 2,550 26, 572 Z,550 33,972 39,522 7,400 Governance costs Independent exam?nation 1,446 1,446 1,446 1,386 1,386 Total of expenditure on charitable actlvities 33,568 7,400 40,968 3.044 General administrative costs, including depreciation and amortlsation Clerk Honorarium General insurances Principles leaving 563 307 500 563 307 500 1.000 279 Total of expenditure of other Costs Total expenditure 1,370 1,370 1,279 1,370 Net losseslgains on Investments 77,012 4,925 81,937 155,1101 Nèt Incomel(expenditure) 87,079 2,197 89,216 113,2401 Transfers between funds 4,672 14,6721 Net incomel(expenditure) before other gainsl(105se5) 91,691 12,4751 89,529 113,2401 Net Ilossesl/gains on fixed asset revaluation 13,4081 13,4081 Net movement in funds 88,283 (2,475) 85,808 (13,2401 Page116