Whitgiftian Association Trust - Charities report - 22.2
Whitgiftian Association Trust - Charities report - 22.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 August 2023 |
| for |
| Whitgiftian Association Trust |
| Whitgiftian Association Trust |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2023 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 11 |
| Whitgiftian Association Trust (Registered number: 07922043) |
| Report of the Trustees |
| for the Year Ended 31 August 2023 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The charitable objectives of the Trust are to further such purposes which may be charitable according to the law of England and Wales as the Trustees see fit by the awarding of grants. |
| Significant activities |
| The Trustees continue to raise funds for the following activities in order to afford children from all socio-economic backgrounds residing in the London Borough of Croydon and surrounding areas to have educational opportunities which would otherwise be denied them:- |
| a) The funding of bursaries to benefit from an education at Whitgift School |
| b) By funding bursaries for sports education through coaching and participation at The Whitgift Sports Club. |
| c) By making capital grants to The Whitgift Sports Club for the improvement and repair of buildings, grounds and facilities. |
| During the last 5 years the Trust's bursary fundraising activities have been scaled back as a consequence of Whitgift School forming its own Development office. Our principal fundraiser moved on to other employment in January 2019. |
| Public benefit |
| The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity's activities are outlined under 'Objectives and Activities' and 'Significant Activities' above. During the year the charity received over £6,700 in donations and paid £26,851 to the Whitgift School for bursaries and £4,240 to Whitgift Sports Club for Rugby education. |
| The total carried forward funds at the year end are £84,485 (£19,501 unrestricted & £64,984 restricted). |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| New Trustees, who are also Directors, are appointed by ordinary resolution. Candidates are invited to apply to become Trustees if they are considered to have appropriate skills or abilities that will add to the furtherance of the charity's objectives. The need for training will be assessed when an appointment is confirmed. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Whitgiftian Association Trust (Registered number: 07922043) |
| Report of the Trustees |
| for the Year Ended 31 August 2023 |
| Trustees |
| Independent Examiner |
| Thornton Springer LLP |
| Chartered Accountants |
| 67 Westow Street |
| London |
| SE19 3RW |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Whitgiftian Association Trust |
| Independent examiner's report to the trustees of Whitgiftian Association Trust ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| 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: |
| 1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| 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. |
| Z Saleem FCCA ACA |
| Thornton Springer LLP |
| Chartered Accountants |
| 67 Westow Street |
| London |
| SE19 3RW |
| 29 April 2024 |
| Whitgiftian Association Trust |
| Statement of Financial Activities |
| for the Year Ended 31 August 2023 |
| 31.8.23 | 31.8.22 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| Transfers between funds | 7 | (467 | ) | 467 | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 108,177 |
| Whitgiftian Association Trust (Registered number: 07922043) |
| Balance Sheet |
| 31 August 2023 |
| 31.8.23 | 31.8.22 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 7 |
| Unrestricted funds | 19,276 |
| Restricted funds | 88,901 |
| TOTAL FUNDS | 108,177 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Whitgiftian Association Trust |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2023 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | INVESTMENT INCOME |
| 31.8.23 | 31.8.22 |
| £ | £ |
| Deposit account interest |
| Whitgiftian Association Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 3. | RAISING FUNDS |
| Raising donations and legacies |
| 31.8.23 | 31.8.22 |
| £ | £ |
| Support costs |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| - | 12,744 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 20,065 | 94,253 |
| TOTAL FUNDS CARRIED FORWARD | 19,276 | 88,901 | 108,177 |
| Whitgiftian Association Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.23 | 31.8.22 |
| £ | £ |
| Accrued expenses |
| 7. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 19,276 | 692 | (467 | ) | 19,501 |
| Restricted funds |
| Bursary Appeal | 83,809 | (21,494 | ) | - | 62,315 |
| Capital projects WSC | 1,581 | 150 | - | 1,731 |
| Rugby education | 2,803 | (3,270 | ) | 467 | - |
| Cricket education | 708 | 230 | - | 938 |
| (24,384 | ) |
| TOTAL FUNDS | (23,692 | ) | 84,485 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,818 | (1,126 | ) | 692 |
| Restricted funds |
| Bursary Appeal | 5,357 | (26,851 | ) | (21,494 | ) |
| Capital projects WSC | 150 | - | 150 |
| Rugby education | 970 | (4,240 | ) | (3,270 | ) |
| Cricket education | 230 | - | 230 |
| ( |
) | (24,384 | ) |
| TOTAL FUNDS | ( |
) | (23,692 | ) |
| Whitgiftian Association Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 7. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.9.21 | in funds | 31.8.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 20,065 | (789 | ) | 19,276 |
| Restricted funds |
| Bursary Appeal | 92,191 | (8,382 | ) | 83,809 |
| Capital projects WSC | 1,331 | 250 | 1,581 |
| Rugby education | 243 | 2,560 | 2,803 |
| Cricket education | 488 | 220 | 708 |
| 94,253 | (5,352 | ) | 88,901 |
| TOTAL FUNDS | 114,318 | (6,141 | ) | 108,177 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 214 | (1,003 | ) | (789 | ) |
| Restricted funds |
| Bursary Appeal | 4,362 | (12,744 | ) | (8,382 | ) |
| Capital projects WSC | 250 | - | 250 |
| Rugby education | 2,560 | - | 2,560 |
| Cricket education | 220 | - | 220 |
| 7,392 | (12,744 | ) | (5,352 | ) |
| TOTAL FUNDS | 7,606 | (13,747 | ) | (6,141 | ) |
| Whitgiftian Association Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 7. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.9.21 | in funds | funds | 31.8.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 20,065 | (97 | ) | (467 | ) | 19,501 |
| Restricted funds |
| Bursary Appeal | 92,191 | (29,876 | ) | - | 62,315 |
| Capital projects WSC | 1,331 | 400 | - | 1,731 |
| Rugby education | 243 | (710 | ) | 467 | - |
| Cricket education | 488 | 450 | - | 938 |
| 94,253 | (29,736 | ) | 467 | 64,984 |
| TOTAL FUNDS | 114,318 | (29,833 | ) | - | 84,485 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 2,032 | (2,129 | ) | (97 | ) |
| Restricted funds |
| Bursary Appeal | 9,719 | (39,595 | ) | (29,876 | ) |
| Capital projects WSC | 400 | - | 400 |
| Rugby education | 3,530 | (4,240 | ) | (710 | ) |
| Cricket education | 450 | - | 450 |
| 14,099 | (43,835 | ) | (29,736 | ) |
| TOTAL FUNDS | 16,131 | (45,964 | ) | (29,833 | ) |
| The purpose of each restricted fund is as follows:- |
| Bursary appeal - | To provide funding to eligible children at Whitgift School. |
| Capital Improvements WSC - | To provide funds for the improvement of facilities at Whitgift Sports Club. |
| Rugby education - | To fund grants for rugby education through coaching and participation at Whitgift Sports Club. |
| Cricket education - | To fund grants for cricket education through coaching and participation at Whitgift Sports Club. |
| Whitgiftian Association Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 7. | MOVEMENT IN FUNDS - continued |
| Transfers between funds |
| In previous years certain administrative expenses incurred in relation to appeals for bursary funding was charged to unrestricted funds. The Trustees now consider this to form part of restricted administration charges and the inter-fund transfer has been made to restore the unrestricted fund to the balance of unrestricted donations held. |
| 8. | RELATED PARTY DISCLOSURES |
| The charity is related to the Whitgiftian Association and the John Whitgift Foundation as they have common interests and associations. |