## **NEWPORT GRAMMAR SCHOOL CHARITY Registered No: 1039845** ## **Annual Report 2023 -2024** A year of change for the Newport Grammar School Charity. At our AGM in June, our Chairman, David Blundell, did not seek re-election after sixteen years in the role and Dr Jonathan Nainby-Luxmoore, DL was elected Chairman. In October, both David Blundell and Terence Blunden retired on grounds of ill health having given 52 years of combined service to the Charity. The Trustees were pleased to welcome James Attrill, DL in June, 2023 and Colin Samuelson in November, 2023. The Trustees met, in person, on six occasions to continue land management, oversee investments and respond to grant requests. To ensure easier access to our contacts on the mainland and to enable short notice meetings, the Trustees purchased a Zoom licence in July, 2023. A six-month grazing agreement was signed in June, 2023 with a local smallholder with regard to the Worsley Road fields. Maintenance of the land included hedge cutting in December, 2023 and repairs to the gate. We have maintained regular contact with the Land Agent, who has continued his search for alternative use of the fields. Our investments with five financial management groups showed a marked improvement this year – up 7½% on 2022/23, enabling us to cover the year’s grant requests. Grants totalling £16,657 were made to seventeen individual students (an average of £980 per student). The Trust also contributed £1,000 to the 2024 IW Science Festival and £2,000 to a literacy project co-ordinated by Barton Primary School. We continue to improve our investment returns, thereby enabling us to make more grants. It remains the Trustees’ policy to support students resident on the Isle of Wight who, due to lack of financial resources, may be prevented from taking advantage of educational opportunities currently available. In some cases, grants are available to groups and organisations that enhance the well-being of young people and expand their horizons. Receipts amounted to £27,907 (£21,587 2022/2023). Major expenditure included insurances, auditing and maintenance of the land and totalled £1,815 (£2,670 2022/23). Receipts exceeded Payments by £6,090 (£4,393 2022/23) All trustees served in a voluntary capacity and incurred no administrative costs. Mrs Gillian Burnett, BEM Trustee 25[th] May, 2024 NEWPORT CHARITIES NEWPORT GRAMMAR SCHOOL CHARITY INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF NEWPORT CHARITIES NEWPORT GRAMMAR SCHOOL CHARITY I repori on the receipt and payment accounts of the Charity for the year ende.d 31 M arch 2024, RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity's trustees are responslble for the preparation of the accounts. The charity's Trustpes consider that an audit is not req(iired for this year under section 144121 of the Cha ritie5 Art *OII Itlie 2011 Act) and that an Independent examination is reqiilred, It Is my responsibilily to: exa mlne the acc.ou nts under sectlon 145 of the 2011 Act; to follow the procedures laid down in the General Directions glven by the Charity Com missioner under sectlorn 14515llbl of the 2011 Act,. and • to state whether particular matters have come to my attent50n. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried Dut in clctordance with the Cienor81 r)Ireclions given by the Charlty Commls4ioner. An examlnation Includes a review of the accounting records kept by the rl)arity aiid comparison of the accounts presented with those records. It 3150 includes consideration of any unusual items or disclosures In the accounts, and seeklng explanatlons from you as Trustees concernlng any such niotters. The procedures undertaken do not provide all the evidence that wou Id be required in an audit, aiid consequently iio opinion is 8iven as to whether the accounts pre5cnt il 'true and fair view, and the report is lim ited to thos￿ niatters set out in the stalemenl below. INDEPENDENT EXAMINER'S STATEMENT In coniiection wlth my examiFiatlon, no matter has coine to niy attentlon: 111 which gives me reasonable cause to believe that, in dny material respect, the req uirements to keep accountln8 records in )cr.ordan¢e with sectlon 133 of the 2011 Act,. and to prepare accounts which accord with the accountin8 records a nd to comply witli the accounting requirements of the 2011 Act have not bee n met,, or {21 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the account5 ta be reached. 11 J Palmer FCCA Bright Brown Llmited Chartered Accountants EK¢han8e House, St. Cross Lane, Newport, l.W. NEWPORT CHARITIES NEWPORT GRAMMAR SCHOOL CHARITY RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31 MARCH 2024 2024 2023 RECEIPTS: Income receipts VAT recliiimed 296 From assets B(Ink interest Dividends on investment's Rents received 527 26,584 500 27 21,397 Total receipts 27,907 21,587 PAYMENTS: Charltable activlty diiect expendlture: Cirants I n5urancL' Property rèpa irs and maintenance 19,657 537 547 14,272 1,152 480 20,741 15,904 oiher expendlture.. Advert151ng Iiideper)dent examiner's fees Accountancy fees Administration 150 17S 557 194 252 492 546 1,076 1,290 Total payments 21,817 17,194 Net receipt5 for the year Bank balanr.es brought forward ai l Aprll 6,090 4,393 98,083 93,690 Barik balances carried foi'ward at 31 Mcirch 104,173 98,083 NEWPORT CHARITIES NEWPORT GRAMMAR SCHOOL CHARITY STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2024 2024 2023 MONETARY ASSETS Cu rront account Instant savings Term dcposit 29,370 14,803 60,000 83,807 14,276 104,173 98,08.3 INVESTMENT ASSETS Valualion at 31 March 2024 La nd at Worsley Road Flelds 1,000,000 1,000,000 1,000,000 1,000,000 the Trustp.es have valued the asset held by the charity at what tliey believe it5 market valLie io be ?s at the year end. vestrnents Vi41uation at 31 March 2024 C.O.l.F. Charities InvestmenL Fund 11,810.64 Iiicome sh3 res 242,568 222.162 C.0. l.F. Charities Investmei)t Fund 1,274.75 Accumulation shares M&G Charibond Fixed Interest 327,696 86,039 85,346 Aloinos (previously Thesi5 Asset Managementl St James, Wealth 239,510 229,865 257.318 233,710 Brook5 MaLdonald 229.907 219,904 1,383,039 1,282,766 The notes on pa8e 8 form part of these accounts Approved by the Board of Trustees on Dr J Nainby-LLixmoore, DL G Burnett NEWPORT CHARITIE NEWPORT GRAMMAR SCHOOL CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2024 11 Accounting Policies al Basis of accDunting The accounts are prepared under the historical cost conveiitlon on the receipts aiid payments basls. The recommendations of Statemenl of Recomniended Practice Accounting & Reportin8 by Charities have heen followed in the preparation of these accounts. 21 Fund Accounting Tlie charity'5 general funds consist of funds whlch the charity may use for Its purposes at Its dlscretlon. No restricted fu nd transactions took place during ihe year. 31 Cost of liivestments 'rhe historic cost on acqulsition of the investment5 at 31 March were: 2024 2023 C,O,I,F, Charities Investment Fund 11,870.64 1,274,75 Incoine shares Accumulation shares 130,000 40,000 130,OQQ 40,000 M&G Charibond Fixed Iiitere5t 100,000 loo,000 Atonios IprevioL4sly Thesls ￿Set Management) 250,000 250,000 5t James, Wealth 250,QC)0 250,000 rooks Macdunald 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 I repori on the receipt and payment accounts of the Charity for the year ende.d 31 M arch 2024, RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity's trustees are responslble for the preparation of the accounts. The charity's Trustpes consider that an audit is not req(iired for this year under section 144121 of the Cha ritie5 Art *OII Itlie 2011 Act) and that an Independent examination is reqiilred, It Is my responsibilily to: exa mlne the acc.ou nts under sectlon 145 of the 2011 Act; to follow the procedures laid down in the General Directions glven by the Charity Com missioner under sectlorn 14515llbl of the 2011 Act,. and • to state whether particular matters have come to my attent50n. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried Dut in clctordance with the Cienor81 r)Ireclions given by the Charlty Commls4ioner. An examlnation Includes a review of the accounting records kept by the rl)arity aiid comparison of the accounts presented with those records. It 3150 includes consideration of any unusual items or disclosures In the accounts, and seeklng explanatlons from you as Trustees concernlng any such niotters. The procedures undertaken do not provide all the evidence that wou Id be required in an audit, aiid consequently iio opinion is 8iven as to whether the accounts pre5cnt il 'true and fair view, and the report is lim ited to thos￿ niatters set out in the stalemenl below. INDEPENDENT EXAMINER'S STATEMENT In coniiection wlth my examiFiatlon, no matter has coine to niy attentlon: 111 which gives me reasonable cause to believe that, in dny material respect, the req uirements to keep accountln8 records in )cr.ordan¢e with sectlon 133 of the 2011 Act,. and to prepare accounts which accord with the accountin8 records a nd to comply witli the accounting requirements of the 2011 Act have not bee n met,, or {21 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the account5 ta be reached. 11 J Palmer FCCA Bright Brown Llmited Chartered Accountants EK¢han8e House, St. Cross Lane, Newport, l.W. NEWPORT CHARITIES NEWPORT GRAMMAR SCHOOL CHARITY RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31 MARCH 2024 2024 2023 RECEIPTS: Income receipts VAT recliiimed 296 From assets B(Ink interest Dividends on investment's Rents received 527 26,584 500 27 21,397 Total receipts 27,907 21,587 PAYMENTS: Charltable activlty diiect expendlture: Cirants I n5urancL' Property rèpa irs and maintenance 19,657 537 547 14,272 1,152 480 20,741 15,904 oiher expendlture.. Advert151ng Iiideper)dent examiner's fees Accountancy fees Administration 150 17S 557 194 252 492 546 1,076 1,290 Total payments 21,817 17,194 Net receipt5 for the year Bank balanr.es brought forward ai l Aprll 6,090 4,393 98,083 93,690 Barik balances carried foi'ward at 31 Mcirch 104,173 98,083 NEWPORT CHARITIES NEWPORT GRAMMAR SCHOOL CHARITY STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2024 2024 2023 MONETARY ASSETS Cu rront account Instant savings Term dcposit 29,370 14,803 60,000 83,807 14,276 104,173 98,08.3 INVESTMENT ASSETS Valualion at 31 March 2024 La nd at Worsley Road Flelds 1,000,000 1,000,000 1,000,000 1,000,000 the Trustp.es have valued the asset held by the charity at what tliey believe it5 market valLie io be ?s at the year end. vestrnents Vi41uation at 31 March 2024 C.O.l.F. Charities InvestmenL Fund 11,810.64 Iiicome sh3 res 242,568 222.162 C.0. l.F. Charities Investmei)t Fund 1,274.75 Accumulation shares M&G Charibond Fixed Interest 327,696 86,039 85,346 Aloinos (previously Thesi5 Asset Managementl St James, Wealth 239,510 229,865 257.318 233,710 Brook5 MaLdonald 229.907 219,904 1,383,039 1,282,766 The notes on pa8e 8 form part of these accounts Approved by the Board of Trustees on Dr J Nainby-LLixmoore, DL G Burnett NEWPORT CHARITIE NEWPORT GRAMMAR SCHOOL CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2024 11 Accounting Policies al Basis of accDunting The accounts are prepared under the historical cost conveiitlon on the receipts aiid payments basls. The recommendations of Statemenl of Recomniended Practice Accounting & Reportin8 by Charities have heen followed in the preparation of these accounts. 21 Fund Accounting Tlie charity'5 general funds consist of funds whlch the charity may use for Its purposes at Its dlscretlon. No restricted fu nd transactions took place during ihe year. 31 Cost of liivestments 'rhe historic cost on acqulsition of the investment5 at 31 March were: 2024 2023 C,O,I,F, Charities Investment Fund 11,870.64 1,274,75 Incoine shares Accumulation shares 130,000 40,000 130,OQQ 40,000 M&G Charibond Fixed Iiitere5t 100,000 loo,000 Atonios IprevioL4sly Thesls ￿Set Management) 250,000 250,000 5t James, Wealth 250,QC)0 250,000 rooks Macdunald 250,000 250,000 1,020,000 1,020,000