COWLEY'S ENDOWED SCHOOLS FOUNDATION
CHARITY COMMISSION REGISTERED NO. 527291
FINANCIAL STATEMENTS
for the year ended
31 March 2024
otTNDtyzJ' ,
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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 SerVi￿s (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 P￿sent 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 tV￿Ge 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 V￿re 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 Y￿th the scheme of the Charity. This enables
the Parish society to benefit in l)oth the short and long tem from the local children re￿Iving 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 Y￿th 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. y￿re 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 folloW￿d 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 v￿th 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 co￿eY 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