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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 527178

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

ANTHONY GELL SCHOOL FOUNDATION

Mills & Black Derwent House 141-145 Dale Road

Matlock Derbyshire DE4 3LU

ANTHONY GELL SCHOOL FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023

Page
Report of the Trustees 1 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 to 21
Detailed Statement of Financial Activities 22

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 2019).

OBJECTS OF THE CHARITY, PRINCIPAL ACTIVITIES AND ORGANISATION OF OUR WORK

The objectives of the Charity, which form the basis of our allocations of expendable funds, are:

1). The provision of items, services and facilities at Anthony Gell School.

2). The promotion of the education of persons who are in need of financial assistance in the following order of priority:

a) persons who are attending the school;

c) persons under the age of 25 resident in the Parish of Wirksworth, and the surrounding villages.

The Charity has continued to carry out activities in pursuit of the above objectives and the achievements and performance during the year are detailed below. It is important to note that our help to school is for additionality in education provision and services, not for core funding.

OBJECTIVES AND ACTIVITIES

OBJECTIVES FOR THE YEAR

The ongoing objectives for the Foundation year-on-year are to continue to support the School and those related to it in accordance with the overall objectives stated above. This is principally carried out through the making of grants to meet specific requests which add value to the education and wellbeing of the students directly or indirectly.

In order to have the available funds to provide the above, the Trustees seek to work within an approved budget, and to :

- maximise the return on financial investments held

- maximise the revenue received through activities relating to the use of the Foundation's facilities/land

- maintain the physical assets both in order to provide the best opportunity for income generation and also to mitigate risks relating to wear and tea r etc.

Page 1

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

ACHIEVEMENT AND PERFORMANCE

Core activities

The Foundation has continued to support the School, its students and ex-students through a programme of small grants as requested by the School and approved by the Foundation's meetings. These grants are for additionality in education provision and services, not for core funding. In the current year a provision was made for up to £14,000 to be made available for this purpose. Grants totalling £17,442 were made which fall into five main categories:

- Individual Student Suppor t: This is supporting students to attend various on and off-campus events. Total support = £2,175.

- Small groups : Supporting initiatives and activities where students work together in groups. Total support = £300 in the current year.

- School faculties : Funding programmes which address student needs within specific faculties and departments. Total support = £10,006.

- Whole School Projects : To fund activities, materials and infrastructure which provide general benefit across the School as a whole. Tota l support = £3,455

- Wider community : To provide grants to fund the development and financial assistance for young people and groups within the wider Wirksworth area. Total support = £1,506 in the current year.The trustees agreed to carry forward £8,665 of unspent funds towards items in the coming year.

- Restricted Income

Through the generosity of our supporters, the Foundation currently holds six funds which are restricted to specific areas of work under the terms of their donation. These are:

o Special Needs & Accessibility : £762 (originally £1,300).

o Art Equipment bursary : £150.

o Archives : £1,255.

o Outdoor education and sport : £1,100 (originally £1,600).

o Sports Hall : Surplus funds raised towards the renovation of the Sports Hall floor are held to fund further improvements/accessories relating to the Sports Hall. The remaining balance is £829.

o Sporting activities : £2,392. A donation from the Wirksworth & District Sports Group representing the balance of its funds on ceasing its activities. The request is that this should be "spent to develop or support sporting activities as thought best by the F oundation".

Artificial Turf Pitches

The Foundation donated £70,000 towards the overall cost of £240,000 for the major all-weather full-sized floodlit sports pitch which opened in September 2001. Additionally, there are a 5-a-side pitch and changing rooms which were completed in 2005 at a total cost of £470,000. The pitch rental income is collected by Freedom Leisure Ltd, who handle the bookings from the Leisure Centre, and this is handed on to the Foundation regularly. The receipts are treated as income held by the Foundation designated principally to address the maintenance and eventual surface renewal of the pitches. The receipts in this year totalled £52,814 (2021-22, £62,056). Usage of the artificial turf pitches is estimated to have been over 46,900 people in the year to 31 March 2023, which demonstrates the continuing opportunity they provide for the public as well as the School for exercise, health, well-being and enjoyment.

Environmental and Landscape Improvements

Works continued through the year to maintain the environment, especially perimeter areas owned by the Foundation. This included maintenance of areas of grass and shrubs/trees as well as planting around the car parks and pitches. The trustees continue to use a local contractor, whose services were reviewed, under a tendering process, and renewed for a further 3 years in 2022.

The trustees are aware that there have been occurrences of Japanese Knotweed on Foundation land. This is a vigorous invasive plant species which is hard to eradicate. The Foundation - in its programme of control and eradication - is continuing to seek to follow the prevailing best-practice as a custodian of the environment and the people who interact with it, and will review this approach annually.

The trustees are working in conjunction with the Derbyshire Wildlife Trust and its partner agencies to explore ways to develop an ecologically sensitive approach to flood management on the lower reaches of Foundation land bounded by the Hannage Brook.

Page 2

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

ACHIEVEMENT AND PERFORMANCE

Swimming Pool

A local charitable trust was established to run the Pool and take over the management from Derbyshire Dales District Council. The Foundation is Landlord and the Trust was assigned the lease by the Council from April 2012. The lease runs until 2079 and the Trust has received on-going support from Wirksworth Town Council.

The Community Sport and Leisure Centre

The Leisure Centre was opened in January 2000 at a cost of £1.3 million of which £11,000 was contributed from the Foundation particularly relating to benefits to School. The Foundation subsequently contributed £5,324 towards an Emergency Access Road and £5,094 towards renewal of the main floor. In 2018-19, the Foundation contributed £18,450, with the Gell Friends contributing a further £2,000 towards the cost of £67,616 of resurfacing the Sports Hall Floor.

The Leisure Centre continues to be of great benefit and popularity for the School and the wider community with the old School Gym being part of the facilities offered. The Foundation granted a long lease to DDDC in 1999 until 2079. The rent is subject to review at 5 yearly intervals (the next review being now due in 2023) in line with the retail price index. The Foundation received £13,533 in the current year.

The District Council engaged consultants to advise them on options for the future management of its Leisure Service at 4 centres across the County of which this is one. In December 2016 DDDC decided to contract out their Leisure Services to a managing agent by Summer 2018. The Foundation had meetings with DDDC, and Derbyshire County Council for the School, about the appropriate legal agreements and a lease variation. Additionally, these meetings sought to ensure that effective integration of other sports facilities at the Hub on the same site is maintained, and that appropriate arrangements and hire rates would be ensured under new management for the hiring of the Pitches. The new management structure, under Freedom Leisure Ltd came into effect on 1st August 2018.

Unadopted section of Canterbury Terrace

The Foundation is the registered owner of the roadway at the southeast end of Canterbury Terrace in Wirksworth. The Trustees realise that, whilst the ownership of this land has no direct beneficial purpose to the charity, it is not currently a priority to seek to transfer ownership to any other party or parties.

The Trustees seek to maintain the roadway to an acceptable standard. In all of this, the Trustees will continue to establish and maintain good levels of communication with the adjoining 6 householders, with DCC and with Severn Trent Water (STW), as stakeholders.

Gift Aid

The Foundation is able to recover income tax on donations made under the HMRC Gift Aid scheme. This is handled by the Gell Friends who have identified £739 as recoverable against the current year's donations.

Page 3

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

ACHIEVEMENT AND PERFORMANCE

Governance

At the Annual General Meeting, on 13th July 2022 Anna Bristow stood down as a trustee after many years of service to the Foundation. Chris Whittall was elected at that meeting to be Vice-Chair in Anna's stead. Nick Hodgson stepped down as a trustee at the October meeting. The Lord Lieutenant's office approved Simon Hobbs as Nick's replacement as representative of the Lord Lieutenant on the Foundation. Additionally Alison Foote was appointed as a trustee in October 2022 and Adam Lathbury in March 2023.

FUTURE PLANS

As addressed elsewhere in this report, the Foundation seeks to adopt a prudent approach to both investment and spending strategies. Given these constraints, the Foundation will:

Additional future plans are:

Plans for the academisation of Anthony Gell School

The School Governing Body undertook consultations with local stakeholders and with staff as part of the process leading towards the academisation of the School, by joining the Embark Federation.

The Foundation has two Trustees who are appointed to the Governing body of the School. They both took an active part in the Governors' focus group which met during academic year 2021-22 and contributed to the Governors' Success Criteria Document and to the deliberations about whether or not to proceed.

The Foundation is taking an active role in the process: as a stakeholder; as a charity with charitable objects linked to the School and those who attend it, particularly those who are disadvantaged; and as the freeholder of the land upon which the School sits. After much consideration and subject to the statements below, the Foundation took the view that it agrees with the proposal for the School to join the Embark Federation.

Trustees submitted their response to the proposal consultation in June 2022, the summary of which reads:

We agree to the proposal because we believe that it is better to make a proactive choice now than to wait and be pushed into a less suitable Multi-Academy Trust in future, and on the basis that Embark will ensure that

a) the leadership team of the School has an opportunity to shape the secondary offer to secure the ethos and values of the School into the future.

b) the Local Governing Board will have a high level of autonomy and that the Foundation will be represented on the Local Governing Board by two Foundation Trustee Governors.

c) the future working relationship between Embark and Foundation will be secured via a clear Memorandum of Understanding so that positive and supportive ways of working are safeguarded into the future.

d) the assets of the Foundation will be suitably maintained and protected for use by the School and the community via robust and appropriate Leases and Shared Use Agreements, and that the conversion cannot take place until these are agreed.

The School Governing Body voted to proceed.

Trustees met with Embark's CEO and senior staff, in both April 2022 and January 2023 to discuss how Foundation's assets and activities will be protected, and how any concerns regarding the wider educational and social / diversity implications of the proposal can be addressed. A Memorandum of Understanding was agreed by both Embark Trustees and Foundation Trustees in March 2023. At the Balance Sheet date, the draft lease agreements were being negotiated for property owned by Foundation to be leased to Embark. It was possible that, as part of the academisation process, Foundation would become owners of the buildings constructed by Derbyshire County Council on Foundation land.

Page 4

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

ACHIEVEMENT AND PERFORMANCE

Foundation has endeavoured to establish which elements of the property owned by Foundation are included on Derbyshire County Council's Fixed Asset Register for the year 2022/23, and the value assigned to them. It has been intended that once it is established what assets are deemed to be the Council's, Foundation could put a value to what has always belonged to AGSF in this year's (31 March 2023) Financial Statements. This has not proved possible. Foundation is now submitting a Freedom of Information Act request to Derbyshire County Council as the information requested is not normally in the public domain.

Anthony Gell School joined the Embark Federation on 1st August 2023, in accordance with academisation legislation. Foundation became the beneficiary of all of the school buildings from this date, leasing them to Embark and entering into a Memorandum of Understanding with Embark to embed the protection of the interests of Foundation going forward. In accordance with charity legislation, once a valuation is obtained, Foundation will be able to apply a value to any assets donated by the Council to Foundation. These will then be included, with its current assets, in the 31 March 2024 Financial Statements.

Ethical Investment Policy and Approach

The Foundation reviewed previous investment and ethical policies in 2014 to identify issues by which investors might discriminate in making investments, including social and environmental as well as ethical in the pure sense of the word. The trustees will hold conversations during the year 2023-2024 to review the criteria on which this policy is based.

Charity Commission advice was that the interests of a charity's beneficiaries are, in general, best served by the trustees seeking to obtain the best financial return from its investments. Investments must be centred on the interests of the charity and not of the trustees. Thus, charities should decline to invest in a particular company if it carries out activities which are directly contrary to the charity's purpose - e.g. cancer charity not investing in tobacco companies.

The main reasons for adopting a policy for Responsible Investment include:

In the case of the Foundation, this is important in its relationship to education and the interests of students at Anthony Gell School. Since the Foundation's beneficiaries are mainly children who attend the School, this means all students have an interest in our investment policy(as do parents and donors), both in financial and ethical aspects.

The Foundation decided to have a clear, simple but flexible approach on the following lines: We concluded that we should

Page 5

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

ACHIEVEMENT AND PERFORMANCE

Investment Strategy

Taking this policy forward into practice, our Financial Adviser reviewed our investments and needs in January 2015 and presented a detailed Review of Investment Strategy which was fully discussed and approved. Our long term strategy is a combination of equities and fixed interest funds invested in order to reduce the overall risk. Investment portfolios should be International (not just British companies with overseas interest) particularly in the US. We should not need constantly to 'fine tune' the actual investments. Our Adviser suggested that the broad allocations of investment should be as outlined in the Strategy, but with the authority of Chairman and Vice Chairman to modify it where they thought it necessary. Investments should either be with one major manager or a number of small managers. This is to ensure long term security and fraud prevention. Whilst the risk is relatively low, it does exist especially with the smaller managed funds. As returns at present are low it is important that fund charges are low.

Our Adviser's recommendations were accepted to invest in Epworth Affirmative Corporate Bonds Fund as the fixed interest fund and the COIF Charities Ethical Fund in order to provide diversity.

Trustees queried if the Foundation was bound to use the income of the letting of the pitches for future surface replacements. Legal Advice is that it was not locked into this. Our Financial Adviser explained that in effect, the fund could be deemed to be hypothecated as there is at least an expectation in the community that pitch hire money will be used in this way. It has been agreed that revenue from pitch hire should be monitored and, if there are any excess funds, these could be used elsewhere or added to investments.

The overall recommendation was to have 2 Equity funds one with Epworth and one with COIF and one fixed interest investment fund, also with Epworth. This was previously acted upon with £70,000 invested in the COIF Ethical Fund in March 2015 and £70,000 being transferred from the Epworth Affirmative Equity Fund to the Epworth Corporate Bond Fund for charities in April 2015. The fixed interest could start lower than 30% with pitch hire money being added from the letting of the pitches. We transferred a further available £50,000 from cash to the COIF investment after a review report by our Financial Adviser in January 2016 since all capital projects to that date had been completed. At the Balance Sheet date, the trustees were aware that Epworth were ceasing to offer a Corporate Bond Fund from the end of April 2023. The trustees are currently working with their Financial Adviser to transfer funds to an appropriate alternative.

The trustees will continue to build this up with excess revenue from the letting of the pitches as available. At a further review in September 2016 trustees agreed the Financial Adviser's recommendations and invested a further £30,000 in the COIF Ethical fund, which can be accessed for appropriate spending in line with priorities. At 31st March 2023, our investments were valued at - COIF (Charities Official Investment Fund) - £312,905, Epworth Affirmative Equity Fund - £296,583 and Epworth Corporate Bond Fund - £149,738.

FINANCIAL REVIEW

Reserves policy

Having adopted a total return approach to investment as indicated above, the Trustees in consequence plan to spend each year an amount which when adjusted for inflation can, they believe, be sustained into the indefinite future by their capital resources. They will however make provision within that amount for future expenditure and contingencies which they believe should be spread over more than one year. They have accordingly set aside £203,111 at the year-end of past income which remains unspent at 31 March 2023 as a reserve. Its principal purpose is to facilitate renewal of sports facilities at the school which will probably be required again in the future and which it may not be possible to fund wholly from other sources.

Charity property

Charity Property is defined in the Scheme as land and buildings at Wirksworth in the County of Derbyshire, being the Anthony Gell School and its playing fields. The land is vested in the Official Custodian for Charities by virtue of the Scheme approved by Her Majesty in Council on 13 May 1887 and an order of the Charity Commission of 26 April 1927 as affected by the provisions of the Charities Act 1960. We transferred an area of land and an outbuilding to the owners of Old School House and renewed a lease to Western Power for a Sub Station adjoining Nether Gardens. The proceeds (£1,000 in each case) have been invested. Our land holding was registered with the Land Registry in 2013. There does not appear any more scope to dispose of property.

Page 6

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 March 2023

FINANCIAL REVIEW

Financial Review

The Statement of Financial Activities shows net expenditure on unrestricted activities of £5,798 before transfers and net income on restricted activities is £16,549 before transfers. The performance of the stock market has declined since 31/03/2022, resulting in an unrealised loss of £42,067 as at 31/03/2023.

The net effect of this is a deficit on the Income and Expenditure Account of £31,316. The overall funding for the year is 3.4% less than the previous year.

At the end of the year, unrestricted funds total £270,146, which is sufficient to support the implementation of the charity's objects for the foreseeable future.

Total return order

As previously reported, we reviewed our financial and investment strategy and total return approach to investment which was approved by the Charity Commission who made an order dated 27 July 2006. This was subject to:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Charity was originally established by a Scheme dated 28 June 1910. A new Scheme was approved by the Charity Commission and took effect on 25 May 2005.

Trustees

The current Scheme allows for 7 Trustees, Comprising of:

2 nominated Trustees:

5 co-opted Trustees:

These are currently: Cathy Cooke, Simon Hobbs, Debi Hedderwick, Lee Shakespeare, Alison Foote and Adam Lathbury.

All Trustees are appointed for terms of 4 years with no limit as to how often they may be reappointed.

Page 7

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

School governing body representatives

There are currently 3 Governing body representatives in non-voting capacities at our meetings. They are Malcolm Kelly (Headteacher), Lee Stephens (Chair of Governors) and Rosie Harrison (Vice Chair of Governors).

Trustee remuneration

None of the Trustees received any remuneration for their services during the year. The amount of expenses reimbursed was £nil in 2022-23 for travel costs to our Financial Adviser (£nil in 2021-22).

Operational management

Hugo Lane serves as Secretary, on a self-employed basis. The post covers 3 principal areas of responsibility: administrative support; maintaining financial records and support to individual trustees by undertaking delegated duties on their behalf in their respective areas of responsibility.

Legal advice

Glenn McClenaghan from Derbyshire Legal Services Ltd continues to provide the Trustees with excellent and sound advice.

Financial and Investment advice

Peter Jones supports the work of the Trustees by advising on prudent, remunerative and ethical strategies for investment of the Foundation's financial assets.

Examination of the annual Financial Statements of the Foundation

Mills & Black Chartered Accountants were appointed to examine the Financial Statements for a further year.

Related parties

The Trustees are required to disclose transactions with related parties.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

To this end, the Trustees review annually their financial regulations covering policies and practices to be observed in order to protect the assets of the Foundation and to mitigate risks to which it may become exposed.

The Foundation understands that this approach to risk management is ongoing and as such will continue to initiate new measures, as well as review existing ones, to reduce exposure.

The Foundation renewed their insurance for Trust and Trustees Liability, Public Liability (re: Property owned) and Legal expenses cover through Zurich Municipal for £774 (£774 in 2021-22).

Page 8

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT PUBLIC BENEFIT STATEMENT

The Trustees confirm that, under the terms of Section 17(5) of the Charities Act 2011, they have complied with their duty to have due regard to the public benefit guidance as published by The Charity Commission.

Historically, the Trustees have sought to support the core beneficiaries, under the terms of our charitable objects, through grants to the School and individuals. Additionally, assets have been sold or leased to create a medical centre, the Leisure Centre and sports pitches all of which assist not just the core beneficiaries but the greater public. During the year the Trustees have provided charitable funding, undertaken in furtherance of their charitable objects for the benefit of the public. These are highlighted in the report below.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

527178

Principal address

Wood Street Wirksworth Derbyshire DE4 4DX

Trustees

Anna Bristow Vice Chair (resigned 13.7.22) Cathy Cooke Chair Simon Hobbs Nick Hodgson (resigned 31.10.22) Chris Whittall (appointed Vice Chair 13.7.2022) Debi Hedderwick Lee Shakespeare Alison Foote (appointed 31.10.22) Adam Lathbury (appointed 27.3.23)

Independent Examiner

I M Hayes FCA Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU

Bankers

Lloyds Compton Ashbourne Derbyshire

Legal advice Glenn McClenaghan

Financial and Investment advice

Peter Jones

Page 9

ANTHONY GELL SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Cathy Cooke - Trustee

Page 10

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANTHONY GELL SCHOOL FOUNDATION

Independent examiner's report to the trustees of Anthony Gell School Foundation

I report to the charity trustees on my examination of the accounts of Anthony Gell School Foundation (the Trust) for the year ended 31 March 2023.

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 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.

I M Hayes FCA

Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU

Date: .............................................

Page 11

ANTHONY GELL SCHOOL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2023

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
Investment income
3
80,916
Other income
-
Total
80,916
EXPENDITURE ON
Raising funds
4
774
Charitable activities
5
Anthony Gell School
85,940
Anthony Gell Almshouses
-
Young Futures Fund
-
Total
86,714
Net gains/(losses) on
investments
-
NET
INCOME/(EXPENDITURE)
(5,798)
RECONCILIATION OF
FUNDS
Total funds brought forward
As previously reported
275,944
Prior year adjustment
9
-
As restated
275,944
TOTAL FUNDS CARRIED
FORWARD
270,146		 31.3.23
31.3.22
Restricted
Endowment
Total
Total
funds
funds
funds
funds
as restated
£
£
£
£
20,734
-
20,734
6,974
-
-
80,916
87,298
-
-
-
8,500
20,734
-
101,650
102,772
-
-
774
774
4,016
-
89,956
38,524
-
-
-
80
169
-
169
-
4,185
-
90,899
39,378
-
(42,067)
(42,067)
1,039,193
16,549
(42,067)
(31,316)
1,102,587
21,096
624,322
921,362
818,775
-
1,000,000
1,000,000
-
21,096
1,624,322
1,921,362
818,775
37,645
1,582,255
1,890,046
1,921,362		 31.3.22
Total
funds
restated
£
6,974
87,298
8,500
102,772
774
38,524
80
-
39,378

The notes form part of these financial statements

Page 12

ANTHONY GELL SCHOOL FOUNDATION

BALANCE SHEET

31 March 2023

Notes
FIXED ASSETS
Investments
Investments
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one
year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
14
Unrestricted funds
Restricted funds
Endowment funds:
Permanent Endowment
TOTAL FUNDS		 Unrestricted
fund
£
176,970
-
176,970
20,167
78,592
98,759
(5,583)
93,176
270,146
270,146		 Restricted
funds
£
-
-
-
739
36,906
37,645
-
37,645
37,645
37,645		 Endowment
funds
£
582,255
1,000,000
1,582,255
-
-
-
-
-
1,582,255
1,582,255		 31.3.23
Total
funds
£
759,225
1,000,000
1,759,225
20,906
115,498
136,404
(5,583)
130,821
1,890,046
1,890,046
270,146
37,645
1,582,255
1,890,046		 31.3.22
Total
funds
as restated
£
766,292
1,000,000
1,766,292
1,273
159,355
160,628
(5,558)
155,070
1,921,362
1,921,362
275,944
21,096
1,624,322
1,921,362

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Cathy Cooke - Trustee

The notes form part of these financial statements

Page 13

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023

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 2019)', 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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

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. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.3.23 31.3.22
as restated
£ £
Donations and grants 19,995 6,169
Gift aid 739 805
20,734 6,974

continued...

Page 14

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

3. INVESTMENT INCOME

Rents received
Pitch income
Other fixed asset invest - FII
Deposit account interest
RAISING FUNDS
Raising donations and legacies
Insurance
CHARITABLE ACTIVITIES COSTS
Anthony Gell School
Young Futures Fund
SUPPORT COSTS
Anthony Gell School		 31.3.23
31.3.22
as restated
£
£
14,832
14,837
52,814
62,056
13,178
10,405
92
-
80,916
87,298
31.3.23
31.3.22
as restated
£
£
774
774
Support
Direct
costs (see
Costs
note 6)
Totals
£
£
£
84,756
5,200
89,956
169
-
169
84,925
5,200
90,125
Governance
costs
£
5,200

4. RAISING FUNDS

5. CHARITABLE ACTIVITIES COSTS

6. SUPPORT COSTS

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
Investment income
87,298
Other income
8,500
Total
95,798		 Restricted
Endowment
funds
funds
as
£
£
6,974
-
-
-
-
-
6,974
-		 Total
funds
restated
£
6,974
87,298
8,500
102,772

EXPENDITURE ON

Page 15

continued...

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued ACTIVITIES - continued
Unrestricted Restricted Endowment Total
fund funds funds funds
as restated
£ £ £ £
Raising funds 774 - - 774
Charitable activities
Anthony Gell School 37,246 1,278 - 38,524
Anthony Gell Almshouses 80 - - 80
Total 38,100 1,278 - 39,378
Net gains on investments - - 1,039,193 1,039,193
NET INCOME 57,698 5,696 1,039,193 1,102,587
RECONCILIATION OF FUNDS
Total funds brought forward 218,246 15,400 585,129 818,775
TOTAL FUNDS CARRIED FORWARD 275,944 21,096 1,624,322 1,921,362

9. PRIOR YEAR ADJUSTMENT

Under Charities SORP FRS 102, Investment Properties should be measured at fair value, this was omitted from previous accounts.

The trustees obtained a value of £1,000,000 for the investment property owned by Anthony Gell School Foundation. An adjustment to increase the value of Investment Properties by £1,000,000 has been made by way of an unrealised gain within the prior year accounts.

10. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2022 766,292
Additions 35,000
Revaluations (42,067)
At 31 March 2023 759,225
NET BOOK VALUE
At 31 March 2023 759,225
At 31 March 2022 766,292

There were no investment assets outside the UK.

Page 16

continued...

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

11. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2022
and 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
Fair value at 31 March 2023 is represented by:
Valuation in 2023		 £
1,000,000
1,000,000
1,000,000
£
1,000,000

Investment property was valued on an open market basis on 31 March 2023 by the trustees.

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£ £
Cost £nil £nil
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£ £
Trade debtors 19,667 -
Other debtors 1,239 1,273
20,906 1,273
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£ £
Other creditors 5,583 5,558

continued...

Page 17

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

14. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Special Needs Fund
Art Equipment Bursary
Friends of Anthony Gell School
Outdoor education
Archives
Sports Hall Floor
Sporting activity fund
Young Futures Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Friends of Anthony Gell School
Young Futures Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 At 1.4.22
£
275,944
762
150
14,608
1,100
1,255
829
2,392
-
21,096
624,322
921,362
follows:
Incoming
resources
£
80,916
4,523
16,211
20,734
-
101,650		 Prior
year
adjustment
£
-
-
-
-
-
-
-
-
-
-
1,000,000
1,000,000
Resources
expended
£
(86,714)
(4,016)
(169)
(4,185)
-
(90,899)		 Net
movement
in funds
£
(5,798)
-
-
507
-
-
-
-
16,042
16,549
(42,067)
(31,316)
Gains and
losses
£
-
-
-
-
(42,067)
(42,067)		 At
31.3.23
£
270,146
762
150
15,115
1,100
1,255
829
2,392
16,042
37,645
1,582,255
1,890,046
Movement
in funds
£
(5,798)
507
16,042
16,549
(42,067)
(31,316)
as

continued...

Page 18

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Special Needs Fund
Art Equipment Bursary
Friends of Anthony Gell School
Outdoor education
Archives
Sports Hall Floor
Sporting activity fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 At 1.4.21
£
218,246
762
150
11,304
1,100
1,255
829
-
15,400
585,129
818,775		 Net
movement
in funds
£
57,698
-
-
3,304
-
-
-
2,392
5,696
1,039,193
1,102,587		 At
31.3.22
£
275,944
762
150
14,608
1,100
1,255
829
2,392
21,096
1,624,322
1,921,362

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

Unrestricted funds
General fund
Restricted funds
Friends of Anthony Gell School
Sporting activity fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 Incoming
resources
£
95,798
4,582
2,392
6,974
-
102,772		 Resources
expended
£
(38,100)
(1,278)
-
(1,278)
-
(39,378)		 Gains and
losses
£
-
-
-
-
1,039,193
1,039,193		 Movement
in funds
£
57,698
3,304
2,392
5,696
1,039,193
1,102,587

continued...

Page 19

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Special Needs Fund
Art Equipment Bursary
Friends of Anthony Gell School
Outdoor education
Archives
Sports Hall Floor
Sporting activity fund
Young Futures Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 At 1.4.21
£
218,246
762
150
11,304
1,100
1,255
829
-
-
15,400
585,129
818,775		 Prior
year
adjustment
£
-
-
-
-
-
-
-
-
-
-
1,000,000
1,000,000		 Net
movement
in funds
£
51,900
-
-
3,811
-
-
-
2,392
16,042
22,245
997,126
1,071,271		 At
31.3.23
£
270,146
762
150
15,115
1,100
1,255
829
2,392
16,042
37,645
2,582,255
2,890,046

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Friends of Anthony Gell School
Sporting activity fund
Young Futures Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 Incoming
resources
£
176,714
9,105
2,392
16,211
27,708
-
204,422		 Resources
expended
£
(124,814)
(5,294)
-
(169)
(5,463)
-
(130,277)		 Gains and
Movement
losses
in funds
£
£
-
51,900
-
3,811
-
2,392
-
16,042
-
22,245
997,126
997,126
997,126
1,071,271

continued...

Page 20

ANTHONY GELL SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

16. PERMANENT ENDOWMENT FUND

The Permanent Endowment Fund is apportioned as follows as at 31 March 2023:

£
Unapplied total return at 1 April 2004 as agreed by the Charity Commission 229,825
Add: Realised gain on sale of land at Canterbury Terrace in Y/E 31 March 2010 45,722
Add: Unrealised gains/(losses) on investment - To 31 March 2022 337,462
Year ended 31 March 2023 (42,067)
Add: Unrealised gains on investment property - To 31 March 2023 1,000,000
Unapplied total return as at 31 March 2023 1,570,942
Balance of Endowment fund deemed to be original value of the gift 11,313
1,582,255

Page 21

ANTHONY GELL SCHOOL FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 March 2023
31.3.23 31.3.22
as restated
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations and grants 19,995 6,169
Gift aid 739 805
20,734 6,974
Investment income
Rents received 14,832 14,837
Pitch income 52,814 62,056
Other fixed asset invest - FII 13,178 10,405
Deposit account interest 92 -
80,916 87,298
Other income
Gain on sale of intangible fixed assets - 8,500
Total incoming resources 101,650 102,772
EXPENDITURE
Raising donations and legacies
Insurance 774 774
Charitable activities
Anthony Gell School 84,756 32,790
Young Futures Fund 169 -
84,925 32,790
Support costs
Governance costs
Auditors' remuneration for non audit work 900 900
Secretarial fees 4,300 4,284
Legal fees - 630
5,200 5,814
Total resources expended 90,899 39,378
Net income 10,751 63,394

This page does not form part of the statutory financial statements

Page 22