Hawkshead Grammar School Foundation
Unaudited Financial Statements for the year ended 31 October 2022
Charity Registration Number 1030002
Hawkshead Grammar School Foundation
Financial Statements
Year ended 31 October 2022
| PAGES | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 to 18 |
Hawkshead Grammar School Foundation
Trustees' Annual Report
Year ended 31 October 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Hawkshead Grammar School Foundation Charity registration number 1030002 Principal office Scutcheon House Farm Far Sawrey Ambleside Cumbria LA22 0LQ THE TRUSTEES Judith Myers Rev John Dixon Claire Salisbury Raymond Brown Myles Sandys Andrew Stoker Ian Moulton Roger Bonham INDEPENDENT EXAMINER Ian Thompson (FCA) Saint & Co The Old Police Station Church Street Ambleside Cumbria LA22 0BT
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Hawkshead Grammar School Foundation
Trustees' Annual Report (continued)
Year ended 31 October 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation has 6 representative Trustees appointed by various local authorities and one by the Carlisle Diocese of the Church of England, and up to three co-optative Trustees appointed by the governing body. Appointments are for five years and are renewable. The Trustees normally meet at least twice a year (usually October and April, and on other occasions as required) to consider grant applications and to manage the affairs of the Foundation, including management and maintenance of the endowed properties. Decisions are made to ensure that funds are available to maintain the efficient running of the Foundation, with the goal of continued provision of educational grants and sustainable operations at the museum.
The trustees confirm that they have paid due regard to the public benefit guidance published by the Charity Commission.
OBJECTIVES AND ACTIVITIES
Hawkshead Grammar School Foundation was set up in 1585 by Edwin Sandys, then Archbishop of York, under Letters Patent from Queen Elizabeth I, for the purpose of running a boys' grammar school. It did so for over 300 years until the school closed in 1909. The Foundation now runs the school as a museum and continues to provide educational and vocational grants (known as Sandys Exhibitions) to young people from the Ancient Parish of Hawkshead. It also owns and lets various endowed properties in the village. These rents, income from its investments, and museum entrance fees, provide the main sources of income.
In 2021/22, applications for educational and vocational grants were invited for submission at the start of the academic year in September, so that all applications could be considered together, and fair and equitable allocations made within the grant budget. Grants are made to young people between the ages of 16-25 studying at a recognised university, college, apprenticeship or similar educational facility. They must reapply for each year of their course, and in second and subsequent years must provide evidence of satisfactory attendance and results from their previous year. In 2021/22, in recognition of the fact that there is no assistance with the cost of transportation to school or 6th form colleges for 16-18 year olds, and all young people must travel outside the parish to attend a school or 6th form college, the Trustees agreed to continue the smaller grants for assistance with transportation which were started in 2019. This enables the grant programme to benefit a greater proportion of the young people in the parish. Efforts made to broaden publicity for the grants continue to encourage a variety of applications and in 2021/22 the following were received: thirteen for the university/college/apprenticeship grant, eight for the transportation assistance grant, and one vocational grant. All applicants were awarded a grant, with total disbursement £15,000. The Trustees are satisfied that the grants are now reaching most of the eligible young people in the parish.
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Year ended 31 October 2022
Hawkshead Grammar School Foundation
Trustees' Annual Report (continued)
ACHIEVEMENTS AND PERFORMANCE
After disappointing museum admissions in 2021 it was recognised that it was time to refresh the visitor experience at the museum to reflect best practices and a more contemporary approach. Visitors are now welcome to enter the museum when they arrive, are treated to a short welcome talk and are then invited to explore the museum at their leisure. In 2022, exhibitions were refreshed, and more information made available on panels around the rooms. In addition, opening days and hours were changed to reflect changing visitor patterns. Margins improved given the reduced opening hours. Two enthusiastic and energetic museum assistants were recruited and developed new marketing material, including social media, a leaflet and logo, and branded merchandise. Different approaches to raising the museum profile and attracting new visitors continue to be explored. As the museum curator left, museum management and development are being overseen by the clerk.
The library cataloguing and repair project continues with a small team of volunteers. About 25% of the books have been catalogued and volunteers are trained to do a range of minor repairs. Enquiries from academics and historians about the school and library continue to grow. Future phases of the project will consider developing grant proposals to fund the costs of cataloguing, conservation, and preservation.
Income from property rental recovered to pre-pandemic levels and has increased slightly due to an additional tenancy. In spring 2022 prospective tenants approached the Trustees regarding a lease of the School House Barn for their camping pod rental business. Lease arrangements were put in place from May 2022. It is Trustees' intent to allocate a portion of funds each year to remedial maintenance activity. In 2021/22 this included: installation of a firebreak between School House Cottage and Old School House and painting of the new window frames at 1 Museum Cottages.
Investments have also recovered in line with the recovery of the stock market and investment income is close to pre-pandemic levels. The Foundation still has considerable cash reserves, sufficient to cover several years of operating expenditure.
The Trustees regularly review the risks and opportunities faced by the Foundation and make plans accordingly. The Foundation's reserves policy designates a portion of reserves for property maintenance, a portion of reserves for future conservation and improvements to the library, and a further portion of reserves for future property development. The policy also places a limit on the proportion of unrestricted reserves held in investments and prescribes a minimum operating reserve proportional to fixed operating costs. Financial procedures were also reviewed and approved by Trustees.
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Hawkshead Grammar School Foundation
Trustees' Annual Report (continued)
Year ended 31 October 2022
FINANCIAL REVIEW
Income from the museum, investments and rental properties have increased compared to 2019, the last year before the COVID pandemic, and together contributed £59,818.
Expenditure was lower than the previous financial year by £19,540. This was largely due to lower property maintenance expenditures. Museum operating costs and educational grant expenditure remained broadly similar. Total annual expenditure will continue to fluctuate based on the timing and needs of the maintenance programme. Expenditure is expected to remain close to this level due to necessary property maintenance, the development of the library conservation project and the Trustees' commitment to to ensure the educational grants support as many young people in the parish as possible.
Investments registered a loss of £15,629 versus a gain of £34,220 in the previous year.
Overall, the charity ran a loss of £29,446 in 2021/22, vs a surplus of £11,203 in 2020/21. Reserves decreased to £327,707 from £357,153 in 2020/21.
2023 UPDATE
The Foundation continues to operate in good financial health. Visitor footfall to the museum has increased by 8% over 2022 against a more challenging outlook for the visitor economy.Staff schedules have been adjusted to enable daily opening during school holidays to accommodate increased demand during these periods. New rotating exhibitions have been installed and several longstanding maintenance issues have been addressed. The staff continue to explore ways of raising awareness of the museum both locally and further afield.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Myles Sandys Trustee
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Hawkshead Grammar School Foundation
Independent Examiner's Report to the Trustees of Hawkshead Grammar School Foundation
Year ended 31 October 2022
I report to the trustees on my examination of the financial statements of Hawkshead Grammar School Foundation ('the charity') for the year ended 31 October 2022.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Ian Thompson (FCA) Independent Examiner
Saint & Co The Old Police Station Church Street Ambleside Cumbria LA22 0BT
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Hawkshead Grammar School Foundation
Statement of Financial Activities
Year ended 31 October 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 3,082 | – | 3,082 | 25,545 |
| Charitable activities | 5 | 11,497 | – | 11,497 | 4,182 |
| Other trading activities | 6 | 1,017 | – | 1,017 | 335 |
| Investment income | 7 | 46,889 | – | 46,889 | 42,763 |
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| Total income | 62,485 | – | 62,485 | 72,825 | |
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| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | 542 | – | 542 | 877 |
| Endowment land and properties | |||||
| rental costs | 9 | 7,583 | – | 7,583 | 35,272 |
| Expenditure on charitable activities | 10,11 | 68,177 |
– | 68,177 | 59,693 |
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| Total expenditure | 76,302 | – | 76,302 | 95,842 | |
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| Net (losses)/gains on investments | 12 | (15,629) | – | (15,629) | 34,220 |
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| Net (expenditure)/income and net | |||||
| movement in funds | (29,446) | – | (29,446) | 11,203 | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 299,717 | 57,436 | 357,153 | 345,950 | |
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| Total funds carried forward | 270,271 | 57,436 | 327,707 | 357,153 | |
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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 8 to 18 form part of these financial statements.
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Hawkshead Grammar School Foundation
Statement of Financial Position
31 October 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| FIXED ASSETS | |||
| Tangible fixed assets | 16 | 57,436 | 57,436 |
| Investments | 17 | 149,790 | 165,419 |
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| 207,226 | 222,855 | ||
| CURRENT ASSETS | |||
| Stocks | 18 | 1,020 | 391 |
| Debtors | 19 | 6,427 | 4,489 |
| Cash at bank and in hand | 124,513 | 149,170 | |
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| 131,960 | 154,050 | ||
| CREDITORS: amounts falling due within one year | 20 | (11,479) | (19,752) |
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| NET CURRENT ASSETS | 120,481 | 134,298 | |
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| TOTAL ASSETS LESS CURRENT LIABILITIES | 327,707 | 357,153 | |
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| NET ASSETS | 327,707 | 357,153 | |
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| FUNDS OF THE CHARITY | |||
| Endowment funds | 57,436 | 57,436 | |
| Unrestricted funds | 270,271 | 299,717 | |
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| Total charity funds | 22 | 327,707 | 357,153 |
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These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Ian Moulton
Myles Sandys
The notes on pages 8 to 18 form part of these financial statements.
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Hawkshead Grammar School Foundation
Notes to the Financial Statements
Year ended 31 October 2022
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales. The address of the principal office is Scutcheon House Farm, Far Sawrey, Ambleside, Cumbria LA22 0LQ. The Hawkshead Grammar School museum and library is situated at Main Street, Hawkshead, Cumbria LA22 0NT.
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 2011.
3. 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.
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.
The original costs or gifted values of some of the endowment land and properties are not known, dating back many decades before modern accounting standards began. Some endowment assets are carried at nil cost and some carrying amounts reflect the cost of major restoration work only.
Fund accounting
Endowment funds, representing freehold land and properties stated at cost, are held for the benefit of the charity as capital funds. The lettings income and associated expenditure is unrestricted.
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. ACCOUNTING POLICIES (continued)
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.
Resources expended
Expenses are recognised on an accruals basis.
Costs that are shared by the Museum and the Library are apportioned on an estimated area/consumption basis of 87.5% and 12.5% to the Museum and Library activities respectively. Governance costs are primarily associated with the charity's constitutional and statutory obligations.
Tangible assets
All tangible fixed assets are initially recorded at cost. Items under £750 are not capitalised and are written off to expenditure in the statement of financial activities when the asset is acquired. No depreciation is charged on the freehold land and properties because they are maintained in such a state of repair that their estimated residual value is not less than their cost.
Some of the endowment land and properties are held for investment purposes, though there is no intention ever to sell them. The rental income is shown in investment income in the notes to the accounts. Under FRS102 investment property should initially be recorded at cost and then revalued at fair value at each reporting date. However, the trustees consider that a reliable measure of fair value is not available for any of the investment land and properties without undue cost or effort. Under FRS102 the investment land and properties are therefore carried as tangible assets at cost until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Stocks
Stocks are measured at the lower of cost and estimated selling price.
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. ACCOUNTING POLICIES (continued)
Financial instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Museum collections | 415 | 415 | – | – |
| GRANTS | ||||
| Coronavirus grant - Job Retention | ||||
| Scheme | – | – | 7,876 | 7,876 |
| Coronavirus grant - Council | ||||
| Discretionary Grants | 2,667 | 2,667 | 17,669 | 17,669 |
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|
| 3,082 | 3,082 | 25,545 | 25,545 | |
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
5. CHARITABLE ACTIVITIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Museum admission fees | 11,497 | 11,497 | 4,182 | 4,182 | |
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| 6. | OTHER TRADING ACTIVITIES | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Museum shop sales | 1,017 | 1,017 | 335 | 335 | |
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| 7. | INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Income from listed investments | 7,408 | 7,408 | 6,501 | 6,501 | |
| Bank interest receivable | 279 | 279 | – | – | |
| Rental income from endowment land | |||||
| and properties | 39,199 | 39,199 | 36,259 | 36,259 | |
| Wayleave | 3 | 3 | 3 | 3 | |
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| 46,889 | 46,889 | 42,763 | 42,763 | ||
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| 8. | COSTS OF OTHER TRADING ACTIVITIES | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Costs of other trading activities - shop | |||||
| costs | 542 | 542 | 877 | 877 | |
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| 9. | ENDOWMENT LAND AND PROPERTIES | RENTAL COSTS | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Repairs and maintenance | 4,440 | 4,440 | 33,048 | 33,048 | |
| Insurance | 2,243 | 2,243 | 1,864 | 1,864 | |
| Legal fees | 900 | 900 | 360 | 360 | |
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| 7,583 | 7,583 | 35,272 | 35,272 | ||
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
10. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Museum | 37,626 | 37,626 | 27,983 | 27,983 |
| Library | 5,567 | 5,567 | 5,559 | 5,559 |
| Library conservation project | 5,899 | 5,899 | 5,797 | 5,797 |
| Educational grants | 14,000 | 14,000 | 14,800 | 14,800 |
| Support costs | 5,085 | 5,085 | 5,554 | 5,554 |
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|
| 68,177 | 68,177 | 59,693 | 59,693 | |
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See Note 11 for details of expenditure on charitable activities.
11. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | |
| Museum | ||||
| Salaries and pensions | 21,103 | – | 21,103 | 19,651 |
| Rates and water | 383 | – | 383 | 232 |
| Light and heat | 2,281 | – | 2,281 | 3,427 |
| Repairs and maintenance | 2,487 | – | 2,487 | 580 |
| Insurance | 2,252 | – | 2,252 | 2,168 |
| New displays and exhibitions | 547 | – | 547 | – |
| Payroll fees | 405 | – | 405 | 345 |
| Broadband | 475 | – | 475 | 528 |
| Marketing | 1,158 | – | 1,158 | 236 |
| Museum supplies | 449 | – | 449 | – |
| Care-taking and gardening | 562 | – | 562 | 371 |
| Bank charges | 165 | – | 165 | 107 |
| Professional fees | 420 | – | 420 | – |
| Clerk | 4,939 | – | 4,939 | 338 |
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| 37,626 | – | 37,626 | 27,983 | |
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
11. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE (continued)
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Library | ||||
| Salaries and pensions | 771 | – |
771 | 1,718 |
| Rates and water | 8 | – |
8 | 1 |
| Light and heat | 326 | – |
326 | 490 |
| Repairs and maintenance | 356 | – |
356 | 83 |
| Insurance | 3,777 | – |
3,777 | 3,048 |
| Payroll fees | 15 | – |
15 | 56 |
| Broadband | 68 | – |
68 | 76 |
| Marketing | 166 | – |
166 | 34 |
| Care-taking and gardening | 80 | – |
80 | 53 |
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| 5,567 | – |
5,567 | 5,559 | |
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|
| Library conservation project | ||||
| Project management | 4,579 | – |
4,579 | 3,503 |
| Conservation equipment | 150 | – |
150 | 1,037 |
| Professional fees | 1,170 | – |
1,170 | 1,210 |
| Volunteer support | – | – |
– | 47 |
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| 5,899 | – |
5,899 | 5,797 | |
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|
| Educational grants | ||||
| Grants payable | 14,000 | – |
14,000 | 14,800 |
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|
| Support costs | ||||
| Accountancy & examination fees | – | 1,842 |
1,842 | 1,788 |
| Clerk | – | 3,023 |
3,023 | 3,518 |
| Other office costs | – | 131 |
131 | 142 |
| Website | – | 90 |
90 | 108 |
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|
| – | 5,085 |
5,085 | 5,554 | |
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| 63,092 | 5,085 |
68,177 | 59,693 | |
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
12. NET (LOSSES)/GAINS ON INVESTMENTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | (15,629) | (15,629) | 34,220 | 34,220 | |
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| 13. | INDEPENDENT EXAMINATION FEES | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,842 | 1,788 | |||
| Other financial services | 420 | 401 | |||
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| 2,262 | 2,189 | ||||
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14. STAFF COSTS
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 21,706 | 20,940 |
| Employer contributions to pension plans | 168 | 429 |
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|
| 21,874 | 21,369 | |
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The average head count of employees during the year was 5 (2021: 1). The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Curator | 1 | 1 |
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No employee received employee benefits of more than £60,000 during the year (2021: Nil).
15. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
- 14 -
Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
16. TANGIBLE FIXED ASSETS
| Freehold | |
|---|---|
| property | |
| £ | |
| Cost | |
| At 1 November 2021 and 31 October 2022 | 57,436 |
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|
| Depreciation | |
| At 1 November 2021 and 31 October 2022 | – |
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|
| Carrying amount | |
| At 31 October 2022 | 57,436 |
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| At 31 October 2021 | 57,436 |
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|
| INVESTMENTS | |
| Listed | |
| investments | |
| £ | |
| Cost or valuation | |
| At 1 November 2021 | 165,419 |
| Additions | – |
| Fair value movements | (15,629) |
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|
| At 31 October 2022 | 149,790 |
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|
| Impairment | |
| At 1 November 2021 and 31 October 2022 | |
| Carrying amount | |
| At 31 October 2022 | 149,790 |
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|
| At 31 October 2021 | 165,419 |
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17. INVESTMENTS
All investments shown above are held at valuation.
Financial assets held at fair value
The COIF Charities Investment Fund is measured at mid market / net asset value £39,453 (2021: £43,092) and the M&G Charifund is stated at the listed value £110,337 (2021: £122,327).
18. STOCKS
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Shop stock | 1,020 | 391 |
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
19. DEBTORS
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 186 | – |
| Prepayments and accrued income | 5,319 | 4,089 |
| Rents receivable | 900 | 400 |
| Other debtors | 22 | – |
──────── |
──────── |
|
| 6,427 | 4,489 | |
════════ |
════════ |
|
| CREDITORS: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 10,554 | 18,844 |
| Social security and other taxes | – | 92 |
| Other creditors | 925 | 816 |
───────── |
───────── |
|
| 11,479 | 19,752 | |
═════════ |
═════════ |
20. CREDITORS: amounts falling due within one year
21. PENSIONS AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £168 (2021: £429).
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Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
22. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 November | Gains and | 31 October 2 | |||
| 2021 | Income | Expenditure | losses | 022 | |
| £ | £ | £ | £ | £ | |
| General funds | 299,717 | 62,485 | (76,302) | (15,629) | 270,271 |
═══════════ |
═════════ |
═════════ |
═════════ |
═══════════ |
|
| At | At | ||||
| 1 November | Gains and | 31 October 2 | |||
| 2020 | Income | Expenditure | losses | 021 | |
| £ | £ | £ | £ | £ | |
| General funds | 288,514 | 72,825 | (95,842) | 34,220 | 299,717 |
═══════════ |
═════════ |
═════════ |
═════════ |
═══════════ |
|
| Endowment funds | |||||
| At | At | ||||
| 1 November | Gains and | 31 October 2 | |||
| 2021 | Income | Expenditure | losses | 022 | |
| £ | £ | £ | £ | £ | |
| Museum Cottages, Old | |||||
| School House and Old | |||||
| School Cottage | 8,826 | – | – | – | 8,826 |
| Stable Barn, Agricultural | |||||
| Land & Field | 18,499 | – | – | – | 18,499 |
| Museum Building | |||||
| (including Library) | 30,111 | – | – | – | 30,111 |
───────── |
───── |
───── |
───── |
───────── |
|
| 57,436 | – | – | – | 57,436 | |
═════════ |
═════ |
═════ |
═════ |
═════════ |
|
| At | At | ||||
| 1 November | Gains and | 31 October 2 | |||
| 2020 | Income | Expenditure | losses | 021 | |
| £ | £ | £ | £ | £ | |
| Museum Cottages, Old | |||||
| School House and Old | |||||
| School Cottage | 8,826 | – | – | – | 8,826 |
| Stable Barn, Agricultural | |||||
| Land & Field | 18,499 | – | – | – | 18,499 |
| Museum Building | |||||
| (including Library) | 30,111 | – | – | – | 30,111 |
───────── |
───── |
───── |
───── |
───────── |
|
| 57,436 | – | – | – | 57,436 | |
═════════ |
═════ |
═════ |
═════ |
═════════ |
- 17 -
Hawkshead Grammar School Foundation
Notes to the Financial Statements (continued)
Year ended 31 October 2022
23. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Endowment | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 57,436 | 57,436 |
| Investments | 149,790 | – | 149,790 |
| Current assets | 131,960 | – | 131,960 |
| Creditors less than 1 year | (11,479) | – | (11,479) |
─────────── |
───────── |
─────────── |
|
| Net assets | 270,271 | 57,436 | 327,707 |
═══════════ |
═════════ |
═══════════ |
|
| Unrestricted | Endowment | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 57,436 | 57,436 |
| Investments | 165,419 | – | 165,419 |
| Current assets | 154,050 | – | 154,050 |
| Creditors less than 1 year | (19,752) | – | (19,752) |
─────────── |
───────── |
─────────── |
|
| Net assets | 299,717 | 57,436 | 357,153 |
═══════════ |
═════════ |
═══════════ |
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