Sir William Turner Foundation Flnancial Ststements for the Year Ended 5 April 2024 ANDERSON BARROWCLIFF LIMITED Chartered Accountant5
Wllllam T rn ntents Charity Information Report of the Trustees Independent Examinerfs Report statement of Financial Actlvities Balance Sheet Notes to the accounts 7-10
Ir Wllll r Foundatlon arlt Inf Trustees Mr Peter Sotheran Ichalr} (resigned 01110120241 Mr Colin Geoffreyvaux Mr Bernard Coyne (chair} Mr Denni5 Michael Weller {secretary) Mrsjudith Anne Vickers Mr Peterjames McGuigan Itreasurerl Mrs Lesley Kettlewell Mrjason Faulkner (reslgned 0110412024) Miss Helen Mahoney {appolnted 01104/2024) Mrs Kelly Coupland {appointed 01104120241 Prlnclpal Address Low Pastures Great Ayton Middlesbrough TS9 6HZ Charlty Number 1075225 Accountants Anderson Barrowcliff Limited 3 Kingf15her Court Bowesfield Park Stockton on Tees TS18 3EX Investment Advisors Trtan Private Wealth Ltd 2 Greengate Cardale Park Harrogate HG31GY Page 1
The Trustees of Sir William Turner Foundatlon ru5tees for the Year Ended 5 A rll 2024 The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitys trust deed, the Charities Att 2011 and Accounting and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. overnance an Man em The Sir William Tumer Foundation is a registered Charitable Trust. It is managed by a group Df nine Trustees who make all decisions on behalf of theTrust. The Trust is soverned bya scheme dated 19 October 1998 as amended by special resolution dated 9 November 1999 and further amended by a scheme by the Charity Commission dated 10 March 2006 and 16January 2020. Trustee Induc lon All Trustees receive a full induction pack, which outlines their duties and responsibilities. This includes information about the Charity Commission rules and regulations, Trust policies and procedures, and good practice in governance. Prlnc alob ectlves Ac hl e Publlc Beneflt The principal objects of the charity IS to advance the education of students at the Redcar campu5 of the Education Tralning Collective by promoting the education, including social and physical training of students and former students of the Redcar campus of the Education Training Collective in any way that the tru5tee5 may at any time declde. In so far as the incorne of the charlty Is not applied towards the objects specified above the trustees may apply it in such ways as they think fit to advance the education of students in educational in5titution5 established in Redcar. The Trustees have had due regard to guidance publlshed by the Charlty Commisslon on publlc benefit. Achie ents In the Year Net grants totalling £40,177 were awarded In the year In Ilne wlth the objectives of the charlty. Fln The TrusY5 work is entirely reliant on income and investment returns from Its endowrnents. The Trust recelved £37,235 from interest and dividends. In the year the Trust made an unrealised gain of £362,381 12023: £48,248 10551 and a1055 on sale on investments of £82,57012023'. £7,071-profit). These movements led to an increase In the total reserves to £5,997,77612023.' £5,737,702). Reserves Pollc The trustees aim to maintain free reserves at a level that will enable them to meet their objectives as set out above andcurrentlythe unre5tritted fund balance i5£241,814ofwhich free reservesare £38,735. Unrestrictod fixed assets are £203,079. Page 2
ort of the Trustees for the Year nded5A n720 "blliti In relatlon The chartytrustees are responsible for preparlng a tnjsteeg annual report and finandal statements In accordan with applicable law and United Kingdom Accounflng Standards (United Kingdom Generally Accepted Accountlng Prac[1 The law appllcable to charltles in England and Wales requires the charlty and Iru5tees to prepare financlal staiements for each year which give a true and fair view c>f the state of affairs of the charity and of the incoming resources and applicdtion of resource's of the tharity for that perlod. In preparing the financlal rdrements, the trustee5 are required t&.. selettsuitsble acc¢Juntin8 pollcles arld thon apply them consistenttr, observe the methods and prlnciples in the Charities SORP 2019 IFRS 1021., makeludgements and eSmateSthatare reasonable and pruden state whether appllcable accounting standards have been foll0vd. subjecr to any material departures dlsclosed and explalned In the financial statements: prepare the flnanclal statements on the golng concem basls unless It Is appropriate to presume that the Charity will continue in operation. The Trustees are responsible for maintaining proper accountlng records which disd05e wlth reasonable accuracyat any time the financial position of the Charty and to enable thom to onsure that the financial statements comply with the Charrties Att 201 l. the applicable Charities(Accounts and Reportsi Regulations 2008. The Tru5Lee5 are a150 responsible for safeguarding Ihe assets of the Charityand henco fortaklng reasonable steps forthe preventlon and detection of fraud and other irregularitie& The trustee5 are responsible for the malntenance and Integrity of the charity and financlal Informatlon Included on the chartys webslre. Leglslation In the Unlted Kingdom governlng the preparation and disseminatlon of financlal stscements may dlffer from leglslarlon in other jurlsdlcLion5. MrPJMc Trurtee Mr5J Avlckers Trust•• Date: Page 3
The Trustees Illlam Turner Foun atlon Inde endent Examlne rner F I report to the trustee5 on my examination of the accounts of Sir William Turner Foundation (the Foundation) for the year ended 5 April 2024which are set out on pages 5 to 10. Responsibilities and ba515 of report As the charitytrustee5 of the Foundation you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Actrl. I report in respett of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out rny examination I have followed all the applicable Dlrectlons glven by the Charity Commission under section 14515}Ib) of the Act. Independent examlner'5 Statement I have completed my examinatlon. I confirm that no material matters have come to my attention in connettion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Foundatlon a5 required by 5ettion 130 of the Act; or the accounts do not accord wlth those records; or the accounts do not comply with the applicable requlrement5 concerning the form and content of accounts set out in the Charities (Account5 and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fairfview which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connettion with the examination to which attention Should be drawn in this report in order to enable a proper understandlng of the accounts to be reached. James Dale FCCA Anderson Barrowcliff Limited Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX Date: ...., Page 4
l llIaM T atlo Statem tles for the Ye Endowment Unrestrlrted Funds Funds Total Funds 2024 Totsl Funds 2023 Income and endowments Investment Income: Dividends & taxed interest Bank deposit interest Donations 37.Z35 1.057 150 37.235 1.057 150 42,078 321 Total Income 38.442 38.442 42,399 Expendlture Costs of ralslng funds: Investment management costs 13.355 1189 15,544 14,581 Expendlture on charltable activities: College grants Support costs GovernL7nce costs.. Accountancy 40,177 298 40.177 28,817 274 2.160 2.160 1,980 Total expendlture 13.355 44.824 $8,179 45,652 Net incomel(expenditure) before othergalnslllossesl on investments (13.355) (6,382) (19.737) 13,253) Galns & Losses on Investment assets Profiullossl on sale of investments Unreallsed galnllloss) on investments (81.557) 339.947 (1.013) 21434 {82.570) 362.381 7,071 148,2481 Net movement In funds 245,035 15,039 260.074 {44,4301 Reconciliotion offunds Total funds brought forward 5.510.927 226,775 5.737.702 5,782,132 Total funds carried forward 5.755.962 Z41.814 5,997,776 5,737,702 Page 5
Balancè S eet as at S A rll 2024 2024 2023 FIXED ASSET5 Investment in College Buildlngs Investments 3.422.497 2.427.711 1421497 1180A92 TOTAL FIXED ASSETS 5.850.208 5.603,389 CURftEf ASSErs Cash held investments Cash at bank 114263 85.026 97,921 73,1)40 199.289 170.961 CREDITORS Amounts falling due wlthln one year 51.721 3&468 NEf CURREKf ASSETS 147.568 134,313 TOTAL ASSErs 5.997.T16 5.737.702 FUNDS OF THE CHARirY Unrestrlcted fvnd5 Endowment ftjnds 241.814 5,755.962 226.775 5.510,927 S.997.Th 5.737.702 Dedaration The accounts set out on the attached pages for the financial year ended 5April 2024, and the balance sheet at that date set out above are as approved by the trustees. Tru>t¢¢ authori# to sl8n on behalf of all truste•i MrP J McGu5ga Date: Page 6
Slr Wllllam Turn Notes to the A ed5A r1120 ACCOUNTING POLICIES (al Statutory Informatlon Sir William Tumer Foundation is an unincorporated registered charity in England & Wales. The principal address is given in the charity infonnation on page 1 . The nature of the charity is to provide support to educational establishment5 in Redcar. The financial statements are presented in sterling which 15 the funrtional currency of the charitable company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othenNise stated. The charityconstitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities,, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 1021 Issued In October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charitles Act 2011 and UK Generally Accepted Practlce. Ibl Funds structure The charity ha5 permanent endowments which are invested in college buildings, investment5 and cash at bank. Any recognised gains and interest received from these endowments are used for the general purpose of the Trust. Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objetts. (cl Income recognltlon All income is recognised oncethe charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliabty. Interest on funds held on deposlt Is InclLAded upon notification of the Interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been recelved of the dividend due. Income received from endowments Is unrestricted income. (dl Expendlture recognltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charityto that expenditure. All expenditure is accounted for on an accrual's basis. Irrecoverable VAT is charged to the SOFA as incurred. All expenses, including support costs and goverriance costs, are allocated to the applicable expenditure headings in the statement of financial actlvities. Grants payable are included Expenditure once the Trust ha5 made an unconditional commitment to paythe grant and this is communicated to the beneficiaryorthe grant has been paid, whichever is the earlier. The Trust has not made anygrant commitments of more than one year. Page 7
urner Foundation Accounts for the Ye rEn ACCOUNTI NG POLICIES (contlnued) lel Cost of ralslng funds The costs of generating funds consist of investment management, (fl Flxed asset investments Investments are initially recognised at their transaction value and subsequently measured at their market valueas atthe balance sheet date usingthe quoted market price.The statementof financial attivities includes the net gains and losses arising on revaluation and disposals throughout the year, The Trust does not acquire or use put option5, derlvatSves or other complex financlal In5trument5. Igl Investment In college bulldlngs Investment in college buildings is recognised at their historic c05t. The investment is asse55ed for Impairment by the trustees each year. Ihl Cash at bank and In hand Cash at bank and in hand Includes cash and short tem hlghly Ilquld Investments wlth a short maturity of one year or less from the date of acquisition or opening of the deposit or similar account. Reallsed galn5 and1055es All galns and losses are taken to the statement of fSnanclal actlvlties as they arlse. Realised galns and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acqulred subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carryingvalue. (i) Debtors and credltors recelvablelpayable wlthln one year Debtors and creditor5 Vwith no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. TAXATION The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. Page 8
Sir William Turner Foundation Notes to the A coun ar Ended 5 A ril 20 SCHEDULE OF INVESTMENTS Movement In flxed asset Ilsted Investments Unrestrlcted Endowment 2024 2023 Market value brought forward at 6 April 2023 Additions to investments at cost Dlsposals at carryingvalue Net gain /11055) on revaluation 181773 113,413 (114.528) 21.421 1.998.119 506.601 (538.478) 258,390 2.180,892 2,301.928 620.014 1,026,104 (653.006) 11,105,963) 279.811 {41,177) Market value a5 at 5 April 2024 203,079 2.224,632 2A27.711 2,180,892 Investment at falr value Comprised: 2024 2023 Investments held within the investment portfolio 1427.711 2.180.892 Total 1427.711 2,180.892 All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments 15 equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals Grant provision 1100 49.621 1,980 34,668 51,721 36,648 UNRESTRICTED FUNDS 2024 2023 Unrestricted Fund balance as at 6 April 2023 Net surpluslldeficit) in year 226.775 15,039 225,526 1,249 Fund balance at 5 April 2024 241,814 226,775 Page 9
Willla ndatlo Notes to the Accounts rEn 24 ENDOWMENT FUNDS 2024 2023 Fund balance as at 6 April 2023 Investment management COStS Profit on sale of Investments during the year Increase/ldecrease} in value of investments during the year 5.510.927 (13.3551 (81.557) 5,556,606 112,4231 5,079 339.947 138,335) Fund balance as at 5 April 2024 5,755.962 5,510,927 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Fund Endowment Fund Total Tangible fixed assets Other net current assets 203.079 38.735 5,647,129 108,833 5,850,208 147,568 241.814 5.755.962 5.997,776 TRUSTEE REMUNERATION No remuneration was paid to any of the trustees. No expenses were paid to any of the trustees. GRANTS AWARDED Grants made in the year were awarded to individuals associated with Rodcar and Cleveland College and other educational establishments approved by the Foundation. Grants awarded in the year amounted to £40,17712023: £28,817). Grants paid totalled £25,224 in the year12023: £24,645). 10 RELATED PARTY DISCLOSURES There were no related paty transactions that requlre dlsclosure forthe year ended 5 April 2024. Page 10