COWLEY'S ENDOWED SCHOOLS FOUNDATION CHARITY COMMISSION REGISTERED NO. 527291 FINANCIAL STATEMENTS for the year ended 31 March 2024 otTNDtyzJ' , .4uILT A>
COWLEYS ENDOWED SCHOOLS FOUNDATION Annual Report for the year ended 31 March 2024 INDEX Legal and Administratsve Informatson 2to4 Trustees, Annual Report Independent ExaTniner's Report Statement of Financial Acbvities Balance Sheet 8t013 Notes to the Financial Ststements 14 Schedule to the Financial Statements
COWLEY'S ENDOWED SCHOOLS FOUNDATION Legal and Administrative Information for the year ended 31 March 2024 Cowley's Endowed School Foundation - Registered Charity No. 527291 Representatives Donington Parish Council Mr. J.R Wray Chair Ms. N Burdall Mr S P Lovell Mr. P.C Slator Mrs. J.C. Stanley Mr. S C Walsh Retired May 2023 Appointed 6 July 2023 Re-elected as Co-optative Appointed 6 July 2023 Appointed 6 July 2023 Appointed 16 November 2023 Mr. R. Marshall Mrs. E Wray Llncolnshire County Council Mrs. J L. King Co-optative Mr. J R. Wray Mr. M S.L. Rollinson Retired 14 March 2024 Retired May 2023 Re-elected as Co-optalive Chair Vice-chair Appointed 6 July 2023 Mrs. J.C. Stanley Mrs S. Thorold Mrs. E. Wray Mr. J. Pearson Appointed 16 November 2023 Removed 16 November 2023 Ex Officio Governor The Revd C P Robertson Vicar of Donington Mr P.C Slator High School Retired 6 July 2023 Re-elected as Donington Parish Council Mr. R. Cole Primary School Clerk to the governors Mr. P. Skells, Dembleby House, 12 Broad Street, Spalding. Lincs, PE111 ES. Bankers Lloyds Bank Plc., Hall Place. Spalding. Lincs. PE11 1 SP. Solicitors Chaltertons, Dembleby House. 12 Broad Street, Spalding. Lincs. PE11 1ES. Independent examiner Mr. K J Maggs. BA., F C A. Hoekman Way, Spalding PE11 3HE. Investment managers Money Minder Financial SerVis (UK) Limited. The Ale House. 41 Boston Road. Sleaford, NG34 7ER Investment Sub-committee Mr R Marshall MrJR Wray Mr. M Rollinson Grants Sub-committee Mr J Pearson Mrs S Thorold Mrs J C Stanley
COWLEYS ENDOWED SCHOOLS FOUNDATION Trustees. Annual Report for the year ended 31 March 2024 The trustees Psent the chantys accounts and report for the year ended 31 March 2024. Princlpal address The principal address of the charity is Dembleby House, 12 Broad Street Spalding, Lincs, PE11 1 ES. Governing document The charity is governed by a scheme made by the Minister of Education under the Charitable Trusts Act 1853 to 1925 sealed on 15 August 1957. Varied by a scheme and sealed 22 April 1968, further varied by a scheme of 10 May 1971, and amended on 14 November 2019. Governlng body The body of govemors of the foundation shall. when Complete. consist of not less than twelve or more than fourteen persons made up as follows. One ex officio Govemor. being the Vicar of Donington, No less than eleven or more than thirteen Representstive Governors. being four by the Parish Council of Donington, one by South Holland District Council, one by Lincolnshire County Council, one by the Governors of the Thomas Cowley High School, one by the Governors of the Donington Cowley Endowed Primafy School, No less than three nor more than five Ctroptative Govemors to be appointed by resolution of the governors. County Council govemors shall be appointed for a term of office. vthilst other representative governors shall be appointed for a term of three years, and the Co-optative Governors for a term of five years. The governors shall hold ordinary or stated meetings at least tVGe in each year. There shall quorum when five Governors are present and every matter shall be detemiined by the majority of the Governors present and voting on the question. Head Masters Tenure and Official ResKlence The Headmaster of Covleys Secondary School, Donington, shall ell in the residence, if any, assigned for him. The occupation and use of the residence and of any other property of the Foundation occupied by him as Headmaster shall be had by him in respect of his official character and duties. and not as tenant, and, if he is removed from his office. he shall relinquish all claim to the Mastership and its future emoluments, and shall deliver up possession of the residence and other property to the Governors, Of as they direct. He shall not, except 1th the permission of the Govemors, pemirt any person not being a member of his family to occupy the residence of any part thereof. Nominees attend a trustees meeting vthere they are given an insight into hi)w the charity operates. Prior to nomination, all candidates are made wware of the objeds of the charity. Trustees There Vre no resignations or appointments of Trustees during the year. The full details of the charrtvs trustees throughout the year are sho on page 1. Objects and public beneflt The principal objects of the charity is to provide additsonal funds for educational purposes beyond those normally provided by the Local Education ALrthority. The benefits are distributed as the trustees see fit in the Parish of Donington and the surrounding area. in accordance Yth the scheme of the Charity. This enables the Parish society to benefit in l)oth the short and long tem from the local children reIving a more rounded education.
COWLEY'S ENDOWED SCHOOLS FOUNDATION Trustees. Annual Report (continued) for the year ended 31 March 2024 Review of the activities The trustees are satisfied with the progress of the charity and believe that It continues to meet ils objects The results of the Charity for the year are shown on page 6 The charity Is funded by investment Income During the year. the Chanty distributed £73,995 In direct charitable expenditure and other distfibutions The charity Is expected lo continue providing such assistance for the foreseeable future. During the current year. the fair value of the various investments held to generate the above funds has increased by £47,949 to give a fair value of £2.062.786 at 31 March 2024. Grant making policy Beneficiaries are Invited to apply for grants and as long as they comply to the Scheme of the charity, will be accepted The term beneficiaries applies lo persons of either sex who have not attained the age of 25 years, who are in the opinion of the Governors, in need of financial assistsnce. who are resident or have resided for a period of not less than two years in the Parish of Donington or In any of the neighbouring parishes. and who are about lo attend, are attending, or have not for less than two years attended, one or other of the Schools of the Foundation Inveslment review and policy The Foundalion's Investment portfolio has maintained ils value in line Yth fluctuations in the stock market generally The Trustees remain in regular contact with their financial advisor. Moneyminder Financial Services {UKI Ltd, for advice on any possible changes to the Investments In order lo preserve the capital and maintain the income which funds grant making Listed investments The Governors meet with Money Minder twice yearfy to review the performance of the investment managers and ensure investments are in medium to low risk funds as shown In the schedule on page 15 GHC Ca Ital Markets The portfolio Is managed by Money Minder (UK) Limited, and administered by GHC Capital Markets. and shows an average revenue w'eld of 3.77tsh (2023 - 3.050/0) based on fair value and 6 18% (2023 - 3 08 %) based on the investment Cost The overall fall in the fund in the year is 1.440kn (2023 - fall 4 340A) but the overall growth is 64.170k on Cost. standard Life Wra Investment The portfolio is also managed by Money Minder (UK) Limited, and administered by Standard Life. and shows an average revenue yield of 4 62Yo12023 - 4 16 % ) based on fair value, reflected a increase In value of 3.690/D12023 - decrease of 7.31%) based on the Investment value The overall decrease in value from initial investment cost is 2 480/. {2023 - increase 6 16Q/o) Risk assessment The trustees have assessed the risks facing the charity They believe the risks are minimal In that the major Income is received from charity based unil trusts and the investmenls provide a balance of income and capital growth Due lo the negligible nature of the risks. no further actions are considered necessary Reserves Policy The trustees maintain a reserve fur)d to cover the cosl of Ifee maintenance work on the Foundation's siles and currently deposit £1.000 per annum Into Ihis fund Free reserves are currently in deficit. amounting to £16.446. which has decreased by £2.295. It is the intention of the board to continue this gradual recovery In order to still enable the levels of distributions to be made lo the beneficiaries
COWLEYS ENDOWED SCHOOLS FOUNDATION Tru5tees' Annual Report (continued) for the year ended 31 March 2024 Golng Concern and Reserves The trustees review the budgeted figures for the coming financial periods and assess the grants based on these reports. This covers an assessment by the Investment Advisers In respect of investment income and the costs currently and expected to be faced. The grants payable are determined vthilst enabling funds to be retained to recover the current deficit. The grant making activities of the Foundation do not involve any direct contact with members of the public and so there are no safeguarding issues for the trustees. The board V4ry11 be considering the benefit of resolving to enable a total return basis to be established for increases in unrealised investrnent valuations and enabling those funds to be used as grants. The Foundation's investment portfolio has largely recovered the losses made in March 2020 in line wth the stock market at the start of the pandemic but the ongoing impact of the World Economy and the situation in Ukraine continues to impact on fund values. The Trustees remain in regular contact with their financial advisor, Moneyminder Financial Services {UK) Ltd for advice on any possible changes to the investments in order to preserve the capital and maintsin the income wthich funds grant making. Thomas Cowley Fllgh S¢hool The Thomas Cowley Academy Trust rnerged with the South Lincolnshire Academy Trust in September 2022. SLAT liaises with the Foundation over the devdopment of the Academy and as 8 result the Foundation is still able to meet its purpose. Playlng flelds A request was received from the Young Dons Football Club to be granted a lease or licence to confirm their right to use the football pitches at the rear of the Primary School. They require such formal confirmation to support applications for funding to develop their facilities. The Trustees agreed to this request in principle and are liaising all interested parties to try and co-ordinate the use of the playing field Messrs Longstaffs, surveyors. yre instructed to consider Ihe besl VRY forward to market the tennis court site followng confirmation from the South Lincs Academy that it no longer wished to use the courts. This matter is ongoing. Signed on behalf of the trustees Dat8.'..... . 2024
Independent Examiner's Report to the Trustees of COWLEY'S ENDOWED SCHOOLS FOUNDATION I report lo the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024, which are set out on pages 6 to 14 Responsibilities and basis of report As the charity's trustees you are responsible for the Pfeparation of the accounts in accordance with the requirement of the Charities Act 2011 {Ihe Act,) I report In respect of my examination of the charity's accounts carrier out under section 145 of the act and In carrying out my examination I have folloWd all the applicable Directions given by the Charity Commission under section 145(5)Ib) of the Act Independent examiner's statement I have completed my examination I confirm that no material matters have come to my attention in connection with the examinabon giving me cause to believe that in any matenal respect: accounting records were not kept in respect of the charity a5 required by section 130 of the Act, or 2. the accounts do not accord with those records. the a¢¢ounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charities {A¢counts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which Is not a matter considered as part of an independent examination I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report In order to enable a proper understanding of the accounts to be reached aggs Moore Tho on Chartered Accountants Spalding Dated . 2024
COWLEYS ENDOWED SCHOOLS FOUNDATION Statement of Financial Activities for the year ended 31 March 2024 2024 Permanent Endowment 2023 General Fund Notes Total Total Income from: Donations Investments 10,000 87.403 10,000 87,403 86,235 86,235 Total income 97.403 97,403 Expenditure on: Raising funds Charrtable activities 15,085 80.023 15,085 80,023 15,536 71,107 Total expenditure 95,108 95,108 86.643 Gains l (losses) on investment assets Net movmement in funds 6&7 47,949 47,949 (137,854) 2.295 47.949 50,244 138,262 Reconcillations of funds: Brought forward Carried foMard (18,741) 9,016.785 8,998,044 9,136,306 (16.446) 9.064,734 9,048,288 8,998,044
COWLEY'S ENDOWED SCHOOLS FOUNDATION Balance Sheet at 31 March 2024 Notes 2024 2023 Fixed assets - Permanent Endowment Land and property Investments Wrap Investments 6.948.182 1,093 682 969.104 6.948 182 1,080.059 934 623 9,010.968 8,962.864 Current assets Lloyds current account Lloyds business instant access Cash held by investment managers 20,071 5.699 12,510 20,366 5.639 10.125 38.280 36,130 Creditors: Amounls falling due within one year (960) {950) Net currenl asset$ 37.320 35,180 Total assets less current liabilities 9.048.288 8,998,044 Accumulated funds Permanent endowment Unrestrictèd funds 12 9,064,734 (16,446) 9,016,785 (18,7411 9,048.288 8.998,044 Wp. approve thasè financial slalom•nts and confirm that we have made available all relevant recoras ana information for their preparation. ON BEHALF OF COWLEY'S ENDOWED SCHOOL FOUNDATION c ST>SNLEy IQbaLaw) T G-< Dale . 2024 Date . 2024
COWLEYS ENDOWED SCHOOLS FOUNDATION Notes to the Flnancial Statements for the year ended 31 March 2024 1. Accounting policies The charity is an unincorporated charity registered in England and Wales with the Charrty Commission, registration number 527291. The charitys registered address is Dembleby House, 12 Broad Street, Spalding. PE11 1ES. The principal accounting policies adopted in the preparation of the financial statements are set out below. (a) Basis of preparation of financial statements The accounts have been prepared under the historical cost convention with items recognised at Cost or transaction value unless otherwse stated in the relevant notes to these accounts. The financial statements have been prepared in accordance vth the Ststement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Charities Act 2011. (b) Incoming resources All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed for the tax recoverable. Investment income is recognised in the accounts in the period in vthich the charity is entitled to Income in resped of any designated funds is allocated to the relevant fund on an actual earned basis. Income from operating leases is brought into the Statement of Financial Activities on a straight line basis over the tem of the lease. {c) Resources expended Expenditure is included in the Statement of Financial Activities on an accruals basis and has been allocated as detailed below. Costs of generating funds includes the costs of the acts'vities defined by the charitys aims for the benefit stated in the charitys objects. Support costs are allocated on a best esknmate of time spent on the particular activities. Governance costs include the costs which relate to the general running of the Charty as opposed to the direct management function inherent in generating funds and program as project works. Grants payable are recognised in the Statement of Financial Activities when they have been approved by the trustees and all condilions for payment have been satisfied. (d) Land and property The land and property is a pemianent endovmient and has been included in the accounts at its fair value. (e) Investments Quoted investments are valued at the mid market price at the Close of business at the year end. (fj Fund accounts The Permanent Endovrnent fund represents those assets which must be held permanently by the charity. Income arising from the endowrnent funds, primarily the land and propety at Donington can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capitsl gains or losses arising on the property fomi part of the fund. General fund are unrestricted funds which are available for use at the discretion of the trustees in the furtherance of the general objects of the charity and whith have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.
COWLEY'S ENDOWED SCHOOLS FOUNDATION Notes to the Financial Statements (continued) for the year ended 31 March 2024 2. Investments 2024 2023 Interest on cash deposits Dividends Interest distribulions Wrap income Wayleave 219 41,152 3.010 42,987 35 50 42.231 1.994 41,925 35 87,403 86,235 3. Raising Funds 2024 2023 Wrap investment management charges Investment managers fees Clerk's fees 11.969 92 3,475 11.610 3,475 15,085 15,536 4. Charitable Activities 2024 2023 Charitable activities.. Grants to former pupils Vi¢ar & Churchwardens Charity Grants lo Guides, Brownies and Rainl)ows School grants.. Donington Secondary Donington Primary Repair and maintenance - Tree fund 14,950 45 3,000 7,250 90 3,000 28,000 28.000 25,000 25,000 4,000 73.995 64,340 Support costs. Stationery, postage, insurance and sundries Clerk's salary Legal and professional fees 113 3,540 128 3,540 764 3.653 4,432 Governance costs. Room hire Independent examiners fees Clerk's fees 30 960 1.385 950 1.385 2.375 2,335 80,023 71.107
COWLEYS ENDOWED SCHOOLS FOUNDATION Notes to the Financial Statements (continued) for the year ended 31 March 2024 5. Land and a) 1 and 2 Virginia Cottages The original cost of these properts'es is not known. They comprise a pair of semi-detached houses, built over 100 years ago, which are in good structural and decorative repair. The school took over the occupancy of the cottages, under a formal lease agreed in November 2013. to utilise as administrative facilities. The school pay nominal rent but took over all related costs of running and maintaining the cottages. b) Land of 1 .895 acres {approximately) This land is at the rear of coeY House and was formerly used as a garden for the senior school. It is still used in part as tennis courts. c) Land at Town Dam Lane This land is the site of the primary school. d) Playing field This land is bounded by School Lane. Badgate and Quadring Road. e) Main Secondary School Site fj Youth Club Premises These premises. in School Lane, Donington were let to the Trustees of the Donington Youth Club but this lease was surrendered on 21 July 2010 and the School now occupies and maintain5 the building. ro at Donin ton - Pem)anent endowment g) Headmaster's House On site premise. All the land and property above were r&valued at 1 st April 2010 in accordance with the requirements of the Royal Instttution of Chartered Surveyors Appraisal and Valuation Standards, 5th edition. The valuation conducted by R. A. Butler MRICS of Mouchel Business Services Limited amounted to £6.948.182. The trustees are of the opinion that the costs of obtaining a professional valuation exceeds any benefft as no disposal would be expected. The trustees are of the opinion that there is no material difference in the current fair value. 6. Investments - Pemianent Endowment 2024 2023 Fair value at 1 April 2023 Additions at cost Gain l (loss} on revaluation Fair value at 31 March 2024 See the schedule on page 14 for a breakdovm of the investments held at 31 March 2024. 1,080,059 147 13,476 1,142,523 97 (62,561) 1.093,882 1.080,059 10
COWLEY'S ENDOWED SCHOOLS FOUNDATION Notes to the Financial Statements (continued) for the year ended 31 March 2024 7. Wra Investments - Permanent Endowment 2024 2023 Fair value at 1 April 2023 Additions at cost Disposal proceeds Gain I (loss) on revaluation Fair value at 31 March 2024 934.623 1,006,797 209,109 <207.678) {73.605) 34.473 969,104 See the schedule on page 14 for a breakdovffl of the investments held at 31 March 2024. Current liabilities 934,623 2024 2023 Independent examiner's fees 960 950 Related art transactions The charity is controlled by the trustees as a body and no individual does or could exert control. 10. Trustees, remuneration and 8X enses No remuneration directly or indirectly out of the funds of the charily was paid or payable for the year lo any trustee or to any person or persons known to be connected with any of them No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.
COWLEYS ENDOWED SCHOOLS FOUNDATION Notes to the Flnancial Statements (continued) for the year ended 31 March 2024 11. Unrestricted funds 2024 Net movement in resources Designations Balance at during the 31 March year 2024 Balance at 1 April 2023 Revaluation Designated fund: Tree fund 1,012 (17,458) 12 1,000 (1,000) General fvnd (18,753) 2.295 (18,740) 2,295 (16,446) 2023 Net movement in resources Deslgnations Balance at durlng the 31 March year 2023 Balan¢8 at 1 April 2022 Revaluation Designated fund: Tree fund (4.000) 3,592 1,000 12 3.012 General fund {21.345} (1,000) (18,753) (18.333) (408) (18,7411 Desi nated - Tree fund During the year, the trustees decided that the Lloyds business instant access account should be designated as a Tree Maintenance Fund. The intention is to transfer £1,000 per annum into the account in order to build up the reserve. 12
COWLEY'S ENDOWED SCHOOLS FOUNDATION Notes to the Financial Statements {continued) for the year ended 31 March 2024 12. Fund anal sis 2024 General Fund Permanent Endowment Total Funds Fixed assets Land and property Investments Wrap Investment 6.948,182 1.093,682 969 104 6,948,182 1,093,682 969,104 9,010,968 Current assets. Cash at bank 9.010.968 (15,486) 53.766 38,280 Credilors. Amounts falling due wthin one year 19601 {9601 (16,446} 9,064,734 9,048,288 2023 General Fund Permanent Endowment Total Funds Fixed assets Land and property Investments Wrap Investment 6,948,182 1,080,059 934,623 6,948,182 1.080,059 934.623 8,962,864 Current assets Cash al bank 8.962,864 {17,791) 53,921 36,130 (17,791) 53,921 36,130 Creditors Amounts falling due within one year (9501 (9501 8.998.044 (18,741) 9.016.785 13. Fund Com aratives Statement of Financial Activities - 2023 General Fund Permanent Endowment Total Funds In¢ome from: Investments 86.235 86,235 Total income 86 235 86,235 Expenditure on: Raising funds Charitable activities 15.536 71.107 15536 71.107 Total expenditure Gains on investment assets Net movement in funds 86,643 86 643 1137.8541 (137 8541 1137.8541 (138,262} 14081 13
COWLEYS ENDOWED SCHOOLS FOUNDAnoN Schedule to the Financial Statements for the year ended 31 March 2024 Falr Value at 31103124 Fair Value at 31103123 Cost Holding Charities Property Fund BNY Mellon Nelrton Global Cazenove Charity Equity Fund Charikn'es Official Investment Fund Income Shares M & G Equrties Investment Fund M & G Charibond 241,904 200.000.0000 237.202 252,322 2,278 1.985.4080 58.105_1400 4.770 4,398 260,718 123.171 267,400 97.921 100,197 97,511 14,015.5400 14.752.8510 75.259.0960 286,374 261,056 218,810 214,813 83.123 82,755 682,982 1,093,682 1,080,059 Standard Life Wrap Investment 996.645 969.104 934,623 1,659,627 2,062,786 2,014,682 14