Chartty Number.. 312282 TWICKENHAM PAROCHIAL SCHOOLS miuSTEEY ANNUAL REPORT & U14AUDITED H14ANCIAL STATEMENTS 30JUNE 2023
TWICKENHAM PAROCHIAL SCHOOIS TRU5TEES' ANNUAL REPORT forthe year ended ao June 2023 The trustees present thelr report and the financlal ststements of Twl¢kenham Parochlal Schools for the year ended 30 Jut)e 2023. The financial ststements have been prepared in accordance with the accounting poliaes set out in the note5 to the financial statements and comply with the charit Act 2011. the 8oveminB document of the Charfty. and Accounting and Reporting by Charitie5'. Statement of Recommended PraCte applicable to charities preparing their financial statements in accordance with the Finandal Reportln8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectfve l January 20191. OBJECTIVES AND AcnviTIES Charltable object1 Twickenham Parochial Schools ori8inalty set up as a trust in June 1861 for the purpose of buildinB a school and provldlng edu¢lon for the chlldren of the Parlsh of Twickenham. The recorded objert of the charlty at the Chartty Commlsslon Is to advance thè edu¢atlon of the pupils at St Marf5 Church of En8land Primary Scknl in the Parish of Twickenharn in accordance with the principles of the Church of England by= Provldlng and maintaining the buildin85 used by the school: and Providlng orassisting Sn the pslon oteducatlonal. recreatlonal and other charftsble lacllltles not requlred to be provided by the local aulhorlty. Charlt•bl• artl¥llles In furtherance of theTmsYs charltable oble¢( the trustees appty the tharws fvnds In the fo51owln8 ways: y provldlng grants to meet educatlonal costs of the schcd not funded by the Local Education Authorlty Includlng the provislon of spe¢lalist support staff. Funding towards the general maintenance of propertie5 owned by the charfty that comprise the school premlses. Providin8 the contracted contritrrtrtion necessary on capital projects undertaken by the Department for EducatSon IDIEI and the London tocesan Board for Sthools ILDBS) for improvements to the school as authorlsed by board of governors of the school. Ensuring that adequate fvnds be available sth)uld expendlture by the school not fvnded by the Local Education Authority. the t)fE orthe LDBS, be necessary. The trustees entered into a c(operation agreement dated 27 June 2002 with The Mayor and Burgesses of The London Borou8h of Richmond Upon Thames 1.the authorirfl and the LDBS to secure the desiBn, construction, rinancirbg and maintenance of thets sfces that comprised the school as atthat date and fora perlod of 30 years to 28 lune 2032.
TWICKENHAM PAROCHIALSCHOOLS TRUSTEES, ANNUAL REPORT (Continued) for the year ended 30 June 2023 The authorlty has entered into a prwate finan initiatlve 1.the PFI a8MenrI with Rithmond Upon Thames Schools Seryices knmited l-the PFI providefl. and under the terms of the cOPeration agreement, the charity has granted the PFI provider a 3(ear leases over the school premises at Amyand Park Road and Orleans Parl Richmond Road. The middle site on Strafford Road is not within the PFI agreement and is funded directly by the authortly. The charlty is responsible forthe collertion of annual capital expenditure payments owed to the PFI provider by the DfE. As the buildings are nE maintained for the period to June 2032 by the PFI prowder. there is no longer nee<1 for the tharityto underwrite parental contribution5 to the buildin8 maintenance fund ori8inalfy Set up by the LDBS. Indicator5. mllestones and benchmarks The tnjstees vlew the contlnulng success of thè xhool. the use of its fadlltles and the degree to whlch thelr contrlbutlon to the provlsion, maintenance and up8radin8 of thosefacilities has been part of the 5chool'5 success 85 the key measure of thelr performance. Publk b•n¢fft The trustees hawe taken The Charity Commission's 8erteral 8uidance m pvbli¢ benefft Icontalned wlthln the recently revised guidance publication "Charltles and PublK Benefifl Into conslderatlon Sn preparlng thelr statements on publlc benefft Contained wtthin this trustee< annual port. Beneflts and beneftlarles The charlty ¢ontlnues to asslstwlth the pr¢ylslon of prlmary edu¢atk¥n by supportln8 and malntslnlng the school facilities at St Marfs Primary School's three sltes In Twlckenham and by provldlng ad hoc fundln8 to the school for educational costs noi funded by the local education authority. The charitrfs principal beneficiarie5 are therefore the schoovs pupils and. indirectly. members of the local communltywho impliatlyderfve some beneflt from the work of the charity because of the existerKe of the school. TrUsteeO$Se$srnent ofpublk benefft The trustees use the indicators, mikstones benchmarks referred to above to measure the success of the charlty In terms of delfveryof publtc bertefft and they are l$fied that the charityCS)ntinues to beneflt the publlc through Its targeted tharitable activrties. Relatlonshlgs wlth related partles and vewe5entatlon on othef bodles The work of the charity is integrally linked to the operattons of St Marfs Primary School, Twickenham. A5 such, the trustees work closely wlth the board of 8o¥emors of the school and the head teacher. Ms Aela Abrahams. The charlty Is currently represented on the board of govemors of the school byThe Rerfd R J Hopkin Wllllams.
TWICKENHAM PAROCHIALSCHOOLS TRUSTEES. ANNUAL REPORT (Continued) for the year ebyled 30 June 202J ACHIEVEMEPITS AND PERFORMANCE kll¥ltles and events The trustees contlnue to fund varlous sd1 actlvltles. projects arbj finlatIVeS thrghout the year. The trustees have, as usual. recelved fvnds from the D and pald the sameto the London Borough of Richmond upon Thames 1.the Borough-l. on behalf of the developer, as part of the capital cost of the PFI Contract for the bulldln8 and refurblshment of the xhool prtmlses entered Into In 21J)2. The trustees also contlnue to fund thelr assessed annual contributlon payableto the authorlty forthe.llfe cycle" costs of anttclpated major repalrs and rer41$ of the premlse5. Durln8 the year the trustees reconfirmed their wth to support the engagement of a school chaplain to assist with the educational, spiritual and pastoral Ca of the pupits and staff of the xhool and agreed to contribute £35,WO towards the Cost of an asslstant Cler post at St Mary The Vlr8ln, as has been the case In the past. DespSte InteNlews bein8 undertaken and an offer made. the post remained unfilled at the 30 June 2023. The positlon Is to be readvertised later th55 year. Impart of ¥rtl¥ltles and e¥ents The teachers and puplls contlnue to benefft from the up8rnded premlses provkled through the PFI contrart, and to enloy and make good use of the extra space around the junlor site acquired as part of the PFI *eement for sport and recreatlon purpose5. Extra support staff have been appolnted. or provlded from spedallst Sour$. to ass15t wh the needs of chlldren wlth learnln& physical or behavtoural difficultles. using the fund5 provbded by the trust. FINANCIAL REVIEW Flnan¢lal results of •¢tlvlEies and ev•rts The charitls income for the year comprised £140.(KK) of rentsl income and £ll,CW of investment income compared wtth £130,lK and £IO,IIXI in 2022. During the year. the tharity encashed part of its investment portfolio for £90.250 in anticipation of the investment fund bein8 dosed by the fvnd mana8ers. This ha$ 8iven rSse to a realb5ed gain of £4,71KI {2022 £nlll. Total expenditure for the year was £124.(MXI12022: £160.fy))1. £74.IXX) was spent on grants made to support the work of the school, £8.lJJ) on the trusys PFI Lif&cyde cost contribution, £37.IJX) on the maintenance. insurance and mana8ement of the trLtsYs investment properties and £5.Al on support and gernance costs 12022: £76,CK)0, £8,tK(l and £5.IKKI respectlvelyl. Support & 8overnarKe costs indudes the purchase of professlonal Indemnlty Insurance for the trustees to cover their work as trustees. The cost of the premium forthis amounted to £1.01712022: £1.0171. The policy provides cover of up to £1 million in respee£ of ary one dalm. The tharlty actirvx In Sts cap¥lty as a8ent on behalf of the London Borough of Rithmond upon Thames l.the authoritf l applied for and receNed funding from the DIE amounting to £610JXN)12022.. £596,(1. The Same was paid to the PFI providervia thè authority.
TWICKENHAM PAROCHIAL SCHOOL5 TRUSTEES, ANNUAL REPORT Icontlnuedl fr•r the year ended 30 June 21)23 ReseThes pollcy As at 30 June 2023. the charity had free reserves of £3.587.114 held in the General Fund12022.. £3,544,187>. Nothin8 was held as a restrlcted fund12022.. £2,404). So as to ensure adequatèfijnds are available should expenditure by the school, notfunded by the Local Authority, the DfE or the LDBS, be seen as necessary or hl8hly deslrable, the trustees are careful to conserve the value of the charlty's funds. In line with the trustees, 8eneral approach to risl a significant portton of the charity's f¢Jnds are held as long-term investments in property. where securlty and z steady growth in rental values in excess of general inflation is garded as preferable to maxlmlsln8 any short temi gain to be earned from selllng. The level of the charlty'5 reserves and the balance between short and long-term Investment was once agaln reconsldered In the light of the trustees, risk assessmènt exerclse and was consldered to Still be sat15factory. hwestments polky Thg D¢claratlon of Trust 8lves the trustee$ the power to Inve5tthe assets of the charlly In such a manner as thev seo flt. In practlce, the trustees hold the free reserves of the charlty In Investment propèrtles. in low risk listed Invéstments and In bank deposit ?ccounts. The charltV5 Investment propertles are residential in nature, locèted in Twlckènham and are let at prevailin8 market rents applicable at the tlme the lettin81s a8re•d. The charity's listed investment Cornprlses Its holdlng In the COIF Charltles Investment Fund - Income unlt5. 8v Investln8 In th15 way, the trustees seek to beneflt from the fund's publlshed social. ethlcal and envSronmental Investment polScies. Durlng the year, the net Incon7e retvmed on the charltvs InvestmÈnt assets amounted to Ellg.00012022.. £106,0001. The market value of the charity's listed investmènts increased In value by £11,000 durin8 the year 12022 decreased by £21,01. The trustÈe5 ar¢ satisfied wlth the perform8n¢e of the chèrlvs Investment assets for perlod under revlew.
TWICKENHAM PAROCHIAL SCHOOLS TRUSTEES, ANNUAL REPORT (Continuedl ft>r the year ended 30June 2023 STRucfuRE, GOVERNANCE AND MANAGEMENT Status and hlstory TtkenhaM Parochial Schoo15 was ori8inally set up as a trust In June 1861 for the purpose of bullding a school and providin8 educatlon for the children of the Parlsh of Twickenham conduc "according to the princlples of the Established Church throughout England and Wales". The original trust became a reglstered charlty on 10 March 1971 and Is still governed by the rule5 and regulatlons set down in its DeGlar4tlon of Trust dated 6 June 1861. Organlsatlonal structure The overall str4teslc dlrettion of Twlckenham Pafochlal Schools Is determlned by the trustees, who are the key management personnel of the charlty and who are also responslble for the d3y-tO-day management of the charity. The twstees work closely togèther and hold meetlnBS on a re8ular basls. The Treasurer look5 afterthe day-to4lay admlnlstratlon of the charlty. In clrcumstances where dec151ons need to be made between trustees, meeting dates, Informal dlscusslons take place elther face-to-face, over the telephone, or by e-mail. The decisk)ns so taken are ratified at the next trustees meetlng. Method ol recrultmenL appoSntment. elecllon, Indurtlon and tralnln8 of trust• Recrultment The trustéès perlodically conslder the approprlate mlx of skllls and experlence needed on the board to manage the Charlty and look to malntaln th15 mlx as and when a vacancy arlses. Appgintment ond elertlon The Vl¢ar of Twickenham Parish Church. St Mary the Vlr8in. outomatlcally 3ssume5 the role of trustee upon appolntment, and for $0 lonB as the p05t Is held. The Churchwardens ofTwickenham Parish Church, St Marythe Vlrgin a appolrtted trustees of the charlty when they are appolnted Churchwarden5 and rémain trustees for a5 long as they continue In thi5 P05t. Retlrlng Churchwardens may be invited to remaln a trustee by the othèr trustees. The trustees have the power to elect anyone else to become a trugtee, as and when they see flt. Trustees $0 appoSnted serve for an initlal term of 4 years and can be re-Èlerted for a fvrther term of 4 year5 before belng requlred to Stand down for a beast l year betore bewmln8 ell8lble to be appolnted a8aln. Indurtlon and trainlng The role and responsibilities of a trustee are explained to all new trustee5 by the existing trustees upon appointment. Thereafter, all individual trustees are given the opportynlty and are attfvely encoura8ed to 80 Of courses at any tlme to sult their needs.
TVIICKENHAM PAROCHIAL SCHOOLS TRUSTEES. ANNUAL REPORT Icontinuedl for the yearended 30June 2023 Rlsk and c(>rporate 8overnance matters The Trustees have reviewed the charitys activities to identlfy and assess the rnajor risks itfaces. Having assessed the major risks, the Trustees believe that by monltorlng reserve levels, by en5urin8 controls exist over key financial 5y5tems. and by examining the operational risks faeed by the charity, they have established effectlve Systems to miti8ate those rlsks. In Ilne with the requirement5 for Trustee5 to undertake a risk assessment exeTcise and report on the same In their annual report, the Trustee5 have looked at the risks the charity currently faces. Identifying three main areas where risks may arlse.. Management and governance Flnanelal Laws, regulations, external and envlronmental Mana8ement and 8ovemance conslder the rbsk of the charity 5ufferlng from a lack of dlrectlon, the skllls and trainSng cif its trustee5, and thÈ good use of its resources. Flnanclal r15ks Include those resultlng from poor bud8etary control, InappropriatÈ spendln& poor Investment advlcè ¥nd poor accountin8. Laws, regulations. extemal and envlronment look at the effects of 8overnment policles, the consequences of non-cgmpllance wlth the laws and re8ulatlon5 and poor rlsk a55es5ment. Trustees, responslbllltles In th• pY•paratlon ot flhawl•l stat•m¢nts The trustees are responslble for preparingthe trustees. annual report and the financial statement5 In accordance with applicable law and UnSted Kln8dom Accountin8 Stsftdards Iunlted Klngdom Generally Accepted Accountlng Practlcel. The law appllcable to charltles In England & Wales requlres the tnjstees to prepare financial ststements for each financlal year, which 8ive a true and falrview of the State of affaifs of the charlty and of the Incomln8 resources and appllcatlon of resour$ of the charlty for that perlod. In preparln8 these flnan¢lal Statements. the trustee5 are requlred to.. select suitable accountin8 policies and then apply thern conslstentfy. observe the methods and prlnclples In the Charfties SORP. make lud¢ements and accounting estSmates that are reasonable and prudent. state whether appllcable UK Accountln8 Standartls have been followed sublect to any materlal departures dlsc105ed and explained in the financlal Statements. prepare the financlal statements on the 8oin8 concern basls unless It Is inapproprlate to presume that the charlty wlll continue in business. The trustees are responslble for keeplng proper accountlng records that disclose with reasonable aceuracy at any tlme the fin3ncial position of the charity and enable them to ensure that the financlal statements comply wlth the Charities Act 2011, the Charlty (Accgunts and Reports) Regulations 2008, and the provislons of the Trust Deed. They are also responslble for safeguarding the assèts of thè charity and hence fortaking reasonablt steps for the prevention and detectlon of fraud and other irregularities.
TWICKENHAM PAROCHIAL SCHOOLS TrUSTEES' ANNUAL REPORT (Continued) for the year ended 30JuAe 2023 Independent ¢Mmlner Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Umfted has Indicated her wllllngness to cont5nue In offlce. Statement as to dls¢losure of Informatlon to the Independent examlner The trustees at the date of approval of thls trustees, annual report tonflrm that so far as each of them Is aware, there Is no relevant Informatlon of whlch the charlty's Independent examlner Is unaware, and the trustees have taken all steps that they ought to havè taken to make themselves aware of any relevant Information and to establish that the Indepèndent examlner Is aware of that Informatlon. REFERENCE AND ADMINISTrATIVE DETAILS y a sealed order of the Charity Commlssloners for England and Wales dated 13 May 22. the trustees of Twlckenham Parochial Schools were granted a Certifite of Incorporatlon as ? body corporate by the name of TheTrustee5 Qf Twlckenham Parochlal Schools. Therefore, the officlal trystee of the charlty Is the body corporate whlch slnte l 2022 has comprlsed the following Indlvldual trusteeswho all servtd throu8hout the year unless stated otherwlse.. The Rerfd R J Hopkln Wllll•ms- Mr M Austln Ms B H A Wllllams- Church Warden Mr D AArthur Ms J 8iitton- Church Warden Mr H D Clark MsKCgX M5 L Prlor Mrs M Mence-church Warden Chairman Treasurer & Charlty Correspondent Retlred 24 Aprll 2023 Appolnted 24 April 2023 Thè prlnclpal address of the ¢har6ty Is the address of the charltvs wrrespondent Mr M Austln. 2 Cllfden Road, Twlckenham, Mlddle5ex TWI 4LX. The charltyls re815tered underthe charlty number 312282. Thè trustees have made the followln8 professlonal appolntments.. Solicitor: Blanchard5 Bailey LLP, BynbLtry Hous•. Stour Park, Blandford Forum, Dorset DTII 9LQ Independent Examiner.. Kerry Galla8her. FCA DChA of ASM UK Tax and Accountrn8 Limlted, Davidson House, Forbury Square, Reading, Berkshire RGI 3EU 8ankers.' Barclays Bank plc, Rlchmond and Twlckenham Brnn¢h, PO Box No 13. Rl¢hmond, Surrey TW9 IJU Chartered Surveyors: Mllestone & Collls Ltd. 40 Church Street, Twlckenham, Mlddlesex TWI 3NR
TWICKENHAM PAROCHIAL SCH(X)LS TRUSTEES, ANNUAL REPORT Icontinued) for the yeorended 30 June 2023 FUNDS HELD AS CUSTODIAN The charity does not currÈntty hohl. and the trustees do not anticipate that rt will in the future hold. any funds as custodlan for any thlrd party. This report was approvèd by the trustees on 4 De¢ember 2023. and wa5 Si8ned for and on behalf of the board - Treasurer M Austin
INOEPENDENfEXAMINERS REPORTTOTHETRusfEES OFTWICKENHAM PAROCHIALSCHOOLS I report to the trustees on my examlnatfon of the financial statements of Twickenham Parcthial Schools Ithe charityl forthe year ended 30 June 2023. whi£h are set on pages 10 to 20. RESP01451BILrfiES AND BASLS OF REPORT As the trustees of the charity, you are reSponsIb for the preparatk)n of thè finandal statements In •tcordance with the requirements of the CharitiesAtt 2011 (the 2011 ktl. I report in respect of my examlnation of the chalitys financial statements Carried out under sertlon 145 of the 2011 Act, and In carryln8 Out my examlnation. I have followed all the appllcable Direthons gEven by the Charoty Commlsslon LFnder sectlon 14515llbl of the 2011 ACL An Independent examlnatlon does not Invofve gathering all the eVIdenthat would be requlred in an audlt and consequently does not cover all the matters that an auditor eonsiders in givin8 thek op4nion on th ftnanclal statements. The plannln8 and condud of an audit 8oes beyond the Ilmlted assurance that an Independent examlnatlon can provide. Consequently. l express no opinion as to whether the financlal ststements present a 'true and fair vie and my report Is Ilmlted to those spedft¢ matters set In the Independent examlnerfs statement. INDEPENDENT EXAMINERS STATEMENT I have completed my wmination. I confimi that no material m•tters have ffle to my attentlon, In connectlon wlth the examlnatloni 8Nlng me reasonable cause to bdleve that In any materfal respecr: accountln8 record5 were not kept In respect of the drIty as requlred by 5ectlon 130 of the 2011 Act,. or the financlal statements do not accord wrth those records,. or thè financial statemeftts do rbot comply with th* applkable r¢qulrem•nts concernln8 the fonn and content of financial statements set out In the Charltles (Accounts and Rewytsl Regulatlon5 21XJ8, other than ary requlrement ihat the financlal statements gfve a 'true and falr vlew. whlth Is not a matter ¢onsldered as part gf an Independent examln•tion. I have no concerns and have comeacross noother matters In connectlon wlththe examlnatlon towhkh attentlon should be drawn In this rewt In order to enable a proper Understand1 of the financhal Statements to be reached. Slgned.. Name.. Kèrry Galla8her, FCA DChA Nam¢ of appllcable listed bo(ty: The Institute of Chartered Accountants In England and Wales Rèlevant professlonal qualification or meMr$hiP of professional body.. Chartered Accountsnt Kerry &6llash6r On behalfof RSM UK TAX AND AccouNfiNG UMITEO Chartered A¢¢ountants David50n Mouse. Forbury Square. ReadinL Berkshire RGI 3EU 14112123
io TWCKENHAM PAROCHIAL SCHOOLS 5TATEMEKf OF FINANaALAcnvmES forthe ¥r ended 30 June 2023 Totsl 202Y Total 2022 funds INCOME FROM: Investments 151.076 151.076 140,996 TOTAL 151.076 151.076 140,996 EXPENOITURE ON.. Ralsln8 funds Charltable actfvltle5 Provision ol school a¢ility•s 136,8141 136,8141 134,6871 (87,1891 12.404) 189,5931 I88,9> TOTAL I124.3> 12,4041 1126.4071 1123,5961 Galn/llossl on Imie5tments 15,854 15.854 120,8081 NET INCOMEI(EXPENorruREI 42.927 (2,4041 40,523 13,4081 Transfer between funds NET MOVEMEpif IN FUNDS 42.927 12,4041 40,523 13,4081 RECONCIUATION OF FUNDS: Total funds brou8ht forward at I july 2022 3,544.187 2,404 3,546,591 3,549,999 TOTAL FUNDS CARRIED FORWARD AT 30 June 2023 3,587,114 3,S87.114 3,546.591
TWICKENHAM PAROCHIAL SCHOOLS STATEMENT OF FINANCIAL ACTllimES for the ar ended 30 June 2022 Unre#rlrted Restrlrted funds fund5 Totsl 2022 Total 2021 Notes INCOME FROM: Investments 140,996 140,996 119.170 TOTAL EXPENDITURE ON: Ra5sSn8 funds Charltable artlvFtles Provlslon of school facilltles 140,996 140,996 119,170 134,6871 134,6871 133.1961 188,9091 188,9091 1126,8661 TOTAL 1123,5961 1123.5961 1160,062) ILossllBaln on Investments 120,8081 120.8081 61,752 NeT iexpENDITUREIIINCOME 13,4081 13.4081 20,860 Transfer between fund5 NET MOVEMENTIN FUNDS 13,4081 13,4081 20,860 RECONCILIATION OF FUNDS: Total funds brou8ht forward at l July 2022 3.547,595 404 3,549,999 3.529.139 TOTAL FUNDS CARRIED FORWARD AT 30 June 2023 3.$44,187 2.404 3.546.591 3,549,999
12 TWICKENHAM PAROCHIALSCHOOiS 8ALANCE SHEET as at 30June 2023 20Z3 FIXED ASSETS Investments 3,488,305 3.562,701 CURRENT ASSErs Cash at bank and in hand 172.604 50.390 LIABILITIES CreiJltor5.' Amounts fallln8 due wlthln one year {73,7951 166,5001 NET CURRENT ASSErs/(UABIUTIES) 98,809 116,1101 TOTALAS5ETS LESS CURREKf LIABiunES & NET ASSETS 3.587,114 3,546,591 ThE FUPIDS OF THE CHAftrrf Restr5rted IbKome funds School Facilitles Fund Unre5trlcted Intyne lund5 General Fund 3,587,114 3,544,187 TOTAL CHARITY FUNDS io 3.$87.114 3,546.591 The flnanelal statements on pag 10 to 20 were appro¥ed by the trustees and authortsed for Issue on 4 Decemb¢r 2023. and are si8ned on their behalf by.. Rev'd ms M Austin
13 TWICKENHAM PAROCHIALSCHOOLS NOTES TO THE FINANCIALsfAIEMENTS for the ar ended 30 June 2023 ACCOUNTING POLKIES BasFs of accountlni These ff nandal statement5 have been prepared accordance with FRS 102 Yhe Flnanclal ReportlnB Standard applicable in the UK and RepublK of Ireland" and under the hstorical cost convention. except as modified for the annual revaluation of fixed •sset In¥estsY*nts. Includlngcwi•lnfin•ndal Instruments beln8 tarried at falr value. Within the defin{onS of FRS 101 the ¢h•rlty ts • publk beneFtt entity. The financial statements have also been prepared in accordance with thè accounting pollcies set out In more detail below and comply with the Charities Att 2011. the go¥emln8 d¢xument of the chartty, and Accountln8 and Reportlng by Charitle5: Statement of Recommended Practke appllcable to charltle5 preparlng thelr flnanclal statements In accordance wlth the Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Iretsnd IFRS 102) leffertfve l January 2019). referred to as the Charlties SORP IFRS 1021. The chartrty has adopted the Charities SORP (FPS 1021 rather than appirA the Charltles 2CQ5 SORP which ha$ been withdrawn but Is stlll referred to In the extant CharTtle5 IAccounts and Report51 Re8ulatlon5 2CQ8. Thls departure Is necessary lor the flnanclal statements to show a true ?nd lair vlew In accordance with UnltÈd Kingdom Generally Accepted Accounting Practtce effe¢twe for accountln8 periods be8lnnln8 on or after l January 2019. Goln8 concern The trustees have rleWed the financlal forecasts for the chartty and have reviewed its antl¢ipated Income and expendlture commrtments for a perlod of at least twefve mnths from the date of approval of these financlal statements. The trustèès bellevo that the charlty has adequate resources to continue in operational Èxistèncè for at least the next twelve months meèt Its liabilitbes and obll8atlons durln8 that perlod a5 they fall due. For that mson, th¢ trustees ¢tInue to aty the golng corKern bas15 In preparlng the financlal statements. Income General donatlons and other slmllar types of voluntary Income are brou8ht Into account when recelvable. Donated Income Is Included gross of any attributable tax recv4erable. where relevant. t>onatlons glven for specifit purposes are treated as restrlcted Income. Investment income comprises rents receble under <)pèrdtinB leases on the chartys Imie5tment properties, deposriaccount interestandd5vend income. Income is accountedforon a receivable basis. oncè the rertal income has been earned. the dividend has been dedared orthe deposft internst paid.
14 TWICKENHAM PAROCHIALSCHOOLS NOTESTOTHE FINANCIALSTATEMEIITS (Continued) ftlr the year ended 30 June 2023 ACCOUNTING POLIUES (Continued) Expendlturn Expenditure is allocated to the charitrfs princlpal actmty where the costs tan be identified as beln8 dlrertty related to that activity. Costs that cannot be identlfied in this way are cateKori5ed as elther lundraisin¥ eosts. support costs or governance eosts. Any costs that cannot be Specifically tesrised are allocated in proportlon5 based a sultable ratio applicable to the nature of the cost Involved. Grants payable are recognised in the period In which the approved offer Is conveyed to the recipient except In those case5 where the offer is conditional. such grants bebng recognised only when the condrtions attachlng to the award are fvlfilled. fjrants offered Subject to Conditions, which have not been met Bt the balance sheet date. are noted as a potential commltmenL but are treated a5 a Ilablllty. Tble Ilx•d ass•ts The charlty owns the freehold of the land and buildlngs of t0 of the the Sites occupled by St Mary's Church of EnBland Primary School. Twickenham I'the sch¢)ol"l- the Infant site IcKated at Amyand Park Road and thelunior siteat Orteans Park. Rkhmond Road. ThefhOld land and bulldlng5are inalienable and hlstorlc assets and are carried In the attounting rKords of the charity at a book value of £NII. This xcountbn8 trtalment is Corldered to be apprOpate slTh the balan of the rf5k5 rewards of owner5hlp of those a55ets rest wh the school and its sponsoring local Juthority, The Mayor and Burgesses ofThe London BonyJgh of Rlchmond Upon Thames. rather than with the charity. Investments The charit$ Investments are Induded in the balae sheet at fair value Itheir market value) and the galns or l¢)sses arislng upon iheirannual revaluatK)n include(l in the ststement of flnancial activities. The market value of Investment properties is revbewed and determined annually by the board of trustees. Listed investments are valued by refrrence to thelr qted bid valuè at the balance sheet dote. Fln•nclal Instruments Afinancial irsstrument i$• contract that gives rise to 3 finanoal asset of one entity and a financlal liablllty or equlry Instrument of arsother entlty- Financial Instruments aretherefore classffied and accounted for according to the substance of the contrartual 3rrdngement as emher financial assets, financial liabllltle5 or equity instruments. An equity instrument is any contract that evNlences a residual interest In the assets of the entlty after deduttin8 all of its liabilities. Flnancial assets and Ilabllltles The charW5 debtors and credfftors that meet definitlon of either a financial asset or a financlal liability are instially recogni at the transartion value andthereafter are stated at amtsrtlsed cost using the effective interest mèthod.
15 TWICKENHAM PAROCHIALSCHOOLS NOTESTO THE FINAt4CIAL STATEMENTS (continLdI forthe yeoreb)ded 30 June 2023 ACCOUNTING POLiaE5 (Continued) Fynd attountlni The General FLtAd ¢omprisesthearyumul4ted surpluse5 of unrestrlcted Incomeoverexpendlture, whlch are avallable for use In furtheran of the general objective of the charty. Designated hJnd5 a a partycular fonn of unrestrirted lund5 consistin8 of amounts. whlch have been allocated or designated for specffic purposes by trustees. The use of de5ign?te(I funds remains at the dIsCtion of the trustees. Restrfcted fvnds are fijnds sublert to specific condltions Imposed by donors. Thè purp)5e and use ofthe restrlcted funds are set out in the note5 to the finandal statemts. Arn(NJnts unspent at the yearend are carrled forward in the balance sheet. INCOME FROM INVE5TMENT5 Total 2023 Totsl 2022 funds fvnds Rent re¢eivable ut)der operating leases Income from Invesiments listed on reeognlsed stock exchan8e in the UK 139,710 139,710 129,929 11.366 11.366 11,067 151.076 ISl,076 140,996 STAFF COSTS & GIFN-KIND The charfty Iloes not employ any staff or incur any staff costs. All the work ofthe chartty Is undertaken by the trLee5. who arethe key mana8ement personnel of the eharfty. Trustees a not rèmunerated for thÈir services but arè reimbursed for expenses incurred personally on behalf of the ch8rity. In 2023. one trustee was relmbursed £191 for meetln8 expense5 12022-. one trustee totallin8 £650 for a grant award paid personallvl.
16 TWICKENHAM PAROCHIAL5CHOOiS NOTES TO THE FINANCIAL5TATEMEKfs (Continued) for the year ended 30June 2023 RAISING FUNDS Unrestrthd Re#rScted nd5 funds Totsl Total 2022 Property rnarntenan and Insuran 3614 36.814 34,687 PROVISION OF SCHOIX FAULMÉS Tatsl 2023 Tot•1 2022 lunds Contribution to S1 tscllltles under PFI agreemènt School bud8et supplement Items 7.868 74,346 7,868 76,750 7,695 76,479 Support and governance ¢osts (see nots 61 4.975 4,975 4,735 87.189 89,593 88,909 SUPPORT ANO GOVERNANCE COSTS Sw>port Gov•rn*nce Totsl 2023 Tot•1 2022 Independent examlnailon fees Bank char8es Trustees, liability insurance Le831 fees Otr IIB 1,017 118 1,017 L017 4,857 4,975 4,735
17 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS {Corrtlnuedl for thè year ended 30 Junè 2023 Ir4VEsfMEpirs Totsl 2023 Total 2022 Market value as at l Juty 2022 Disp05als in year Unreali5ed gain5lllossesl 401701 185,479) 11,083 3.160,) 3,562,701 3.583,509 185.4791 11.083 120,8081 Market value a5 at 30 June 2023 328.305 3.1fAj,) 3.488.305 3,562,701 Historlol cost as at 30 June 2023 17.422 349.931 367.353 412.762 The tharws Investment propertles are used to 8enerate rent receivablè undèr operatiTr8 leasès. The arrying value of the investment propertie5 is reviewed annually by the board of trustees, and amendments to the estimated market value are recognised In the flnandal statement5 as appropriate. The portFolio was last professlonally valued in 2019. The trustees do not ¢on51der there to have been any materlal change to the overnll market value of the portfollo from that previousty ststed durlng the year. 2023 2022 At the b•l•rKe Sheet date. the M#rk v•lue of the Investments 115ted on a recognlsed stock exchange in the UK comprlsed: 30 June 2022.. 54,41KJ.14 CAF UK Èquity Fund B unlts 17,422.90130June 2022: I7.422.> COIF chafftles investment fund- income units 85,479 328.305 317,222 328,305 402,701 CREDITORS 2023 2022 Amounts fallln8 due wfthln ¢ne year.. Accruals 73.759
18 TWICKENHAM PAROCHIALSCHOOLS NOTE5 TO TrIE FINANCIALSTATEMEiifs (Continued) for the year ended 30June 2023 THE FUNDS OF THE CHARITY Tr•nsfer Galn oth betwthn In(ome Exp•ndltur¢ In¥estm•nts fvnds ljufy 30 June 2023 RKtrkted fvnds: School Facilitses Fund 12.4041 Unrestrlcted lunds: Duignted Sch¢1 Chaplaln 35.OC(I 35.1XXI UDdeslgn•¢ed General Fund 3.544,187 151.076 1124,CKI31 15.854 I35,(> 3,552,114 3.546.591 151,076 1126.407) 15,854 3.587,114 Tr•nsf•r Loss on between fvhds ljuly 2021 30June 2022 Restrlcted lunds: Sch¢xl F•cilitles Fund 2.401 Unrestrlrt•d luo)dL" Undesfvt General Fund 3.547,595 140.996 1123.596) 120,8081 3.544,187 3.549.999 140,996 1123,5961 120,W8 3,546,591 The S¢hool Fadlltles Fund wa5d05ed In the year. It had histrffically been used to collertthe fund5 ra15ed, which have been donated contributed to the charity by supporters of St Marfs Prlmary School, Twickenham. Thè hAnds were paid to the sthool to cover si8nlflcant items tsf expenditu rUired by it, whlch are not otherwise or fulty funded by the Local educatlon Authorlty. the Department for Educatlon or the London Diocesan Board for School> Durin8 the year the tn15tee5 agreed to contrlbuie to the cost of establishln8 an asStafit clergy Post at St Mary The Virgin Twitkenham wrth the intention that the appointee also acts as school chaplain. Intervlews were undertaken and an offer was made to one of the applicants. However, the post was not filled. Recognising the monetary value of the ple made. £35.(IX) has been transferred to an unrestricted desnated fund set up forthls purpose. Included within the General Fund are net ijnrealised Eains arisin8 on thè revaluation of the tharivs Investment assets totalling £3.120.952130June 2022.. £3.149.9391.
19 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIALSTATEMENTS (Continuedl forthe year ended 30June 2023 io. ANALYSIS OF NEfA55ET5 BETWEEN FUNDS Net wrrent assets/ Illabllltlesl Flxed Total As at 30June 2023: Restrlrt•d funds: School FacSlltles Fund UnrestrlctÈd undeslgnated funds: General Fund 3.488.305 63,809 3,552,114 Unrestrlrted deslgnatsd fund$:, School Chaplaln 35,000 3501)0 NET ASSET5 3.488.305 98.809 3,587,114 Net ¢urr•nt Flxed &ets/ assets {Ilablllt1051 Totsl As at ao Jun• 2022: Restrktèd Income funds: School Facllltles Fund Unrestrlcted Income fvnd&' General Fund 2,404 2,404 3,562,701 118,5141 3,544,187 NET ASSÉTS 3,562.701 116.1101 3,546,591 ii. AGENCY ARRANGEMENTS The charlty owns the freehold of the land and bu51dings at two of the three 51te5 used by St Mary's Church of England Primary School, Twickenham. In June 2TrJ2 the trustees entered into a eo-operatlon agreement wlth The Mayor and 8ur8esses of The London 8orouKh of Rithmond Upon Thames (the authority) and the London Diocesan Board for Schools to secure the de518n, constructlon, flnancln8 and rnalntenance of those two sites for a period of 30 yea to 28 June 2032. At the same time, the authority entered Into a prlvate flnance Inltiative (the PFI a8reementl with Rlchmond Upon Thames Sch¢)015 Services Llmlted (the PFI provider). Under the ttrrns of the co-operatlon agreement, the charlty has granted the PFI provider wlth 30-year lease5 over the two sites. During the year. the charlty, acting in Its capacity as agent on behalf of the avthority. applied for and received further fundrng from the Department for Edutation amountln8 to £596.42212022.. £596,422) and paid it to the authority who in turn pay5 the PFI provider.
20 IWICKEfiHAM PAR(KHIAL SCHOOLS NOTESTO THE FINANCIAL STATEMEIIT5 (Continued) for the year ended 30 June 2023 12. REIATED PARTYTRANSAcfioN5 The work of the Charity is Integral linked to the operations of St Marfs Primary School. Twickenham. As such, the trustees work (klyWith the b04rd of governors of the xthool and the head teacher. who is currently Ms A Abrahams. DuTlng the year. the charlty was represented on the b)ard of governors of the school by The Rev'd R J Hopkin Williams. There were no other lated party transactions to be disclosed for the current or prevlous year. 13. OPERATING LEASE COMMifMEpifs The charlty operates as a lessor Sn relatlon to its investment Propert that are tenanted on a short leasehold basis arid produce rentsl IrKome. At 30 June 2023. the future minimum lease payments reeeivable by the charity underthe non-cancellable element of its op•ratTrn8 l•aws with its tenants was as follows.. 2023 2022 Due In not later than ont year 68,0