NEWPORT GRAMMAR SCHOOL CHARITY ACCOUNTS FOR THE YEAR ENDED I APRIL 2024- 31 MARCH 2025
NEWPORT GRAMMAR SCHOOL CHARITY Charity number: 1039845 Accounts for the year ended 31 March 2025 Page Charity Information Trustees. Report Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities Notes to the Accounts
NEWPORT GRAMMAR SCHOOL CHARITY Page= I ADDRESS: Newport Grammar School Oaklands Park Road Wootton Ryde Isle of Wight P033 4RL TRUSTEES: Dr Jonathan Nainby-Luxrnoore. DL (Chairman) Colin Samuelson James Attrill. DL John Itwin Barnikel Gillian Burnett BEM Graeme Bowe Charles Piers Egerton-warburton lappointed 09.08.20241 SECRETARY: Gillian Burnett BEM APPOINTMENT OF TRUSTEES: The existing trustees vote for the appointment of new trustees. GOVERNING INSTRUMENT.. Scheme by order ofthe Charity Commission dèted 3rd November 1993. CHARITABLE STATUS: The Trust is a registered charity No. 1039845 BANK: Lloyds Bank PIC 22 St. Thomas, Square Newport Isle of Wight P030 ISQ SOLICITORS: Wannops LLP Ilncorporating Brutton & Col 227 West Street Fareham P016 OHA INDEPENDENT EXAMINER: J PalmerACA Bright Brown Limited Exchange House. St Cross Lane Newport, Isle of Wight P030 582
NEWPORT GRAMMAR SCHOOL CHARITY Page.. 2 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report together with the accounts for the year ended 31 March 2025. 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 3 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: select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent- 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 ènd 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 theii educ3tion, and promoting the education of person5 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 grant5 following receipt of a detailed application form from individuals. It also supports local worthy causes with an educational aspett where the Trustees consider the cause for the benefit of the education of people within its remit. In shaping the objectives for the year and planning the activities. the trustees have considered the Charity Commission's guidance on public benefit.
NEWPORT GRAMMAR SCHOOL CHARITY Page= 3 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Policies The charity adopts the following as guidelines- Reserves- A minimum of the previous year's grants. Grant making - Applications are circulated and discussed as they arrive, allowing rapid decision making when possible. Investments - Advice is sought where appropriate. Risk management The Trustees have undertaken a review of the major 5trateEic. 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 T14e Trustees met, in person, on four occasions and were very pleased to welcome Charles Egerton- Warburton in August 2024. With his appointment, the Charity finally succeeded in the quest to find a Trustee with suitable finance experience. In August 2024. the Trustees learned their application to become a Charitable Incorporated Organisation ICIOI had been successful. We are now in the process of transferring our assets to the CIO. This, therefore. will be the final report to include our original Charity Number. A nine-month grazing agreement was signed in April 2024 with a local smallholder with reEard to the Worsley Road fields. Maintenance of the land included scrub clearance ljuly 20241, hedge cutting Ioctober 20241 and the purchase of a gate (April 20241 and five "Private Properw, signs (November 20241. As the land at Wor51ey Road had not been valued for decades, the Trustees instructed Smart Surveyors in September 2024 to undertake this task. The valuation of £250,000 reflects the CLJrrent position. We have maintained regular contact with our Land Agent. Nicholas White. who has continued his search for alternative use of the fields. Under Charles Egerton-warburton's guidance. a thorough review was undertaken with regard to our investments. Following on-line meetings with our portfolio holders. the decision was taken to close our holdings with Atomos, Brooks Macdonald, M&G and St James, Wealth, transferring the funds evenly between CCLA (COIF} and opening an account with Waverton Investment Management. By the end of our financial year. our funds with Atomos and Brooks Macdonald had been transferred. The total of oijr investments at 31103125 showed a slight decline, dowr) 1%, on 2023124. Our income from these investments, however, totalled £30.7321£26.584 20231241.
NEWPORT GRAMMAR SCHOOL CHARITY Page.. 4 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Results for the year Icontinuedl We were disappointed with the number of grants awarded this year to individual students ten compared to seventeen in 2023124. These totalled £11,8001£16,657 20231241, an average of £1,180 per student. The Trust also contributed £500 to the upgrade of IT equipment at Nettlestone Primary School and our first payment of £3,000 was made to The Talent Tap to assist their valuable work with young people. The Charity's grant supported six students- four from Christ the King College and two attending Ryde Academy. To address our concerns over the lack of applications for grant funding, the Charity has set up a Grants/Education Subcommittee and a re-vamped grant application and award process IS planned, together with a publicity campaign. The Charity Trustees questioned the levels of cover in our insurance policy. In March 2025, 3 sub-group began investigating this. using an Enterprise Risk Framework. This work is ongoing. to be completed before the 202512026 premium is due in August. We once again supported the IW Sports Foundation by sponsoring a category at the IW Sports Awards. Whilst sorting through the papers collerted from his predecessor, our Chairman found a copy of "Leges Anglo-Saxonic3e Ecclesiasticae & Civiles" printed in 1721, which is the property of the Newport Grammar School Charity. The book required restoration and this was agreed by the Trustees. This was undertaken by James Flavell Bookbinder & Restorer in March 2025. Receipts amounted to £33.721 1£27.907 in 2023120241. After Erant payments, our major expenditure included insurances, auditing. legal fees and maintenance of the land and totalled £6,979 1£1.816 in 20231241. Payments exceeded receipts by £21,600 IReceipts exceeded payments by £6,090 in 20231241. The general operating transactions of the charity had a net inflow of £10,526. It is the charity's investing activity that created the reduction in cash reserves. All trustees served in a voluntary capacity and incurred no administrative costs. On behalf of the Trustees Mrs Gillian Burnett, BEM Trustee Date.. 29th May 2025
NEWPORT GRAMMAR SCHOOL CHARir INDEPENDENT EXAMINERS REPORTTO THE TRUSTEES OF NEWPORT GRAMMAR SCHOOL CHARITY I report on the receipt and payment accounts of the Charity for the year ended 31 March 2025. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charit¢s trustees are responsible for the preparation of the accounts. The charity's Trustees corisider that an audit is not required for this year under section 144121 of the Charities Art 2011 Ithe 2011 Act) and that an independent examination is required. It is my responsibility to.. examine the accounts under section 145 of the 2011 Act: to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 14515llbl of the 2011 Act- and to state whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordance with the General Directions given by the Charitv 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 inclltdes 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, nd consequently no opinion 15 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.. 111 which gives me reasonable cause to believe that. in any material respect, the requirements to keep accounting records in accordance with section 133 of the 2011 Act- and 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 121 to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. 9 lune 2025 J Palmer ACA Bright Brown Lirnited Chartered Accountants Ejtchange House. St. Cross Lane, Newport, l.W.
NEWPORT GRAMMAR SCHOOL CHARITY Page.. 6 RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31 MARCH 2025 2025 2024 RECEIPTS: Income receipts VAT reclaimed 530 296 From assets Bank interest Dividends on investments Rents received Compensation 1.309 30.732 527 26.584 500 150 Total income and asset receipts 33,721 27,907 Asset and investment sales Sale of investments 228,737 Totsl receipts 262.458 27.907 PAYMENTS: Charitable activity direct expenditure: Grants 15.306 623 19,657 537 547 Insurance Property repairs and m3inten3nce 3,476 19,405 20,741 Other expenditure: Advertising Independent examiner's fees Accountancy fees Administration Legal and professional fees 150 150 420 175 480 557 194 760 1.980 3,790 1,076 23,195 21,817 Other Payments: Asset and investment acqui51tions 260,863 Total payment5 284,058 21.817 Net receiptsllpaymentsl for the year Bank balances brought forward at l April 121,600) 6,090 104,173 98,083 Bank balances carried forward at 31 March 82.573 104.173
NEwpoirr GRAMMAR SCHOOL CHARrrY Page- 7 srATEMEKf OF ASSEfs AND UABILMES AT 31 MARCH 2025 2025 2024 MONEfARY A55ETS Current account Instsnt savings Tem) deposit 6,475 15,04S 61,053 29,370 14,803 82.573 104.173 INVE¥fMEKf ASSErs Valuation at 31 March 2025 Land at Worsley Road Fields 250,IYJO I,OLKJ,C 250,1XJO I,0,000 The Trustees have valued the asset held by the chaiity at what they believe its market value to be as at the year end. InvesTrments Valuation at 31 March 2025 C.O.l.F. Chartties Investment Fund 19.227.27 Income shares 374.559 242.568 C.O.l.F. Charrties Investment Fund 1,274.75 Accumulation shares 321.186 327.696 M&G Charibond Fixed Interest 84,224 86,039 Atomos {previou51y Thesis A55et Management) 239,510 St James, Wealth 2S9,691 257,318 Brooks Macdonald 229.907 Waverton 336.345 1.376.005 1.383.039 The notes on page 8 fom part of these accounts Approved by the Board of Trustees on ....... .... Drj Nainby-Luxmoore. DL Burnett
NEWPORT GRAMMAR SCHOOL CHARITY Page.. 8 NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025 11 Accounting Policies al 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 & Ret)orting by Charities have been followed in the preparation of tnese accounts. 21 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. 31 Cost of Investments The historic cost on acquisition of the investments at 31 Mdrch were.. 2025 2024 C.O.l.F. Charities Investment Fund 19,227.27 1,274.75 Income shares AccumulatlOD shares 280,000 40,000 130,000 40,000 M&G Charibond Fixed Interest l(KJ.000 loo,000 Atomos (previously Thesis Asset Management) 250,CK)O St James. Wealth 250,000 250,000 Brooks Macdonald 250,000 Waverton 350,000 1.020,CM)0 1,020,000