Charity number: c
Fairfield Endowed School Trust
Report of the Trustees and Unaudited Financial Statements
For the year ended 30 June 2022
Fairfield Endowed School Trust Contents Page For the year ended 30 June 2022
| Report of the Trustees | 1 to 2 |
|---|---|
| Independent Examiner's Report to the Trustees | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
Fairfield Endowed School Trust Report of the Trustees
For the year ended 30 June 2022
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 30 June 2022. Th Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable t charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Irelan (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trust has continued throughout the year, to support Fairfield Endowed Junior School, and to make personal educational grant an disbursements and there has been no significant change to these during the year.
The trustees, have paid due regard to guidance issued by the Charities Commission in deciding what activities in which the Trust shou undertake.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity Fairfield Endowed School Trust Charity registration number c Principal address 124 Brown Edge Road Buxton Derbyshire SK17 7AB
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Mr Martin Bisknell Mr Charles Kitchen Ms Lynn Stone Ms Marion Wright The Revd'. Carl Edwards (: 04 April 2022) Ms Rachel Quinn Mr Anthony Melllor (: 04 April 2022) Mr Alan Pimblett Mr David Kerr (: 04 April 2022) Ms Gill Kitchen Secretary Mrs Caitlin Bisknell Senior management Mr Martin Bisknell (Chair Person) Independent examiners ABS Accountancy Ltd Suite 1 Harewood Business Centre 2 Fairfield Road Buxton Derbyshire SK17 7DW
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Fairfield Endowed School Trust Report of the Trustees Continued For the year ended 30 June 2022
Approved by the Board of Trustees and signed on its behalf by
20 March 2023
............................................................................. Mrs Caitlin Bisknell
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Fairfield Endowed School Trust Independent Examiners Report to the Trustees
For the year ended 30 June 2022
I report to the trustees on my examination of the accounts of the charity for the year ended 30 June 2022, which are set out on page which comprise the Statement of Financial Activities, the Statement of Financial Position and the related notes
Responsibilities and basis of report
As the charity trustees of Fairfield Endowed School Trust you are responsible for the preparation of the accounts in accordance with th requirements of the Charities Act 2011 ('the Act'). The charity's trustees consider that an audit is not required for this year unde section 144 of the Charities Act 2011 (the 2011 Act) and that an Independent Examination is needed.
It is my responsibility to examine the accounts under section 145 of the 2011 Act and to follow the procedures laid down in the Gener Directions given by the Charity Commission under section 145(5)(b) of the Act; and to state whether particular matters have come t my attention.
Independent examiners statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as 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 those matters set out in the statement below.
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 Fairfield Endowed School Trust as required by section 130 of the Charities Act 2011; or
-
to prepare the accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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the accounts do not comply with the accounting 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.
T Lowe
ABS Accountancy Ltd Suite 1 Harewood Business Centre
2 Fairfield Road Buxton Derbyshire SK17 7DW
20 March 2023
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Fairfield Endowed School Trust Statement of Financial Activities For the year ended 30 June 2022
| Notes | Unrestricted | Endowment | 2022 | 202 | |
|---|---|---|---|---|---|
| funds | funds | ||||
| £ | £ | £ | |||
| Income and endowments from: | |||||
| Donations and legacies | 2 | (1) | 1 | - | |
| Investments | 3 | 1,042 | 33,062 | 34,104 | 33,20 |
| Other income | 4 | 480 | - | 480 | 48 |
| Total | 1,521 | 33,063 | 34,584 | 33,68 | |
| Expenditure on: | |||||
| Charitable activities | 5/6 | (34,597) | - | (34,597) | (31,10 |
| Total | (34,597) | - | (34,597) | (31,108 | |
| Net gains/(losses) on investments | (1,909) | 62,014 | 60,105 | 157,42 | |
| Transfers between funds | 33,063 | (33,063) | - | ||
| Other recognised gains/losses | |||||
| Net movement in funds | (1,922) | 62,014 | 60,092 | 159,99 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 125,307 | 1,181,601 | 1,306,908 | 1,146,71 | |
| Total funds carried forward | 123,385 | 1,243,615 | 1,367,000 | 1,306,70 |
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Fairfield Endowed School Trust Statement of Financial Position
As at 30 June 2022
| Notes | 2022 | 202 | |
|---|---|---|---|
| £ | |||
| Fixed assets | |||
| Intangible assets | 11 | 1,278,081 | 1,217,97 |
| Tangible assets | 12 | 60,000 | 60,00 |
| 1,338,081 | 1,277,97 | ||
| Current assets | |||
| Debtors | 13 | 312 | 33 |
| Cash at bank and in hand | 30,056 | 29,02 | |
| 30,368 | 29,36 | ||
| Creditors: amounts falling due within one year | 14 | (1,449) | (62 |
| Net current assets | 28,919 | 28,73 | |
| Total assets less current liabilities | 1,367,000 | 1,306,70 | |
| Net assets | 1,367,000 | 1,306,70 | |
| The funds of the charity | |||
| Endowment funds | 1,243,615 | 1,181,60 | |
| Unrestricted income funds | 123,385 | 125,10 | |
| Total funds | 1,367,000 | 1,306,70 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mr Martin Bisknell Trustee 20 March 2023
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Fairfield Endowed School Trust Notes to the Financial Statements
For the year ended 30 June 2022
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
Fairfield Endowed School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Statement of cash flows
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.
Funds
Unrestriced funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Endownment funds are funds which are to be used in accordance with imposed restrictions or have been raised by the trust for a particular purpose. They are spent in their respection activity.
The aim of use in each fund is set out in the financial statements.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2. Income from donations and legacies
| Donations received vestment income Income from listed investments Bank interest receivable |
Unrestricted funds £ (1) (1) Unrestricted funds £ 1,017 25 1,042 |
Endowment funds £ 1 1 Endowment funds £ 33,045 17 33,062 |
2022 £ - - 2022 £ 34,062 42 34,104 |
202 |
|---|---|---|---|---|
| 202 33,18 1 |
||||
| 33,20 |
3. Investment income
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Notes to the Financial Statements Continued
Fairfield Endowed School Trust
For the year ended 30 June 2022
4. Other income
| Unrestricted funds Other income 5. Costs of charitable activities by fund type Unrestricted funds Personal educational grants Grants to institutions Support costs 6. Costs of charitable activities by activity type Grant funding of activities Personal educational grants Grants to institutions 7. Analysis of support costs Governance costs |
2022 £ 480 480 2022 £ 13,865 17,595 3,137 34,597 2022 £ 17,002 17,595 34,597 2022 £ 3,137 |
202 48 |
|---|---|---|
| 48 | ||
| 202 28,56 2,54 |
||
| 31,10 | ||
| 202 31,10 |
||
| 31,10 | ||
| 2021 2,54 |
8. Net income/(expenditure) for the year
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Fairfield Endowed School Trust Notes to the Financial Statements Continued
For the year ended 30 June 2022
9. Particulars of employees
Admin
| 2022 0 0 |
202 |
|---|---|
10. Comparative for the Statement of Financial Activities
| Unrestricted | Endowment | 202 | |
|---|---|---|---|
| funds | funds | ||
| £ | £ | ||
| Income and endowments from: | |||
| Donations and legacies | 1 | - | |
| Investments | 997 | 32,203 | 33,20 |
| Other income | 480 | - | 48 |
| Total | 1,478 | 32,203 | 33,68 |
| Expenditure on: | |||
| Charitable activities | (31,108) | - | (31,10 |
| Total | (31,108) | - | (31,108 |
| Net gains on investments | 4,701 | 152,720 | 157,42 |
| Transfers between funds | 32,203 | (32,203) | |
| Other recognised gains/losses | |||
| Net movement in funds | 7,274 | 152,720 | 159,99 |
| Reconciliation of funds | |||
| Total funds brought forward | 117,833 | 1,028,881 | 1,146,71 |
| Total funds carried forward | 125,107 | 1,181,601 | 1,306,70 |
11. Intangible fixed assets
| ntangible fixed assets | |||
|---|---|---|---|
| Foundation | Accumulated | Tot | |
| Fund | Fund | ||
| Cost or valuation | £ | £ | |
| At 01 July 2021 | 112,636 | 135 | 112,77 |
| Revaluations | 1,130,979 | 34,331 | 1,165,31 |
| At 30 June 2022 | 1,243,615 | 34,466 | 1,278,08 |
| Net book values | |||
| At 30 June 2022 | 1,243,615 | 34,466 | 1,278,08 |
| At 30 June 2021 | 112,636 | 135 | 112,77 |
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Fairfield Endowed School Trust Notes to the Financial Statements Continued
For the year ended 30 June 2022
| 12. Tangible fixed assets | ||||
|---|---|---|---|---|
| Land an | ||||
| Cost or valuation | Building | |||
| At 01 July 2021 | 60,00 | |||
| At 30 June 2022 | 60,00 | |||
| Net book values | ||||
| At 30 June 2022 | 60,00 | |||
| At 30 June 2021 | 60,00 | |||
| 13. Debtors | ||||
| 2022 | 202 | |||
| £ | ||||
| Amounts due within one year: | ||||
| Trade debtors | 312 | 33 | ||
| 312 | 33 | |||
| 14. Creditors: amounts falling due within one year | ||||
| 2022 | 202 | |||
| £ | ||||
| Trade creditors | 987 | 18 | ||
| Accruals and deferred income | 462 | 44 | ||
| 1,449 | 62 | |||
| 16. Analysis of net assets between funds | ||||
| Intangible | Tangible fixed | Net current | Net Asse | |
| fixed assets | assets | assets / | ||
| (liabilities) | ||||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General | ||||
| Foundation | 34,466 | 60,000 | 28,919 | 123,38 |
| Endowment funds | ||||
| Permanent | ||||
| Endowment | 1,243,615 | - | - | 1,243,61 |
| 1,278,081 | 60,000 | 28,919 | 1,367,00 |
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Fairfield Endowed School Trust
Notes to the Financial Statements Continued
For the year ended 30 June 2022
Previous year
| Previous year | ||||
|---|---|---|---|---|
| Intangible | Tangible fixed | Net current | Net Asse | |
| fixed assets | assets | assets / | ||
| (liabilities) | ||||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General | ||||
| Foundation | 36,375 | 60,000 | 28,732 | 125,10 |
| Endowment funds | ||||
| Permanent | ||||
| Endowment | 1,181,601 | - | - | 1,181,60 |
| 1,217,976 | 60,000 | 28,732 | 1,306,70 |
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Fairfield Endowed School Trust Detailed Statement of Financial Activities
For the year ended 30 June 2022
| INCOME AND ENDOWMENT Donations and legacies Donations Investments Income from listed investments Bank interest receivable Other income Other income Total incoming resources EXPENDITURE Charitable activities Cost of grant funded charitable activity (Personal educational grants) Cost of grant funded charitable activity (Grants to institutions) SUPPORT COSTS Governance costs Governance costs (Personal educational grants) Total resources expended NET INCOME BEFORE GAINS AND LOSSES Other recognised gains and losses Gains/(loss) on revaluation of investments Net income before gains and losses Net Income |
£ 2022 - - 34,062 42 34,104 480 480 34,584 (13,865) (17,595) (31,460) (3,137) (3,137) (34,597) 60,105 60,105 60,105 60,092 |
£ 2021 1 |
|---|---|---|
| 1 33,188 12 |
||
| 33,200 480 |
||
| 480 | ||
| 33,681 (28,560) - |
||
| (28,560) (2,548) |
||
| (2,548) | ||
| (31,108) 157,421 |
||
| 157,421 | ||
| 157,421 | ||
| 159,994 |
11 of 11 This page does not form part of the statutory financial statements