Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
Charity Commission registration number 312393
THE ST MARY ABBOTS SCHOOL TRUST
INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
THE ST MARY ABBOTS SCHOOL TRUST
ANNUAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 financial statements | 9 to 10 |
| Independent Examiner's Report | 11 |
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
THE ST MARY ABBOTS SCHOOL TRUST
TRUSTEES AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
THE ST MARY ABBOTS SCHOOL TRUST
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and accounts for the year ended 31-Dec-24
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
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To advance the education of the pupils of St Mary Abbots Church of England Primary School, Kensington, London W8 4SP
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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.
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
THE ST MARY ABBOTS SCHOOL TRUST
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES
The Trust is run by a Board of Trustees consisting of
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Ex Officio - The Vicar and Churchwardens of St Mary Abbots Parish Church.
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Nominated member of the St Mary Abbots School Governors.
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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 predecessor
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.
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
THE ST MARY ABBOTS SCHOOL TRUST
TRUSTEES' ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
INVESTMENTS
Surplus funds of the Trust are managed in a portfolio by Raymond James Investment Services.
The yield of the portfolio in 2024 was 4.1% The Investment criteria is
75% Growth
25% Defensive
| Equity | Cash | Total | |||||
|---|---|---|---|---|---|---|---|
| Total Portfolio at 31 December 2024 | Total Portfolio at 31 December 2024 | 472,816.41 | 752.91 | £473,569.32 | |||
| Total Portfolio at 31 December 2023 | Total Portfolio at 31 December 2023 | 465,237.66 | - | 665.80 - |
£464,571.86 | ||
| FINANCE POSITION | FINANCE POSITION | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Net income for the year before gains on investments | 14,659 | 14,989 | |||||
| Gains on portfolio of listed investments | Gains on portfolio of listed investments | 9,793 | - | ||||
| Losses on portfolio of listed investments | - | (7,485) | |||||
| Funds carried forward | 537,121 | 512,669 |
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:
The Rev'd Emma Dinwiddy Smith Chair of the Trustees
Date: 1 October 2025
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
Registered Charity 312393
THE ST MARYS ABBOTS SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
| 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 Charitable Activities: Grants Paid 4 Governance Costs: Independent Examiner's fee TOTAL EXPENDITURE Net Income/(expenditure) before other recognised losses/gains Gain on investments Loss on investments Net movement in funds Funds brought forward at 1 January Funds carried forward at 31 December |
£ £ 19,266 992 20,258 13,325 13,325 33,583 2,964 2,964 15,000 960 18,924 14,659 9,793 - 24,452 512,669 537,121 Year Ended 31st December 2024 |
£ £ 17,833 798 18,631 14,625 14,625 33,256 2,882 2,882 27,000 690 30,572 2,684 - (7,485) (4,801) 517,470 512,669 Year Ended 31st December 2023 |
|---|---|---|
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
Registered Charity 312393
THE ST MARY ABBOTS SCHOOL TRUST
BALANCE SHEET
AT 31 DECEMBER 2024
| AT 31 DECEMBER 2024 | |||||
|---|---|---|---|---|---|
| 31 December 2024 | 31 December 2024 | 31 December 2023 | |||
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 5 | 472,817 | 465,238 | ||
| Current Assets | |||||
| Debtors | 7 | 6,013 | - | ||
| Bank accounts | 6 | 59,251 | 48,061 | ||
| less Current Liabilities | 65,264 | 48,061 | |||
| Creditors: Amounts falling due within one year | 8 | 960 | 630 | ||
| Net Current Assets | 64,304 | 47,431 | |||
| Total assets less current liabilities | 537,121 | 512,669 | |||
| The funds of the charity | |||||
| Unrestricted funds | |||||
| Balance of funds at 1 January 2024 | 512,669 | 517,470 | |||
| Net movement in funds per SOFA | 24,452 | (4,801) | |||
| Funds at 31 December 2024 | 537,121 | 512,669 | |||
| Trustees' Statement |
Approved by the Trustees and signed on their behalf:
…..................................................... The Rev'd Emma Dinwiddy Smith Chair of the Trustees
…..................................................... Guy Heald Treasurer
Date: 1 October 2025
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
Registered Charity 312393
THE ST MARY ABBOTS SCHOOL TRUST
Notes forming part of the financial statements for the year ended 31 December 2024
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.
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(v) Cash at bank and in hand 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.
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(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 2024 or 2023.
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
Registered Charity 312393
THE ST MARY ABBOTS SCHOOL TRUST
Notes forming part of the financial statements for the year ended 31 December 2024
| Note 4.Grants Paid To St Mary Abbots School for general spending for the 23/24 school year Note 5.Investments Market value at 1 January 2024 Transfer Additions Disposals at carrying value Change in market value of portfolio Market value at 31 December 2024 |
£ 15,000 15,000 Investment porfolio £ 465,238 - 30,238 (33,670) 11,011 472,817 31 December 2024 |
£ 27,000 27,000 US cash account Total £ £ - 465,238 - - 30,238 (33,670) - 11,011 - 472,817 31 December 2023 |
|---|---|---|
Historical cost of investment portfolio - £374,164 (2023 - £371,199)
In addition to the market value of investments reported above, a cash account is held with the investment manager whose balance is detailed in note 6.
| Note 6. Bank Accounts COIF Charities Deposit Fund Raymond James Account Cash in transit Nat West Business Reserve Account Nat West Current Account Note 7. Other debtors Accrued rental income Note 8. Creditors Independent Examination Fee |
£ 7,929 753 - 50,319 250 59,251 £ 6,013 6,013 £ 960 960 |
£ 7,543 (666) 1,374 39,560 250 48,061 £ - - £ 630 630 |
|---|---|---|
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Docusign Envelope ID: E4550210-4BCE-4AAB-899B-7C74318DFDF0
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 31 December 2024.
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 Re 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 1 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 with the Accepted Accounting Practice effective for reporting periods beginning on or after 1 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
Date: 2/10/2025
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