FORFAR ACADEMY SCHOOL FUND SCOTTISH CHARITY NO: SC013905 TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 st July 2017 Registered Address: Forfar Academy Kirriemuir Road Forfar Angus DD8 3TG
FORFAR ACADEMY SCHOOL FUND TRUSTEES ANNUAL REPORT for the year ended 31 July 2017 The trustees have pleasure in presenting their report together with the financial statements for the year ended 31 July 2017. Reference and Administrative Information Charity Name Forfar Academy School Fund Charity Number SCO13905 Current Trustees Chairman Secretary Treasurer Treasurer 2
Structure, Governance and Management Constitution The Charity was registered in its current legal form on 30 September 1976 and is governed by its constitution. Appointment of trustees Members of the Forfar Academy School Fund Committee, which normally meets monthly, are the Charity s trustees. Membership of the Forfar Academy School Fund Committee is laid out in the Constitution. The Head Teacher and a Depute Head Teacher are ex-officio members, as are the Head Boy and Head Girl. Staff and School Support Staff representatives are elected to serve for a two year period; elections of two Staff members (on a rotational basis) and the School Support Staff representative take place at the start of the Autumn Term in August each year. The Parent Council representative is nominated by the Parent Council. Objectives and Activities Charitable purposes To make grants, donations, loans, gifts or pensions to individuals or organisations for the advancement of education, the arts, heritage, culture or science, public participation in sport and environmental protection or improvement. Activities During this period the Trustees continued to provide support for the advancement of education by the provision of facilities, resources and other opportunities for the benefit of the pupils and staff of Forfar Academy not normally available from finance supplied by the Local Authority. In particular we were able to support the following extra-curricular activities: the Fat Cats Catering Company; an Outward Bound Trip; Paired Reading; School Show (Hairspray); the School Library; sport including athletics, badminton, basketball, curling, football, netball, rugby and water polo; cinema, sport and theatre trips; a visit to the former Nazi concentration camp, Auschwitz-Birkenau, in Poland; and the UKMT Maths Challenges. We also provided prizes for Tutor Time, rewards for the Golden Ticket winners and many of the awards given to pupils at Forfar Academy s Prizegiving in June. 3
Through the fund-raising efforts of the school community we were also able to support the following charities or charitable appeals: Calum s Cabin; Crohn s & Colitis UK; Forfar Academy Emergency & Benevolent Fund; Guide Dogs Scotland; Lippen Care; Macmillan Cancer Support; Meningitis Research Foundation; MND Scotland; Murton Trust; Red Nose Day 2017; SAMH; Save The Children; Salvation Army; SSPCA; and Wards 29 and 34, Ninewells Hospital in Dundee. Financial review Our main fundraising event continues to be our Annual Sponsored Walk in the Autumn Term, which raised 6,234.67, a substantial decrease of 23% over 2015, when 8,114.13 was raised. The money raised by this event was increased by a Gift Aid repayment of 914.94 received from HMRC in July 2017. As from 01 August 2016, we have standardised practice regarding school trips. All trip money, with the exception of pupil contributions for the school minibus, which is financed by the school itself, is now paid into the School Fund bank account, thus increasing the income and expenditure for the School Fund. Reserves policy The Trustees policy is to retain unrestricted funds of 5,000 in order to meet commitments and to cover any unexpected expenditure. Unrestricted funds currently stand at 6,249.19, which is slightly in excess of this. The Trustees believe that this is acceptable but will continue to monitor the position. Thanks The Trustees wish to record our thanks to the Parent Council for its continued support of the work of the School Fund. We also wish to record our thanks to the wider school community for their support of School Fund, particularly through the annual Sponsored Walk. Declaration The Trustees declare that they have approved the above Trustees Report. Signed on behalf of the charity s trustees: Miss Nicole Baudon Secretary Mr Alastair M Taylor Treasurer 4
Statement of Receipts & Payments for the Year Ended 31 July 2017 Receipts Restricted Unrestricted Year ended 31 July 2017 Year ended 31 July 2016 Donations 1,401.15 181.00 1,582.15 2,743.71 Grants 22,200.00-22,200.00 6,000.00 Receipts from fundraising activities 12,413.13 7,394.30 19,807.43 26,780.02 Bank Interest - 215.38 215.38 139.27 Receipts from charitable activities 141,536.34 1,006.61 142,542.95 107,804.24 Total Receipts 177,550.62 8,797.29 186,347.91 143,467.24 Payments Expenses for fundraising activities 141.25 166.94 308.19 1,087.05 Payments relating directly to charitable activities 173,676.66 735.81 174,312.47 103,810.55 Grants and donations relating directly to charitable activities 8,328.56 1,000.00 9,328.56 13,896.00 Total Payments 182,146.47 1,902.75 184,049.22 118,793.60 Surplus/(Deficit) for the year (4,595.85) 6,894.54 2,298.69 24,673.64 Transfer from Unrestricted to Restricted to subsidy charitable activities 8,998.93 (8,998.93) Brought forward 41,113.21 8,353.58 49,466.79 24,793.15 Total carried forward 45,516.29 6,249.19 51,765.48 49,466.79 5
Statement of Balances as at 31 July 2017 Restricted Unrestricted Total 2017 Total 2016 Opening cash at bank and in hand 41,113.21 8,353.58 49,466.79 24,793,15 Surplus/(Deficit) for the year 4,403.08 (2,104.39) 2,298.69 24,673.64 Closing cash at bank and in hand 45,516.29 6,249.19 51,765.48 49,466.79 Bank and Cash Balances Restricted Unrestricted Total 2017 Total 2016 Bank Account 47,446.81 6,249.19 53,696.00 50,189.32 Less Cheques Issued but not Presented 1,930.52-1,930.52 722.53 Current Account Balance as at 31 July 45,516.29 6,249.19 51,765.48 49,466.79 6
Notes to the accounts for the year ended 31 July 2017 1. Basis of accounting These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 2. Nature and purpose of funds Unrestricted funds are those that may be used at the discretion of the trustees. Restricted funds may only be used for specific purposes. Restrictions arise when specified by the donor or when funds are raised for specific purposes. 3. Related party transactions No trustee received any remuneration. 4. Grants and Donations The following grants and donations were received during 2016-17: Cycling Scotland: 3,000 Forfar Community Sports Association: 18,200 The grants were made as follows: 2,500 towards the cost of the 2017 Outward Bound Trip; 250 to Aaron De Veres for his work as a Volunteer Research Assistant, Operation Wallacea, Mexico; and 250 to Mirren Wallace for a Gap Year, USA. Aaron was a pupil of Forfar Academy during session 2015-16, while Mirren was a pupil during session 2016-17. The charities or charitable appeals, which were sent money raised by the Forfar Academy school community in 2016-17, are listed in the Annual Report above. Similarly, the extra-curricular activities and events, which were supported by the Forfar Academy School Fund, are listed in the Annual Report above. Declaration The Trustees declare that they have approved the above Accounts. Signed on behalf of the charity s trustees: Secretary Treasurer 7
Independent Examiner s Report to the Trustees of Forfar Academy School Fund I report on the accounts of the charity for the year ended 1 August 2017 which are set out on pages 5 to 7. This report is made to the charities trustees, as a body. My work has been undertaken to enable me to undertake an independent examination of the charity s accounts on behalf of the charity s trustees 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 this report. Respective responsibilities of trustees and examiner The charity s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basis of independent examiner s statement My examination is carried out in accordance with the Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner s statement In the course of my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. On Behalf of Johnston Carmichael LLP 15 Academy Street Forfar DD8 2HA 8