DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **Charity Commission registration number 312393** ## **THE ST MARY ABBOTS SCHOOL TRUST** **INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST DECEMBER 2022** DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **THE ST MARY ABBOTS SCHOOL TRUST** ## **ANNUAL FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31st DECEMBER 2022** ## **CONTENTS OF THE ACCOUNTS** ||Page| |---|---| |Contents|2| |Trustees and Professional Advisers|3| |Trustees' Annual Report|4-6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Accounts|9 to 10| |Independent Examiner's Report|11| ‐2‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **THE ST MARY ABBOTS SCHOOL TRUST** ## **TRUSTEES AND PROFESSIONAL ADVISERS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** Trustees The Rev'd Emma Dinwiddy Smith Guy Heald Eliza Low Justine Soulieux Edward Warrick Address St Mary Abbots Parish Office Vicarage Gate LONDON W8 4HN Bankers Nat West Bank PO Box 2341 55 Kensington High Street LONDON W8 5ZG Investment Portfolio Management Raymond James Investment Services 1 King William Street LONDON EC4N 7AF Independent Examiner Richard J Hill FCA Griffin Stone Moscrop & Co 21-27 Lambs Conduit Street LONDON WC1N 3GS ‐3‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **THE ST MARY ABBOTS SCHOOL TRUST** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** The Trustees present their annual report and accounts for the year ended 31st December 2022 ## **CHARITABLE STATUS** The current Trust which was established on 24th September 2007 is registered with the England and Wales Charity Commissioners with the registration number 312393. ## **OBJECTS OF THE TRUST** 1. To advance the education of the pupils of St Mary Abbots Church of England Primary School, Kensington, London W8 4SP 2. To advance the Christian religion through provision, maintenance and support of a Sunday School in the area of benefit. ## **USE OF TRUST PROPERTY** The title to the land of the Trust has been transferred to the "Official Custodian for Charities" in trust, for the Trust namely St Mary Abbots (Church of England) Voluntary Aided School, 2 Kensington Church Court, in the Royal London Borough of Kensington and Chelsea. This land includes Flat at 22 Kensington Church Walk, Kensington Flat A, St Mary Abbots School, Kensington Church Court, Kensington, The Trust is responsible for fixtures and fittings in both Flats and the Building is Grade 2 listed. The land must be retained by the Trustees for use as a voluntary school within the meaning of the Education Acts. The two flats, when not required for the purposes of the Trust, may be let. Subject to the provisions of the Education Acts, religious instruction in accordance with the doctrines of the Church of the England must be given in the School. On the request of the Incumbent, the buildings, or any part of them, shall be appropriated and used for the purposes of a Sunday School on such terms as the Incumbent shall agree with the Governing Body of the School. ## **ATTAINMENT OF OBJECTIVES** The religious instruction undertaken by the School is extensive and details can be found here. https://www.sma.rbkc.sch.uk/religious-education.html The Church has use of the School Property on Sundays for the Sunday School. ‐4‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **THE ST MARY ABBOTS SCHOOL TRUST** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **TRUSTEES** The Trust is run by a Board of Trustees consisting of 1. Ex Officio - The Vicar and Churchwardens of St Mary Abbots Parish Church. 2. Nominated member of the St Mary Abbots School Governors. 3. Nominated member of the St Mary Abbots Church Council Each of the nominated members must be appointed for 4 years or if the appointment is being made to fill a casual vacancy, the unexpired term of the appointee's predecess The Trustees who served during the year ## **Ex Officio- St Mary Abbots Parish Church** The Rev'd Emma Dinwiddy Smith Vicar Guy Heald Churchwarden Edward Warrick Churchwarden **Nominated Members** Eliza Low St Mary Abbots Parochial Church Council Justine Soulieux St Mary Abbots School Governors ## **OFFICERS OF THE TRUST** At their first ordinary meeting in each year, the Trustees must elect one of their number to be chair of their meetings. The Rev'd Emma Dinwiddy Smith Chair Eliza Low Hon. Secretary Guy Heald Hon. Treasurer In the event of a tied vote on any matter of business, the Chair has the casting vote. ## **USE OF THE TRUST INCOME** The Trust must first apply the Trust's income in meeting the proper costs of administering the Trust and of managing its property and making payments to the Governors of the School to be used by them in discharging their obligations under the Education Acts with respect to the maintenance of the School. After payments of these costs, the Trustees must apply the remaining income in furthering the object of the Trust. ‐5‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **THE ST MARY ABBOTS SCHOOL TRUST** ## **TRUSTEES' ANNUAL REPORT (Continued)** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **INVESTMENTS** Surplus funds of the Trust are managed in a portfolio by Raymond James Investments Services. The yield of the portfolio in 2022 was 2.9% The Investment criteria is 75% Growth 25% Defensive |||||Equity|Cash|Total| |---|---|---|---|---|---|---| |Total Portfolio at31st December 2022||||£472,723.11|£1,243.27|£473,966.38| |Total Portfolio at31st December 2021||||£499,951.38|£2,546.14|£502,497.52| |**FINANCE POSITION**
**2022**
2021
**£**
£
**24,687**
5,063
Net movement on portfolio of listed investments
**(25,517)**
48,710
Funds carried forward
**517,470**
518,300
Net income for the year before gains/(losses) on
investments||||||| Detailed accounts are set out on pages 7-10 The accounts were subject to Independent Examination, and an unmodified report has been attached by the Examiner on page 11. Approved by the Trustees and signed on their behalf by: …..................................................... Guy Heald Treasurer Date: 26 October 2023 ‐6‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA Registered Charity 312393 ## **THE ST MARYS ABBOTS SCHOOL TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2022** |Notes
**INCOMING RESORUCES**
**Incoming Resources from**
**Generated Funds:**
Investment Income
Interest on cash deposits
**Incoming Resources from**
**Charitable Activities:**
Rental Income
**TOTAL INCOME**
**RESOURCES EXPENDED**
**Costs of Generating Funds:**
Investment management fees (net of exchange gain)
**Charitable Activities:**
Grants Paid
4
Property cost
**Governance Costs:**
Independent Examiner's fee
**TOTAL EXPENDITURE**
**Net Income/(expenditure)**
**before other recognised losses/gains**
Net gains (realised & unrealised) on investments
Net losses (realised & unrealised) on investments
**Net movement in funds**
Total funds brought forward at 1 January
Total funds carried forward at 31 December|**£**
**£**
£
£
**13,623**
8,555
**138**
**13,761**
6
8,561
**14,625**
**14,625**
14,625
14,625
**28,386**
23,186
**3,015**
2,450
**3,015**
2,450
**-**
15,000
**144**
128
**540**
545
**3,699**
18,123
**24,687**
5,063
**-**
48,710
**(25,517)**
-
**(830)**
53,773
518,300
464,527
**517,470**
518,300
**Year Ended**
**31st December 2022**
Year Ended
31st December 2021|**£**
**£**
£
£
**13,623**
8,555
**138**
**13,761**
6
8,561
**14,625**
**14,625**
14,625
14,625
**28,386**
23,186
**3,015**
2,450
**3,015**
2,450
**-**
15,000
**144**
128
**540**
545
**3,699**
18,123
**24,687**
5,063
**-**
48,710
**(25,517)**
-
**(830)**
53,773
518,300
464,527
**517,470**
518,300
**Year Ended**
**31st December 2022**
Year Ended
31st December 2021| |---|---|---| ||**14,625**|| |||| |||23,186| |||2,450
15,000
128
545| ||**3,015**|| |||18,123| |||5,063
48,710
-| |||53,773| |||464,527| |||518,300| ‐7‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA Registered Charity 312393 ## **THE ST MARY ABBOTS SCHOOL TRUST** ## **BALANCE SHEET** ## **AT 31ST DECEMBER 2022** |**AT 31ST DECEMBER 2022**|||| |---|---|---|---| |Notes
**Fixed Assets**
Investments
5
**Current Assets**
Bank accounts
6
**less Current Liabilities**
Creditors: Amounts falling due within one year
7
**Net Current Assets**
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds
**Balance of funds at 1st January 2022**
Net movement in funds per SOFA
**Funds at 31st December 2022**
**Trustees' Statement**|**£**
**£**
**472,723**
**45,287**
**540**
**44,747**
**517,470**
**518,300**
**(830)**
**517,470**
**31st December 2022**|£
£
501,059
17,781
540
17,241
518,300
464,527
53,773
518,300
31st December 2021|| ||||| ||||518,300| ||||464,527
53,773| ||||518,300| ||||| Approved by the Trustees and signed on their behalf: …..................................................... Guy Heald Treasurer 31/10/2023 ‐8‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA Registered Charity 312393 ## **THE ST MARY ABBOTS SCHOOL TRUST** **Notes forming part of the financial statements for the year ended 31st December 2022** ## _**Note 1: Basis of Preparation**_ ## **1.1 Basis of accounting** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements do not include the school buildings, or salaries and expenses of running the school which are paid by the Education Authority. ## **1.2 Going Concern** The Directors consider the charity to be a going concern. ## **1.3 Change in accounting policy** The accounts present a true and fair view, and the accounting policies adopted are those outlined in note 2. There have been no changes to policies. ## **1.4 Changes to accounting estimates** No changes to accounting estimates have occurred in the reporting period. ## _**Note 2. Accounting Policies**_ (i) Investment income is accounted for on a receipts basis (ii) Rental Income is accounted for on an accruals basis (iii) Expenditure is included on an accruals basis. (iv) Fixed asset investments are carried at market value. (v) Cash at bank includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. (vi) Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. (vii) The Trust's reserves are treated as being unrestricted. ## _**Note 3. Trustees' Remuneration and Expenses**_ No fees or expenses were paid to the Trustees in either 2022 or 2021. ‐9‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA Registered Charity 312393 ## **THE ST MARY ABBOTS SCHOOL TRUST** **Notes forming part of the financial statements for the year ended 31st December 2022** |**_Note 4.Grants Paid_**
**The Parochial Church Council of St Mary Abbots Kensington-**
**charity no. 1132235**
**To St Mary Abbots School**
**for general spending for the 21/22 school year**
**_Note 5.Investments_**
Market value at 1st January 2022
Transfer
Disposals at carrying value
Additions
Change in market value of portfolio
Exchange rate variance
Market value at 31st December 2022|**£**
**-**
**-**
Investment porfolio
£
499,951
1,108
(112,511)
119,010
(34,904)
69
472,723
**31st December 2022**|£
15,000
31st December 2021|£
15,000
31st December 2021| |---|---|---|---| |||15,000
US cash
account
Total
£
**£**
1,108
**501,059**
(1,108)
**-**
**(112,511)**
**119,010**
**(34,904)**
**69**|15,000| |||-
**472,723**|| Historical cost of investment portfolio - £372,442 (2021 - £355,455) In addition to the market value of investments reported above, an income account is held with the investment manager whose balance is detailed in note 6. |**_Note 6. Bank Accounts_**
COIF Charities Deposit Fund
Raymond James Income Account
Cash in transit
Nat West Business Reserve Account
Nat West Current Account
**_Note 7. Creditors_**
Rent received in Advance
Independent Examination Fee|**£**
**7,226**
**1,243**
**850**
**35,717**
**250**
**45,287**
**£**
**-**
**540**
**540**|£
7,156
1,439
1,184
7,752
250| |---|---|---| |||17,781| |||£
-
540| |||540| ‐10‐ DocuSign Envelope ID: B80D8449-E351-4131-858E-3F79CED62EBA ## **INDEPENDENT EXAMINER'S REPORT** ## **To the Trustees of "The St Mary Abbots School Trust”** I report to the Trustees on my examination of the accounts of the Trust for the year ended 31st December 2022. ## **Responsibilities and basis of report** As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under Section 145 (5)(b) of the Act. ## **Independent examiner’s statement** Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accou Reporting by Charities: Statement of Recommended Practice issued on 1st April 2005 which is referred to in t regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1st January 2015. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act;or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair view", which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **Name:** Richard Hill FCA ## **Griffin Stone Moscrop & Co** Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS ## **Dated** 31/10/2023 ‐11‐