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2022-08-31-accounts

REGISTERED CHARITY NUMBER: 312767

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 August 2022

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

Contents of the Financial Statements for the Year Ended 31 August 2022

Page Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 11
Detailed Statement of Financial 12
Activities

FRIERN BARNET EDUCATIONAL

Report of the Trustees for the Year Ended 31 August 2022

The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. 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 three times during the year ended 31 August 2021. All meetings were held on Zoom 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 £13,935
Account -
Schroders - £18,562
M&G - £20,723
CAF - £ 0

The total investment income within the year

was £53,220. The income from CAF for the year

was wholly re-invested. PAYMENTS

Twelve grants were awarded in the year. Nine schools were helped in various ways and three grants to other organisations – a drama room refurbishment, lighting desk, instrument hire, inclusion club, school trips and an ICT upgrade.. No grants for individuals were provided this year.

Total grants within the year, £29,814

Total payments (including bank charges and administration) within the year, £29,976

Page

FRIERN BARNET EDUCATIONAL ~~R~~ eport of the Trustees for the Year Ended 31 August 2022

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:

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 over £100,000 - this represents well over 1 years expenditure. This increase in reserves is due to fewer grants being applied for during the post coronavirus pandemic, although requests for grants are now increasing again..

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 Ms L Caton Mrs G Clemens Mr S Conacher Ms Frances Jones 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:

Page

FRIERN BARNET EDUCATIONAL

........................................................................ Mrs F Philpott - Trustee

Page

Independent Examiner's Report to the 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 2022.

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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set

  4. 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: .............................................

Page

FRIERN BARNET EDUCATIONAL

Statement of Financial Activities for the Year Ended 31 August 2022

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		 (95,365) 31.8.22
31.8.21
Unrestricted
Total fund
funds
£
£
53,222
47,748
12
16
29,814
34921
150
150
29,976
35,088
414,01
6
(72,119)
426,677
2,038,406
1,612,25
9
1,966,28
7,
2,038,40
6

The notes form part of these financial

Page

Balance Balance
Sheet
 31
August
2022
31.8.22 31.8.21
Unrestricted
Total fund
funds
Notes £ £
FIXED ASSETS
Investments 6 1,849,784 1,945,14
9
CURRENT ASSETS
Cash at bank 116,503 93,256
NET CURRENT ASSETS
116,503
93,256
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,966,284 2,038,40
6
NET ASSETS 1,966,287 2,038,4
06
FUNDS 7
Unrestricted funds 1,966,287 2,038,4
06
TOTAL FUNDS 1,966,287 2,038,4
06
The fnancial 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

FRIERN BARNET EDUCATIONAL

Notes to the Financial Statements for the Year Ended 31 August 2022

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
31.8.22 31.8.21
£ £
Investments income 53,220 47,745
Deposit account interest 3 4
53,223 47,749

Page 9

continue

Notes to the Financial Statements - continued for the Year Ended

31 August 2022

3
.
RAISING
FUNDS
Investment
management costs
Support costs		 31.8.22
31.8.21
£
£
-
-

4 TRUSTEES' REMUNERATION AND . BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

There were no trustees’ expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.

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

Notes to the Financial Statements - continued for the Year Ended 31August 2022

6
.
7
.

 FIXED ASSET
INVESTMENTS
Unlisted
investmen
ts
£
MARKET VALUE
At 1 September 2021
1,945,149
Revaluations
(95,365)
At 31 August 2022
1,849784
NET BOOK VALUE
At 31 August 2022
1,849,784
At 31 August 2021
1,945,149
There were no investment assets outside the UK.
MOVEMENT IN
FUNDS
Net
Movement
At 1.09.21 in funds At
31.08.22
£
£
£
Unrestricted funds
General fund
2,038,406
(72,119)
1,966,287
TOTAL FUNDS
2,038,406(72,119)

1,966,287
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains
and
losses
Moveme
nt
in
funds
£
£
£
£
Unrestricted funds
General fund
53,222
(29,976)
(95,365)
(72,119)


TOTAL FUNDS
53,222
(29,976)
(95,365)
(72,119)
Comparatives for movement in funds
Net
movement
At
At 1.9.20
in funds
31.8.21		 FIXED ASSET
INVESTMENTS
Unlisted
investmen
ts
£
MARKET VALUE
At 1 September 2021
1,945,149
Revaluations
(95,365)
At 31 August 2022
1,849784
NET BOOK VALUE
At 31 August 2022
1,849,784
At 31 August 2021
1,945,149
There were no investment assets outside the UK.
MOVEMENT IN
FUNDS
Net
Movement
At 1.09.21 in funds At
31.08.22
£
£
£
Unrestricted funds
General fund
2,038,406
(72,119)
1,966,287
TOTAL FUNDS
2,038,406(72,119)

1,966,287
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains
and
losses
Moveme
nt
in
funds
£
£
£
£
Unrestricted funds
General fund
53,222
(29,976)
(95,365)
(72,119)


TOTAL FUNDS
53,222
(29,976)
(95,365)
(72,119)
Comparatives for movement in funds
Net
movement
At
At 1.9.20
in funds
31.8.21
At

£ £ £ Unrestricted funds General fund 1,837,923 20,483 2,038,40 6 TOTAL FUNDS 2,038,40 1,837,9 20,483 6 23

Unrestricted funds General fund

FRIERN BARNET EDUCATIONAL

Notes to the Financial Statements - continued for the Year Ended 31 August 2022

7. MOVEMENT IN FUNDS – continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ Unrestricted funds General fund 47,748 (35,088) 414,016 426,677 _ _ _ _ TOTAL FUNDS 47,748 (35,088) 414,016 426,677 Comparatives for movement in funds Net movement At 1.9.21 in funds At 31.8.22 £ £ £ Unrestricted funds General fund 1,612,259 354,028 1,966,287 _ _ __ TOTAL FUNDS 1,612,259 354,028 1,966,287 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ Unrestricted funds General fund 100,971 (65,063) 318,651 354,558 _ _ _ _ TOTAL FUNDS 100,971 (65,063) 318,651 354,558

8 RELATED PARTY

Page 13

.

FRIERN BARNET EDUCATIONAL

DISCLOSURES

There were no related party transactions for the year ended 31 August 2022

Page 14

FRIERN BARNET EDUCATIONAL

Detailed Statement of Financial Activities for the

INCOME AND ENDOWMENTS
Investment income
Investments income
Deposit account interest
Other Income
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
12,131		 31.8.22
31.8.21
£
£
53,220
47,062
3
4
53,223
47,066
682
53,222
47,748
22,454
24,489
7,360
8,233
0
2,200
29,814
34,921
150
150
0
530
12
16
29,976
35,617
23,246

This page does not form part of the statutory financial statements

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