Unaudited Financial Statements

Transcription

1 CHARITY REGISTRATION NUMBER: Unaudited Financial Statements 31 July 2018 BSN ASSOCIATES LIMITED Chartered accountant 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG

2 Financial Statements Page Trustees' annual report 1 Statement of financial activities 3 Statement of financial position 4 Notes to the financial statements 5 The following pages do not form part of the financial statements Detailed statement of financial activities 11 Notes to the detailed statement of financial activities 12

3 Trustees' Annual Report The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July Reference and administrative details Registered charity name Charity registration number Principal office C/O Mr P Thomas Chumleywood, 26 Station Road, Hatton, Warwick, CV35 7LG United Kingdom The trustees MR J A Dugdale Mr B W Allen Mr P G Davies Mr R M Jerrom Mr P A Thomas Mr S J Urry (Appointed 6 December 2017) Mr J R Bates (Retired 6 December 2017) The trustees when complete shall consist of six ex-officio members being the President, Chairman, Secretary, Honorary Treasurer and two further life members of Old Silhillians Association who are appointed at an Annual General Meeting of Old Silhillians Association Limited and who shall hold the position of trustee for a period of three years but who may be re-appointed for a further three year period (or on an unlimited number of occasions) at a further Annual General Meeting of Old Silhillians Association. Accountants BSN Associates Limited Chartered accountant 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG Structure, governance and management The Trust was established by a Declaration of Trust made 3 November 1999, amended by Deeds of Variation made 25 February 2008 and 25 November The Trust is a registered charity with the Charity Commission under registration number Objectives and activities To provide full or part scholarships to pupils of Solihull School and the provision of grants or support for pupils of the School. Specifically therefore to provide financial assistance for the provision of education and to maintain links with ex pupils of Solihull School

4 Achievements and performance Trustees' Annual Report (continued) This year has seen continued progress in all areas of operations, made possible by the outstanding contributions of all Trustees. As a perpetual trust operating in a current climate of economic uncertainty, the Trust must balance a commitment to growing the reserves with the desire and obligation to distribute income as meaningful grants and scholarships. The Trust has received slightly less in the way of testator donations than in previous years. The Trust would remind all Old Silhillians that bequests made can and often do prove to be highly tax efficient when finalising an individual estate. The Trust continues to be governed in an effective manner in accordance with the Trust Deed. Financial review As Trustees we have an obligation to review our finances regularly and ensure that any money held by the Trust is invested with a low / medium low risk attachment, thus delivering solid investment results which enable to achieve its grant making objectives. In the prior year all investments were cashed in for a profit of 62,500. In the current year an investment of 90,000 was made with a 3rd party investment manager: BRI Wealth Management Plc. The investment was diversified into bonds, property, income funds and smaller companies. The Trust received 1,375 of investment income and saw a yearly gain on investment of 925. The investment remains in place at the year-end. As in previous years the Solihull School remains the focus of our attention and I am again delighted and proud to report that we have been able to offer 5 pupils Old Silhillians Scholarships. The Trust's cash balance at the year end was 37,693 compared to 113,668 in the prior year. The Trust had expenditure exceeding income in the year of 2,103 compared the to surplus in the prior year of 14,257. Total unrestricted reserves at 31 July 2018 amounted to 117,376 and restricted funds amounted to 11,275. The trustees' annual report was approved on 26 November 2018 and signed on behalf of the board of trustees by: Mr P A Thomas Trustee - 2 -

5 Statement of Financial Activities Unrestricted funds Restricted funds Total funds Total funds Note Income and endowments Donations and legacies 4 11,966 11,966 14,795 Investment income 5 1,375 1, Total income 13,341 13,341 15,575 Expenditure Expenditure on charitable activities 15,431 15,431 12,751 Other expenditure Total expenditure 16,368 16,368 12,751 Net gains on investments ,433 Net (expenditure)/income and net movement in funds (2,103) (2,103) 14,257 Reconciliation of funds Total funds brought forward 119,479 11, , ,497 Total funds carried forward 117,376 11, , ,754 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 5 to 9 form part of these financial statements

6 Statement of Financial Position 31 July Note Fixed assets Investments 10 91,362 Current assets Debtors ,686 Cash at bank and in hand 37, ,668 37, ,354 Creditors: amounts falling due within one year Net current assets 37, ,754 Total assets less current liabilities 128, ,754 Net assets 128, ,754 Funds of the charity Restricted funds 11,275 11,275 Unrestricted funds 117, ,479 Total charity funds , ,754 These financial statements were approved by the board of trustees and authorised for issue on 26 November 2018, and are signed on behalf of the board by: Mr S J Urry Trustee Mr P A Thomas Trustee The notes on pages 5 to 9 form part of these financial statements

7 Notes to the Financial Statements 1. General information The charity is a registered charity in England and Wales and is unincorporated. The registered address of the charity in the year was: Chumleywood, 26 Station Road, Hatton, Warwick, CV35 7LG The principal activity of the charity in the year was to provide full or part scholarships to pupils of Solihull School and the provision of grants or support for pupils of the school. 2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances

8 3. Accounting policies (continued) Fund accounting Notes to the Financial Statements (continued) Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Legacy income is is recognised when receipt is probable and entitlement is established. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to to charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. 4. Donations and legacies Unrestricted Restricted Total Funds Funds Funds 2018 Donations Donations and bequests Shenstonian lodge fund Legacies Legacies Gifts Donation from Old Sihillians Association 11,846 11,846 11,966 11,

9 4. Donations and legacies (continued) Notes to the Financial Statements (continued) Unrestricted Funds Restricted Funds Total Funds 2017 Donations Donations and bequests Shenstonian lodge fund Legacies Legacies 1,000 1,000 Gifts Donation from Old Sihillians Association 13,000 13,000 13,520 1,275 14, Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2018 Funds 2017 Investment income and dividends 1,375 1, Investment income is related to dividends arising from listed investments held in the year. 6. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2018 Funds 2017 Costs of investing activities Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2018 Funds 2017 Gains on investments ,433 11,433 The gain is a result of growth in investments. No investments were sold in the current year. 8. Independent examination fees Fees payable to the independent examiner for: Independent examination of the financial statements Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees

10 Notes to the Financial Statements (continued) 10. Investments Other investments Cost or valuation At 1 August 2017 Additions 90,000 Fair value movements 1,362 At 31 July ,362 Impairment At 1 August 2017 and 31 July 2018 Carrying amount At 31 July ,362 At 31 July 2017 All investments shown above are held at valuation. 11. Debtors Amounts owed by undertakings in which the charity has a participating interest 17,490 Prepayments and accrued income Creditors: amounts falling due within one year , Accruals and deferred income Analysis of charitable funds Unrestricted funds At 1 August 201 Gains and At 7 Income Expenditure losses 31 July 2018 Unrestricted Fund 119,479 13,341 (16,368) ,376 Restricted funds At 1 August 201 Gains and At 7 Income Expenditure losses 31 July 2018 Restricted Fund 11,275 11,

11 14. Analysis of net assets between funds Notes to the Financial Statements (continued) Unrestricted Restricted Total Funds Total Funds Funds Funds Current assets 117,376 11, , , Related parties In the prior year the Trust was owed 17,490 from the Old Sihillians Association relating to a donation of 13,000 for the year ended 31 July 2017 and a brought forward balance of 4,490. This was paid in full in the year and there is no outstanding debtor at the year-end

12 Management Information The following pages do not form part of the financial statements

13 Detailed Statement of Financial Activities Income and endowments Donations and legacies Donations and bequests Shenstonian lodge fund 275 Legacies 1,000 Donation from Old Sihillians Association 11,846 13,000 11,966 14,795 Investment income Investment income and dividends 1, Total income 13,341 15,575 Expenditure Expenditure on charitable activities Purchases 14,604 10,999 Insurance Other establishment 960 Legal and professional fees ,431 12,751 Other expenditure Costs of investing activities 937 Total expenditure 16,368 12,751 Net gains on investments Gains on investments ,433 Net (expenditure)/income (2,103) 14,

14 Notes to the Detailed Statement of Financial Activities Expenditure on charitable activities Support costs Activities undertaken directly Grants to individuals for educational reasons 14,604 10,999 Website forum and archive ,604 11,959 Governance costs Governance costs - insurance Governance costs - legal and other professional fees Expenditure on charitable activities 15,431 12,