SPILSBY GRAMMAR SCHOOL FOUNDATION
Report of the Trustees and Unaudited Financial Statements
for the year ended
31ST MARCH, 2023
SPILSBY GRAMMAR SCHOOL FOUNDATION
REPORT OF THE TRUSTEES OF SPILSBY GRAMMAR SCHOOL FOUNDATION for the year ended 31ST MARCH, 2023
Legal and Administrative Details
The Trustees derive their authority from a constitution dated 2nd December, 1994 approved by the Charity Commissioners under the registration number 1043808.
The Nominated Trustees are:-
Name Nominating Body
Mr. David J. Sisson Mrs. Julie Rajput Mr. Max Gibson
Vicar and Church Warden of Spilsby King Edward VI Academy Spilsby Town Council
The Co-opted Trustees are:-
Mrs. Margaret Reeve Mrs. Christina Holmes Mr. Simon Thorold
The principal address of the Foundation is:-
Spilsby Grammar School Foundation, C/O R H Richmond Clerk to the Foundation Trustees Oaklands Church Road, Stickford, Boston, Lincs. PE22 8EP
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SPILSBY GRAMMAR SCHOOL FOUNDATION
REPORT OF THE TRUSTEES OF SPILSBY GRAMMAR SCHOOL FOUNDATION
YEAR ENDED 31ST MARCH, 2023
Trustees Report
Mr. Simon Thorold has been appointed to the board of trustees following the retirement of Mr Richard Sheldon.
The trustees continue to monitor their investment policy on a regular basis. They have continued to have the whole of the Trust’s Endowment Capital invested in CCLA Investment shares – the present holding being 86,139 shares having a capital value in excess of £1.626m. The resulting income of some £47,000 allowed the Trustees to continue to fulfil the Charter objectives of supporting education in Spilsby and District. During this year, the following grants were made to local schools - £14,076 to King Edward VI Academy, Spilsby, £2,750 each to 5 local Primary Schools – Great Steeping, Halton Holegate, Spilsby, Partney and Toynton All Saints. These grants totaled £27,826, all to help provide facilities not available through national or local authority funding channels. In addition, grants totaling £22,500 were provided to 27 former pupils of these schools – a project very much supported by the Trustees and greatly appreciated by the students. This makes a grand total of £50,326 put into local education during the year.
The Samuel Shaw Fund, administered by the Trustees, was again able to support the RNIB Sunshine Schools for Blind Children in accordance with the terms of the Samuel Shaw Will – a donation much appreciated by the Institution.
The Trustees, for the first time, decided to donate £500 towards the running costs of the Spilsby & District Schools Music Festival, an event which has been held annually for over 50 years.
Finally, the Trustees would like to thank the staff at Haines Watts Chartered Accountants for providing an independent examination of the accounts as required by the Charity Commission.
Signed on behalf of the Board of Trustees:
Mrs C A Holmes
Mr D J Sisson
Dated: 19/5/2023
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SPILSBY GRAMMAR SCHOOL FOUNDATION TRUST
We report on the accounts of the Trust for the year ended 31st March, 2023 which are set out on pages 4 to 6.
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 and that an independent examination is needed.
It is our responsibility to:
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examine the Accounts under Section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act) and
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to state whether particular matters have come to our attention.
Basis of examiner’s statement
Our examination was carried out in accordance with the General Directions given by the Charity Commission. 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 unqualified statement
In connection with our examination, no matter has come to our attention:-
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which gives us reasonable cause to believe that in any material respect the requirements:-
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to keep accounting records in accordance with section 130 of the Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- to which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Haines Watts Chartered Accountants 23, Algitha Road, Skegness
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SPILSBY GRAMMAR SCHOOL FOUNDATION
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31ST MARCH, 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note £ | £ | £ | £ | |
| INVESTMENT INCOME | ||||
| COIF - Deposit Account Interest | 765 | 17 | ||
| Income Share Interest | 46,928 | 46,008 | ||
| Samuel Shaw Interest | 365 | 359 | ||
| _____ | _____ | |||
| 48,058 | 46,384 | |||
| _____ | _____ | |||
| MANAGEMENT COSTS | ||||
| Clerk Remuneration | 1,470 | 1,409 | ||
| Website and Expenses | 299 | 224 | ||
| Legal and Professional Fees | 432 | 834 | ||
| Room Hire | 36 | 28 | ||
| Donations: | ||||
| RNIB | 259 | 252 | ||
| Great Steeping Primary School | 2,750 | 2,750 | ||
| Partney School | 2,750 | 2,750 | ||
| Halton Holegate School | 2,750 | 2,750 | ||
| Spilsby Primary School | 2,750 | 2,750 | ||
| King Edward VI Academy | 14,076 | 4,217 | ||
| Toynton Primary School | 2,750 | 2,750 | ||
| Music Festival | 500 | - | ||
| Former Pupils | 22,500 | 19,500 | ||
| ____ | ____ | |||
| 53,322 | 40,214 | |||
| _____ | _____ | |||
| (DEFICIT)/SURPLUSfor the year | (5,264) | 6,170 |
||
| _____ | _____ |
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SPILSBY GRAMMAR SCHOOL FOUNDATION
BALANCE SHEET at 31ST MARCH, 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note £ | £ | £ | £ | |
| CHARITIES OFFICIAL INVESTMENT FUND | ||||
| INCOME SHARES | 1 | |||
| General Fund | 1,624,557 | 1,687,825 | ||
| _____ | ______ | |||
| 1,624,557 | 1,687,825 | |||
| DEPOSIT ACCOUNTS | ||||
| General | 34,245 | 38,615 | ||
| BANK ACCOUNT | ||||
| Lloyds Bank plc. - Current Account | 1,082 | 1,976 | ||
| ______ | ______ | |||
| 1,659,884 | 1,728,416 | |||
| ______ | ______ | |||
| Represented by:- | ||||
| PERMANENT ENDOWMENT | 2 | 811,480 | 811,480 | |
| FAIR VALUE RESERVE | 418,403 | 481,671 | ||
| UNRESTRICTED FUND | ||||
| Surplus brought forward | 435,265 | 429,095 | ||
| (Deficit)/Surplus for the year | (5,264) | 6,170 | ||
| _____ | _____ | |||
| Surplus carried forward | 430,001 | 435,265 | ||
| ______ | ______ | |||
| 1,659,884 | 1,728,416 | |||
| ______ | ______ |
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NOTES TO THE ACCOUNTS for the year ended 31ST MARCH, 2023
SPILSBY GRAMMAR SCHOOL FOUNDATION
1. CHARITIES OFFICIAL INVESTMENT FUND SHARES
The General Fund investment in Income Shares is included in the Balance Sheet at market value. The cost of these investments were £812,461.
Included in the COIF, is 671.56 units at a cost of £ 8,553 which are the proceeds of the sale of the 3 ½ % war stock. This amount has been designated as the Samuel Shaw fund, and is named as such on the relevant fund documentation.
2. PERMANENT ENDOWMENT
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Balance at | 1st April, 2022 | 811,480 | 811,480 |
| ______ | ______ | ||
| Balance at | 31st March, 2023 | 811,480 | 811,480 |
| ______ | ______ |
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