REGISTERED CHARITY NUMBER: 312767
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2020
for
FRIERN BARNET EDUCATIONAL TRUST
Gynch Shaw Maurice & Co Chartered Certified Accountants Rear of No 2 SPM House Glenthorne Road Friern Barnet London N11 3HT
FRIERN BARNET EDUCATIONAL TRUST
Contents of the Financial Statements for the Year Ended 31 August 2020
| Page | |
|---|---|
| Report of the Trustees | 1to2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8to 11 |
| Detailed Statement of Financial Activities | 12 |
FRIERN BARNET EDUCATIONAL TRUST
Report of the Trustees
for the Year Ended 31 August 2020
The trustees present their report with the financial statements of the charity for the year ended 31 August 2019. The trustees have adopted the provisions of 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 2015).
Friern Barnet Educational Trust (FBET) was constituted by a Trust Deed dated 17 November 1900 and is a registered charity number 312767. Approval was obtained from the Charity Commission to change the charity's name from Friern Barnet Grammar School to Friern Barnet Educational Trust.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The promotion of education and religion in accordance with the doctrines of the Church of England and benefiting parishioners and others within the Ecclesiastical District of Friern Barnet and others.
The Trustees met twice during the year ended 31 August 2020. The Zoom meeting scheduled for May 2020 was cancelled as there were no applications to consider due to the Coronavirus pandemic.
HISTORICAL
On 1 September 1995 the trustees leased the property previously occupied by the Trust to John Catt Educational Limited which operated Dwight School formerly known as Woodside Park School. On 19 January a 999 years lease on the property was granted to John Catt Educational Limited and the sale proceeds invested on a recognised UK Stock Exchange. The rents and investments income have been used for the objects of the Trust.
FINANCIAL REVIEW Principal funding sources RECEIPTS
Income within the year was paid from interest and dividends from the four investments as follows:
| Harris Allday Client Account - | £13,808 |
|---|---|
| Schroders - | £22,032 |
| M&G - | £21,117 |
| CAF - | £ 0 |
The total investment income within the year was £56,957.
The income from CAF for the year was wholly re-invested.
PAYMENTS
The coronavirus pandemic, which started in early 2020 led to schools and colleges going into lockdown and few opportunities for outside activities for organisations and individuals. Subsequently some of the activities for which grants had already been made could not go ahead and there were no requests for grants for the normal May meeting. The May meeting was cancelled.
Sixteen grants were awarded in the year. Seven schools were helped in various ways – computer hardware and software, forest school, theatre workshop, lighting desk, music tuition and a number of pupils were assisted towards the cost of school trips. Grants were provided for a toy library, for a scout event and for an English language course. Five individuals were helped for music courses, and a specialist 6th form arts course. Where grants could not be used at the original intended time these schools, organisations and individuals were contacted and in most cases it was agreed with them that the grant could be used at such time that the event does go ahead.
Total grants within the year, £24,007.
Total payments (including bank charges and administration) within the year, £24,159
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FRIERN BARNET EDUCATIONAL TRUST Report of the Trustees for the Year Ended 31 August 2020
Investment policy and objectives
The trust deed places no restriction on the investment powers of the trustees. The Trustees' investment policy dated 1 February 2001 requires the Trustees to act as prudent investors basing investment decisions on two basic objectives:
-
To protect the capital of the Trust against loss, including loss of value arising from inflation.
-
To earn the maximum rate of return consistent with maintaining an acceptable level of risk.
FINANCIAL REVIEW
Reserves policy
The trustees' policy is to maintain sufficient reserves to produce an income to fund the Trust's charitable objectives as stated above. Cash reserves at the end of the year totalled just over £81,000 - that represents over 1 years expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
312767
Principal address
The Parish Office St John's Parish Centre Friern Barnet London N11 3BS
Trustees
Mrs F Philpott Mr A G Beal Mrs J Beal (resigned in November 2019 Mrs G Clemens Mr S Conacher Ms Frances Jones (appointed in November 2019) Mr E Newman
Independent Examiner
Gynch Shaw Maurice & Co Chartered Certified Accountants Rear of No 2 SPM House Glenthorne Road Friern Barnet London N11 3HT
Banker
Barclays Bank Plc 1250 High Road Whetstone London N20 0DB Approved by order of the board of trustees on .............................................. and signed on its behalf by:
........................................................................ Mrs F Philpott - Trustee
Page 4
Independent Examiner's Report to the Trustees of Friern Barnet Educational Trust
Independent examiner's report to the trustees of Friern Barnet Educational Trust
I report to the charity trustees on my examination of the accounts of Friern Barnet Educational Trust (the Trust) for the year ended 31 August 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Gyanchand Sunil Mungur Gynch Shaw Maurice & Co Chartered Certified Accountants Rear of No 2 SPM House Glenthorne Road Friern Barnet London N11 3HT
Date: .............................................
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FRIERN BARNET EDUCATIONAL TRUST
Statement of Financial Activities
for the Year Ended 31 August 2020
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Charitable activities Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.8.20 Unrestricted fund £ 56,977 2 24,007 150 24,159 (258,482) (225,664) 1,837,923 1,612,259 |
31.8.19 Total funds £ 58,018 60 52,266 678 53,004 (72,531) (67,517) 1,905,440 1,837,923 |
|
|---|---|---|---|
The notes form part of these financial statements
Page 6
FRIERN BARNET EDUCATIONAL TRUST
Balance Sheet
31 August 2020
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds TOTAL FUNDS |
31.8.20 Unrestricted fund £ 1,531,133 81,126 81,126 1,612,259 1,612,259 1,612,259 1,612,259 |
31.8.19 Total funds £ 1,789,615 43,308 |
|---|---|---|
| 43,308 | ||
| 1,837,923 | ||
| 1,837,923 | ||
1,837,923 |
||
1,837,923 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A G Beal - Trustee
............................................. F Philpott - Trustee
The notes form part of these financial statements
Page 7
FRIERN BARNET EDUCATIONAL TRUST
Notes to the Financial Statements
for the Year Ended 31 August 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.8.20 | 31.8.19 | |
| £ | £ | |
| Investments income | 56,957 | 57,973 |
| Deposit account interest | 20 |
45 |
| 56,978 | 58,018 |
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continued...
FRIERN BARNET EDUCATIONAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
3. RAISING FUNDS
| Investment management costs Support costs |
31.8.19 £ 2 |
31.8.18 £ 60 |
|---|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees’ expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable activites Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 58,018 60 52,266 678 53,004 (72,531) (67,517) 1,905,440 1,837,923 |
|
|---|---|---|
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continued...
FRIERN BARNET EDUCATIONAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
6. FIXED ASSET INVESTMENTS
| Unlisted | |
|---|---|
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 September 2019 | 1,789.615 |
| Revaluations | (258,482) |
| At 31 August 2020 | 1,531,133 |
| NET BOOK VALUE | |
| At 31 August 2020 | 1,531,133 |
| At 31 August 2019 | 1,789,615 |
There were no investment assets outside the UK.
7. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
s follows: Incoming resources £ 56,977 56,977 |
At 1.09.19 £ 1,837,923 1,837,923 Resources expended £ (24,159) (24,159) At 1.9.18 £ 1,905,440 1,905,440 |
Net Movement in funds £ (225,664) (225,664) Gains and losses £ (258,482) (258,482) Net movement in funds £ (67,517) (67,517) |
At 31.08.20 £ 1,612,259 1,612,259 Movement in funds £ (225,664) (225,664) At 31.8.19 £ 1,837,923 1,837,923 |
|
|---|---|---|---|---|---|
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continued...
FRIERN BARNET EDUCATIONAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 August 2019
7. MOVEMENT IN FUNDS – continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 58,018 _ TOTAL FUNDS 58,018 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Resources expended £ (53,004) _ (53,004) At 1.9.18 £ 1,905,440 __ **1,905,440 ** |
Gains and Movement losses in funds £ £ (72,531) (67,517) _ _ (72,531) (67,517) Net movement in funds At 31.8.19 £ £ (293,181) 1,612,259 _ _ (293,181)1,612,259 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 114,995 _ 114,995 |
Resources expended £ (77,163) _ (77,163) |
Gains and Movement losses in funds £ £ (331,013) (293,171) _ _ (331,013) (293,171) |
|---|---|---|---|
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020
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FRIERN BARNET EDUCATIONAL TRUST
Detailed Statement of Financial Activities for the Year Ended 31 August 2020
| INCOME AND ENDOWMENTS Investment income Investments income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Grants to schools Grants to other organisations Grants to individuals Other Rent Support Costs Management Accountancy Finance Bank charges Total resources expended Net income |
31.8.20 £ 56,957 20 56,977 56,987 13,498 5,859 4,650 24,007 150 0 2 24,159 32,818 |
31.8.19 £ 57,973 45 58,018 58,018 38,954 8,726 4,586 52,266 150 528 60 53,004 5,014 |
|---|---|---|
This page does not form part of the statutory financial statements
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