OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Registered Charity number 312694

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

31 MARCH 2021

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

CONTENTS

Pages Pages
Trustees’ report 1 - 5
Independent Examiner’s report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 17
_______

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Foundation Trustees’ Report Year Ended 31 March 2021

Reference and Administrative Details of the Foundation, its Trustees and Advisers

Clerk to the Foundation P Bainbridge, supported by Angela Phuong
Correspondence address 149 Court Lane, London, SE21 7EE
Trustees R J Moreland
A Brown
D Mortimer
P Hullah
R Burke
P Bainbridge
J Walter
S Tenison
C Jourdain
K Ludlow
A Phuong (Appointed 17 November 2020)
M G Mathieson (Appointed 16 February 2021)
Registered Charity Number 312694
Bankers National Westminster Bank Plc
P O Box 3171
290 Walworth Road
London
SE17 3RQ
COIF Charities Deposit Fund
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Investment Managers Rathbones Investment Management Ltd
159 New Bond Street
London
W1S 2UD
Independent Examiners Tim O'Connor ACA FCCA DChA
Scrutton Bland LLP
Chartered Accountants
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Foundation Trustees’ Report Year Ended 31 March 2021

In accordance with the requirements of the Charities Act 2011, the Trustees present this annual report and financial statements of the Charity for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Charities SORP (FRS102) and the Charities Act 2011.

Reference and Administrative details of the Charity, its Trustees and Advisors

The Charity is associated with Archbishop Tenison’s School (the School), Kennington Oval, London SE11. It originally had the duty of maintaining the School until the State took over the main function. The School had Voluntary Aided status until 1993 when it became Grant Maintained. With the abolition of Grant Maintained Status following the Schools Standards and Framework Act, 1998, the School reverted to Voluntary Aided status from 1 September 1999. Following an unsatisfactory OFSTED report in 2016, the School joined the Southwark Diocesan Board of Education Multi Academy Trust (the MAT) on 21 December 2018. A Memorandum of Understanding has been agreed between the MAT and Trustees of the Foundation, outlining the respective roles of each.

The Trustees who have served during the year, together with the principal officers and professional advisers, are set out on the information page at the front of these accounts.

In the year under review the Clerk resigned and Paul Bainbridge (supported by Angela Phuong) took over the role of Clerk with effect from the 1 January 2021. As both are Trustees this has the benefit of reducing the Charity’s annual operating costs. The Trustees would like to record thanks to the Tabitha Reid for her service as Clerk.

Subsequent to the financial year end the fixed term of the Chair came to end and Adrian Brown having already served two terms as Chair did not put himself forward for re-election. At a meeting of the Charity on the 11 May 2021 Trustees unanimously appointed Kate Ludlow as the Charity’s new Chair. At the same meeting David Mortimer was re-elected as Vice Chair. The Trustees would like to thank Adrian Brown for his service as Chair during a period of transition for the Charity.

Structure, Governance and Management

The Charity is governed under the terms of a Charitable Scheme dated 5 May 1998 made by the Charity Commissioners for England and Wales under the power given in the Charities Act, 2011.

In November 2019, following consultation with all stakeholders, the Trustees agreed a revised Deed describing the make-up of the Trustee Board, so at to better align it with the School’s new governance arrangements. The Trustees comprise the Vicar of St Martin’s in the Fields for the time being or a Trustee appointed by the Archdeacon of Charing Cross in his stead, three nominated Trustees (by Lambeth Deanery, the Southwark Diocesan Board of Education and the Chair of the Local Governing Body of the School) and up to eight coopted Trustees, so as to ensure a Trustee body with the skills and experience to support the aims of the Foundation.

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Foundation Trustees’ Report Year Ended 31 March 2021

New Trustees are given a copy of the Charitable Scheme and copies of the minutes from the preceding year. They are interviewed by at least two existing Trustees and then invited to make further enquiries of the Chairman and Clerk to the Foundation before their formal appointment.

The Trustees receive reports from the Clerk to the Foundation, the Headteacher and the MAT on matters on which the Trustees have a duty to make decisions. Under the new arrangements with the MAT, the Foundation will be responsible for appointing 3 Governors to the 12-strong Local Governing Body. On this body a majority of 7 Governors will be appointed by the Church of England Foundation, safeguarding the School’s Christian ethos.

The Trustees recognise their duty to ensure the Charity provides a public benefit. This duty is fulfilled by the use of the Charity’s resources for the advancement of education at Archbishop Tenison’s School for the public benefit, being education consistent with principles and practice of the Church of England; for the support of the School, which is an Academy for boys and girls; and the administration of the Charity. The Trustees also recognise that other community benefits provided by the School are supported indirectly by the Charity.

Objectives and Activities

The principal activities of the Trustees are:

In order to maintain these activities efficiently the Trustees meet at least twice a year and have put in place systems to monitor risks facing the Charity. The Trustees have had regard to the guidance issued by the Charity Commission on Public Benefit.

Achievement and Performance

The Headteacher and the School Governors continue to review the future needs of the School, including land and buildings.

Financial Review

The Trustees continue to aim for a balanced investment policy, geared principally to the long term building-up of the investment capital, which providing a reasonable level of income year by year. This investment capital may, from time to time, by used at Trustees’ discretion in pursuit of the Charity’s aims.

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Foundation Trustees’ Report Year Ended 31 March 2021

The major risk faced by the Charity is lack of income/ capital arising from the performance of Stock Exchange Investments. With this in mind the Trustees’ aim is to achieve a diversified investment portfolio. The controls implemented to minimise this risk are the appointment and monitoring of a professional investment manager, with a diversified portfolio. The other is in reviewing its operating costs and the funding requests from the School on an annual basis, to ensure spending and income are appropriately balanced, over the medium term.

The move into the MAT, also means the Charity needs to ensure that any funding provided is spent on Archbishop Tenison’s School specifically, and that it is appropriate to the future outlook for the School. Trustees have agreed a Memorandum of Understanding with the MAT, covering processes to ensure co-ordination of funding requests and appointment of governors.

The Charity currently holds £20,000 as part of its reserves in a fund for Major School Projects. Trustees feel this is sufficient to cover any potential liability on the part of the Charity in the foreseeable future and therefore have not made any further provision this year. The Charity has also discussed with its discretionary investment manager the possibility of liquidating a small proportion of its investment portfolio (5-10%) in order to meet one-off requests for capital funding, and received assurances that such withdrawal can be achieved at short notice and without disrupting the investment strategy of the portfolio. The General Income Fund is a general fund to meet ad hoc expenses and make small regular grants to the School. This reserve will also fund any shortfalls in the funds for Major School Projects.

Statement of the Trustees’ Responsibilities

The Trustees are responsible for the Annual Report and financial statements in accordance with applicable laws and regulations.

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period.

In preparing these financial statements, the Trustees are required to:

ARCHBISHOP TENISON'S SCHOOL FOUNDATION Foundation Trustees, Report Year Endod 31 March 2021 Statement of the Trustees. Responslbilities l¢ontlnuod> The Trustees are responsible for keeping sufficlent accounting records that disclose vlth reasonable accuracy at any time the financial position of the Chartty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and provisions of the trust deed. They aré also responsible for safeguarding the assets of the Chartty and henL% for taklng reasonable steps for the prevenlfon and detection of fraud and other irregular￿e8. Approved by the trustees on l. I i . I i and signed on their behalf by.. K Ludlow (Chairt

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ARCHBISHOP TENISON’S SCHOOL FOUNDATION

I report to the trustees on my examination of the financial statements of Archbishop Tenison’s School Foundation (‘the charity’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I 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 REPORT TO THE TRUSTEES OF ARCHBISHOP TENISON'S SCHOOL FOUNDATION Ind•pendent examlnotrs statamont I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination givRYJ m8 cause to believe that in any material respect.. • accounting records wwe not W in res￿1 of the charity as required by section 130 of the Ad: or . the financial sL2t8m8nts do not accord with tt)ose records,. or the finanoal statements do not comply WFth the appIl￿ble requirements conceming the fomi and content of accounts set out in the Chartties (Accounts and Reports) Regulations 2008 other than any requirement th* the accounts give a Irue and fair view which is not a matter considered as part of an indeFendent examination. I have no concems and have come across no ¢)ther matters in connection wrth the examination to which attention shoubj be drawn in thk8 report in order to enable a proper understanding of th8 financial statements to be reach&J. TIM O'CONNOR ACA FCCA DChA SCRUThON BLAND LLP 820 The Crescent Colche51er Business Parf Colchester Essex C04 9YQ 14 Ll

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Statement of Financial Activities Year Ended 31 March 2021

Major
General School
lncome Capital Project Total Total
Fund Fund Fund 2021 2020
£ £ £ £ £
Income from:
Investment income
Dividends on investments 22,506 - - 22,506 30,165
Interest on bank deposit 12 - - 12 62
Grants and donations 2,500 - - 2,500 10,000
------------------------------------------------- ------------------------------------------------- -------------------------------------------- ------------------------------------------------- -------------------------------------------------
Total income 25,018 - - 25,018 40,227
------------------------------------------------- ------------------------------------------------- -------------------------------------------- ------------------------------------------------- -------------------------------------------------
Charitable activities
Ground rent 600 - - 600 600
School amenities 36,019 - - 36,019 85,631
Remuneration of Clerk and Treasurer 3,150 - - 3,150 4,200
Postage, stationery and telephone - - - - 132
Audit fee 625 - - 625 2,900
Miscellaneous expenses - - - - 87
Raising funds
Investment Managers’ fees - 7,849 - 7,849 7,678
------------------------------------------------- ------------------------------------------------- -------------------------------------------- ------------------------------------------------- -------------------------------------------------
Total expenditure 40,394 7,849 - 48,243 101,228
------------------------------------------------- ------------------------------------------------- -------------------------------------------- ------------------------------------------------- -------------------------------------------------
Realised and unrealised
investment gains/(losses) - 157,652 - 157,652 (123,598)
------------------------------------------------- ------------------------------------------------- ------------------------------------------- ------------------------------------------------- -------------------------------------------------
Net (expenditure)/income (15,376) 149,803 - 134,427 (184,599)
Transfer between funds (5,056) 5,056 - - -
------------------------------------------------- ------------------------------------------------- -------------------------------------------- ------------------------------------------------- -------------------------------------------------
Net movements in funds (20,432) 154,859 - 134,427 (184,599)
Total funds brought forward
at 1 April 2020 31,692 930,435 20,000 982,127 1,166,726
------------------------------------------------- ------------------------------------------------- -------------------------------------------- ------------------------------------------------- -------------------------------------------------
Total funds carried forward
At 31 March 2021 £ 11,260 £ 1,085,294 £ 20,000 £ 1,116,554 £ 982,127
================ ================ ============== ================ ================

All funds are unrestricted for both 2020 and 2021.

Continuing operations

All income and expenditure derive from continuing activities.

Total recognised gains and losses

The statement of financial activities includes all gains and losses recognised in the period.

ARCHBISHOP TENISON'S SCHOOL FOUNDATION Balance Sheet As at 31 Mar¢h 2021 2021 2020 Flxed assets Schocl buildings Inve6trnents Deposit fur*J 27.332 1,047.962 10,IXIO 27,332 898.103 3b £ 1,086.294 £ 930,435 Current asMts Debtors Cash at bank 1792 54.850 33.776 51,510 Current Ilabllltles Creditors du8 wllhkn the year 5.818 Not current a88ets 31.260 51.692 Total net assets £1.114564 £ 982.127 The Funds af thè ChafRy General Incomè Fund Capital Fund Major sChC￿ Prqert Fund 11280 1.085.294 20.000 31,692 930,435 20,000 10 Totsl Funds 11 e 1.116.554 £ 982.127 Signed on behalf ofthe Tr￿te06 Chair K Ludlow ￿￿￿chair D Mortw

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

1 Accounting Policies

a Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – (Charities SORP (FRS102)) 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 prove a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements include all transactions, assets and liabilities for which the charity is responsible for by law.

The financial statements are rounded to the nearest £1 and are prepared in sterling.

b Statement of cash flows

The financial statements do not include a Statement of Cash Flows because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under section 7 of the Charities SORP.

c Tangible fixed assets

No depreciation is charged in respect of the buildings as estimated residual value exceeds cost and any charge would be immaterial. Regular impairment reviews are undertaken and provision for remedial works made when necessary.

d Investments

Fixed asset listed investments are stated at their market value on the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Realised and unrealised investment gains/(losses) on investments’ in the Statement of Financial Activities.

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

1 Accounting Policies – (continued)

e Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Investment income is brought into account when it is receivable.

f Grants

Grants to the Archbishop Tenison’s School are recognised when made and shown within expenditure on charitable activities.

g Debentures

The Foundation has recognised Archbishop Tenison’s Sports Ground debentures at £nil value, these were recorded as having a historical cost of £206.

h Taxation

The Foundation is a charity within the meaning of the Charities Acts 2011 and as such is a charity within the meaning of Part 11, Corporation Tax Act 2010. Accordingly The Foundation is potentially exempt from taxation in respect of income or gains received within categories covered by Part 11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes.

i Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

j Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities:

basic financial instruments.

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

1 Accounting Policies – (continued)

k Fund accounting

General income funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

l Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

m Cash at bank and in hand

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.

2 Net income/(expenditure)

This is stated after charging:

2021 2020

Auditor’s remuneration

£ - £ 2,900 ================ ================

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

3 Fixed assets
2021 2020
a) Used by the Charity
School buildings at historic cost £ 27,332 £ 27,332
================ ================
2021 2020
£ £
b) Investments at market value 1,013,231 861,310
------------------------------------------------- -------------------------------------------------
Cash with Rathbones Investment Management 34,731 36,793
COIF Charities Deposit Fund 10,000 5,000
------------------------------------------------- -------------------------------------------------
£ 1,057,962 £ 903,103
================ ================
Historical cost of Investments £ 780,203 £ 779,429
================ ================

These investments are subject to discretionary management by Rathbones Investment Management Ltd with the exception of the COIF Charities Deposit Fund which is managed by the Trustees.

Summary of quoted investments

2021 2020
Income Market Income Market
for year Cost value for year Cost value
£ £ £ % £ £ £ %
UK Government Securities, Index
Linked and Fixed Interest
4,769 156,936 159,274 15.72 4,762 165,203 167,986 19.50
Quoted Company Equity and other Securities
11,616 364,653 499,219 49.27 17,145 333,128 386,561 44.88
Investment Companies, Commodities and Funds
6,121 258,614 354,738 35.01 8,258 281,098 306,763 35.62
--------------------------------------------- ------------------------------------------------- ------------------------------------------------- ---------------------------------------- --------------------------------------------- --------------------------------------------- ------------------------------------------------ ----------------------------------
Total £ 22,506 £ 780,203 £ 1,013,231 100.00 £ 30,165 £ 779,429 £ 861,310 100.00
================ ================ ================ ============= ============== ============== ================ ===========

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

4 Quoted Shares, Gilt Edge and Fixed Interest Stock

2021 2020
£ £
Market value at 1 April 2020 861,310 1,053,715
Acquisitions 144,905 219,892
Disposals (150,636)
(288,699)
Net gain/(loss) on revaluation at 31 March 157,652 (123,598)
------------------------------------------------- -------------------------------------------------
Market value at 31 March 2021 £ 1,013,231 £ 861,310
================ ================
5 Debtors
2021 2020
Accrued income £ 2,792 £ 2,660
================ ================
6 Cash at Bank
2021 2020
£ £
General fund:
Current account 30,733 49,600
Deposit account 250 250
Charities Deposit Fund (Income Reserve) - 5,000
------------------------------------------------- -------------------------------------------------
£ 30,983
£ 54,850
================ ================
Cash at bank includes £20,000 designated as Major School Project Fund
(2020 : £20,000).
7 Creditors
2021 2020
Accruals £ 2,515
£ 5,818
================ ================

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

8 General Income Fund

General Income Fund
2021 2020
£ £
Balance as at 1 April 2020 31,692 35,179
Net Incoming resources (15,376) (53,323)
Transfer to capital fund (5,056) 49,836
------------------------------------------------- -------------------------------------------------
Balance as at 31 March 2021 £ 11,260 £ 31,692
================ ================

The General Income Fund is a general fund to meet adhoc expenses and makes small, regular grants to the school. This reserve will also fund any shortfalls in the Major School Project Fund.

9 Capital Fund

Capital Fund
2021 2020
£ £
Balance as at 1 April 2020 930,435 1,111,547
Realised and unrealised gains/(losses) 157,652 (123,598)
Investment Managers fees (7,849) (7,678)
Transfer from general income fund 5,056 (49,836)
------------------------------------------------- -------------------------------------------------
Balance as at 31 March 2021 £ 1,085,294 £ 930,435
================ ================

The Capital Fund includes an endowment which is managed by Rathbones Investment Management Ltd. The dividends and interest provide the income in the General Income Fund.

10 Major School Project Fund

2021 2020
£ £
Balance as at 1 April 2020 and 31 March 2021 £ 20,000 £ 20,000
================ ================

The Charity has a requirement to fund 10% of expenditure on external maintenance and improvement to the buildings of a capital nature. The Major School Project Fund enables Trustees to meet anticipated expenditure in future years.

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

11 Analysis of Net Assets Between Funds

Charities Net
Freehold Deposit Current
Property Fund Investments Assets Total
£ £ £ £ £
Income Fund - - - 11,260 11,260
Capital Fund 27,332 10,000 1,047,962 - 1,085,294
Major
School’s
Project Fund - - - 20,000 20,000
------------------------------------------------- ----------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
Total £ 27,332 £ 10,000 £ 1,047,962 £ 31,260 £ 1,116,554
================ ================ ================ ================ ================

12 Staff Costs

The charity did not have any employees in this year or the previous year.

13 Status and Funds

The Foundation is registered as a charity with the Charity Commission (No. 312694).

Investments and gains and losses thereon are held for investment purposes as capital funds. Income generated from the investments and other sources is taken to the income and expenditure account and is expended to benefit the School at the Trustees’ discretion.

14 Related Parties

The charity is controlled by its trustees.

No trustee received personal expenses or remuneration during the year.

No related party transactions have taken place during the year.

ARCHBISHOP TENISON’S SCHOOL FOUNDATION

Notes to the Financial Statements Year Ended 31 March 2021

15 Financial Instruments
2021 2020
Financial assets
Financial assets measured at fair value through SOFA £ 1,013,231 £ 861,310
================ ================
Financial assets measured at amortised cost £ 2,792 £ 2,660
================ ================
2021 2020
Financial liabilities
Financial liabilities measured at amortised cost £ 1,890 £ 1,834
================ ================

Financial assets measured at fair value through the SOFA comprise of listed investments.

Financial assets measured at amortised cost comprise of other debtors.

Financial liabilities measured at amortised cost comprise creditors relating to charitable activities.