AUSTIN FRIARS ST. MONICA'S DEVELOPMENT FUND
Unaudited Financial Statements for the year ended 5 April 2023
Charity Number: 526867
AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
| CONTENTS | PAGE |
|---|---|
| Trustees and professional advisors | 1 |
| Trustees’ annual report | 2 |
| Independent examiner’s report | 4 |
| Income and Expenditure Account | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
CHARITY INFORMATION
| THE BOARD OF TRUSTEES: | Mr M Fort (Chair) |
|---|---|
| Mrs AM Graham | |
| Mr R Paisley (resigned 15/06/2022) | |
| Mr P Elder | |
| Mr P Kelly | |
| Mr J Paillister (appointed 15/06/2022) | |
| Mrs A Roberts (appointed 15/06/2022) | |
| TREASURER: | Mr D Strawbridge |
| FUND ADDRESS: | Austin Friars School |
| Etterby Scaur | |
| Carlisle | |
| Cumbria | |
| CA3 9PB | |
| INDEPENDENT EXAMINERS: | Saint & Co. |
| Chartered Accountants | |
| & Registered Auditor | |
| 26 High Street | |
| Annan | |
| DG12 6AJ | |
| BANKERS: | Virgin Money |
| 239 Kingstown Road | |
| Carlisle | |
| CA3 0BQ | |
| SOLICITORS: | Burnetts |
| Victoria House | |
| Wavell Drive | |
| Rosehill | |
| Carlisle | |
| CA1 2ST |
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023
The Trustees have pleasure in presenting their report and the financial statements of the Charity for the year ended 5 April 2023.
STRUCTURE GOVERNANCE AND MANAGEMENT
Austin Friars St. Monica’s Development fund was constituted by Trust Deed in 1965 as amended on 17 August 2004. The Charity is registered with the Charity Commission, in England and Wales. Registered Number 526867.
The Trustees are appointed for an initial 3 year period.
The trustees confirm that they have complied with section 17(5) of the 2011 Charities Act in having paid due regard to the Charities Commission guidance on public benefit.
Risk Management
The major risks to which the Charity is exposed, as identified by the Trustees, have been subjected to consideration and systems and procedures have been established to mitigate those risks.
OBJECTIVES AND ACTIVITIES
In setting the objectives for the Charity and planning its strategies and activities referred to below, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The objects of the Charity are the advancement of education at the Austin Friars School.
Activities undertaken for the public benefit
The Trustees have agreed to continue to support the tuition fees of pupils at the School due to the particular financial considerations prevailing in this instance.
A major fundraising campaign has commenced with the goal of replacing the current Art building with significantly enhanced facilities, along with the construction of a new Sports Hall and associated changing facilities. An ambitious target of £2.5M has been set. Once completed it is hoped that these facilities will also be used by local art and sports groups as well as allowing us to invite other primary schools in.
ACHIEVEMENTS AND PERFORMANCE
Main achievements of the charity during the year
The continued support of the tuition fees of pupils at the School due to the particular financial considerations prevailing in this instance.
As a result of support from a benefactor, an external fund-raising company (Hutt & Co) has been engaged to help direct the fundraising activities. A Campaign Board has been constituted from interested stakeholders within the School community. The Campaign Board reports to the Development Fund Board.
FINANCIAL REVIEW
Results
The results for the year and the Charity’s financial position at the end of the year are shown in the attached financial statements.
Reserves Policy
The charity aims to hold reserves sufficient to meet the objectives of the charity.
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023
THE TRUSTEES
The Trustees who served the Charity during the period were as follows:
Mrs AM Graham Mr P Elder Mr P Kelly Mr M Fort Mr J Pallister Mrs A Roberts
The report and accounts have been approved by all the Trustees and were signed on their behalf on 26[th] January 2024
…………………………………… …………………………………… Mrs AM Graham Mr M Fort Trustee Trustee
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF AUSTIN FRIARS ST MONICA’S DEVELOPMENT FUND FOR THE YEAR ENDED 5 APRIL 2023
I report to the trustees on my examination of the accounts of Austin Friars St Monica’s Development Fund for the year ended 5 April 2023, set out in pages 5 to 10.
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 Trustee’s accounts carried out under section 145 of the 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
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 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.
Jennifer McDairmant Independent Examiner Saint & Co. Chartered Accountants & Registered Auditors 26 High Street Annan DG12 6AJ 31[st] January 2024
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
STATEMENT OF FINANCIAL ACTIVITES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 5 APRIL 2023
| INCOME AND ENDOWMENTS General Donations AFA Donations Dividends (Gross) Bank Interest (Gross) Income Tax Repayments TOTAL INCOME |
Unrestricted Funds £ - - - - - - - - - - - - - - - - - |
2 0 2 3 2 0 2 2 Restricted Funds £ Total Funds £ Total Funds £ 132,598 132,598 19,514 2,280 2,280 9,550 479 479 356 2,183 2,183 36 1,560 1,560 1,196 |
|---|---|---|
| 139,100 139,100 30,652 |
||
| 726 726 562 - - 3,752 63 43 63 43 63 - |
||
| EXPENDITURE | ||
| Expenditure on charitable activities Independent Examiners Fees Donations to Austin Friars School Sponsorship costs Merchant services fees TOTAL EXPENDITURE Net gains/(loss) on investments NET INCOME Transfers between funds NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
||
| 832 832 4,377 |
||
| (14) (14) 1,528 |
||
| 138,254 138,254 27,803 - - 138,254 138,254 27,803 110,159 110,159 82,356 |
||
| 248,413 248,413 110,159 |
The notes on pages 7 to 10 form part of these financial statements.
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
BALANCE SHEET AS AT 5 APRIL 2023
| Notes | 2 0 2 3 | 2 0 2 2 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| FIXED ASSETS | |||||
| Investments | 4 | 26,378 | 26,392 | ||
| CURRENT ASSETS | |||||
| Cash at bank | 221,069 | 83,811 | |||
| Debtor | 1,536 | 560 | |||
| _ | _ | ||||
| CURRENT LIABILITIES | |||||
| Creditors & Accruals | 6 | (570) | (603) | ||
| _ | _ | ||||
| Net current assets | 222,035 | 83,768 | |||
| _ | _ | ||||
| NET ASSETS | 248,413 | 110,159 | |||
| ======= | ======= | ||||
| REPRESENTED BY:- | |||||
| Restricted fund | 7 | 248,413 | 110,159 | ||
| __ | ___ | ||||
| 248,413 | 110,159 | ||||
| ====== | ======= |
These financial statements were approved by the Trustees on 26[th] January 2024 and are signed on their behalf by:
………………………………. ………………………………. Mrs A Graham Mr M Fort Trustee Trustee
The notes on pages 7 to 10 form part of these financial statements.
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
1. GENERAL INFORMATION
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is Austin Friars, Etterby Scaur, Carlisle, CA3 9PB.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP 2019 (FRS 102)) and the Charities Act 2011. Austin Friars St. Monica’s Development fund meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared to show a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in January 2022 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Bank interest and income tax repayments
Bank interest and income tax repayments are included on an accruals basis.
Donations
Donations are recognised in the accounts when received.
Expenditure
Expenditure is included on an accruals basis.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Value Added Tax (VAT)
The scheme is not registered for VAT. Accordingly expenditure in the income and expenditure account includes the relevant VAT.
Disclosure exemptions
The entity satisfies the criteria of being a small qualifying entity as defined in FRS 102. Therefore no cash flow statement has been presented for the charity.
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
3. ACCOUNTING POLICIES (continued)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The trustees consider there were no significant judgements made in preparing the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The trustees consider there are no key sources of estimation uncertainty.
Investments
Investments are stated at market value.
Fund accounting
The charity's restricted funds are those available for general use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The Architect Fund held within restricted funds is to be spent on architect’s fees. The Capital Build Fund held within restricted funds is to be spent on the capital project.
| 4. | INVESTMENTS |
|---|---|
| 2023 2022 £ £ L and G (Barclays) Capital Trust Market Value at beginning of year 26,392 24,864 Net Gain/(Loss) on revaluation (14) 1,528 ---------------------------- ----------------------------- Market Value at end of year 26,378 26,392 ============================ ============================== |
|
| The original cost of the investment was £996. | |
| 5. | DEBTORS |
| 2023 2022 £ £ Debtor 1,536 560 ---------------------------- ----------------------------- 1,536 560 ============================ ============================== |
|
| 6. CREDITORS | |
| 2023 2022 £ £ Creditor - 63 Accruals 570 540 ---------------------------- ----------------------------- 570 603 ============================ ============================== |
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
7. ANALYSIS OF CHARITABLE FUNDS
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | Gains/ | At | ||||
| 6 April 2022 | Income | Expenditure | Transfers | Losses | 5 April 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Austin Friars School | 107,059 | 32,087 | (769) | (59,342) | (14) | 79,021 |
| Architect Fund | 600 | - | - | (600) | - | - |
| Capital Build Fund | 2,500 | 107,013 | (63) | - | - | 109,450 |
| Bursary Fund | - | 30,720 | - | 30,720 | ||
| Sixth Form Bursary Fund | - | 29,222 | - | 29,222 | ||
| ------------------------------- | ------------------------------ | ---------------------------- | ---------------------------- | -------------------------- | ---------------------------- | |
| 110,159 | 139,100 | (832) | - | (14) | 248,413 | |
| ================================ | =============================== | ============================= | ============================= | ============================= | ============================== | |
| Prior year | At | Gains/ | At | |||
| Restricted funds | 6 April 2021 | Income | Expenditure | Transfers | Losses | 5 April 2022 |
| £ | £ | £ | £ | £ | £ | |
| Austin Friars School | 81,756 | 30,652 | (4,377) |
(2,500) | 1,528 | 107,059 |
| Architect Fund | 600 | - | - |
- | 600 | |
| Capital Build Fund | - | - | - |
2,500 | - | 2,500 |
| ---------------------------- | ------------------------------ | ---------------------------- | ---------------------------- | -------------------------- | ---------------------------- | |
| 82,356 | 30,652 | (4,377) |
- | 1,528 | 110,159 | |
| ============================ | =============================== | ============================= | ============================= | ============================= | ============================== |
The Capital Build Fund is restricted, its purpose is the fundraising for a new building for the Art Department (along with a Sports Hall).
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AUSTIN FRIARS ST. MONICA’S DEVELOPMENT FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
8. SUMMARY OF NET ASSETS
| SUMMARY OF NET ASSETS | ||||
|---|---|---|---|---|
| Current | Current | Total | ||
| Investments | Assets | Liabilities | Funds 2023 | |
| Restricted funds | £ | £ | £ | £ |
| Austin Friars School | 26,378 | 53,213 | (570) | 79,021 |
| Architect Fund | - | - | - | - |
| Bursary fund | - | 30,720 | - | 30,720 |
| Sixth Form Bursary Fund | - | 29,222 | - | 29,222 |
| Capital Build Fund | - | 109,450 | - | 109,450 |
| ------------------------------ | ------------------------------ | --------------------------- | ------------------------------ | |
| 26,378 | 222,605 | (570) | 248,413 | |
| ============================== | ============================= | ============================= | ============================== | |
| Prior year | Current | Current | Total | |
| Investments | Assets | Liabilities | Funds 2022 | |
| Restricted funds | £ | £ | £ | £ |
| Austin Friars School | 26,392 | 81,270 | (603) | 107,059 |
| Architect Fund | - | 600 | - | 600 |
| Capital Build Fund | - | 2,500 | - | 2,500 |
| ------------------------------ | ------------------------------ | --------------------------- | ------------------------------ | |
| 26,392 | 84,370 | (603) | 110,159 | |
| ============================== | ============================= | ============================= | ============================== |
9. TRUSTEES’ EXPENSES
No Trustees received any reimbursement of expenses.
10. GOING CONCERN
There are no material uncertainties about the charity’s ability to continue.
11. RELATED PARTIES
A donation was given to Austin Friars School, a connected charity, totalling £nil (2022: £3,752). No trustees received any remuneration for their services to the charity.
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