Charity registration number 312705 (England and Wales) PRENDERGAST SCHOOL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PRENDERGAST SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Trustee The Prendergast Schools Trust Charity registration England and Wales 312705 Principal address Prendergast School Adelaide Avenue London SE4 1LE Independent examlner Louise Hallsworth FCA Affinia (Orpington) Chartered Accountants Lynwood House. Crofton Road Orpington BR6 8QE Bankers CCLA Investments Limited- COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET Barclays Bank PLC Leicester Leicestershire LE87 2BB
PRENDERGAST SCHOOL CONTENTS Page Trustee's report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 6-13
PRENDERGAST SCHOOL TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustee presents its annual report and financial statements for the year ended 31 March 2025. 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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities SORP '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 IFRS 1021" 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 Truslees agreed last year a Cy-près scheme with the Charity Commission to update the charity's objects. The Charitable Incorporated Organisation set up last year with the same objects has had some money transferred and has undertaken most of the charitable transactions. This has been a lengthy process that Trustees have been pursuing for several years. Trustees expect to complete the modemisation of the charity within the next year transferring the remaining assets to the CIO. Financial review The accounts of the Trust show a satisfactory position with balances on the Unrestricted Funds increasing to £1,071.116 from £1,024.603 {2024'. decreased lo £1.024,603 from £1.091.461). Current year unrestricted funds can be split as follows.. Net Book Value of Fixed Asset Market Value of investments General unrestricted funds (spendable) £468.600 £482,774 £119,742 Total funds £1,071,116 The Trust has provided a contribution of £nil (2024- £41,840) to the benefit of Prendergast School this year as the CIO has aGGrued an amount of £45,000 as a capital contribution.. Going concern After making appropriate enquiries, the Tnjstees have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. For this reason it continues to adopt the going conrn basis in preparing the accounts although once all Ihe assets are transferred to the CIO the Charity will be closed. ReseNes 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 Trustee considers that reserves at this level will ensure that, in the event of a significant drop in fijnding, 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. Stru¢ture, governan¢e and management The Charity is registered with the charity commission and govemed by its goveming documents. The members of the Prendergast Schools Trust. who is the Trustee served during the year and up to the date of signature of the finanaal statements.
PRENDERGAST SCHOOL TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recruitment and appointment of trustees The Trust has a historical relationship with bolh 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 Trustee have any beneficial interest in the charity. The Trustee's Report was approved by the Board of Trustee. The Prendergast Schools Trust Trustee Date: 2810112026
PRENDERGAST SCHOOL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF PRENDERGAST SCHOOL I report to the Trustee on my examination of the financial statements of Prendergast School (the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the Trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. report in respect of my examination of the charity's financial stalements carried oul under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5){b) of the Charities Act 2011. Independenl 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= accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records- or the financial statements do not cotnply with the applicable requirements conceming the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 Affinia (Orpington) Chartered Accountants Lynwood House, Crofton Road Orpington BR6 8QE Date:............................
PRENDERGAST SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes as restated as restated as restated In¢ome from: Donations and legacies Investments 10 2,341 10 31.119 140 2,191 140 29,536 28,778 27,345 Total income 2,351 28,778 31,129 2,331 27,345 29,676 Expenditure on: Charitable activities 4,400 4,400 4,400 83,520 87,920 Total expenditure 4,400 4.400 4,400 83.520 87,920 Net gainsl(losses) on investments 10 19,784 19,784 (8,6141 (8,614) Net incomel(expenditure) and movement in funds (2,049) 48,562 46,513 (2,069} (64,789) (66,858) Reconciliation of funds: Fund balanGes at 1 April 2024 481,231 543,372 1.024,603 483,300 608.161 1,091,461 Fund balances at 31 March 2025 479.182 591.934 1,071.116 481.231 543.372 1,024,603 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PRENDERGAST SCHOOL ?81112026 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 12 13 468,600 482,774 473,000 462,990 951,374 935,990 Current assets Debtors Cash at bank and in hand 14 51.825 70,601 91,299 122,426 91,299 Creditors: amounts falling due within one year 15 (2,684) (2,686) Net current assets 119,742 88,613 Total assets less current liabilities 1,071,116 1,024,603 The funds of the charity Restricted income funds Unrestricted funds 16 17 591,934 479,182 543,372 481,231 1.071,116 1,024,603 The financial statements were approved by the Trustee on 2810112026 The Prendergast Schools Trust Trustee
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity infonnation Prendergast School is an unincorporated charrty. 1.1 Basis of preparation 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 concem At the time of approving the financial statements. the Tnjstee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee Gontinue to adopt the going concem basis of aGGounting in preparing the financial statements. 1.3 Charitable funds Unrestricled funds are available for use at the discrelion of the Trustee 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 thal income will be received. Cash donations are recognised on receipl. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid 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 expendilure account on receipt. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligalion 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 activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs whiGh are not attributable to a single activity are apportioned between those activilies on a basis consistent with the use of reSoUrs. 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.
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Expenditure on charitable activities are the direct and indirect costs incurred by the Charity in pursuan of its charitable objects. Governance costs comprise all (x)sts 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 impaimient 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 pri 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 auMulated gains recognised in equity: such gains and loss are recognised in net incomel(expenditure) for the year. Investment Income Dividends are credited to the income and expenditure account when they are received. Credit is tsken for interest income when the interest is due for payment. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charivs balan sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneously. 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 intèrest 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.
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction pri unless Ihe 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 amorlised 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. Critical accounting estimates and judgements In the application of the charity's accounting policies. the Trustee 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. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 10 140 Income from investments Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 as restated 27,345 2,191 Dividend income Interest receivable 28,778 28,778 2,341 27.345 2.341 2,191 2.341 28,778 31.119 2,191 27,345 29,536
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities Charitable Charitable expenditure expenditure 2025 2024 Direct costs Depreciation and impaimient Contribution to Prendergast School Other charitable expenditure 4,400 4,400 41,840 50 4,400 46,290 Share of support and governance costs (see note 6) Governance 41,630 4,400 87,920 Analysis by fund Unrestricted funds Restricted funds 4,400 4,400 83,520 4.400 87,920 Expenditure in both years were incurred from unrestricted funds. Support costs allocated to activities 2025 2024 Govemance costs 41,630 Analysed between: Charitable expenditure 41,630 Net movement in funds 2025 2024 The net movement in funds is stated after chargingl(crediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 1,770 4,400 4,400 Trustee None of Ihe Trustee (or any persons connected with them) received any remuneration or benefits from the charity during the year.
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees There were no employees during the year. 10 Gains and losses on investments Restricted funds 2025 Restricted funds 2024 Gainsl(losses} arising on.. Revaluation of investments 19,784 (8,614) 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 Freehold buildings Cost At 1 April 2024 495,000 At 31 March 2025 495,000 Depreciation and impairment At 1 April 2024 Depreciation charged in the year 22,000 4,400 At 31 March 2025 26,400 Carrying amount At 31 March 2025 468,600 At 31 March 2024 473,000 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 2025 13 Fixed asset investments Unlisted investments Cost or valuation At 1 April 2024 Valuation changes 462,990 19,784 At 31 March 2025 482,774 Carrying amount At 31 March 2025 482,774 At 31 March 2024 462,990 14 Debtors 2025 2024 Amounts falling due within one year: Other debtors 51,825 15 Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income 2,684 2,686 16 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 2024 Incoming resources Resources expended Gains and At 31 March losses 2025 as restated 543,372 Investment funds 28,778 19,784 591,934 Previous year: At 1 April 2023 Incoming resources Resources expended Gains and At 31 March losses 2024 Investment funds 608.161 27.345 {83.520} 18,614) 543,372 11
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Restricted funds (Continued) 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 furtheran of the charity's objects (the original purpose of the endowment had failed. hen the Cy-près scheme). 17 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 tnjstees for specific purposes. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 General funds 481.231 2,351 14,400) 479,182 Prevlous year: At 1 Aprll 2023 Incoming resources Resources At 31 March expended 2024 General funds 483,300 2,331 14,400) 481,231 18 Analysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Investments cent asselsl(liabilities) 468,600 468,600 482,774 119,742 482,774 109,160 10,582 479,182 591,934 1,071,116 12-
PRENDERGAST SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Analysis of net assets between funds (Continued) Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetsllliabilities) 473.000 473,000 462,990 88,613 462,990 80,382 8,231 481,231 543,372 1,024,603 19 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 the Trustee, The Prendergast Schools Trust has two Members of the Leathersellers, Federation of Schools. During the year £nil (2024= £41,840) was contributed for capital works at the School and £nil (2024- £26) for administrative expenses. There is a balan of £nil 12024.. £25,528) owed to the School as at the year end. An amounl of £51,825 is induded as a deblor which is the balance transferred to the CIO. 13-