Charity number.. 529357 THE CHURCH BURGESSES EDUCATIONAL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION CONTENTS Page Reference and administrative detai of the Charlty. Its Trystees and adviser5 Trustees. report Independent examlner's report Statement of financoal actl¥ltles io Balan¢e sheet li Notes to the flnanclal ststements 12-16
THE CHURCH BURGE55ES EOUCAnONAL FOUNDATION REFERENCE AND ADMINISTRATIVE DEtAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECgMBER2023 Trustees Mr D Stanley. Chairman The Revd S A P HurterJP The Revd H Thomas Mr D F Booker Mr D H Quinnev DrLMKirk Mr S Eccle5ton Charlty re8lstered number 529357 Prlnclpal offl Derwent House 150 Arundel Gate Sheffield SI 2FN Bankers Charities Aid Foundation West Malllng Kent ME19 4TA Solicitors Wrigleys Solicttors LLP Derwent House 150 Arundel Gate Sheffield SI 2FN Offlcers to the Foundation The Law Cle, Mr I Potter Assistant to the Law aerk (Charity Administrator), Mrs G Miljs Independent Examiner Rachel Heath FCCA DChA BHP LLP Chartered Accountants 2 Rutland Park Sheffield SIO 2PD Page I
THE CHURCH BURGESSES EDUCAnONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report tOEether with the financial statements of the The Church Burgesses Educational Foundation for the year to 310etember 2023. The financial statements have been prepared in accordance with the accounring policies set out in notes to the accounts and comply with the chariws governing document. the Charitie5 Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Pr3Ctice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable irL the UK and ReputrAic ol Ireland published in O£tober 2019. Structure• governt7ntt ond mvnugement a. CoDstitutt The Church Burgesse5 Educational Foundation wès established by an Order of the Charity Commission sealed on 16 February 1904 under Section 2121 of the Board of Education Act 1899 and comprised in è Scheme of the Minister of Education dated 10 December 1953. as varied by Resolution of the Trustees dated S August 1992, under Section 2 of the Charities Act 1985 and as varied by a Scheme of the Charity commissic sealed 23 August 1999. The 10 Oecembef 1953 Scheme provide5 that. when complete. the tK)dy of Tntstees of the Foundation shall con51St of eight persons. to be appointed each for a temi of three years. as follows: five by rhe body corporate called The Twelve Capital Burgesses and Commonalty of the Town and Parish of Sheffield in the County of York 1.the Trust- I. one by the Sheffield Educarion CommÉttee Inow the Chtldren. Young People and Familie5 department of Sheffield Oty Councill,. one bythe Council ol the Urbiversity of Sheffield. and one by the Sheffield DICe58n Council of Religious Education Inow the Board of Education of the Diocese of Sheffield). A Trustee need not be a member of the apIntin8 body. In each case when a vacancy arises the appointing body appoint5 a replacement to serve in the stead of the retirin8 Trustee. b. Income and Management Virtually the whole of the income ol the Foundation come5 from its share of the allocation of the income of the TrLJSt. asprovided by the 23 August 1999 Charity Commission Scheme of that charity117.8% of income). The Foundation does not active fundraise and seeks to continue Èfs WOTk through the careful stewardship of its income. Each year the Foundation makes a rekX)rt on its work to the Try. c. The Governance Structure of the Foundation The Foundation Trustees meet at least four times each year. when. deCIOnS are made about the life and work of the Found*ion. which are then implemented thiou8h its officers and advisers. The day to day administrati of the Foundation, work in connection with its income. liai50n with outside bodies (such as the Diocese of Sheffield and the ILKal Council). the administration of its grant programmes and the processing and handling of applications prior to and aftef their consideration by Trustees. is all work delegaied to the Law Clerk. Page 2
THE CHURCM BURGESSES EDUCATIONAL FOUNDAT1014 TRUSTEES, REPORT ICONTINUEDI FOR THg YEAR ENDED 31 DECEMBER 2023 Structure. governance and management Icontinuedl From time io time the Trustees consider policy and strategic matters. The Trustees also consider the monitOTing information obtalned concerning the performance of grants. Since all Trustee5 are appointed by outside bodies. the role OF the Foundation in the selection ol new Trustees is to that extent limited. However. the work and needs of the Foundation are Clear explained to the appointing bodie5 $0 that they are able to select individua15 who provide rhe necessary complementarity ané diversity in the Trustee body. There is a professional and helpful dialogue between the Fovndarion and the appointing bodies in connection with appointments of new Trustees. The induttion process for any newly appointed Trustee comprises Initlal discusslons with the Law Clerk and, where necessary. di5CU55ivns also wth the Chairmèn of the Trustees. Following aPPDintment a comprehensive induction pack Is provided which includes, inter alia, a brief history of the charity. various minutes, copies of annual reports and accounts. copies ol governing docurnents and variovs Charity Commission publications which assist new Trustees to be aware of their responsibilities and obligatiOll5. Through its Law Clerk, the Foundation h35 access to a number of organisations both local and national that have an interest in best practice and the development of the charitable grant making sector. The Law Clerk is himself 8 lawyer spe£ialisinE in charity work with a leading niche firm ol solicitor5 Wlth a natlonal reputation in the field of trv5ts, particularly relating to charities. He is a rnernber both of the Charity Law Association and the Eccle5i85tical Law SocSetv. Trustees are encouraged to take up opwrtunities lor relevant trustee training and the Law Clerk himself prowdes briefing papers for all Trustees from time to time on relevant developments in the settor. The Foundation keeps a regisier of irterests lorTiusree> This is a dwument whiih is reviewed annually. The Trustees have been briefed on the Charity GoveTnance Code and seek to apply its guidance to the work of the Foundation 50 far a5 the key principles apply and are relevant to tts work as a grant maker. The Trustees are conscious of the need to use and review good practice in governance and that adopting good prartice 15 an essential part of being a modern grant making charity. Thi5 annual rert will show that the key principles of Good Governance are evidenced in the work of the Foundation.. the Foundation is led and controlled by an effettTve body of Trustee5. who collettively ensure delNery of its objects, set and review it5 Strategic directi and uphold the charity's values,. the Trustees exErc15e collettive responsibility for the running and perfomiance of the Foundation- they are consciou5 of the need to have function5 clearly expressed and to be organised so as to operate effectively,. the Trusteeg do periodically review their own and the charity's effectiveness and are conscious of the nee(1 to implement change where a review throws up the need lor such.. the Trustees are aware of the Theed to operate with high erhical standèrds and 3 conflict of interest policy and register are both in place. which are annual reviewed., the Trustees recognise the need for openne55, responsiveness and accountability in the modern woAd and seek to reftert this thioughout the work of the Foundation., the risk policy is reviewed annually and developed from time to time.. and the Trustees are aware of the need to blend an approach to diversity into their effertiveness. their leadershlp of the work of the Foundation and in their decision-makin8. d. Risk Mana£ement The Trustees have identified and reviewed the major risks to which the charity is exposed. Systems a already established to mitigate those risks. For example. the Foundatton makes use of profe5sionèl adwsers (who carry liabilty insurancel, and a strltt cheque signing re8ime Is in place. Page 3
THE CHURCH BURGÉSSES EDUCATIONAL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED31 DECEMBER 2023 Objectives ondtxtlvlties Poli(ie5 and objecliTies The net income of the Foundation is applied by the Trustees in promoting the education lincluding social and physical training) ol persons under the age of 25 years who or whose parents are resident in the City of Sheffield and who are in need ol financial assistance and. in particular but without prejudite to the generalrty of the foregoing.. in awarding to such PIn5 scholarships. exhibitions. bursaries. maintenance allowance5 or grants tenable at any school, university, colle8e of eéucation or other instttution of higher or further (including technical and professionall education approved for the purpose bythe Trustees,. in providing financial assistance, outfits. Clothi brM)ks. equipmert. instruments or tools to assist such persons to pursue their education lincludin8 the study of rnuc or other art51, to undertake travel in furtherance thereof. or to prepare for or enter a profession. trade, occupation or service on leaving school, university or other educational e5tabli5hment.' in making grants to any instifuiion or or8anis3t&on, the objects of which include the promotion of the education lincluding Social and physical trainin81 of the aforesaiLI benefioaries. The fullilrnent of the Foundation's objectives to make effeCte and creative use of all opportunities lor grant making is evidenced by the commentary on ts grart makinE attivities below. It plans to continue its current pattern of grant support across educational needs in Sheffield. both to individuals and through organisations. However, it remains open to change and regularly reviews its grant maknng programmes. bringing some to an end and expanding others, whilst adopting a constant proces5 of consideratioo of new opportunitie5. b. Grant-making Fdiae5 The Foundation has a range ol 8rant makin8 programmes and has in place policies in relation to each of them. For example, there are general policy guidelines fol maknng Individual educational grants. Another example is the guidelines put in place for the support to Families Youth and Children's Work. A well established policy covers small grant making carried out between meeti1 by the Chairman and the Law Clerk, which is ported back to the next meeting of the TrLtstees. Applications are accepted from a wde range of indiwduals and organisations. &)me of the grant programmes h3V application forms and financial eli£ibility documentation which requires completion. other applications are taken by letter with supporting documentation. The Foundation receives guidance e.g. from a Tmstee with experience in higher education in relation to educatsonal needs and frorn the Anglicaa Diocesan Dirertof of Education in relaticA) to applications from Church sihools. All applications are rewewed by Trustees at their quarterly meetings. The Foundation reouests in respect of most granrs Iwhether to indmduals or or8anisationsl that follow up reports are made 50 that the impact of its grant makin8 can be as5es5ed. By the nature of the work which the Foundation supports, mathematiC31 or actuarial calculation is unlikely to produce an acctrrate picture ol the effectiveness of the grant making. Much of the appropriate assessment is subjective. However. where third party verification and assessment is possible this s frequently sought and obtained. Page 4
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Oblectlves and a¢t1vleS Icontlnuedl Details of how ro apply for 8rants are available from the Law Clerk and his office. both in hard copy and by e-mail. There is also a section about the Foundation on the Tiusi's website, from which there are downloadable application forms Iwww.shellieldchurchburgesse5.org.ukl. A¢hlevements ondperf0rn70nce 8. Church Schools The Foundation has an established scheme which gives support to Churth of England schools in Sheffield. The grant rrangernents Straddle two calendar and accounting years. as they follow the school academic year. It is anticipated that the flow of funds to church schrM)Is over the academic year 2023124 is likely to total a sum in the region of £35,235 if all grants are taken up. Grants were made to support the cost of academic studie5. physical education and practical needs. The Trustees have welcomed the diversity ol subject matter amongst the applications recetveij. The Trustee5' general policy is to help to make prwsion for actiwties or equipment which would not otherwise be avai13ble. to push fon¥ard modestly the boundaries of education in sthools. often in deprived areas. It is the policy of the Foundation not to intrude on the statutory obligations of the State. b. Indlvidual Grants for Education These increased from £7.281 in 2022 to £7,471 In 2023_ The Trustees have adopted a general Kk)licy of a requirement of three years residence in Sheffield and do not treat temporary residence Sn Sheffield at an educational establishment as residence for grant application prkSe$. Grant support for A Level srudies is available only in Very exceptional circvmstance5. Grants for attending independent 5choo15 are only considered where special need is demonstrated (for example. the death or divorce of a parent,. a Child's special need.. a sudden financial disaster falling upjn the parent or parents,. where the child's needs are not easily met in the State sector). c. Special Individual Grants These decreased from £25.938 in 2022 to £10.119. The grant programme covers a range of actimties and needs. The Trustees seek to bring help where a grant from the Foundation can make a real difference to an individual. d. 5pe¢lal OrganlsatSon Grants This lirnb of grant making has increased from £31.8(M) in 2022 to £68.701 in 2023. The object of this area of 5UPPOrt is to encourage organisations such as youth clubs. rreatIonal groups. education initiative5 and youth work generally. Ftsr example, granrs were made to help with the work of The Reconnected Education Project, Paces Sheffield, Greentop Community Circus Centre. Hope English School. 1gDOth Sheffield Boys Brigade and Girls Association. GTOW and SF4SD. Thè Trustees are always impressed by the breadth of artivities in which young people are en8a8ed and the way that so many of those activifies are desiBned to help both the individuals invol¥ed and others in the community or communities In which the activities take place. The educational benefii of suth actmties is a marked feature of the various programmes. Page 5
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfonnance Iconlinuedl e. Famllles. Youth and Children'5 Work Grants under this head of grant making assists by supporting the cost of church workers engaging with young people and promoting religious eilucation. Early in 2023 the Law Clerk wrtste to Sheffield's Anglican churches to invite applications lor support with the costs of employing youth and children's workers. Durin8 the year. grants totallin8 £25.500 were made to three Ihurches to a55iSt with this work f. Muslc In the City Help was 8Nen to a range of or8anisations totalling £32.395, including Opera on Location. Concerteenie5. Halee Concert Society and the Schools Singin8 PTomgrzmrne at Sheffield Cathedral. Fint7nciglreview a. Reser¥e$ Pollcv The accumulated surplus of unspent income at the year end was £372,95112022= £432.9721. The policy of the Trustees 15 to keep the surplus of unspent income around the èvera8e annual income figure, but not below £IOO.000. so that free reserves are available for possible significant grant making in Sheffield to support the development of educational projects that fall within the objects of the Foundation. 8ecause of the coronawru5 pandemit there has been a marked reduction in the number of applications received over the last few years and the Foundation has bu1 up a higher than expected level ol reserves. The Trustees have therefore given consideration to a number of new grant makin8 lnitiattves, with a view to usin8 the accumulated additional reserve5 for educational purposes. b. Investment Pollcv 5 noted above. the Foundation has no capital investmenrs. Accordingly. its investment policy is limited to ensuring that income as received is properly invested on dep051t until it is needed for grant makin8 or other expenditure. The objective is to ensure that a proper interest return is earned whilst income cash 15 held by the Trustees pending distribution or expenditure through the Foundauon's actNr(ies. ¢. Related Partles A statement regarding related parties issues appears later in the accounts. Page 6
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED31 DECEMBER 2025 d. Public Benefit Trustees are constious of their legal duty to have re8ard to the public benefit 8uidance and the obligation specifically to report on how the Foundation delwers public benefit. The Trustees a also conscious of the need to bear in mind ihe guidance wherever it is relevant. Fn the work of the Foundation. The objettives set by the Trustees ro deliver the aims of the Foundation are represented by and evidenced in the grant pro8r8mmes, referred ro in detsil earlier in this report. Applying the principle5 of the public benefit test. the analysis of the attiwty of the Foundation shows the following.. lal there must be an identifiable benefit or benefits, and the benefirs delNered are numerous and wide ranging. They include enhanced opportunities for structured learnin& both within the school environment and outside it. Young people helped with grant support from the Foundation have leamed= team skills. how to extend themselves academically. how to value themselves and those around them in society. how to develop their physical and sporting abilities. how to refine and extend their interest in arts and music and their abilities in those subjects. Through grants to oreanisations the Trustee5 have reached an even widef spread of people and delwered benefits across the city, thTough activitie5 carried out by choir5, orche5tra5, 8roups of schodchildren infved in wojerts within thwr schools and those involved in out of School activitie5. Ibl benefit rnU5t be to the publit or settion of the public, and the Foundation is clearly able to deliver what is required. within the restritted geographical area defined by its Scheme. The Trustees are satisfied that the beneficiaries, already referred to in detail in this report, are appropriate to its aims. No additional geographical restriition5 are applied beyond that contained within the Schefne and as a grant maker the Trust 15 DQt involved in issues in connection with payment of fees as it 15 not involved in lee charging. Wherever thi5 15 a relevant consideration. the Trustees bear in mind a desire to benefit as wide a section of the public as possible across the beneficiary classes to which its grant making can be directed. e. Hi¥hliKhts Irom 2023 and Plan5 for the Future Due to the reduction in the number of applications recetved over the last few year5 the Foundation has built up a higher than expected level of reserves. Because of this the TnJ5tees have given consideration to a number of new grant making initiatives. The Foundation h35 continued to 5UPPOrt teacher5 attending the Understanding Christianity training run by the Diocese of Sheffield. In the first half of 2023 the Trustees inwted Sheffield churches to apply for funding if they require support with the Costs of ernploying youth ènd childien'5 worker5. f. Revlew of the year Total income for the year wa5 E187.52312022.. £178.4331. The Foundatlon Trustees seek carefully EO balance the available income against the many applications they recelve. They aim to have an accumulated surplus of unspent income at a level that gives flexibility and support to the work of the Foundation going forward. particularty ir* relation to the porential for making one or two substantial grants to special projects from time to time. The level of cash held * the last day of the accounting period to 31 December 2023 was £352.55812022.. £387.7111. Thi5 reflects the lower numbers of applications during recent years. although the 51tuation appear5 to be improving as young people anil educational organisations have cautiously rerurned to engage in a lange of projetts and activities following the coronavirus pandemic. The balance sheet as at 31 December 2023 showed net assets of £372.95112022.. £432.9721. Page 7
THE CHURCH BURGESSES EDUCATIONAL FOU14DATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Other than interest on unspent income, the sole source of income for the Foundation is from the Sheffield Church 8urgesses Trust and the Foundation's income goes up and down in Kcordance wth the amount ol money available to the Trust. The Trustees rev¢ew the income and cash position at each meetin8. Income flow5 on a regulaT basis from the Trust through the year. with a balancing payment after the Trust has closed its accounts in the middle ol the year following the vear end date if any surplus funds are due to the Foundation. For the year ending 31 December 2023 there was 5Uth a payment, in the amount of £20.58112022= £46,947). Statement of Trustees, re5pon5ibilibes The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom GenerallyAccepted Accountin8 Practicel. The law applicable to charities in England & Wale5 requires the Trustees to prepare financial Statements for each financial whith give 3 true and fair view of the state of affairs of the Chartty and of its inccrtning resources and application of resources, including its income and expendiiure, for that period. In preparing these financial statements. the Trustees are required to.. selert suitable accounting policies and then applythem consi5tently.' observe the methods and principles of the Charifies SORP 2019 IFRS 1021- make judgments and accounting estimes thar are reasonable and prudent- state whether applicable accounting srandards have been followed- prepare the financial stements on ihe going concern basis unless it is inappropriate to presume that the Charltv will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charriy and enable thetn to ensuTe that the financial statements cornply with the Charities Acr 2011. the Charity (Account5 and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence foT taking reasonable steps forthe prevention and detection of fraud and other irregularitie5. Approved by order of ihe members of the tr#Jard of Trustees and signed on their behalf bv- Mr D Stanley Trustee Date.. 30ts 2£)i(y PagÈ 8
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independeni Ejtaminer's Report to the Twustees of The Church BurEesse$ Edu¢atk•nal Foundation I'the Charity'l I report to the charity Trustees on my examination of the accounts ol the (harity for the year ended 31 December 2023. Re5ponsSbSlftles and Basls 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 20111'the 2011 Act'l. I report in respect of my examination ol the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direttyons given by the Charity Commission under Section 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confimi th* no matters have come to my attention in connection with the examination giwng me cause to believe that in any m8teri81 respett= accounting Kecords were not kept in respert of the Charity as required by 5ertion 130 of the 2011 Att,. or the accounts do not accord with those record5.' or the accounts do not comply wth the applicable requirements concerning the lorm and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any reouirement 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 connettion with the examination io which atrention should be drawn in this report in order to enable z proper under5tandin8 of the accounts to be reached. Signed.. Dated.. Rachel Heath FCCA DChA BHP LLP 2 Rutland Park Sheffield SIO 2PD Page 9
THE CHURCH BURGESSES EDUCATIONAL FOUNDAnON STATEMENT OF FINANCIAL ACtIVlllES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted tunds 2023 Totsl fund5 2023 Tot31 funds 2022 Note Income from: Oonations and leg3tiÈs Investments J,581 6.945 180.581 6.945 176,947 1,486 Totol income 187,526 187.526 178,433 Expenditure on.. Charitable artivities 247.547 247.547 190,843 Total empenditure 247,547 247.547 190,843 Net mo¥ement In funds 160,0211 160.0211 112.4101 Re¢onclllatlon of funds: Total funds brought forward Net movement in funds 432.972 160.0211 432.972 160,0211 445,382 112,4101 Totsl funds carrled forward 372.951 372.951 432,972 The Statement of Financial Acriwties indude5 all gain5 and losses reco8nised in the year. Page 10
THE CHURCH BURGE5SE5 EOUCAnONAL FOUNDATION BALANCE SHEET ASA T31 DECEMBER2023 2023 2022 Note Current assets Debtors 22248 46,947 Cash at bank and in hand 352.558 387.711 374.806 434,658 Creditors.. amounts falling due wtthin one year 11.8551 11,6861 Net current a55ets 372.951 432,972 Total net assets 3n,951 432,972 CharFty funds Unrestricted funds 372.951 432.972 Total funds 372,951 432,972 The financial statements were approved and authorised for tssue by the Trustees and si8ned on their behalf by.. MrDSt Trustee Oate.. Sotkn 201 The notes on pages 12 to 16 form part ofthese financial statements. Page 11
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION NOTES TO THE FINANCIALSTATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polioes 1.1 Bosis ofpreparotlon ojfinonciolstotements The financial statements have been prepared to give a Irue and fair, wew aT)d hwe departed from the Chariries (Accounts and Reportsl Regulations 2(K)8 only to the extent required to provide a 'true and 13ir' view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charitie5.' Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention with iterns recognised at cost or transaction value unless otherwise stated in the relevanr notes to these account5. The financial statements have been prepared in accordance with the Statement of Recommended Prattice.. Accounting and Reporting by Charities preparing Eheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and Financial Reporting Standard applicable in rhe United knngdom and Republic of Ireland IFRS 1021 and Charities Act 2011 and UK Generally Accepted Accounting Pr3Ctice. The firÈancial statements are Prepa on a going concern basis under the historical cost Convention. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adeouate resource5 to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basi5 of accountin8 in preparing the financi31 statement5. The Churth Burgesses EducatÈonal Foundation constitute5 a public benefit entity as defined by FRS 102. 1.2 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. 1.3 Expenditure Governènce costs are those incurred in connection wrth admlnistration of the Charity and compliance with constitutional and Statutory requirements. Charitsble activities and Governance costs I costs Incurred on the Charity's operations. including support costs and costs relating to the governance of the Charity apportioned to Charlble activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such Rrartts being recognised as expenditure when the conditions attaching are fulfilled. Grants offered sublect to conditions which have not been met ai the year end are noted as a commi¢m@nt, but not accrued as expenditure. 1.4 Interest Receivoble Interest on funds held on deposit is included when recewable and the amount can be measured reliably bv the Charity., thi5 15 normally upon notification of the intèrest paid or payable by the Bank. Page 12
THE CHURCH BURGESSES EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 1.5 Debtors Trade and other debtors are recognised at the settlement arnount after any trade discount offered. Prep3yTnents are valued at the amount prepaid net of any trade discounts due. 1.6 Ct7sh ut gqnkondin h•nd Cash at bank and in hand includes cash and short term highly liqvid investment5 Wlth a short maturity of three months or les5 from the date of acquisition Of opening of the deposii or similar account. 1.7 Llobilities ondprovtsk)ns abilities are reco8nised 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 ol the settlernent can be esiimateij reliably. abilities are recognised at the amount that the Choriry anticipates it will pay to settle the debt or the amount it has received as advanced payments for the good5 or serwces it must provide. Provisions are measured at the best e5tirn¥te 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 preserst value of those arnount5. discounted at the pre-tax discount rate that reflects the risk5 Specific to the liability. The unwinding of the discount is recognised within interest payable and similar cha¥ges. 1.8 Finonciulinstruments The Charity onty ha5 financial assets and financial liabilities of a kind that qualify as basic financial instrument5. Basic financial instruments are initially recognised at transaction value and subsequentlv measured at their settlement value wtth the exception of bank loans which are subsequently measured at amortlsed cost u&ng the effettwe interest method. 1.9 Unrestrirtedincomefvnds General funds are unrestrirted funds which are available for use at the discretion of the Trustees in furtherance of the general objettives of the Charity and whKh have not been designated for other purposes. Page 13
THE CHURCH BURGESSES EDUCATrONAL FOUNDATION NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable Arti¥le5 Unrestrirted fvnds 2023 Total funds 2023 Total funds 2022 6rnnts Poyuble IndSvidual grants for Education Special Individual Grants usic in the City Church School Grants 7,471 10.119 32.395 46.337 68.701 25.S(M) 7A71 10,119 32,395 46,337 68,701 25.500 7.281 25,938 13.2Ch) 38.254 31.8LK) 5.5 14,085 Spla1 Organisation one off grants Families Youth & Childrens Wtwk Special Initiatives I.s23 57.024 ,523 57,024 136,058 54,785 Governance costs (note 31 247.547 247,547 190,843 Total 2022 190.843 190,843 Page 14
THE CHURCH BURGESSES EDUCAnONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 Governance costs Unrestricted funds 2023 Total fund5 2023 Total funds 2022 Independent Examination costs Legal & Professional Information Commissioner 1.855 1.855 1,774 52,800 40 54.900 40 Bank charges Trustees expenses 122 122 119 107 107 52 S7,024 57.024 54.785 Total 2022 54,785 54,785 Durin8 the year, no Trustee5 recewed any remuneration or other benefits12022 - £nill. During the year ended 31 December 2023. trustee expenses totalling £107 were paid to 4 trustee512022.. £521 have been paid in relation to travel, parking and mileage. Debtors 2023 2022 Sheffield Church Burge5se5 Trust Prepaymenis and accrued income 20.581 46,947 1.667 22,248 46,947 CredTrtors: Amounts falllnK due wlthln (me year 2023 2022 Accruals 1,855 1,686 Page 15
THE CHURCH BURGESSES EDUCAllONAL FOUNDATION NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Related Party Tran5aclions The SheIeld Church Burgesses Trust is a registered charity. The Foundation derives its Income from the Trust being 17.8% of their income. and a majofityof the Foundat104)'5 trustees are appointed bythe Trusr. The Trust is administered from Èts offices at: Derwent House Shellield There were no related party transattions during either year. Page 16