Charity Number: 312282 TWICKENHAM PAROCHIAL SCHOOLS TRusfEES' ANNUAL REPORT & UNAUDrrED FINANCIAL sfATEMENTS 30JUNE 2024
TWICKENHAM PAROCHIAL SCHOOLS TRUSTEES, ANNUAL REPORT for the year ended 30 June 2024 The trustees present their report and the fin3n¢ial statements of Twickenham Parochial Schools for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accountin8 policies set out in the notes to the financial statements and comply with the Charities Act 2011, the governing document of the charlty, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statement5 in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2019). OBJEcfivES AND AcrivmE5 Charltable objective5 Twickenham Parochial Schools was originally set up as a trust in June 1861 for the purpose of buildin£ a school and providing education for the children of the Parish of Twld(enham. The recorded object of the charity at the Charity Commission is to advance the education of the pupils at St Mary's Church of England Prlmary School In the Parish of Twickenham in accordance wlth the prlnciples of the Church of England by.. Providing and maintaining the buildings used by the sthool; and Providing or assisting in the provision of educational. recreational and other charitable facilities not required to be provided by the local authority. Charltable actlvltles In furtherance of the Trusvs charitable objert. the trustees apply the chariVs funds in the following ways". By providing grants to meet educational costs of the school not funded by the Local Education Authority including the provision of specialist support staff. Funding toward5 the general maintenance of properties owned by the charity that comprise the school premises. Providing the contracted contribution necessary on capital projects undertaken by the Department for Education (DfEI and the London Diocesan Board for Schools ILDBS) for improvements to the school as authorised by the board of governors of the school. Ensuring that adequate funds be available should expenditure by the school not funded by the Local Education Authority, the DfE or the LDBS, be necessary. The trustees entered into a co-operation agreement dated 27 June 2002 with The Mayor and Burgesses of The London Borough of Richmond Upon Thames 1.the authoriv) and the LDBS to secure the design, construction, financing and maintenance of the two site5 that comprised the school as at that date for a period of 30 years to 28 June 2032.
TWICKENHAM PAROCHIAL SCHOOLS TrUSTEES' ANNUAL REPORT (Continued) for the year ended 30 June 2024 The authority entered into a private finance initiative ("the PFI agrÈernenV} with Richmond Upon Thames schools 5ervlces Limiied l~Ihe PFI providef)- Under the term5 of the CoperatIon a8reernent, the charlty ha5 granted the PFI provider a 30-year leases over the school premises at Amyand Park Road and Orleans Park, Richmond Road. The school premises at Strafford Road is not within the PFI agreement and is funded directly by the authority- The charity acts as agent on behalf of the authority to collect the annual capital expenditure payment owed to the PFI provider by the DfE. Indicators, milestones and benthmarks The trustees view the continuin8 5ucce55 Qf the school, the use of its facilities and the degree to which their contrlbution to the provision. rna1ntenan and upgradlng of those facllltles has been part of the 5chool'5 success as the key measure of their performan. Public benefit The trustees have taken The Charity Commission's general guidance on publlc beneflt (contalned within the recently revised guidance publication °Charities and Public Benefit") into consideration in preparing their statements on public benefit contained within this trustees, annual report. Benefits and beneficiories The charity continues to assist with the provision of primary education by supporting and maintainin8 the school facilities at St Mary's Primary School's three sltes In Twickenham and by providin8 ad hoc fundin8 to the school for educational costs not funded by the local education authority. The charitrfs principal beneficiaries are therefore the school's pupils and, indirectly* members of the local community who implicitly derive some benefit from the work of the charity because of the existence of the school. Trustees, assessment of public benefit The trustees use the indicators. milestones and benchmarks referred to above to measure the succe55 of the charity in terms of delivery of pub5ic benefrt and they are satisfied that the charity continues to benefit the public throu8h its targeted charitable activities. Relationships wlth related parties and representation on other bodies The work of the charity is integrally linked to the operations of St Marfs Primary School, Twickenham. The trustees work closely with its board of govemors and with the head teacher. Ms Angela Abrahams. The charity is currently represented on the board of govemors of the school by The Rewd R J Hopkin Williams.
TWICKENHAM PAROCHIAL SCHOOLS TRUSTEES, ANNUAL REPORT (Continued) for the year ended 30 June 20Z4 ACHIEVEMENTS AND PERFORMANCE Activitles and events The trustees continue to support various school actlvitles, projects and initiatives throughout the year. The trustees recelved funds from the DfE and pald the same to the London Borou8h of Richmond upon Thames {"the Borough-l, on behalf of the developer, as part of the capital cost of the PFI Contract for the bulldlng and refurbishment of the school premises entered into in 2002. They also funded their assessed annual contribution payable to the authority for the 'life cycle. costs of anticipated major repair5 and renewals of the premises. The post of school chaplain remained vacant throughout the year. However, the trustees are pleased to announce that an appointment was made in July 2024 in time for the start of the next academic year a school chaplain. The trust has a8reed to provide suitable accommodation for use by the chaplain in lieu of a monetary contribution. Impart of actlvttles and events The teachers and pupils continue to benefit from the upgraded premises provided through the PFI contract. and to enjoy and make 8ood use of the extra space around the junior site acquired as part of the PFI A8reement for sport and recreation purposes. Extra support staff were appointed to asslst with the need5 of chlldren wlth learnln& physlcal or behavloural difficulties. using funds provided by the trust. FINANCIAL REVIEW Flnanclal results of actlvltles and events The charitls income for the year comprised £145,000 of rental income and £10,000 of investment income compared with £140,000 and £ll.(KIO in 2023. Total expenditure for the year was £122,00012023: £126,000). £75,Crf)O was spent on grants made to support the work of the school. £8.0 on the trust's PFI Life-cycle cost contribution. £32,000 on the maintenance. insurance and management of the trusvs investment properties and £6,000 on support and 8overnance costs 12023: £76,000, £8,000, £37,000 and £5,(XK) respertively). Support & governance costs includes the purchase of professional indemnity insurance for the trustees to cover their work as trustees. The cost of the premium for this amounted to £1.090 {2023: £1,017). The policy provides cover of up to £1 million in respect of any one claim. The eharlty actlng In Its ¢apa¢ity as agent on behalf Of the London Borou8h of Richmond vpon Thames {"the authoriW} applied for ar7d received funding frorn the DfE amounting to £627,OW12023: £610,000). The same was paid to the PFI provider via the authority.
TWICKENHAM PAROCHIAL SCHOOLS TRUSTEES, ANNUAL REPORT Icontinued) for the year ended 30 June 2024 Reserves pollcy At 30 June 2024. the charity had free reserves of £3.646.478 held in the General Fund (2023.. £3.587.1141. There was no restrlcred fund {2023' Nil). To ensure ad@quat@ funds are available should expenditure by the school, not funded by the Local Authority, the DfE or the LDBS, be seen as necessary or highly desirable, the trustee5 are careful to conserve the value of the charltvs funds. In line with the trustees, general approach to risk, a significant portion of the chariVs funds are held as lon8-term investments in property, where security and a steady growth in rental values in excess of general inflation is regarded as preferable to maximising any short-term gain to be earned from selllng. The level of the charStVs reserves and the balance between short and long-term investment was once again reconsidered in the light of the trustees, risk assessment exercise and was considered to still be satisfactory. Investments policy The Declaratlon of Trust 8lves the trustees the power to invest the assets of the charlty In such a manner as they see fit. In practice, the trustees hold the free reseNes of the charity in investment properties. In low risk listed investments and in bank deposit accounts. The charity's investment properties are residential in nature, located in Twickenham and are let at prevailing market rents applicable at the time the lettin8 is agreed. The charit¢s listed investment comprises its holding in the COIF Charities Investment Fund - income units. By investing in this way, the trustees seek to benefit from the fund's published social, ethical and environmental investment policies. During the year. the net income returned on the charit(s investment assets amounted to £121.00012023'. £114,000). The market value of the charivs listed investments increased in value by £26,000 during the year (2023 increased by £16,CQOI. The trustees are satisfied with the performance of the charitvs investment assets for period under review.
TWICKENHAM PAROCHIAL SCHOOLS TRUSTEES, ANNUAL REPORT {Continued) for the year ended 30 June 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Status and hlstory Twickenham Parochial Schools was originally set up as a trust in June 1861 for the purpose of buildin8 a school and providing education for the children of the Parish of Twickenham conducted °according to the principles of the Established Church throughout England and WaSes". The original trust became a registered charity on 10 March 19713nd is still governed by the rules and regulations Set down in its Declaration of Trust dated 6 Jun& 1861. Or8anisational structure The over311 strategic dlrectlon of Twlckenham Parochlal Schools is determlned by the trustees, who aro the key mana8ement personnel of the charity and who are also responsible for the day-to-day mana8ement of the charity. The trustees work closely together and hold meetin8s on a regular basis. The Treasurer looks after the day-to-day administration of the charty. In clrcumstances where decisions need to be made between trustees. meeting dates. informal discusslons take place either face-to-face, over the telephone, or by e-mail. The decisions SO taken are ratified at the next trustee5 rneetin8. Method of recrultmen( appolntment. electlon. Inductlon and tralnin8 of trustees Recrultment The trustees perlodically consi(fer the approprlate mix of skills and experience needed on the board to manage the charity and look to maintain this mix as and when a vacanoi arises. Appointment and election The Vicar of Twickenham Parish Church, St Mary the Virgin. automatically assumes the role of trustee upon appointment, and for so long as the post is held. The Churchwardens of Twickenham Parish Church, St Mary the ITirgin are appointed trustees of the charity when they are appointed Churchwardens and remain trustees for as long as they continue in this post. Retiring Churchwardens may be invited to remaln a trustee by the other trustees. The trustee5 have the power to elett anyone else to become a trustee, as and when they see flt. Trustees so appointed generally serve for an initial term of 4 years and can be re-elected for a further term of 4 year5 before being required to stand down for a least l year before becoming eligible to be appointed again. The trustees mayi at their discretion, waive this requirement if It 15 in the interest of the Trust to do 50 and to ask the retlrlng trustee if they are willing to be re-appointed. Induction and trt7ining The role and responsibilities of a trustee are explained to all new trustees by the existing trustees upon appointment. Thereafter, all individual trustees are given the opportunity and are actively encouraged to go on courses at any time to suit their needs.
TWICKENHAM PAROCHIAL SCHOOLS TRUSTEES, ANNUAL REPORT {Continuedl for the year ended 30 June 2024 Risk and ¢orporate governance matters The Trustees have reviewed the chariws activities to identify and assess the major risks it faces. Having assessed the major risks, the Trustees believe that by monitoring reserve levels. by ensurlng controls exlst over key flnanclal systems, and by examining the operatlonal risks fared by the charity, they have established effective systems to mltlgaie fhose rlsks. In Ilne with the requlrements for Trustees to undertake a risk a55essment Èxertise and report on the same in their annual report. theTrustees have looked at the risks the charity eurrentlv faces, identifying three main areas where risks may arise: Management and 6overnance Flnanclal Laws, regulations, external and environmental Management and governance consider the rlsk of the charity suffering from a lack of direction, the skills and tralnlng of its trustees, and the good use of Its resources. Financial risks include those resulting from poor budgetary control. inappropriate spendin& poor investment advlce and poor accounting. Laws, re8ulations, external and envlronment look at the effect5 of government policies, the consequence5 of non-compliance with the laws and regulations and poor rlsk assessment. Tru5tees' re5pon51bllltles In the preparatlon of flnanclal statements The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. 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 incomin8 resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. selert Suitable accountin8 policles and then apply them con515tently. observe the methods 2nd principles in the Charities SORP. make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the golng cOnM basis unless It is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disd05e with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finanaal statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulation5 2008, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TWICKENHAM PAROCHIAL 5CHOOL5 TRUSTEES. ANNUAL REPORT (Continued) for the year ended 30June 2024 Independent examiner Kerry Gallagher FCA DChA of RSM UK Tax and Accountin8 Limited has indicated her willin8nes5 to continue in office. Statement as to disclosure of inft¥rmation to the independent examiner The trustees at the date of approval of this trustees, annual report confirm that so far as each of them is 3w3re, there is no relevant information of which the charit¢s independent examiner is unaware. and the trustee5 have taken all steps that they ought to have taken to make themselves aware of any relevant Information and to establlsh that the Independent examiner Is aware of that informatlon. REFERENCE AND ADMINisfRATIVE DEfAILS By a se31ed order of the Charity Commissioners for England and Wales dated 13 May 2002, the trustees of Twlckenham Parochial Schools were granted a certificate of incorporation as a body corporate by the name of The Trustees of Twlckenham Parochlal Schools. Therefore, the official trustee of the charlty Is the body corporate which since l July 2023 has comprised the following individual trustees who all served throughout the year unless stated otherwlse: The Rev'd R J Hopkin Williams- Vicar Mr M Austin Mrs M Mence- Church Warden Ms B H A Williams- Church Warden Mr S Tetley- Church Warden Mr D AArthur Mr H D Clark MsKCox Mrs C West Ms L Prior Chairman Treasurer & Charity Correspondent Retired 28 April 2024 Appointed l July 2024 Resigned 4 December 2023 Appointed 4 December 2023 Resigned 19 March 2024 The principal addre55 of the charity 15 the address of the charivs correspondent Mr M Austin, 2 aifden Road, Twickenham, Middlesex TWI 4LX. The charity is registered underthe charity number 312282. The trustees have made the following professional appointments: Sollcitor: Blanchards Balley LLP, Bunbury House. Stour Park, Blandford Forum. Dorset DTII 9LQ Independent Examiner: Kerry Gallagher, FCA DChA of RSM UK Tax and Accounting Limited, Davidson House, Forbury Square, Readin& Berkshire RGI 3EU Bankers: Barclays Bank plc. Richmond and Twickenham Branch. PO Box No 13. Richmond, Surrey Twg uu Chartered Surveyors: Milestone & Collis Ltd. 40 Church Street. Twickenham. Middlesex TNI 3NR
TWICKENHAM PAROCHIAL SCHOOLS TRusfEES' ANNUAL REPORT (Continued) for the year ended 30 June 2024 FUNDS HELD AS CUSTODIAN The charity does not currently hold, and the trustees do not anticipate that it will in the future hold, any funds as custodian for any third party. Thls report was approved by the trustees on 2 December 2024. and was signed for and on behalf of the board by . Treasurer M Austin
INDEPENDENT EXAMINEWS REPORT TO THE TRusfEES OF TWICKENHAM PAROCHIAL SCHOOLS I report to the trustees on my examination of the financial statements of Twickenham Parochial Schools (the charity) for the year ended 30 June 2024, which are set out on pages 10 to 20. RESPONSJBILrriES AND BASIS OF REPORT As the trustees of the charityi you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Att). I report in respect of my examination of the charl$ financial statements carrled out under section 145 of the 2011 Att, and in carrying out my examination, I have followed all the appllcable Directions given by the Charity Commission under section 145 (5llb} of the 2011 Act. An independent examination does not involve gathering 311 the evidence that would be required in an audlt and consÈquently does not cover all the matters that an auditor considers in 8ivin8 their opinion on the financial statements. The planning and conduct of an audlt goes beyond the limited assurance that an Independent examination can provide. Consequently. l express no opinion as to whether the financial statements present a 'true and fair view, and my report is limited to those specific matters set out In the independent examiner's statement. INDEPENDENT EXAMINER'S STATEMENT I have completed my examlnatlon. I confirm that no materlal matters have come to my attentlon, In connettion wlth the examination, giving me reasonable cause to believe that in any material respect: accounting records were not kept In respett of the charity as requlred by Section 130 of the 2011 Act,. or the financial statements do not accord with those records: or the financial statements do not comply with the applicable requirements concernin8 the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008. other than any requirement that the financial statements give a 'true and fair view. which is not a matter considered as part of an independent examinatlon. I have no concerns and have come across no other matters In connettlon with the examlnation to which attention should be drawn in thls report in order to enable a proper understanding of the financial statements to be reached. K6rry fjallagh$r Siened: Name: Kerry Gallagher, FCA DChA Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: Chartered Accountant On behalf of RSM UKTAX AND ACCOUNTING LIMITED Chartered Accountants Davidson House. Forbury Square. ReadinL Berkshire RGI 3EU 10/12/24 . 2024
io TWICKENHAM PAROCHIAL SCHOOLS STATEMENT OF FINANCIAL ACTivrriES for the year ended 30 June 2024 2024 Unrestrltted funds 2023 Total funds Notes INCOME FROM: Investments 155,017 151,076 TOTAL 155,017 151,076 EXPENDITURE ON: Raising funds Charitable activities- Provlslon of School facilitles {32.243) 136.8141 {88,4921 189,5931 TOTAL (120.735) 1126,4071 Galn on Investments 26,108 15,854 NET INCOME 60,390 40,523 Transfer between funds NEfMOVEMENT IN FUNDS 60.390 40.523 RECONCILIATION OF FUNDS: Total funds brought forward at l July 2023 3,587,114 3,546,591 TOTAL FUNDS CARRIED FORWARD AT 30 JUNE 2024 io 3.647.504 3.587.114
11 TWICKENHAM PAROCHIAL SCHOOLS STATEMENT OF FINANCIAL AcrivrriES for the year ended 30 June 2023 2023 2022 Unre5trlcted Restrlcted Totsl Total funds funds Notes INCOME FROM: Investments 151.076 151.076 140.996 TOTAL 151,076 151,076 140,996 EXPENDITURE ON: Raising funds Charitable artlvlties - Provision of school factlities 136,814) (36,814) (34,6871 187.189) (2,404) 189,S93} {B8,9091 TOTAL 1124,003 {2,404 1126,4071 {123,596) Gain/{lossl on investments 15,854 15.854 (20,8081 NEf INCOMEI(EXPENOITURE) 42.927 40,523 13,408) Transfer between funds NMovEmENT IN FUNDS 42,927 (2.4041 40,523 {3,408) RECONCILIATION OF FUNDS: Total funds brought forward at ljuly 2022 3.544,187 3,546.591 3,549,999 TOTAL FUNDS CARRIED FORWARD AT 30 JUNE 2023 3.587.114 3.587.114 3,546.591
12 TWICKENHAM PAROCHIAL SCHOOLS BALANCE SHEEr as at 30 June 2024 2024 2023 Notes FIXED ASSErs Investments 3.514.413 3.488,305 CURRENT AS5EtS Cash at bank and in hand 208,598 1,026 209.624 172,604 Debtors 172,604 CURRENT LIABILMES Creditors.. Amounts falling due within one yÈ3r (76.533) {73,7951 NET CURRENT ASSErs 133,091 98,809 Total assets less current Ilabllltles 3,647,504 3,587,114 TOTAL NET ASSET5 3,647,504 3.587.114 FUNDS OF THE CHARITY Unrestricted income funds General Fund io 3,647,504 3,587,114 TOTAL FUNDS li 3,647,504 3.587.114 The financial statements on pages 10 to 20 were approved by the tnjstees and authorised for bssue on 2 December 2024, and are Signed on their behalf by- re surer In lams M Austin
13 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENrs for the year ended 30 June 2024 ACCOUNTING POUCIES Basis of accountlng These financial statements have been prepared in accordance wlth FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and under the historical cost convention, except as modified for the annual revaluation of fixed a55et investments. includin2 certain financial instruments being carried at fair value. Within the definitions of FRS 102. the charity Is a public benefit entity. The flnanclal statements have a150 been prepared In accordance with the accounting policies set out in more detail below and comply with the Charities Act 2011. the goveming document of the charity. and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019), referred to as the Charities SORP {FRS 102}. The charlty has adopted the Charltles SORP {FRS 1021 rather than applying the Charities 2¢)05 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reportsl Regulations 2008. This departure is necessary for the financial statements to show a true and fair view in accordance wlth United Kingdom Generally Accepted Accountlng Practice effective for accounting periods beginning on or after l January 2019. Golng concem The trustees have reviewed the financial forecasts for the charity and have reviewed its anticipated income and expenditure commitments for a period of at least trwelve months from the date of approval of these financial statements. The trustees believe that the charity has adequate resources to continue in operational existence for at least the next twelve months meet its liabilities and obligations during that period as they fall due. For that reason, the trustees continue to adopt the going concern basis in preparing the financial statements. Income General donations and other similar types of voluntary income are brought into atcount when recelvable. Donated income is included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income. Investment income comprises rents receivable under operating leases on the charivs investment properties, deposit account interest and dividend income. Income is accounted for on a receivable basis, once the rental income has been earned, the dlvidend has been declared or the deposlt InTere5t pald.
14 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 30June 2024 ACCOUNTING POLICIES (Continued) Expendlture Expenditure is allocated to the charitvs principal activity wherè the ¢ogts can be idèntified as bein8 directly related to that activity- Costs that cannot be identified in this way are categorised as either fundraising costs, support costs or governance costs. Any costs that cannot be specifically categorised are allocated In proportlon5 based upon a sultable ratio applicable to the nature of the cost involved. Grants payable are reco8nised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants belng recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a Tanglble fixed assets The charity own5 the freehold of the land and building5 of two of the three sites occupied by St Mary's Church of England Primary School. Twickenham 1.the school"l-the infant site located at Amyand Park Road and thejunlor slte at Orleans Park, Richmond Road. The freehold land and buildin85 are inalienable and hlstoric assets and are carried in the accounting records of the charity at a book value of £Nil. Thls accounting treatment is considered to be appropriate since the balance of the risks and rewards of ownership of those assets rest with the school and its sponsoring local authority, The Mayor and Burgesses of The London Borough of Richmond Upon Thames, rather than with the charity. Investments The charitvs investments are included in the balance sheet at fair value (their market value) and the gains or1055es arising upon their annual revaluation included in the statement of financial activities. The market value of investment propertle5 is reviewed and determined annually by the board of trustees. Listed investments are valued by reference to their quoted bid value at the balance sheet date. Financlal Instruments A financial instrument is a contract that give5 rise to a financial asset of one entity and a financial liability or equity instrument of another entity- Financial instruments are therefore classified and accounted for according to the substance of the contractual arrangement as either financial a55ets. financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Flnancial assets and liabllities The charitvs debtors and credttors that meet the definition of either a financial asset or a financlal liability are initially recognised at the transaction value and thereafter are stated at amortised tost usinE the effective interest method.
15 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 30 June 2024 ACCOUNTING POUCIES (Continued) Fund accountln8 The General Fund comprises the accumulated surpluses of unrestricted income over expenditure. which are available for use in furtheran of the general objective of the charity. Deslgnated funds are a partlcular form of unrestricted funds consistlng of amounts, whlch have been allocated or designated for specific purposes by the trustees. The use of designated funds remains at the discretion of the trustees. Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds Ire set out in the notes to the financial statements. Amounts unspent at the yearend are carrled forward In the balance sheet. INCOME FROM INVESTMENTS Unrestricted funds Total Total 2024 2023 Rents receivable under operating leases Income from Investments listed on a 145,482 139,710 recognised UK stock exchange 9.535 11.366 155,017 151,076 srAFF COSTS & GIFfs-IN-KIND The charity does not employ any staff or incur any staff costs. All the work of the charity is undertakery by the trustee5, who are the key management personnel of the charity. Trustees aro not remunerated fcffj their servlces but are reimbursed for expenses incurred personally on behalf of the charity. In 2024, M Austin was relrnbursed £1,090 for insurance premiums paid personally12023: M Austln £191 for meeting &xpenspA.}.
16 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 30 June 2024 RAISING FUNDS Total Total 2024 2023 Property maintenance & insurance 32.243 36.814 32,243 36,814 PROVISION OF SCHOOL FACILITIES Total Total 2024 2023 Contrlbution to school facllltles under PFI agreement School bud8et supplementary items 8,045 75,128 7,868 76,750 83,173 84,618 Support and governance costs (see note 6) 5.319 88,492 4,975 89,593 SUPPORT AND GOVERNANCE COSTS Support Governance Total Total costs costs 2024 2023 Bank charges Insurance 119 119 118 1.090 1.090 4,110 1.017 3,840 Independent examination fees 4,110 4,229 1,090 5.319 4,975
17 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS {Continuedl for the year ended 30 June 2024 INVESTMEpirs UK Listed Investment Investments Properties 2024 2023 Market value at l Juty 2023 328.305 3.160.1JX) 3.488.305 3.562.701 Disposals Unrealised gains {85,4791 11.083 26.108 26.108 Market value at 30 June 2024 3S4,413 3,160,000 3,514,413 3,488,305 Historical cost at 30 June 2024 17,422 349,931 367,353 367,353 2024 2023 Market Value of UK listed investments comprise: 17,422.90 COIF Charity Fund Income units12023 17,422.901 354,413 328,305 DEBTORS 2024 2023 Arnounts falling due within one year: Prepayments 1,026 1,026 CREDrroRS 2024 2023 Amounts falling due within one year: Accruals 76,533 73.795 76,533 73,795
18 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENtS (Continued) forthe year ended 30June 2024 10 THE FUNDS OFTHE CHARITY Transfer between funds Galn on l July 2023 Income Expendfture Investments 30 June 2024 Unrestrlrted Funds Deslgnated: School Chaplaln Fund Undeslgnat•d: General fund 35,000 59,000 94,000 3,552,114 155,017 (120,7351 26,108 (59.0001 3,553,504 3,587,114 155,017 (120,735) 26,108 3.647,504 Transfer between funds Income Expendlture Galn on Investments 30 June 2023 l July 2022 Restrlcted Funds School Facllltles Fund 2,404 {2,404) Unrestrlcted Funds Deslgnated: School Chaplaln Fund Undeslgnated: General fund 35,000 35,000 3,544,187 151,076 1124,0031 15,854 {35,0001 3,552,114 3,546,591 151,076 126,407 15,854 3,587,114 The Sthool Facilities Fund was closed in 2023. It had historically been used to collect the fund5 raised. whlch have been donated or contrlbuted to the charity by sUPPOrter5 of St Mary's Prlmary School, Twickenham. The funds were paid to the school to cover significant items of expenditure required by it, whil'h'are not otherwise or fully funded by the Local Educatlon Authority, the Department for Education or the London Diocesan Board for Schools. In 2023 the trustees agreed to contribute to the cost of establishing an assistant clergy post at St Mary The Virgin Twickenham with the intention that the appointee is also appointed as school chaplain. A new round of interviews for the position were carried out in 2024. A suitable candidate was identified, and the post fulfilled in July 2024. As the post Is for an initial period of 3 years, £59.000 on the current yearfs surplus has been added to the School Chaplain designated fund set up in 2023 to fund the estimated financial commitment over this period. Included within the General Fund are net unrealised 8ains arisin8 on the revaluation of the chariW5 investment assets totalling £3,147,060 (30 June 2023= £3.120.9521.
19 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 30 June 2024 li ANALYSIS OF NEf ASSEfs BEnAIEEN FUNDS Net current assets Total At 30 June 2024 Unrestricted Funds: Designated: School Chaplain Fund Undesl8nated: General Fund 94,000 94,000 3.553,504 3,647,504 3,553,504 3,647,504 NEf ASSETS Net urrent assets Total At 30 June 2023 Unrestricted Funds: Designated.. School Chaplain Fund Unde51gnated: General Fund 35.000 35,000 3,S52,114 3.587,114 3,552,114 3,587,114 NEf Assrrs 12 AGENCY ARRANGEMENTS The charity owns the freehold of the land and buildings at two of the three sites used by St Marfs Church of England Primary School, Twickenham. In June 2002 the trustees entered into a co-operation agreement with The Mayor and Burgesses of The London Borough of Richmond Upon Thames (the authority) and the London Diocesan Board for Schools to secure the design. construction. financing and maintenance of those two sitès for a pèriod of 20 years to 28 June 2032. At the same time, the authority entered into a private finan initiative (the PFI agreement) with Richmond Upon Thames schools 5errfices Limited {the PFI provider). Under the terms of the ctroperation agreement, the charity has granted the PFI provider with 30-year leases over the two sites. During the year, the charity, acting in its capacity as agent on behalf of the authority, applied for and received further funding from the Department for Education amounting to £627,46012023: £610,418) and paid it to the authority who in turn pays the PFI provider.
20 TWICKENHAM PAROCHIAL SCHOOLS NOTES TO THE FINANCIAL STATEMEMtS {Continued) for the year ended 30June 2024 12. RELATED PARTY TRANSAcfioNS The work of the charity is integrally linked to the operations of St Matys Primary School, Twickenham. A5 such, the trustees work c105ely with the board of governors of the school and the head teacher, who is currently Ms A Abrahams. Durlng the year, the charity was represented on the board of governor5 of the school by The Re¢d R J Hopkin Williams. There were no other related party tran53rtions to be dlsclosed for the current or previous year. 13. OPERATING LEASE COMMITMEKrs The charity operates as a lessor in relation to its investment propertles that are tenanted on a short le35ehold basis and produce rental Sncome. At 30 June 2024. the future minimum lease payments recelvable by the charity underthe non-cancellable element of it5 operating leascs with its tenants was as follows: 2024 2023 Due in not later than one year 41,000 63,000