Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CHARITY REGISTERED NO: 526764
Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
CONTENTS
| Page(s) | |
|---|---|
| TRUSTEES' ANNUAL REPORT | 1-3 |
| STATEMENT OF FINANCIAL ACTIVITIES | 4 |
| BALANCE SHEET | 5 |
| NOTES TO THE ACCOUNTS | 6-10 |
| INDEPENDENT EXAMINER'S REPORT | 11 |
Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
TRUSTEES AND ADVISORS
TRUSTEES:
| Chair | Clare Lomax | |
|---|---|---|
| Vice Chairman: | ||
| Mrs Judith Berry (Co-opted/School Governor) | 12.07.2023 | |
| Mr John Burns (Co-opted Chair of the School Governors) | 12.07.2023 | |
| Professor Christine Dickinson (Appointed by the University of Manchester) | 12.07.2023 | |
| Mr Paul Dyson (Co-opted/former Director of the 6th form) | 12.07.2023 | |
| Councillor John Walsh, OBE (Appointed by the local Borough Council) | 12.07.2023 | |
| Mr Geoff Whalley (Co-opted) | 12.07.2023 | |
| Simon Li | 17.03.21 | |
| David Cartright | 17.03.21 | |
| Ian Tomkin | 07.07.21 | |
| Sam Calvert | 29.06.22 | |
| Stephen Paul Barber | 06.03.2024 | |
| BANKERS: | Lloyds Business Online banking | |
| INDEPENDENT EXAMINER: | Cowgills Limtied | |
| 4th Floor, 5B The Parklands | ||
| Middlebrook, Bolton | ||
| BL6 4SD | ||
| PRINCIPAL OFFICE: | Canon Slade School | |
| Bradshaw Brow | ||
| Bolton | ||
| CHARITY NUMBER: | 526764 |
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
TRUSTEES' ANNUAL REPORT
The Trustees present their Report and the Financial Statements for the year ended 31 December 2023.
Structure, Governance and Management
The Charity is governed by its Trust Deed, sealed 3 August 1992, (incorporating the Charity called the Bolton Church of England Educational Institution, otherwise known as Canon Slade School, and the Charity known as the Edith Fallows Fund), and Scheme (Modification) Order 1993.
New Trustees are appointed by the board of trustees as and when necessary.
Risk Review
The trustees consider at their meetings any particular business or operational risks which the charity faces. Financial reports are received at each meeting which assist the trustees in monitoring the position and they have not identified any major strategic business or operational risk during the year.
Objectives and Activities
To provide for the school such special benefits of any kind as may from time to time be agreed between the Managing Trustees and the governors of the school and being benefits of a kind not normally provided from annual maintenance grant. Or otherwise promote the education (including social and physical training and instruction consistent with the doctrines of the Church of England) of pupils and former pupils of the school who are under the age of 25 years and in need of assistance. Funds are made available to the school at regular intervals.
Each year the trustees review the objectives and activities of the charity to ensure they continue to reflect their aims and provide public benefit. The trustees are more than satisfied that they do.
Achievements and Performance
During the year the trustees provided assistance to the school in a variety of ways, including refurbishment of the water coolers, a tree survey and remedial works, purchase of defibrillator cabinets, purchase of basketball nets, purchase of books for new Year 7 pupils and payment for an author visit, and prizes for the Ex-Year 13 Presentation Evening.
Financial Review
The Trust has closed its accounts with RBS and merged all the accounts held with them into a Lloyds Online Business Account.
Reserves Policy
The trustees consider that, whilst the current level of reserves stands at a reasonable level, the funding requests likely to come from the school over the next few years means that the charity must continue to adopt a cautious policy in relation to its activities.
Investment policy
The trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees have engaged Seven Investment Management to manage the investments of the charity and the policy is to adopt a cautious risk investment strategy based on maximising income and, within the strategy, achieving capital growth, where possible, while protecting capital. A review of the investments is currently taking place following concerns that they have not performed as well as could reasonably have been expected over the years since they were first invested.
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
TRUSTEES' ANNUAL REPORT
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The 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 state of affairs of the charity and of its financial activities for the period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and the statements of recommended practice of the Charity Commission have been followed; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity and enable them to ascertain its financial position and to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Taxation Status
Canon Slade Trust is a registered charity (No 526764). As a registered charity, it is exempt from corporation tax in accordance with the provisions of the Income and Corporation Taxes Act 1988.
On behalf of the board:
Dated: 8/10/2024 | 2:41 PM BST
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST STATEMENT OF FINANCIAL ACTIVITIES
| Note Income Grants,donations and legacies 2a Charitable activities Other trading activities Investments Total income Expenditure Charitable activities 3 Total expenditure Net income/(expenditure) Net gains/(losses) on investments Unrealised gains/(losses) on investment assets 7 Net movement in funds Total funds brought forward Total funds carried forward |
Restricted Unrestricted 2023 2022 Funds Funds £ £ £ £ 210 - 210 1,278 - 78,840 78,840 94,330 - - - - - 7,030 7,030 6,448 FOR THE YEAR ENDED 31 DECEMBER 2023 |
|---|---|
| 210 85,870 86,080 102,056 |
|
| - 39,374 39,374 104,613 |
|
| - 39,374 39,374 104,613 |
|
| 210 46,497 46,707 (2,557) 5,812 - 5,812 (28,609) |
|
| 6,022 46,497 52,519 (31,166) |
|
| 273,543 124,540 398,083 429,249 |
|
| 279,565 171,037 450,602 398,083 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
|Note
FIXED ASSETS
Investments
4
CURRENT ASSETS
Debtors
Cash at Bank and in Hand
CURRENT LIABILITIES
Amounts falling due within one year
6
NET CURRENT ASSETS
Represented by:
Restricted funds
7
General funds
TOTAL FUNDS
AT 31 DECEMBER 2023
BALANCE SHEET
CANON SLADE TRUST
8/10/2024 | 2:41 PM BST|2023
194,420
194,420
-
258,570
258,570
2,388
256,182
450,602
279,565
171,037
450,602|2022
188,608|
|---|---|---|
|||188,608
12,491
199,252|
|||211,743|
|||2,268|
|||209,475|
|||398,083|
|||273,543
124,540|
|||398,083|
||||
Approved by the Board of Trustees on ……………………………. and signed on its behalf by:
Trustee
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Charity information
Canon Slade Trust is a charity established under a trust deed. The registered office is Canon Slade School, Bradshaw Brow, Bolton BL2 3BP.
Accounting convention
The accounts have been prepared in accordance with the charity's trust deed, 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 accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest
The accounts are prepared under the historical cost convention as modified by the revaluation of fixed asset investments.
Going concern
At the time of approving the accounts, the trustees have 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 accounts.
Incoming Resources
Income is accounted for in the period in which the charity is entitled to receipt.
Expenditure and liabilities
All expenditure is accounted for on an accruals basis.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services of its beneficiaries
Fund accounting
General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are funds subject to specific restriction imposed by donors, or by the purpose of the appeal in which the funds are raised.
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 its financial instruments. Financial instruments are recognised in the charity's balance 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 settle the liability simultaneously.
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Basic financial assets
Basic financial asset, which include cash and bank balances, are measured at transaction price.
Other financial assets
Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in the statement of financial activities.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, which include other creditors, are recognised at transaction price.
Fixed Asset Investments
In accordance with recommended practice, listed investments are stated at their market value at the balance sheet date. The statement of financial activities includes the net
2. INCOME
| 2a. Income from grants,donations and legacies Donations and gifts Grants |
Restricted Unrestricted 2023 2022 £ £ £ £ 210 210 1,278 - - - - |
|---|---|
| 210 - 210 1,278 |
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EXPENDITURE
| 3 Expenditure on charitable activities Development appeal allocations: Other Charges Sundry Items Premises costs Accountancy Subscriptions |
Restricted Unrestricted 2023 2022 £ £ £ £ - 202 202 109 - 3,031 3,031 1,705 - 26 26 1,835 - 33,800 33,800 98,661 - 2,280 2,280 2,268 - 35 35 35 |
|---|---|
| - 39,374 39,374 104,613 |
4. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Quoted investments (see schedule - page 12) Market value 1 January 2023 Net unrealised investment (losses)/gains Realised investment (losses)/gains Funds transferred for charitable purposes Market value 31 December 2023 Historical cost at 31 December 2023 |
2023 2022 £ £ 188,608 217,217 5,812 (28,609) - - - - |
| 194,420 188,608 |
|
| 200,071 200,071 |
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5. COVENANTS RECEIVABLE
There were amounts due from covenants amounting to approximately £151,894 at 31 December 2023 and approximately £151,894 at 31 December 2022.
| 6. CURRENT LIABILITIES Amounts falling due within one year Accruals |
2023 2022 £ £ 2,268 2,268 |
|---|---|
7. RESTRICTED FUNDS Movements in the year:
| RESTRICTED FUNDS Movements in the year: |
|
|---|---|
| Permanent endowment General prize fund Endowment fund Mitchell award G Fairclough fund Sports hall appeal Astro Fund |
Balance Incoming Unrealised Realised Outgoing Balance 01/01/2023 31/12/2023 - 405 - - 405 (17,287) 3,297 - - (13,990) 217,298 2,082 - - 219,380 2,472 28 - - 2,500 41,912 210 - - 42,122 7,005 - - - - 7,005 22,143 - - - - 22,143 Gain/(Loss) on Investments |
| 273,543 210 5,812 - - 279,565 |
The Sports hall appeal was established in 1986 by donations from parents and friends of the school. The conditions of the donations stipulated that both income and capital be used for the erection of the Sports Hall.
The income from the Permanent endowment is not restricted and is transferred to general funds at the year end.
"The Rev J N Mitchell, MA, BD Award" was a legacy bequeathed to the school by the will of Marie Mitchell, deceased, to be invested and the interest used at the discretion of the Head Teacher and Governors for any needy pupil (preferably going to university).
The G Fairclough fund is specifically for "6th Form students at Canon Slade going to University to study medicine". The Astro Fund is from two donations where the money has gone towards the refurbishment of the Astro in 2019 and to go towards the ongoing costs relating to its maintenance and usage.
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
CANON SLADE TRUST
| 8. INVESTMENTS Date of Source purchase Permanent Endowment COIF Income Shares 88.98 Nov-86 Sale of 7 garden ext. Special Range Share Endowment 7IM Funds held for investment 7IM Mod Cautious Fund 19,882 Endowment Fund 7IM Mod Cautious Fund 131,094 Oct 07 7IM Mod Cautious Fund 21,717 Jan 09 7IM Mod Cautious Fund 8,574 Sept 09 7IM Funds held for investment RBS Deposit RBS Deposit Rev J N Mitchell Award 7IM Mod Cautious Fund 2,125 Oct 07 RBS Deposit General Prize Fund COIF Income Shares 914.19 1982/98 Walker Fund M&G Charifund 60 Jul-05 COIF Deposit Fund Edith Fallows Fund COIF Investment Fund 52.63 COIF Investment Fund 36.38 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
Cost 31.12.23 31.12.22 350 1,766 1,617 1,740 - - 18,865 18,365 18,109 142,685 121,092 119,401 19,911 20,060 19,780 8,135 7,920 7,809 - - - 1,488 1,488 1,488 172 172 172 2,313 1,963 1,935 25 25 25 2,827 18,142 16,615 785 861 882 775 800 775 - 1,044 - - 722 - Market value |
|---|---|
| 200,071 194,420 188,608 |
1 The original donations came from a number of bequests including F L Bellis Legacy, W Tyson-Price Legacy E C Wood Bequest, T H Fallows Settlement and Former scholarship Funds.
-
2 The Rev J N Mitchell MA BD Award.
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3 General Prize Fund - The original donations came from a number of sources including Frank Slater Memorial, Kenneth Whiteside Memorial, Canon Elsee Memorial, Miss M Aspinall Memorial, Henry Stott Memorial, Christopher Turner Memorial, Mrs R Dover, Herbert Marsh Memorial, The Ryley Memorial and the Rev Reginald Ladds Prizes.
-
4 The original funds arose in July 1996 from M Crook and Development Appeals.
9. TRUSTEES AND CONNECTED PERSONS
No trustee received remuneration from the charity in the year or received the reimbursement of expenses.
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Docusign Envelope ID: 426D0342-EE7A-4E77-8768-B7F52FB7B72A
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CANON SLADE TRUST
I report to the trustees on my examination of the accounts of the Canon Slade Trust for the year ended 31 December 2023 which are set out on pages 4 to 12.
This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
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 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement.
Independent examiner's statement
During the year we were made aware that the charity were unable to access certain bank account statements as the bank were unwilling to provide the information. The trustees have confirmed that they are satisfied that the balance reflected in the accounts are accurate to what is held in the bank accounts.
I confirm that no matters other than the above have come to my attention in connection with the examination giving cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 confirm that there are 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.
Mrs N Roby FCA FCCA Chartered Accountant of Cowgills Limited Bedford House 60 Chorley New Road Bolton
8/10/2024 | 2:51 PM BST
Dated:
11