Page |
|
|---|---|
TrusteesandProfessionalAdvisors |
2 |
ReportoftheTrustees |
3-5 |
StatementofTrustees’Responsibilities |
5 |
IndependentAuditor’sReport |
6-8 |
StatementofFinancialActivities |
9 |
BalanceSheet |
10 |
NotestotheFinancialStatements |
11-14 |
B |
JO’Brien |
Chairman(resigned6 March2024) |
|---|---|---|
N |
Bacon |
Chairman(from7 March2024) |
A |
SHabib |
Ex-officio(until20November2024) |
J |
Maddocks |
Ex-officio(from20November2024) |
P |
RAGreen |
Ex-officio(untilNovember2023) |
G |
ParkerJones |
Ex-officio(fromNovember2023) |
P |
Nicholls |
Ex-officio(Secretary)(untilAugust2024) |
D |
JWhite |
Ex-officio(Secretary)(from20Nov.2024) |
RUGBY SCHOOL COMBINED WAR MEMORIAL FUND
Report of the Trustees for the year ended 30 June 2024 (continued}
Organisational Management
The day-to-day running of the Fund is delegated to the Head Master and Chief Operating Officer of Rugby School, as Key Management Personnel. No remuneration has been paid by the Fund to the Key Management Personnel.
STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions, disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity's constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditors.
Approved by the Trustees at their meeting on 25 February 2025 and signed by order of the Trustees:
�
............. ..
D White Trustee
5
RUGBY SCHOOL COMBINED WAR MEMORIAL FUND
Independent Auditor's Report to the Trustees of the Rugby School General Charitable
Trust (continued}
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context was the General data Protection Regulation (GDPR).
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the Risk, Compliance and Safeguarding Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
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. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor
4th Floor, St James' House St James' Square, Cheltenham Gloucestershire, GLS0 3PR
Date: 11 March 2025
Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
8
Restricted |
Funds |
||
|---|---|---|---|
Note |
Year |
Year |
|
2024 |
2023 |
||
£ |
£ |
||
INCOMEFROM: |
|||
Investmentincome |
35,303 |
31,619 |
|
EXPENDITUREON: |
|||
RaisingFunds |
|||
Investmentmanagementcharges |
7,072 |
6,798 |
|
Charitableactivities |
|||
BursariestostudentsatRugbySchool |
50,000 |
47,358 |
|
TotalExpenditure |
57,072 |
54,156 |
|
NetExpenditure |
(21,769) |
(22,537) |
|
Netgains/(losses)oninvestments |
5 |
306,882 |
237,091 |
NETINCOMEANDMOVEMENTINFUNDS |
285,113 |
214,554 |
|
ReconciliationofFunds: |
|||
Balancebroughtforwardat1 July |
2,093,127 |
1,878,573 |
|
Balancecarriedforwardat30June |
9 |
2,378,240 |
2,093,127 |
RUGBY SCHOOL COMBINED WAR MEMORIAL FUND
Balance Sheet as at 30 June 2024
| Note INVESTMENTS 5 CURRENT ASSETS Bank Investments - deposits 6 Creditors: amounts due within one year 7 NET CURRENT ASSETS NET ASSETS TOTAL RESTRICTED FUNDS 9 |
2024 2,382,528 109 249,809 249,918 (254,206) (4,288) 2,378,240 2,378,240 |
2023 £ 2,082,645 181 214,506 |
||
|---|---|---|---|---|
| 214,687 (204,205) |
||||
| 10,482 | ||||
| 2,093,127 2,093,127 |
The financial statements were approved by the Trustees on 25 February 2025 and are signed on their behalf by:
----- Start of picture text -----
N Bacon D White
Chairman Trustee
----- End of picture text -----
The notes on pages 11 to 14 form part of these financial statements.
10
NVESTMENTS |
||
|---|---|---|
2024 |
2023 |
|
£ |
£ |
|
Balanceat1 July |
2,082,645 |
1,852,029 |
Additions |
177,267 |
260,248 |
Movementincashheldincapitalaccount |
(95,133) |
(80,241) |
Disposalsatnetproceeds |
(89,133) |
(186,483) |
Revaluationgains |
306,882 |
237,091 |
Balanceat30June |
2,382,528 |
2,082,645 |
ListedontheUK StockExchange |
2,379,631 |
1,984,614 |
Cashdeposits |
2,897 |
98,031 |
2,382,528 |
2,082,645 |
6. |
INVESTMENTS- DEPOSITS |
INVESTMENTS- DEPOSITS |
||||||
|---|---|---|---|---|---|---|---|---|
2024 |
2023 |
|||||||
£ |
£ |
|||||||
Investments- deposits |
249,809 |
214,506 |
||||||
7. |
CREDITORS |
|||||||
2024 |
2023 |
|||||||
£ |
£ |
|||||||
OwedtoRugbySchool |
252,206 |
202,205 |
||||||
Otheraccruals |
2,000 |
2,000 |
||||||
254,206 |
204,205 |
|||||||
8. |
FINANCIALINSTRUMENTS |
|||||||
2024 |
2023 |
|||||||
£ |
£ |
|||||||
FinancialAssetsheldatfairvaluethroughprofit |
orloss |
2,382,528 |
2,082,645 |
|||||
9. |
RESTRICTEDFUNDS |
|||||||
(a)Currentyearmovementinrestrictedfunds: |
||||||||
Balanceat |
Income |
Expenditure |
Investment |
Balanceat |
||||
1July |
2023 |
(losses) |
30June |
2024 |
||||
/gains |
||||||||
£ |
£ |
£ |
£ |
£ |
||||
Restrictedfund |
2,093,127 |
35,303 |
(57,072) |
306,882 |
2,378,240 |
|||
(b)Prioryearmovement |
inrestrictedfunds: |
|||||||
Balanceat |
Income |
Expenditure |
Investment |
Balanceat |
||||
1July |
2022 |
(losses) |
30June |
2023 |
||||
/gains |
||||||||
£ |
£ |
£ |
£ |
£ |
||||
Restrictedfund |
1,878,573 |
31,619 |
(54,156) |
237,091 |
2,093,127 |