**Charity registration number 312705**
## **PRENDERGAST SCHOOL**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **PRENDERGAST SCHOOL**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** The Prendergast Schools Trust **Charity number** 312705 **Principal address** Prendergast School Adelaide Avenue London SE4 1LE **Independent examiner** Louise Hallsworth, FCA Baxter & Co Chartered Accountants Lynwood House, Crofton Road Orpington Kent BR6 8QE **Bankers** Barclays Bank PLC Leicester Leicestershire LE87 2BB CCLA Investments Limited - COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET
(Appointed 29 January 2024)
## **PRENDERGAST SCHOOL**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 13|
## **PRENDERGAST SCHOOL**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
The Trustees presents its annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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).
## **Objectives and activities**
The objects of the Trust are the advancement of education in the London Borough of Lewisham and adjoining London boroughs by the support of The Prendergast School and any of the Prendergast Schools forming part of the Leathersellers’ Federation of Schools.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
This year, trustees agreed a Cy-près scheme with the Charity Commission to update the charity’s objects. They also registered a new Charitable Incorporated Organisation with the same objects. This has been a lengthy process that Trustees have been pursuing for several years. Trustees expect to complete the modernisation of the charity within the next year.
## **Financial review**
The accounts of the Trust show a satisfactory position with balances on the Unrestricted Funds decreasing to £1,024,605 from £1,091,461 (2023: decreased to £1,091461 from £1,133,984).
Current year unrestricted funds can be split as follows:
|Net Book Value of Fixed Asset|£473,000|
|---|---|
|Market Value of investments|£462,990|
|General unrestricted funds (spendable)|£88,615|
||---------------|
|Total funds|£1,024,605|
||---------------|
The Trust has provided a contribution of £41,840 (2023: £25,503) to the benefit of Prendergast School.
## _Going concern_
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the accounts.
## _Reserves policy_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Structure, governance and management**
The Charity is registered with the charity commission and governed by its governing documents.
The members of the Trustees who served during the year and up to the date of signature of the financial statements were:
The Prendergast Schools Trust (Appointed 29 January 2024)
- 1 -
## **PRENDERGAST SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## _Recruitment and appointment of trustees_
The Trust has a historical relationship with both the Governing Board of the Leathersellers’ Federation of Schools and the Worshipful Company of Leathersellers who also support the Leathersellers’ Federation of Schools. As part of its modernisation, the Trust has appointed the new CIO as its sole trustee. The governing document of the CIO maintains the links with the Leathersellers Federation of Schools and the Worshipful Company of Leathersellers in the appointment of Trustees.
None of the members of the Trustees have any beneficial interest in the charity.
The Trustees' Report was approved by the Board of Trustees.
..............................
The Prendergast Schools Trust **Trustee**
21 January 2025 Date: .............................................
- 2 -
## **PRENDERGAST SCHOOL**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRENDERGAST SCHOOL**
I report to the Trustees on my examination of the financial statements of Prendergast School (the charity) for the year ended 31 March 2024.
## **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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
- I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
## **Louise Hallsworth, FCA**
Baxter & Co Chartered Accountants Lynwood House, Crofton Road Orpington Kent BR6 8QE
Dated: .........................27 January 2025
- 3 -
## **PRENDERGAST SCHOOL**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
140
-
Investments
**4**
2,191
27,345
**Total income**
2,331
27,345
**Expenditure on:**
Charitable activities
**5**
4,400
83,520
**Total expenditure**
4,400
83,520
Net gains/(losses) on
investments
**10**
-
(8,614)
**Net expenditure and**
**movement in funds**
(2,069)
(64,789)
**Reconciliation of funds:**
Fund balances at 1 April 2023
483,300
608,161
**Fund balances at 31 March**
**2024**
481,231
543,372|**Total**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
**as restated as restated as restated**
140
340
-
340
29,536
785
26,551
27,336
29,676
1,125
26,551
27,676
87,920
4,401
35,101
39,502
87,920
4,401
35,101
39,502
(8,614)
-
(30,697)
(30,697)
(66,858)
(3,276)
(39,247)
(42,523)
1,091,461
486,576
647,408
1,133,984
1,024,603
483,300
608,161
1,091,461|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **PRENDERGAST SCHOOL**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
Investments
**13**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**15**
Unrestricted funds
**16**|**2024**
**£**
**£**
473,000
462,990
935,990
91,299
(2,686)
88,613
1,024,603
543,372
481,231
1,024,603|**2023**
**£**
**£**
477,400
471,604
949,004
179,353
(36,896)
142,457
1,091,461
608,161
483,300
1,091,461|**2023**
**£**
**£**
477,400
471,604
949,004
179,353
(36,896)
142,457
1,091,461
608,161
483,300
1,091,461|
|---|---|---|---|
||||949,004
142,457|
||||1,091,461|
||||608,161
483,300|
||||1,091,461|
21 January 2025 The financial statements were approved by the Trustees on .........................
..............................
The Prendergast Schools Trust **Trustee**
- 5 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
Prendergast School is an unincorporated charity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees has 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 financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants receivable are credited to income immediately.
Restricted income is included in the restricted income and expenditure account on receipt.
## **1.5 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.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
The cost of generating funds comprises costs incurred in encouraging people or organizations to contribute financially to the Charity's work. It includes the costs of advertising for funds and the costs of mounting appeals.
- 6 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
**(Continued)**
Expenditure on charitable activities are the direct and indirect costs incurred by the Charity in pursuance of its charitable objects.
Governance costs comprise all costs incurred in ensuring the public accountability of the Charity and its compliance with regulation and good practice. The details are shown on page 10.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
50 years straight line
Freehold land is not depreciated.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.
## **Investment Income**
Dividends are credited to the income and expenditure account when they are received.
Credit is taken for interest income when the interest is due for payment.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 7 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|140|340|
## **4 Income from investments**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Dividend income
-
27,345
Interest receivable
2,191
-
2,191
27,345|**Total**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
**as restated**
27,345
-
26,551
26,551
2,191
785
-
785
29,536
785
26,551
27,336|**Total**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
**as restated**
27,345
-
26,551
26,551
2,191
785
-
785
29,536
785
26,551
27,336|
|---|---|---|
|||27,336|
- 8 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **5 Expenditure on charitable activities**
|||**Charitable**|**Charitable**|
|---|---|---|---|
|||**expenditure**|**expenditure**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Direct costs**|||
||Depreciation and impairment|4,400|4,400|
||Contribution to Prendergast School|41,840|25,503|
||Other charitable expenditure|50|26|
|||46,290|29,929|
||**Share of support and governance costs (see note 6)**|||
||Governance|41,630|9,573|
|||87,920|39,502|
||**Analysis by fund**|||
||Unrestricted funds|4,400|4,401|
||Restricted funds|83,520|35,101|
|||87,920|39,502|
||Expenditure in both years were incurred from unrestricted funds.|||
|**6**|**Support costs allocated to activities**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Governance costs|41,630|9,573|
||**Analysed between:**|||
||Charitable expenditure|41,630|9,573|
|**7**|**Net movement in funds**|**2024**|**2023**|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|1,770|1,650|
||Depreciation of owned tangible fixed assets|4,400|4,400|
## **8 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
- 9 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **9 Employees**
There were no employees during the year.
## **10 Gains and losses on investments**
||**Restricted**|**Restricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|(8,614)|(30,697)|
## **11 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **12 Tangible fixed assets**
|**Cost**
At 1 April 2023
At 31 March 2024
**Depreciation and impairment**
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023|**Freehold**
**buildings**
**£**
495,000
495,000
17,600
4,400
22,000
473,000
477,400|
|---|---|
The land included in Freehold Land and Buildings is £275,000 which is the value when donated. Freehold land is not depreciated.
- 10 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **13 Fixed asset investments**
||||**Unlisted**|
|---|---|---|---|
||||**investments**|
||||**£**|
||**Cost or valuation**|||
||At 1 April 2023||471,604|
||||(8,614)|
||At 31 March 2024||462,990|
||**Carrying amount**|||
||At 31 March 2024||462,990|
||At 31 March 2023||471,604|
|**14**|**Creditors: amounts falling due within one year**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Accruals and deferred income|2,686|36,896|
## **15 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 April**|**Incoming**|**Resources**|**Gains and**|**At 31 March**|
|---|---|---|---|---|---|
||**2023**|**resources**|**expended**|**losses**|**2024**|
||**£**|**£**|**£**|**£**|**£**|
||as restated|||||
|Investment funds|608,161|27,345|(83,520)|(8,614)|543,372|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**Gains and**|**At 31 March**|
||**2022**|**resources**|**expended**|**losses**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|Investment funds|647,408|26,551|(35,101)|(30,697)|608,161|
The Charity's unrestricted funds consist of funds which the Charity may use for its purposes at its discretion.
The Charity has certain restricted funds where specific conditions have been imposed by the donor. These are as follows: -
The permanent endowment is to be used in furtherance of the charity's objects (the original purpose of the endowment had failed, hence the Cy-près scheme).
- 11 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **16 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous year:**
General funds
**Analysis of net assets between funds**
**At 31 March 2024:**
Tangible assets
Investments
Current assets/(liabilities)
**At 31 March 2023:**
Tangible assets
Investments
Current assets/(liabilities)|**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
483,300
2,331
(4,400)
481,231
**At 1 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2023**
**£**
**£**
**£**
**£**
486,576
1,125
(4,401)
483,300
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
473,000
-
473,000
-
462,990
462,990
8,231
80,382
88,613
481,231
543,372
1,024,603
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**as restated**
477,400
-
477,400
-
471,604
471,604
5,900
136,557
142,457
483,300
608,161
1,091,461|
|---|---|
## **17 Analysis of net assets between funds**
## **18 Related party transactions**
Prendergast School (the "School") is part of Leathersellers' Federation of Schools and is a related party by virtue of the fact that one Trustees (now resigned) was also Member and one Trustee (now resigned) was a Trustee of the Leathersellers' Federation of Schools. During the year £41,840 (2023: £25,502) was contributed for capital works at the School and £nil (2023: £26) for administrative expenses. There is a balance of £nil (2023: £25,528) owed to the School as at the year end.
- 12 -
## **PRENDERGAST SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **19 Prior period adjustment**
|||**At**|**31 March 2023**||
|---|---|---|---|---|
|||**As previously**|**Adjustment**|**As restated**|
|||**reported**|||
|||**£**|**£**|**£**|
|Capital funds|||||
|Income funds|||||
|Restricted funds||-|608,161|608,161|
|Unrestricted funds||1,091,461|(608,161)|483,300|
||**Total funds**|1,091,461|-|1,091,461|
A prior year adjustment was made during the year to reallocate funds to restricted.
- 13 -