Rk-.CCIV&D 13 NOV 2021 APETHORPE EDUCATIONAL TRUST ACCOUNTS FOR THE YEAR ENDED 29th FEBRUARY 2024 Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans, House 7 Queensbridge Northampton NN4 7BF Tel.. 01604 823560 APEfNoRPE EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORT For the ear ended 29th Februa 2024 TRUSTEES: Mrs. I. Whlte Mrs. F. Furman Mrs. P. White Mrs. C. Kltchen Rev. Canon Dr. B Killeen REGISTERED OFFICE 25 Acre Lane Kingsthorpe Northampton NN2 8BN CHARrrY REGIsfRATION NO. 1058504 ACCOUNTANTS Cobley Desborough Certified Chartered Accountants Chartered Tax Advlsers Artlsans, House 7 Queensbridge Northampton NN4 7BF LEGAL ADVISERS Pothecary Wltham Weld, 70 St. George's Square London SWI 3RD BANKERS Lloyds Bank 2 George Row Northampton NNI IDJ INVESTMENT MANAGERS J.M. Flnn & Co. 4 Coleman Street London EC2R hor e Educational Trust Chari No.1 8504 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE APETHORPE EDUCATION TRUST I report on the accounts of the Trust for the year ended 29th February 2024 whlch are set out on pages l and 2. Respectlve responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees conslder that an audit Is not required for this year under section 144 of the Charities Act 2011 Grhe Charltles Act) and that an independent examination is needed. It is my responsibllity to: examine the accounts under Sectlon 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under Section 145(5)(b) of the Charities Act), and to state whether particular matters have come to my attention. Basis of independent examlner's report My examlnatlon was carried out in accordan￿ with the General Directions given by the Charity Commission. An examinatlon Includes a revlew of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes conslderation of any unusual Items or disclosures in the accounts, and seeking explanations from the trustees Con￿rning any such matters. The procedures undertaken do not provide all the evldence that would be required in an audlt, and consequently no oplnion 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 examlnerfs statement In connection with my examlnation, no matter has come to my attention: whlch glves us reasonable cause to believe that in any material respect the requlrements to keep accounting records in accordance with section 130 of the Charities Att. and to prepare accounts whlch accord wlth the accountlng records and comply with the accountlng requlrements of the Charltles Act. have not been met; or to whlch, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Tim Cobley F.C.C.A. C.T.A. A.T.T. Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans, House 7 Queensbridge Northampton Northamptonshire NN4 7BF 14 October 2024 Educational Trust 0.105850 ANNUAL REPORT 2024 INTRODUCTION Following the death of our former Chair Mgr Tony McDermott and having postponed our usual March meetlng in 2023, we enlisted a new Chair, Mrs Penny Whlte and two new trustees, Fr. Brendan Killeen and Mrs. Cath Kltchen. We made the relevant administrative changes to our banking systems, which included changes to the Trust's signatories and updates to the Charities, Commlsslon. The Trust contlnues to support charitable or voluntary organisations within the County of Northamptonshire whose objectives include the education and training of any chlld or young persons in need. The fund Is for any groupi school or organisatlon that works wlth chlldren under the age of 18 e.g. schools, guldes, children's charities. The focus is providing 'enrichment' actlvities or supporting project initiatives - Forest School activities, technological reSoUr￿s, marchlng bands, chlckens, playground equipment, vegetable gardens, keyboards, ukulele bands etc are all examples of prevlously all¢xated funding blds. Any interested schools or organisations are sent a copy of the grant criteria and a grant proforma for completion which details the project they wish to resour￿ or fund. It Is not the policy of the Trust to provide grants that prlmarlly meet the cost of premises, buildings, or employees. The provislon of grant funds towards the costs of specialised equlpment or services, and/or aC￿SS to appropriate facilities which enable an organisation to further the educatlon and support of children and young people will be consldered. Meetings held between 1.03.2023 and 29.02.2024 Our first formal meeting with Penny White as the new Chair, was held on 12th June 2023, at whlch our new Chair and Trustees, were fonnally introduced. Our Deed of Appolntsnents and copies of ID documents for new Trustees were shared with the Investment Manager at JM Finn, Freddie Woodhead and the Accountancy flrm, Cobley Desborough. Zoe Carpenter from Cobley Desborough was granted access to the Investment portal to aC￿sS the portfolio review summaryi quarterly evaluations and any statements, with which to inform our accounts. Portal acce￿ verification was sent specifically to Zoe following the meeting. Information was shared regarding how the Trust came Into existen￿, the initial founder members and the investment of the capital funding. Feedback was shared regarding a visit made by Trustees in February 2023 to the investment company in London- JM Finn, and a meetlng held wlth Freddie Woodhead, our Investment Manager. Freddle presentsd the Portfolio review summary. It has been a dlfflcult 18 months glven rlslng Interest rates, Inflatlon and the impact of the war In the Ukraine. These factors contlnue to affect the stock market and will do for some tlme to come whlch in turn affects the amount of capltal Interest galned and the amount of collettive fundlng with which to support our appllcatlons for project bids. The Trusts overall aim is to preserve a balanced portfolio with our Interests in the potential for AI and healthcare. We continue to restrict trade In tobacco, gambllng, arms and anything related to Russian investments. with ever Increasing costs, and in view of inflatlon, Trustees agreed to Increase the amount of interest funds to £IOOOO quarterly. Thls had prevlously been set at £6000 for some conslderable time, At the meeting in October 2023, we were saddened to learn of the death of our former accountant for many years, Roger Cobley and acknowledged this in the meetingi expresslng his The A ethor e Educatlo 058504 ANNUAL REPORT 2024 (continued) valued work and support for the Trust and passing on our cOndolen￿S to his family and colleagues at the accounting firm Cobley Desborough. Once again, Freddie Woodhead from the Investment companyi JM Finn presented the Investment portfolio. A copy had been prevlously shared wlth all Trustees, prlor to the meetlng. Freddie began with a summary of where the figures were to date. From a market perspectlve the previous two years had not been profitable in terms of perf0mlan￿ which was dlsappolntlng. Russla and the current sltuatlon in Gaza are having a vlsible Impact on market performance. From a risk perspective, it is wise to put a cap on individual Investments. Freddie ran through the top performlng and least performlng investsnents. Trustees reiterated that from a Trust perspective, our objectlves as outllned In the Introduction of this report, remain the same. PRINCIPAL ACTIVITY Thls year the Trust has provided financial grants in support of work with chlldren and young people to the following organisations. June 2023 Badby School £2066 Kingsley Prlmary School £3468.94 Northampton School for Girls £2295 Paulerspury Primary School £3200 Vernon Terrace Primary School £3676 Weedon Bec School £860 Woodford Halse Prlmary School £1476 October 2023 Liberty Marching Band £6550 Loatlands Primary School £1900 Rock UK £IOOO Mrs P White Trustee 14 October 2024 ethor e Educational Trus 0. 105 RECEXPTS AND PAYMENTS ACCOUNTS For the ear end 29.02.2024 28.02.2023 INCOME RECEIPTS Income from investments Dividends from quoted Investments Interest from quoted investments Interest re￿iVed 37,243 758 53 35,336 2,405 40 Total Income Receipts 38,054 37,781 PAYMENTS Expenses Accountancy stockbroker's fees Sundry 960 18,864 90 19,914 870 17,507 25 18,402 Direct charltable expenditure Grants paid Total Payments EXCESS OF INCOME RECEIPTS OVER PAYMENTS (8,352) (6,341) INVESTMENT SALES 506,156 425,404 INVEsfMENT PURCHASES 471663 418 126 EXCESS OF CAPITAL RECEIPTS OVER PAYMENTS 34,493 7,278 EXCESS OF ALL RECEIPTS OVER PAYMENTS 26,141 937 CASH AT BANK BROUGHT FORWARD 20,907 19,970 CASH AT BANK CARRIED FORWARD 47,048 20,907 Page I e Education No. 1058504 STATEMENT OF ASSETS AND UABIUTIES ERAL FUND For the ear ended 29th Febr 2024 29.02.2024 28.02.2023 MONETARY ASSETS COIF Chaiities DeposEt Fund Lloyds J M Finn Income Account J M Finn Deposit Account 2,704 11,829 473 23,043 12 47,048 20,908 INVESTMENT ASSErs J M Finn portfolio 2,035,707 2,065,203 LIABILITIES Accruals (960) (960) 2,081,795 2,085,151 NOTES TO THE ACCOUNTS 2024 2023 INVESTMENT ASSETS JMFlnn At cost Purchases Sales Gains Cost of investments carrled forward 2,065,203 471,663 (506,156) 2,027,208 418,126 (425,404) 2,035,707 2,065,203 Market value of Investments carried forward 3,282,431 3,126,891 Page 2