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NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report together with the accounts for the year ended 31 March 2021.
The accounts have been prepared in accordance with the recommendations of Statement of Recommended Practice - Accounting & Reporting by Charities and comply with the requirements of the charity's scheme by order of the Charity Commission dated 3 November 1993.
Statement of Trustees' Responsibilities
Charity law requires the Trustees to prepare a Receipts and Payments account and a Statement of Assets and Liabilities for each financial year which properly presents the charity's receipts and payments for the year together with its assets and liabilities at the end of the period, and adequately distinguish any material special trust or other restricted fund of the charity. In preparing these financial statements the trustees are required to:
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a. select suitable accounting policies and then apply them consistently;
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b. make judgements and estimates that are reasonable and prudent;
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c, state whether the policies adopted are in accordance with the appropriate Statement of : Recommended Practice on Accounting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity, and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under s130 of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
Aims and Objectives
Promoting the education of persons under the age of 25 years who are resident in the Isle of Wight, providing assistance to people to pursue their education, and promoting the education of persons under the age of 40 years resident in the Isle of Wight in such ways as the Trustees think fit.
The charity goes about this by making grants following receipt of a detailed application form from individuals. It also supports local worthy causes with an educational aspect where the Trustees consider the cause for the benefit of the education of people within its remit. The charity works closely with the Local Education Authority and the Isle of Wight College.
In shaping the objectives for the year and planning the activities, the trustees have considered the Charity Commission's guidance on public benefit.
NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
Policies
The charity adopts the following as guidelines:
Reserves - A minimum of the previous year's grants and sufficient to cover unforeseen emergencies from Island students plus additional monies to satisfy more applications from students who have found part time work difficult to find.
Grant making - Applications are circulated prior to the meeting at which they are discussed. General policies are formulated as the need arises.
Investments - One third of available funds to each of land, gilts and equities. Advice is sought where appropriate. COIF is used for equities.
Risk management
The Trustees have undertaken a review of the major strategic, business and operational risks to which the charity is exposed, and confirm that systems have been established which enable the necessary _ steps to be taken to lessen these risks.
Results for the year
The Trustees, sensibly bowing to Covid-19 restrictions, did not meet as a group but used modern communication systems to continue land management, oversee investments and respond to grant requests.
There was no income from the Worsley Road fields as there is now no lease to a local farmer, ab Old Grammar School Boy. There severe hedge cutting alongside the road in the autumn 2019 meant that no trimming work was required during 2020. The field gate adjacent to Rectory Drive, which was previously repaired, was replaced, and the water supply to the cattle drinking trough renewed. No local group asked if it could use the playing field area. The land agent has continued his search for alternative use of the fields.
The five financial management groups, who seem unaffected by the Covid-19 crises, have again provided a satisfactory income, sufficient to cover this year's grant requests for supporting young people of local worthy causes within the terms of the Charity.
NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
Results for the year (continued)
The anticipated requests for continued financial assistance for the spring term did not materialise, presumably because students did not return to their institutions but studied via online connections form their Island home bases. The average grant for the twenty three requests was £400. Two primary schools and one partnership were assisted with the purchase of additional laptop computers.
It is always pleasing to read of the successes recorded in the local newspaper, recognisable names of students who have been assisted and realise that the Charity had, in a very small way, assisted their educational aspirations.
it is still the Trustees’ policy to support the local FE College and Island based GCSE andA Levels rather than giving large grants for travel or accommodation to students attending identical courses on the mainland. Each request is considered on its merits. Obviously this does not apply to students entering the Higher Education sphere where most courses are based off the Island.
Receipts’‘amounted to £25,562 (2020 - £29,088) and exceeded expenditure by £7,422 (2020 - £14,872 not including investment purchases. Major expenditure included insurances, accountancy fees and VAT registration totalling £2,127 (2020 - £2,282).
All trustees served in a voluntary capacity and administrative costs amounted to £12 (2020 - £59).
On behalf of the Trustees
et Terence J. Blunden, BA, ADipEd. Mgt., FHA Hon. Treasurer
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Date: Gfirfosee
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NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| RECEIPTS: | |||||
| Income receipts | |||||
| VAT reclaimed | 86 | - | |||
| From assets | |||||
| Bank interest | 4 | 7 | |||
| Dividends on investments | 25,472 | 28,281 | |||
| Rents received | - | 800 | |||
| Total receipts | 25,562 | 29,088 | |||
| PAYMENTS: | |||||
| Charitable activity direct expenditure: | |||||
| Grants | 15,821 | 11,875 | |||
| Insurance | 711 | 668 | |||
| Property repairs and maintenance | 180 | 1,170 | |||
| 16,712 | 13,713 | ||||
| Other expenditure: | |||||
| Independent examiner's fees | 456 | 444 | |||
| Accountancy fees | 960 | - | |||
| Grant officer expenses | 12 | 59 | |||
| 1,428 | 503 | ||||
| Total payments | 18,140 | 14,216 | |||
| Net receipts forthe year | 7,422 | 14,872 | |||
| Bank balances brought forward at 1 April | 77,602 | 62,730 | |||
| Bankbalancescarriedforwardat31March | 85,024 | 77,602 |
NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
| STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2021 | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| MONETARY ASSETS | ||
| Current account | 70,776 | 63,358 |
| Instant savings | 14,248 | 14,244 |
| 85,024 | 77,602 | |
| INVESTMENT ASSETS | ||
| Property | ||
| Valuation at 31 March 2021 | ||
| Land atWorsley Road Fields | 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 | |
| The Trustees have valued the asset held by the charity at what they believe its market | ||
| value to be as atthe year end. | ||
| Investments | ||
| At valuation at 31 March 2020 | ||
| C.O.1.F. Charities Investment Fund | ||
| 11,870.64 Income shares | 212,401 | 175,973 |
| C.O.1.F. Charities Investment Fund | ||
| 1,274.75 Accumulation shares | 263,538 | 211,916 |
| M&G Charibond Fixed Interest | 96,229 | 95,972 |
| Thesis Asset Management | 251,402 | 221,711 |
| StJames' Wealth | 259,051 | 222,134 |
| Brooks Macdonald | 242,957 | 216,713 |
| 1,325,579 | 1,144,420 |
The notes on page 8 form part of these accounts
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Approved by the Board of Trustees on re lre) 21 and signed on its behalf by:
17 bn D.E. Blundell
7 er
26 Qu one T.J. Blunden
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NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2021
1) Accounting Policies
a) Basis of accounting
The accounts are prepared under the historical cost convention on the receipts and payments basis. The recommendations of Statement of Recommended Practice - Accounting & Reporting by Charities have been followed in the preparation of these accounts.
2) Fund Accounting
The charity's general funds consist of funds which the charity may use for its purposes at its discretion. No restricted fund transactions took place during the year.
3) Cost of Investments
The historic cost on acquisition of the investments at 31 March were:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| C.O.1.F. Charities | Investment Fund | ||
| 11,870.64 | Income shares | 130,000 | 130,000 |
| 1,274.75 | Accumulation shares | 40,000 | 40,000 |
| M&G Charibond | Fixed Interest | 100,000 | 100,000 |
| Thesis Asset Management | 250,000 | 250,000 | |
| St James' Wealth | 250,000 | 250,000 | |
| Brooks Macdonald | 250,000 | 250,000 | |
| 1,020,000 | 1,020,000 |
NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF NEWPORT CHARITIES
NEWPORT GRAMMAR SCHOOL CHARITY
| report on the accounts of the Charity for the year ended 31 March 2021, which are set out on pages 6
to 8.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.
It is my responsibility to:
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e examine the accounts under section 145 of the 2011 Act;
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e to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and
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e to state whether particular matters have come to my attention.
BASISOF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioner. 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 seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with section 133 of the 2011 Act; and
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° to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
MA J Palmer FCCA Bright Brown Limited Chartered Accountants
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15)12}202
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Exchange House, St. Cross Lane, Newport, |.W.