Charity number: 528259
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 19 |
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
The Chairman of Mansfield District Council (ex officio) S Ward (resigned 30 June 2022) T Clay Alderman J Carter, Chairman T Butler P Rostance (resigned 31 May 2021) A Sissons (resigned 31 May 2021) S Garner S Anderson (appointed 31 May 2021) A Camilleri (appointed 31 May 2021) M Bull (resigned 30 June 2022) E Twigger M Lee, Vice Chairman C Clayton
The Chairman of Mansfield District Council, S Ward and T Clay are representives of Mansfield District Council.
Alderman J Carter, T Butler, S Anderson, A Camilleri and S Garner are representatives of Nottinghamshire County Council.
E Twigger, M Lee and C Clayton are co-opted trustees.
Charity registered number
528259
Principal office
J Francis-Ward Clerk to the Trustees 25 The Banks Bingham Nottinghamshire NG13 8BT
Independent examiner
Jonathan Wilson Chartered Accountant Cromwell House 68 West Gate Mansfield Nottinghamshire NG18 1RR
Page 1
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Bankers
NatWest Bank PLC 9 Church Street Mansfield Nottinghamshire NG18 1HP
Solicitors
Bryan and Armstrong The New Meeting House St Peter's Court Station Street Mansfield Nottinghamshire NG18 1EF
Investment managers
Tilney Royal Liver Building Pier Head Liverpool L3 1NY
Chartered Surveyors
WA Barnes LLP Portland Square Sutton in Ashfield Nottinghamshire NG17 1DA
Page 2
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report together with the financial statements of the charity for the year from 1 April 2021 to 31 March 2022. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Objectives and activities
a. Policies and objectives
The object of the charity is the provision of items, services and facilities for the school.
If and in so far as the income of the charity cannot be applied towards the object above, it may be applied in promoting the education of persons who are in need of financial assistance in the following order of priority:
-
persons who are attending the school and
-
persons who have at any time attended the school and
-
persons under the age of 25 resident in Mansfield
The school was a voluntary aided Church of England school until 31 December 2011 and it became an academy on 1 January 2012.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the charity
This has been another busy year for the Trust. Work has continued on maximising the Trust's assets for the benefit of the school including working with the school, the Charity Commission and the DFE on changes to the permanent endowment. The Trust continues to fund both the Breakfast Club and the Homework Club and we are seeing increasing numbers of pupils making use of these funded facilities. In addition the Trust has contributed to a fund to support pupils being able to take advantage of school trips. The Trust has met several times with the Multi academy Trust Board which runs the school and has developed a very positive working relationship , including agreeing regular meetings and future workings.
The Trust remains very proud of the significant improvements which have taken place at the school in terms of attendance, discipline and achievement and are confident that their continued funding has contributed significantly to these clear and excellent improvements. The Trust has returned to in person meetings but continues to have Zoom meeting access should it be required.
Page 3
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
b. Investment policy and performance
The balance sheet shows that following the sale of the former girls' school in 1996 the cash has been invested on deposit and the trustees are satisfied that the charity will be able to meet its objectives for the foreseeable future. All investments have been acquired in accordance with the powers available to the trustees. The investment portfolio is managed by Tilney and the freehold properties in the trustees' ownership are managed by W A Barnes.
The charity holds investments which are available either as income from dividends, interest, rents, or disposals to meet the needs of the school on an annual basis or to meet expenditure in the provision of facilities for the education and social needs of its pupils.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees confirm that on a fund by fund basis, the assets are available to fulfil the obligations of the charity. The income funds relate to accumulated income which the trustees expect to expend in the foreseeable future in respect of the charity's activities.
Structure, governance and management
a. Constitution
This charity was established by Letters Patent of Queen Elizabeth I dated 8 March 1561 and its land and property was bequeathed by the will of Lady Cecilia Flogan. It now operates under a scheme made on 26 September 2001 as amended on 1 February 2018.
b. Methods of appointment or election of trustees
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed.
The trustees meet on at least three occasions during the year and have a special committee which can meet as required if urgent decisions are required.
No staff are employed by the trustees.
Page 4
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
In January 2018 the trustees unanimously voted to make a change in the trust membership. The change to the trust deed now provides for a total of 14 trustees appointed as follows:
-
The Chairman of Mansfield District Council for the time being
-
Five people appointed by the Nottinghamshire County Council
-
Two people appointed by Mansfield District Council
-
Six co-opted trustees appointed by resolution of the other trustees
The Chairman is Alderman J Carter and the Vice-Chairman is M Lee.
The trustees normally meet in the Panel Room at the school.
d. Policies adopted for the induction and training of trustees
New trustees are provided with a copy of the Charity Commission scheme and the clerk provides further advice as required.
e. Financial risk management
The trustees are responsible for the management of the risks faced by the charity. Detailed considerations of risk are identified, assessed and controls established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis. Through the risk management process established by the charity, the trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Approved by order of the members of the board of trustees on 25 January 2023 and signed on their behalf by:
Alderman J Carter
(Chair of Trustees)
Page 5
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner's Report to the Trustees of Queen Elizabeth's Endowed School Trust ('the charity')
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022.
Responsibilities and Basis of Report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My 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 and the charity's trustees as a body, for my work or for this report.
Signed: Jonathan Wilson FCA
Dated: 30 January 2023
Jonathan Wilson FCA Chartered Accountant
Mansfield
Page 6
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net expenditure before net gains on investments Net gains on investments 9 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 68,774 68,774 93,003 76,424 169,427 (100,653) 43,058 (57,595) 1,796,293 (57,595) 1,738,698 |
Restricted funds 2022 £ - - - - - - - - 11,958 - 11,958 |
Total funds 2022 £ 68,774 68,774 93,003 76,424 169,427 (100,653) 43,058 (57,595) 1,808,251 (57,595) 1,750,656 |
Total funds 2021 £ 52,472 52,472 94,812 90,348 185,160 (132,688) 265,216 132,528 1,675,723 132,528 1,808,251 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 19 form part of these financial statements.
Page 7
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Tangible assets 8 Investments 9 Investment property 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
9,783 187,746 197,529 (8,048) |
2022 £ 53,502 1,022,672 485,001 1,561,175 189,481 1,750,656 11,958 1,738,698 1,750,656 |
10,145 222,755 232,900 (7,300) |
2021 £ 53,502 1,079,148 450,001 |
|---|---|---|---|---|
| 1,582,651 225,600 |
||||
| 1,808,251 | ||||
| 11,958 1,796,293 |
||||
| 1,808,251 |
The financial statements were approved and authorised for issue by the trustees on 25 January 2023 and signed on their behalf by:
Alderman J Carter (Chair of Trustees)
M Lee
(Vice Chair of Trustees)
The notes on pages 9 to 19 form part of these financial statements.
Page 8
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give 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 the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Queen Elizabeth's 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.
1.2 Going concern
The COVID-19 pandemic has not had a significant, immediate impact on the charity’s operations. However changes in the general economic conditions brought about by the uncertaintly surrounding COVID-19 did have a significant impact on the values of the charity’s investments. Subsequent review of the investment portfolio suggests a recovery to the pre COVID-19 levels.
Hence the trustees believe it is appropriate to adopt the going concern basis of preparation of the financial statements.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 9
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.4 Expenditure (continued)
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Heritage assets
Heritage assets are not capitalised due to unavailability of cost or valuation information, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the charity.
The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.
At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees stewardship of the assets.
The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.7 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
In 2012 the school land and the caretaker's house were leased to the new academy. The actual lease was never signed but heads of terms were signed which said a lease of 125 years. The current position is that, as the school has a new sponsor in Diverse Academy Trust, the lease is being renegotiated. The lease is shown in the financial statements at £1. Previously the school's playing field land was stated at cost.
The land that is occupied by Mansfield Bowling Club is subject to a 99 year lease and this is also shown in the financial statements at £1.
The school buildings are excluded from the balance sheet because in the opinion of the trustees the school is an inalienable asset.
The trophies are included in the financial statements at valuations carried out in February 1989 and March 1996 respectively by professional valuers. Some of these trophies have been sold and therefore the valuation has been reduced by 100%.
Oil paintings and ceiling tiles from the library at the girls' school are included in the financial statements at valuations carried out by professional valuers in 2020 for insurance purposes, on a retail replacement basis.
No reliable valuation can be placed on the remaining works of art due to their inestimable value.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of financial activities.
1.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.10 Investment property
Investment properties are measured initially at cost and subsequently at fair value at the reporting date.
Depreciation is not provided on investment property.
1.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
1.13 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.14 Fund accounting
General funds are unrestricted funds which are available for 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. General information
Queen Elizabeth's Endowed School Trust is an unincorporated charity registered in England, registration number 528259.
Page 12
QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Investment income
| Unrestricted funds 2022 £ Investment income - local investment properties 51,854 Income from local listed investments 16,902 Investment income - local cash 18 68,774 Total 2021 52,472 |
Total funds 2022 £ 51,854 16,902 18 68,774 52,472 |
Total funds 2021 £ 36,661 15,294 517 |
|---|---|---|
| 52,472 | ||
Total 2021
4. Investment management costs
| Unrestricted funds 2022 £ Investment management costs 13,429 Repairs and maintenence 54,533 Insurance 4,057 Professional charges 5,986 Managing agent's fees 2,293 Utility fees 30 Provision for bad debts 12,675 93,003 Total 2021 94,812 |
Total funds 2022 £ 13,429 54,533 4,057 5,986 2,293 30 12,675 93,003 94,812 |
Total funds 2021 £ 12,039 56,360 4,986 4,562 1,837 7,423 7,605 |
|---|---|---|
| 94,812 | ||
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of expenditure on charitable activities
Summary by expense type
| Unrestricted funds 2022 £ Repairs and renewals 3,596 Professional fees 4,020 Contribution to school expenses 44,686 Sundry expenses 1,397 Accountancy fees and independent examination 5,100 Governance professional fees 16,031 Trustees' travel reimbursed and other expenses 1,594 76,424 Total 2021 90,348 Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts |
Total 2022 £ 3,596 4,020 44,686 1,397 5,100 16,031 1,594 76,424 90,348 2022 £ 5,100 |
Total 2021 £ 8,787 3,386 55,604 290 5,100 15,764 1,417 |
|---|---|---|
| 90,348 | ||
| 2021 £ 5,100 |
6. Independent examiner's remuneration
7. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, travelling expenses totalling £550 and other expenses totalling £1,044 were reimbursed or paid directly to 11 trustees (2021 - £500 to 10 trustees for travelling expenses and £917 for other expenses).
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Tangible fixed assets
| Cost or valuation At 1 April 2021 At 31 March 2022 Depreciation At 1 April 2021 At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 Long-term leasehold property: |
Long-term leasehold property £ 2 2 - - 2 2 |
Other fixed assets £ 77,053 77,053 23,553 23,553 53,500 53,500 |
Total £ 77,055 |
|---|---|---|---|
| 77,055 | |||
| 23,553 | |||
| 23,553 | |||
| 53,502 | |||
| 53,502 | |||
In 2012 the school land and the caretaker's house were leased to the new academy. The actual lease was never signed but heads of terms were signed which said a lease of 125 years. The current position is that, as the school has a new sponsor in Diverse Academy Trust, the lease is being renegotiated. The lease is shown in the financial statements at £1. Previously the school's playing field land was stated at cost.
The land that is occupied by Mansfield Bowling Club is subject to a 99 year lease and this is also shown in the financial statements at £1.
Inalienable asset:
The school buildings are excluded from the balance sheet because in the opinion of the trustees the school is an inalienable asset.
Trophies and works of art:
The trophies are included in the financial statements at valuations carried out in February 1989 and March 1996 respectively by professional valuers. Some of these trophies have been sold and therefore the valuation has been reduced by 100%.
Oil paintings and ceiling tiles from the library at the girls' school are included in the financial statements at valuations carried out by professional valuers in 2020 for insurance purposes, on a retail replacement basis.
No reliable valuation can be placed on the remaining works of art due to their inestimable value.
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2021 | 1,079,148 |
| Additions | 220,509 |
| Disposals | (273,702) |
| Revaluations | (3,283) |
| At 31 March 2022 | 1,022,672 |
| Net book value | |
| At 31 March 2022 | 1,022,672 |
| At 31 March 2021 | 1,079,148 |
| The historical cost of the fixed asset investments at 31 March 2022 was £838,141 (2021 - £867,370). | |
| All the fixed assets investments are held in the UK. |
10. Investment property
| Valuation At 1 April 2021 Surplus on revaluation At 31 March 2022 |
Freehold investment property £ 450,001 35,000 |
|---|---|
| 485,001 |
The 2022 valuations were made by W A Barnes, on an open market value for existing use basis.
Freehold land:
The charity owns the freehold land behind The Bowl-In-Hand public house on Leeming Street, Mansfield which was previously occupied by Mansfield Bowling Club and this is shown at a valuation of £1 in the financial statements.
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Debtors
| Due within one year Other debtors Prepayments and accrued income Tax recoverable |
2022 £ 8,755 908 120 9,783 |
2021 £ 7,821 1,989 335 |
|---|---|---|
| 10,145 |
12. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 2,648 5,400 8,048 |
2021 £ 1,900 5,400 |
|---|---|---|
| 7,300 |
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,796,293 | 68,774 | (169,427) | 43,058 | 1,738,698 |
| Restricted funds | |||||
| Restricted Fund 2 | 11,958 | - | - | - | 11,958 |
| Total of funds | 1,808,251 | 68,774 | (169,427) | 43,058 | 1,750,656 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 1,663,765 | 52,472 | (185,160) | 265,216 | 1,796,293 |
| Restricted funds | |||||
| Prize funds | 11,958 | - | - | - | 11,958 |
| Total of funds | 1,675,723 | 52,472 | (185,160) | 265,216 | 1,808,251 |
| Purpose of unrestricted funds: |
The unrestricted fund is available for the purpose of furthering the charity's objectives.
Purpose of restricted funds:
The prize funds restricted funds represent various prize funds and are available for furthering their individual objectives in accordance with each fund's restrictions.
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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 53,502 Fixed asset investments 1,022,672 Investment property 485,001 Current assets 185,571 Creditors due within one year (8,048) Total 1,738,698 |
Restricted funds 2022 £ - - - 11,958 - 11,958 |
Total funds 2022 £ 53,502 1,022,672 485,001 197,529 (8,048) 1,750,656 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 53,502 1,079,148 450,001 220,942 (7,300) 1,796,293 |
Restricted funds 2021 £ - - - 11,958 - 11,958 |
Total funds 2021 £ 53,502 1,079,148 450,001 232,900 (7,300) 1,808,251 |
|---|---|---|---|
15. Related party transactions
During the year the charity has entered into related party transactions with a business run by the son of J Carter, the chairman of the charity. These are for site work on the school and the total for the year was £45,384 (2021 - £31,357). There was £nil owing by the charity at 31 March 2022 (2021 - £nil).
There are no additional related party transactions to disclose.
16. Indemnity insurance
The charity paid £536 (2021 - £536) for the insurance premiums to indemnify trustees from any loss arising from neglect or defaults of trustees and any consequent loss.
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