COWBRIDGE COMPREHENSIVE SCHOOL TRUST (registered charity number: 525559)
UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST (registered charity number:525559-1)
## CONSOLIDATED ACCOUNTS
Annual report & fnancial statements 2022/2023
## ANNUAL REPORT & FINANCIAL STATEMENTS 2022/23 COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
|Contents||
|---|---|
||Page|
|Report of the Trustees|3 - 5|
|Statement of responsibilites for the preparaton of the annual||
|Report & certfcate of the Trustees|6|
|Statement of fnancial actvites|7|
|Balance sheet|8|
|Statement of accountng policies|9|
|Notes to the statement of fnancial actvites & balance sheet|10 - 12|
|Independent examiner’s report|13 & 14|
2
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
Legal and administratve informaton
## Principal ofce
Cowbridge Comprehensive School, Aberthin Road, Cowbridge, Vale of Glamorgan, CF71 7EN.
Independent examiner
Russell Heath ACMA, STAS Ltd, 85 Eastgate, Cowbridge CF71 7AA.
## Bankers
HSBC, 61 High Street, Cowbridge, Vale of Glamorgan, CF71 7YJ.
## Solicitors
Geldards LLP, 4 Capital Quarter, Tyndall Street, Cardiff, CF10 4BZ.
Investment advisors Charles Stanley & Co Limited, 7/8 Park Place, Cardiff, CF10 3DP.
Trustees Mr J Homfray ( retired 16[th] December 2022) Mrs H Drew Mr P T Lewis ( retired 16[th] December 2022) Mrs S E Smith Mr P M Blamey (retired 16[th] December 2022) Mr S R Blackman Mrs K Kennedy ( appointed 14[th] December 2022) Mrs T Vaughan Taylor ( appointed 28[th] March 2023)
3
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST - contnued
## Structure, Governance and Management
On 29 July 2014 the Charity Commission made a direction that the Sir Thomas Mansel Franklen Trust (“TMFT”) should be treated as forming part of the Cowbridge Comprehensive School Trust (“CCST”) for the purposes of Part 4 (regulation) and Part 8 (accounting) of the Charities Act 2011.
The net income of CCST is, as before, to be paid to TMFT.
The objectives of TMFT are:
- 1 In providing for Cowbridge Comprehensive School special benefits of any kind not normally provided by the local education authority; and
- 2 In promoting the education including social and physical training of persons who are or were pupils of Cowbridge Comprehensive School or were pupils of any school provided under clause 4 of the 1983 scheme prior to the date of the scheme (22 March 2011) and who are in need of financial assistance.
## Investment policy
Trust funds are invested to produce the best financial return within an acceptable level of risk. The investment objective is to balance income and capital returns. The assets should be managed to at least maintain the real capital value of the Trust portfolios, while generating a sustainable level of investment income to support the current charitable activities. The Trusts are expected to exist in perpetuity and investments should be managed to meet the investment objective and ensure this sustainability. The trustees have selected Charles Stanley & Co Limited to implement the agreed asset allocation strategy. The trustees have responsibility for agreeing strategy and monitoring the investment assets. They meet periodically with advisors to review the portfolio, including an analysis of return, risk and asset allocation. Performance will be monitored against the FTSE APCIMS Balanced Index as a guide. The trustees have complied with their investments powers as in the governing documents and under the Trustee Act 2000.
## Fund value
The net value of the fund at the beginning of the year was £3,675,167 and by the end of the year was £3,384,498 a net decrease of £290,669. The net decrease was attributable to lower stock market valuations of investments, despite gains on the disposal of investments of £43,314.
4
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST - contnued
## Operatons
The trustees’ principal objectives were to:
- 1 Continue to resist the application to register the playing field at The Butts as a town or village green. This was successfully achieved.
- 2 Respond positively to requests from individuals and the school to fund worthy projects and activities, particularly those which assist disadvantaged pupils.
- 3 Promote the sale of the former sixth form building on Aberthin Road, contracts for a sale subject to receipt of satisfactory planning permission having been exchanged.
## Reserves policy
The charities need to retain unrestricted reserves to safeguard their service delivery commitments in the event of financial uncertainty. The trustees established that £50,000 would be required and this sum is included within the total fund shown in the balance sheet.
## Risk management
The trustees have examined the major strategic business and operational risks which the charities face and confirm that systems have been established to enable regular reports to be produced and professional advice to be considered so that the necessary steps can be taken to mitigate these risks.
5
## STATEMENT OF RESPONSIBILITIES FOR THE PREPARATION OF THE ANNUAL REPORT COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
The charities’ trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
## Trustees’ responsibilites in relaton to the fnancial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charities’ financial activities during the year and of their financial position at the end of the year. In preparing these financial statements the trustees are required to:
- Select suitable accounting policies and then apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charities will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charities and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The trustees are also responsible for safeguarding the assets of the charities and hence for taking responsible steps for the prevention and detection of fraud and other irregularities.
6
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
|Notes
INCOME & EXPENDITURE
Incoming resources
Investment income
1(i)
Rents
1(ii) &
(iii)
Gains on disposal of investments
2
Total incoming resources
RESOURCES EXPENDED
Charitable actvites
3
Governance costs
4(i)(ii)
Other
4(iii)
Total resources expended
Net incoming/(outlow) of
resources for the year
Recognised gains/losses
Investments assets
Total funds brought forward|General
Funds
£
74,674
500
30,000
105,174
(20,258)
(3,844)
(16,905)
(41,007)
64,167
64,166
(2,697)
61,469|Restricted
Funds
£
25,000
-
43,314
68,314
-
(24,632)
-
(24,632)
43,682
(354,835)
3,677,864
3,323,029|Total
£
99,674
500
73,314
173,488
(20,258)
(28,476)
(16,905)
(65,639)
107,849
(290,669)
3,675,167
3,384,498|2022
£
90,066
200
46,095
136,361
(24,866)
(44,559)
(14,983)
(84,408)|
|---|---|---|---|---|
|||||51,953|
|||||36,285
3,638,882|
|||||3,675,167|
The notes contained on pages 10-12 form part of these accounts.
7
## BALANCE SHEET AS AT 31 MARCH 2023 COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
|Notes
Fixed assets
Investments: land
5
Other long term investments
6
Current assets
Cash at bank
Debtors
8
Total current assets
Less current liabilites
Sundry creditors
7
Uncleared cheques
Total current liabilites
Total assets|General
Funds
£
-
-
-
65,919
717
66,636
-
5,167
5,167
61,469|Restricted
Funds
£
52,500
3,270,529
3,323,029
-
-
-
-
-
-
3,323,029|Total
£
52,500
3,270,529
3,323,029
65,919
717
66,636
-
5,167
5,167
3,384,498|2022
£
52,500
3,625,364|
|---|---|---|---|---|
|||||3,677,864|
|||||11,168
678
11,846
61
14,482
14,543
3,675,167|
The notes contained on pages 10-12 form part of these accounts.
Approved by the trustees at their meeting on………………………………………………………….. And signed by two trustees, duly authorized on their behalf
Signed: Date: Trustee …………………………………………………………………….. Trustee ……………………………………………………………………..
8
COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
## STATEMENT OF ACCOUNTING POLICIES COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
Accounting policies are the principles, bases, conventions and rules by which transactions are recognized, measured and presented in the accounts to show a true and fair view in accordance with the financial reporting standards FRS 18.
## Basis of preparaton
The financial statements are prepared in accordance with the legal requirements contained in the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Statement of Recommended Practice: Accounting by Charities (Charities SORP) 2005 and all relevant Accounting Standards.
## Fixed assets
Fixed assets and long term investments are recorded in the accounts at current market value as required by the above mentioned regulations. Land has been valued by an external valuer, (being a member of The Royal Institution of Chartered Surveyors (RICS)) in accordance with the Statements of Asset Valuation Practice and Guidance Notes issued by The Royal Institution of Chartered Surveyors. Land has been valued at open market value. Any difference in value arising out of periodic revaluations will be charged/credited to the revaluation reserve, except where the individual assets have not previously been revalued upwards, in which case any charges will be expensed in the year to which they relate. The most recent valuation of the remaining land, the College Field site, was carried out by GVA Grimley Ltd in the financial year 2013/14. Depreciation is not provided for on the land in accordance with SSAP19, Accounting for Investment Assets.
## Other investments
Other investments are recorded at current market values as required by the above regulations. Any difference in value on the previous year is charged/credited to the revaluation reserve except where the individual assets have not previously been revalued upwards, in which case any changes will be expensed in the year to which they relate.
## Fund structure
Funds are restricted in their application to particular charitable purposes.
9
## NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE SIR THOMAS MANSEL FRANKLEN TRUST
|1
Investment income
CCST
£
(i)
Investment income
73,658
(ii) The right to receive yearly sums of
£50 from Jesus College, Oxford
-
(iii) Rental income from rugby &
football clubs
450
2
Proft on sale of shares
CCST
£
Gains on disposal of investments
66,811
3
Charitable actvites
CCST
£
Student grant
-
Grants for school
-
Music bursary, lessons & drama
-
Insurance
879
Room hire
879|TMF
£
1,016
50
-
TMF
£
6,503
TMF
£
8,500
10,000
-
879
-
19,379|2023
Total
£
74,674
50
450
2023
Total
£
73,314
2023
Total
£
8,500
10,000
-
1,758
-
20,258|2022
£
40,066
50
150
2022
£
46,095
2022
£
3,500
20,000
-
1,366
-|
|---|---|---|---|
||||24,866|
10
## 4 Governance costs (general funds (i)
|Accountants’ fees
Solicitors’ fees
Secretarial fees & postage
Bank charges
Governance costs (restricted funds (ii))
Investment brokers fees
Other costs (iii)
Other costs
6thform building
Repairs & maintenance
5Investment propertes
3.46 acres known as the
“College Field”|CCST
£
720
-
625
-
1,345
CCST
£
24,204
24,204
CCST
£
-
16,495
410
16,905
CCST
£
52,500|TMF
£
720
1,080
625
74
2,499
TMF
£
428
428
TMF
£
-
-
-
-
TMF
£
-|2023
Total
£
1,440
1,080
1,250
74
3,844
2023
Total
£
24,632
24,632
2023
Total
£
-
16,495
410
16,905
2023
Total
£
52,500|2022
£
1,200
16,896
1,357
-
19,472
2022
£
25,087
25,087
2022
£
(100)
15,083
-
14,983
2022
£
52,500|
|---|---|---|---|---|
The most recent valuation of the remaining land known as the College Field site was carried out by GVA Grimley Limited in the financial year 2013/14.
11
## 6 Investments
|6Investments||||
|---|---|---|---|
||||2023|
||CCST|TMF|Total|
||£|£|£|
|Market value at 1 April 2022|3,561,967|63,397|3,625,364|
|Plus capital account acquisitons|121,498|13,060|134,558|
|Plus income re-invested|25,000|-|25,000|
|Less buildings costs|-|-|-|
|Less management costs|24,204|428|24,632|
|Less disposals at market value|178,579|17,912|196,491|
|Less (decrease) on revaluaton|(292,735)|(535)|(293,270)|
|Market value at 31 March 2023|3,212,947|57,582|3,270,529|
The investments are all listed on a recognized stock exchange, with £204,498 held as a cash deposit. The value of investment assets outside the UK is £1,003,700.
## 7 Sundry creditors
|7Sundry creditors|||||
|---|---|---|---|---|
||CCST|TMF|2023|2022|
||£|£|£|£|
|Gif|-|-|-|-|
|VPS – VAT|-|-|-|61|
|Uncleared cheques|-|5,167|5,167|14,482|
|8Sundry debtors|||||
||CCST|TMF|2023|2022|
||£|£|£|£|
|Insurance refund|284|283|567|678|
|Rental Income from rugby club 150||-|150|-|
||434
|283
|717
|678|
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## INDEPENDENT EXAMINER’S REPORT COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE THOMAS MANSEL FRANKLEN TRUST
Report to the trustees of Cowbridge Comprehensive School Trust with the Sir Thomas Mansel Franklen Trust.
On accounts for the year ended 31 March 2023 Charity number: 525559 and 525559-1 Set out on pages 7-11
## Respectve responsibilites of trustees and examiner
The charities’ trustees are responsible for the preparation of the accounts. They consider that an audit is not required for this year under Section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:
- Examine the accounts under Section 145 of the Charities Act.
- To follow the procedures laid down in the general directions given by the Charity Commission (under Section 145(5)(b) of the Charities Act.
- To state whether particular matters have come to my attention.
## Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charities and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to these matters set out in the statement below.
13
## INDEPENDENT EXAMINER’S REPORT contnued COWBRIDGE COMPREHENSIVE SCHOOL TRUST UNITED WITH THE THOMAS MANSEL FRANKLEN TRUST
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
- Which gives me reasonable cause to believe that in, any material, respect, the requirements:
- To keep accounting records in accordance with Section 130 of the Charities Act; and
- `o` To prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed …………………………………………………….. Date ……………………………………………………….. Name:
Relevant professional qualification(s) or body (if any):
Address:
14