**THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS,WESTMINSTER** **(Registered Charity No. 312418)** **ANNUAL REPORT AND ACCOUNTS** **31ST JULY 2024** THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **ANNUAL REPORT** ## **FOR THE YEAR ENDED 31ST JULY 2024** ## **Charity Name and Number** The Burdett-Coutts, Townshend and St Stephen’s Schools, Westminster Registered Charity number 312418 ## **Charity’s principal address** Burdett-Coutts School, Rochester Street, London SW1P 2QQ ## **Trustees during the year** |||Appointed by:| |---|---|---| |Mrs Fiona Burdett-Coutts|Chairman|Trustees| |Mrs Abigail Farr||Bishop Of London| |Rev Graham Buckle|Vice Chairman|Ex officio| |Mrs Celia Catchpole|Until 23rd February 2024|Trustees| |Mrs Elizabeth Szewczyk||Trustees| |Mrs Jane Mumby||Trustees| |Mrs Alison Seedat||Bishop Of London| |Mrs Joan Partridge-Graves||Trustees| |Councillor Selina Short||City of Westminster| |Mr Benjamin Money-Coutts|From 18th August 2023|Trustees| ## **Structure, governance and management** The Charity was established to support the work of the Burdett-Coutts & Townshend Voluntary Aided School, and was endowed by the Baroness Angela Burdett-Coutts, the celebrated Victorian philanthropist, after whom the school was named. The charity is governed by a Scheme dated 28[th] April 1903 as altered by a Scheme dated 23[rd] February 1905; the original Trust Deed having been lost. Two Trustees are appointed by the Bishop of London, one trustee is appointed by the City of Westminster and other Trustees are appointed by the Trustee body. The Trustees meet at least once a term and are available on an ad hoc basis otherwise when necessary. The Trustees are charged with looking after the investment of the endowment funds, the income from which is applied for the benefit of the school. ## **Objectives and activities** On establishment, the object of the Trust was to maintain the present buildings of the Burdett-Coutts, Townshend and St Stephen’s Schools, or other suitable buildings under section 7 of the Elementary Education Act 1870: or to maintain exhibitions tenable at institutions of secondary or higher education: or otherwise to use the funds for the educational benefit of the poor. The charity now applies its income for the benefit of the school, substantially in assisting with the cost of maintaining the building by making payments to the London Diocesan Board Maintenance Fund. It also funds activities outside the educational funding of the school and funds extraordinary purchases agreed with the head teacher. When planning activities, the Trustees have considered the Charity Commission guidance on public benefit. 2 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ANNUAL REPORT (Continued) ## **Achievements and Performance** The trustees made a grant to provide financial support to families using the Out of School Club of £9,000. A Christmas celebration was provided for the school staff and for the children. The trustees provided a grant of £25,000 (2023: £25,000) to help with the cost of maintenance of the school building in addition to paying for the contribution to the London Diocesan Board Maintenance Fund of £3,766 (2023: £3,821). The tenancy for the school house ended on 21st November 2023. The property was repaired and redecorated and then relet at a rent of £3,500 per month from 22nd May 2024. This period when the house was unlet resulted in lower rental income of £17,205 (2023: £35,755) being received during the year than in the prior year. The current tenant has now sought to terminate the tenancy early and the trustees have agreed a termination date of 31st December 2024. It is planned to improve the property before it is relet. ## **Financial Review** The total income of the Charity for the year was £45,637 (2023: £61,916) and its expenditure was £99,588 (2023: £81,757), leading to a net loss before gains and losses on investment assets of £53,951 (2023: £19,841). Net losses on investment assets of £43,872 (2023: gain £630), of which £44,664 were unrealised, led to overall net expenditure for the year of £97,823 (2023: £19,211). The Charity's assets primarily comprise the School buildings (including the school house) and investments held in the CBF Church of England Investment Fund, and these provide the charity with the majority of its income. Investment income for the year was £27,004 (2023: £26,856), representing a yield of approximately 3%. Rental income of £17,205 was lower than the previous year (2023: £34,755) because of the period when the school house was unlet for repair and redecoration. Other income of £1,428 (2023: £305) comprised bank interest and donations. Expenditure before investment gains and losses of £99,588 was attributable both to the Charity's unrestricted funds, £67,762 (2023: £49,931), and endowment funds £31,826 (2023: £31,826). Expenditure from unrestricted funds comprised charitable activities, the cost of generating funds and governance and other costs. Expenditure on charitable activities of £40,516 (2023: £40,296) is described above under Achievements and Performance. The cost of generating funds was £25,052 (2023: £8,060) with the increase accounted for by the repairs made to the school house and the other property expense during the vacancy of £19,315 (2023: £nil). Governance and other costs were £2,194 (2023: £1,575). Additional expenditure of £31,826 (2023: £31,826) entirely comprised the noncash expense of depreciation on the school buildings. The Charity's net assets decreased over the year by £97,823 to £6,473,046 (2023: £6,570,869). This decrease was largely attributable to the depreciation charge on the school buildings of £31,826 and unrealised investment losses of £44,664. The residual realised loss of £21,133 was due to the loss of rent during the vacancy of 5 months and the £19,038 cost refurbishment of the school house. At the time of the termination of the tenancy in November 2023, rent of £2,500 was outstanding. It is expected that £1,460 will be recovered from the tenant's deposit for outstanding rent and dilapidations, leaving a balance of £1,040 which the trustees have agreed not to pursue. During the year, expenditure on the school house exceeded income by £7,847. In the previous year a surplus of £26,695 arose. The total costs during the vacancy, including the refurbishment of the house, were £22,121. The Trustees have decided to maintain an emergency repair fund and development fund of £75,000 to finance necessary maintenance. This fund is invested in the CBF Church of England Investment Fund. Approved by the Trustees and signed on their behalf by: Benjamin Money-Coutts 17[th] October 2024 3 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** ## **Report to the trustees of The Burdett-Coutts, Townshend and St Stephen's Schools, Westminster on the accounts for the year ended 31st July 2024 set out on pages 5 to 10.** ## **Respective responsibilities of the trustees and the examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed. It is my responsibility to - examine the accounts (under section 145 of the Act), • to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act), and - to state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given on whether the accounts show "a true and fair view" and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In the course of my examination, no matter has come to my attention 1) which gives me reasonable cause to believe that in, any material respect, the requirements - to keep proper accounting records in accordance with section 130 of the Act and • to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act have not been met; or 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Heather Cheesman FCA 104 Stockbridge Road Chichester W. Sussex PO19 8QP Date 14 January 2025 4 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **Statement of Financial Activities** ## **Year ended 31st July 2024** |||||**2024**||**2023**| |---|---|---|---|---|---|---| ||**Note**||**Unrestricted**|**Endowment**|**Total**|**Total**| ||||**Funds**|**Funds**||| ||||**£**|**£**|**£**|**£**| |**Income**||||||| |Income from generating funds||||||| |Investment income|2||27,432||27,432|27,161| |Rents receivable|3||17,205||17,205|34,755| |Donation|||1,000||1,000|| |**Total income**|||**45,637**||**45,637**|**61,916**| |**Expenditure**||||||| |Cost of generating funds|4||25,052||25,052|8,060| |Charitable activities|5||40,516||40,516|40,296| |Governance and other costs|6||2,194|31,826|34,020|33,401| |**Total expenditure**|||**67,762**|**31,826**|**99,588**|**81,757**| |**Net income (expenditure)**||||||| |**before gains and losses on investment assets**|||**(22,125)**|**(31,826)**|**(53,951)**|**(19,841)**| |Net gains and losses on investment assets||||||| |Realised|||792||792|0| |Unrealised||9|(4,508)|(40,156)|(44,664)|630| |**Net income (expenditure)**|||**(25,841)**|**(71,982)**|**(97,823)**|**(19,211)**| |**before transfers**||||||| |Gross transfers between funds||||||| |**Net movement in funds**|||**(25,841)**|**(71,982)**|**(97,823)**|**(19,211)**| |Total funds brought forward|||129,246|6,441,623|6,570,869|6,590,080| |**Total funds carried forward**|||**103,405**|**6,369,641**|**6,473,046**|**6,570,869**| The notes on pages 7 to 10 form part of these accounts 5 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **Balance Sheet at 31st July 2024** ||||**2024**||**2023**| |---|---|---|---|---|---| ||**Note**|**Unrestricted**|**Endowment**|**Total**|**Total**| |||**Funds**|**Funds**||| |||**£**|**£**|**£**|**£**| |**Fixed Assets**|||||| |Tangible assets|8||5,576,948|5,576,948|5,608,774| |Investments|9|88,991|792,693|881,684|940,556| |||**88,991**|**6,369,641**|**6,458,632**|**6,549,330**| |**Current Assets**|||||| |Debtors|10|2,607||2,607|300| |Cash at bank|13|30,377||30,377|21,869| |||**32,984**||**32,984**|**22,169**| |**Current Liabilities**|||||| |Creditors falling due within one year|11|18,570||18,570|630| |**Net Current Assets**||**14,414**||**14,414**|**21,539**| |**Total Assets less Current Liabilities**||**103,405**|**6,369,641**|**6,473,046**|**6,570,869**| |**Funds of the Charity**|||||| |Unrestricted funds|12|103,405||103,405|129,246| |Endowment Funds|12||6,369,641|6,369,641|6,441,623| |**Total Funds**||**103,405**|**6,369,641**|**6,473,046**|**6,570,869**| The notes on pages 7 to 10 form part of these accounts Approved by the Trustees on 17th October 2024 and signed on their behalf by: Benjamin Money-Coutts 6 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **Notes to the Accounts** ## **1. ACCOUNTING POLICIES** ## **Basis of Accounting** The accounts have been prepared in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102 and with the Charities Act 2011. The accounts have been prepared under the historical cost convention, except for the revaluation of investments. The Burdett-Coutts, Townshend and St Stephen’s Schools, Westminster charity is a public benefit entity within the meaning of FRS102. The principal accounting policies, consistent with prior years, are set out below: ## **Incoming Resources** Recognition of income: These are included in the Statement of Financial Activities (SOFA) when: The charity becomes entitled to the income; The trustees are virtually certain they will receive the income; and The monetary value can be measured with sufficient reliability. Where income has related expenditure, the income and related expenditure are reported gross in the SOFA. Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. The value of any voluntary help received is not included in the accounts but is described in the Trustees’ annual report. Investment income is included in the accounts when receivable. Investment gains and losses include any gain or loss on sale of investments and any gain or loss resulting from revaluing investments at the end of the year. Realised gains and losses are calculated as the difference between the market value at the start of the year and the sale proceeds. ## **Expenditure and Liabilities** Liabilities are recognised as soon as there is a legal and constructive obligation committing the charity to pay out the expenditure. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. ## **Assets** Financial Reporting Standard (FRS) 15 applied for the first time in the 2000 accounting period and the trustees have taken advantage of the transitional rules. As the current value reflects previous valuations, the trustees are permitted to retain the book amounts subject to an impairment review under FRS 11 where there is an indication that impairment may have occurred. As a useful life is considered to be at least 200 years, with depreciation provided at 0.5% on a straight line basis, an annual impairment review will be required in any case. Financial instruments comprising debtors and creditors, cash and deposits are measured at the cash amount expected to be received or paid, as appropriate. Investments are valued at their market value at the year end. 7 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **Notes to the Accounts continued** |||**2024**||**2023**| |---|---|---|---|---| ||**Unrestricted**|**Endowment**|**Total**|**Total**| ||**Funds**|**Funds**||| ||**£**|**£**|**£**|**£**| |**2. Investment income**||||| |CBF Deposit Account|52||52|29| |Coutts & Co Deposit Account|376||376|156| |CBF Investment Fund income|27,004||27,004|26,856| |Other bank income|-||-|120| ||**27,432**||**27,432**|**27,161**| |**3. Rents receivable**||||| |School House|17,205||17,205|34,755| ||**17,205**||**17,205**|**34,755**| |**4. Cost of Generating Funds**||||| |Estate agent's fees|3,664||3,664|5,041| |Maintenance of school house|1,153||1,153|2,118| |Refurbishment during vacancy|19,038||19,038|| |Dilapidations charged to former tenant|-790||-790|| |Property expenses during vacancy|1,067||1,067|| |School House insurance|920||920|901| ||**25,052**||**25,052**|**8,060**| |**5. Cost of charitable activities**||||| |Staff/pupil parties|1,500||1,500|1,154| |Out of School Club|9,000||9,000|9,000| |Grant for maintenance|25,000||25,000|25,000| |Rent paid to St Stephen with St John Church|1,250||1,250|1,250| |LDBS Maintenance|3,766||3,766|3,821| |Founder's Day books||||71| ||**40,516**||**40,516**|**40,296**| |**6. Governance and other costs**||||| |Clerk to Trustees' salary|1,694||1,694|1,075| |Independent examiner|500||500|500| |Depreciation of buildings||31,826|31,826|31,826| ||**2,194**|**31,826**|**34,020**|**33,401**| ## **7. Staff costs** The Clerk to the Trustees was paid a salary of £1,694 during the year. 8 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **Notes to the Accounts Continued** |**8. Tangible Fixed Assets**||**School building**|**School building**|**School**|| |---|---|---|---|---|---| ||||**and Nursery**|**House**|**Total**| |**Cost/valuation**|||||| |At 1 August 2023|||6,196,450|168,843|6,365,293| |Additions|||||| |At 31 July 2024|||**6,196,450**|**168,843**|**6,365,293**| |**Depreciation**|||||| |At 1 August 2023|||737,616|18,903|756,519| |Charge for the year|||30,982|844|31,826| |At 31 July 2024|||**768,598**|**19,747**|**788,345**| |**Net book value at 31 July 2024**|||**5,427,852**|**149,096**|**5,576,948**| |Net book value at 31 July 2023|||5,458,834|149,940|5,608,774| |**9. Investments**|**Cost**|**Market**|**Purchase/**|**Gain/Loss**|**Market**| |||**Value**|**Sale**||**Value**| |||**01/08/2023**|||**31/07/2024**| |**Endowment Fund**|||||| |24,934 shares CBF Church of England|||||| |Investment Fund||539,579||-26,016|513,563| |13,552 shares CBF Church of England|||||| |Investment Fund|9,600|293,270||-14,140|279,130| |||**832,849**||**-40,156**|**792,693**| |**Unrestricted Fund**|||||| |4,320.6114 shares CBF Church of England|33,210|93,499||-4,508|88,991| |Investment Fund|||||| |656.5586 shares CBF Church of England|5,046|14,208|15,000|792|| |Investment Fund|||||| |||**107,707**|**15,000**|**-3,716**|**88,991**| 656.5586 shares in the CBF Church of England Investment Fund were sold on 24th April 2024 for £15,000. ||**2024**|**2023**| |---|---|---| |**10. Debtors**||| |Rents receivable|822|| |Prepayments and accrued income|1,785|300| ||**2,607**|**300**| |**11. Creditors falling due within one year**||| |Accruals and deferred income|4,100|630| |Other creditors|14,470|| ||**18,570**|**630**| 9 THE BURDETT-COUTTS, TOWNSHEND AND ST STEPHEN'S SCHOOLS, WESTMINSTER ## **Notes to the Accounts Continued** ## **12. Analysis of Net Assets by Fund** ||**Unrestricted**|**Endowment**|**Total**|**Total**| |---|---|---|---|---| ||**Funds**|**Funds**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Fixed Assets||5,576,948|5,576,948|5,608,774| |Investments|88,991|792,693|881,684|940,556| |Current assets|32,984||32,984|22,169| |Current liabilities|-18,570||-18,570|-630| ||**103,405**|**6,369,641**|**6,473,046**|**6,570,869**| |**13.Cash statement**||||| |Net Income (expenditure)|||-53,951|-19,841| |Adjustments for:||||| |Depreciation of property|||31,826|31,826| |Increase (Decrease) in creditors|||17,940|-840| |(Increase) Decrease in debtors|||-2,307|| |**Net cash flow from operations**|||**-6,492**|**11,145**| |Cash at start of the period|||21,869|10,724| |Net cashflow from operations|||-6,492|11,145| |Sale of investments|||15,000|| |**Cash at bank at end of period**|||**30,377**|**21,869**| 10