| Contents | ||||||
|---|---|---|---|---|---|---|
| Reference | and Administrative Details |
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| Trustees' | Report | |||||
| 1. | Structure, Governance and Management |
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| 1.1 Constitution | ||||||
| 1.2 Trustees | ||||||
| 1.3Governance | ||||||
| 1.4 Connected Organisation |
2-3 | |||||
| 2. | Public Benefit | |||||
| 3. | Financial review | |||||
| 3.1 Nature ofthe Foundation's | Assets | |||||
| 3.2 Investment Policy 8 Performance |
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| 3.3Reserves Policy | ||||||
| 3.4 Identification of Major |
Risks | |||||
| 4. | Objectives and Activities | |||||
| 5. | Achievements and Performance |
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| 5.1 Payments to Clitheroe |
Royal Grammar | School | ||||
| 5.2 Payments to Students |
and | Parents | ||||
| 6. | Future Plans | |||||
| 7. | Trustees Responsibilities | in relation to the | Finance Statements | |||
| 8. | Accounts | |||||
| Independent | Examiners' Report |
|||||
| Statement of Financial Activities | ||||||
| Balance Sheet | ||||||
| Notes to the Financial Statement, | incorporating: | 10-18 | ||||
| Statement ofAccounting |
Policies | |||||
| Other Notes to the Financial Statements |
| Trustees | Or A O Clayton | - Chairman | - Chairman | - Chairman | - Chairman | (Appointed | (Appointed | (Appointed | Trustee) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| MrJ EVanS (Appointed | Trustee | w.e.f | 23February 2021) | ||||||||
| Mrs JS Hart (Appointed | Trustee) | ||||||||||
| Mr W D Honeywell | (Appointed | Trustee- | Resigned 31March 2022) | ||||||||
| MrS6 Isher wood | (Appointed | Trustee) | |||||||||
| Mr A Rogers (Appointed | Trustee | w.e.f 23February. 2021) | |||||||||
| MrJSSutton | (Appointed | Trustee) | |||||||||
| Mr I Ali (CRGS |
Parent Governors | Nom. Trustee- Resigned 11May 2022) | |||||||||
| Coun SFarmer - (RVBCNominated | Tiustee- w.e.f 1June 2021) | ||||||||||
| Address for | correspondence | Clitheroe Royal Grammar | School | Foundation | |||||||
| York Street | |||||||||||
| Clitheroe | |||||||||||
| Lancashire | |||||||||||
| BB72DJ | |||||||||||
| Charity Number | 1174177 | ||||||||||
| Independent | Examiner | Mrs A M Smith | |||||||||
| Bennett Kirkhope Smith Ltd | |||||||||||
| Suites 58 6The Printworks | |||||||||||
| Hey Road | |||||||||||
| Barrow | |||||||||||
| Clitheroe | |||||||||||
| Lancashire | |||||||||||
| BB79WB | |||||||||||
| Bankers | Santander UK |
pic | |||||||||
| Business Banking | |||||||||||
| Bridle Road | |||||||||||
| Booth | |||||||||||
| L304GB | |||||||||||
| Investment | Advisers | JMFinn8 Co | |||||||||
| 4 Coleman Street |
|||||||||||
| London | |||||||||||
| EC2R 5TA | |||||||||||
| Solicitors | Forbes | ||||||||||
| Rutherford House |
|||||||||||
| 4 Wellington Street (St |
John' s) | ||||||||||
| Blackbum | |||||||||||
| BB18DD |
| 31.8.21 | 31.8.20 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||||
| fund, | fund | funds | funds | ||||
| Notes | E | f. | |||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
4,971 | 4,971 | 3,845 | ||||
| Investment income |
157,660 | 157,660 | 165,163 | ||||
| Other income | 215 | 215 | 253 | ||||
| Total | 162,846 | 162,846 | 169,261 | ||||
| EXPENDITURE ON | |||||||
| Raising funds | 33,535 | 17,869 | 51,404 | 46,326 | |||
| Charitable activities |
|||||||
| Grant Making | 330,077 | 330,077 | 189,753 | ||||
| Other | 1,445 | 1,445 | 932 | ||||
| Total | 365,057 | 17,869 | 382,926 | 237,011 | |||
| Net gains/(losses) | on investments | 50,102 | 720,709 | 770,811 | ~208,121) | ||
| NET INCOME/(EXPENDITURE) | (152,109) | 702,840 | 550,731 | (275,871) | |||
| Transfers between |
funds | 10 | ~20,855) | 20,855 | |||
| Net movement in |
funds | (172,964) | 723,695 | 550,731 | (275,871) | ||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought forward |
750,773 | 5,165,703 | 5,916,476 | 6,192,347 | |||
| TOTAL FUNDS CARRIED FORWARD | 577,809 | 5,889,398 | 6,467,207 | 5,916,476 |
| 31.8.21 | 31.8.20 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |||
| fund | . | fund | funds | funds | ||
| Notes | ||||||
| FIXEDASSETS | ||||||
| Investments | ||||||
| Investments | 366,480 | 5,271,660 | 5,638,140 | 4,886,440 | ||
| Investment property |
617,738 | 617,738 | 617,738 | |||
| 366,480 | 5,889,398 | 6,255,878 | 5,504,178 | |||
| CURRENT ASSETS | ||||||
| Debtors | 10,255 | 10,255 | 6,135 | |||
| Cash at bank | 212,922 | 212,922 | 425,949 | |||
| 223,177 | 223,177 | 432,084 | ||||
| CREDITORS | ||||||
| Amounts falling due within one year |
9 | (11,848) | (11,848) | (19,786) | ||
| NET CURRENT ASSETS | 211,329 | 211,329 | 412,298 | |||
| TOTAL ASSETS LESSCURRENT | ||||||
| LIABILITIES | 577,809 | 5,889,398 | 6,467,207 | 5,916,476 | ||
| NET ASSETS | 577,809 | 5,889,398 | 6,467,207 | 5,916,476 | ||
| FUNDS | 10 | |||||
| Unrestricted funds |
577,809 | 750,773 | ||||
| Endowment funds |
5,889,398 | 5,165,703 | ||||
| TOTAL FUNDS | 6,467,207 | 5,916,476 |
| Unrestricted | Endowment | Total | ||
|---|---|---|---|---|
| fund | fund | funds | ||
| INCOME AND ENDOWMENTS | FROM | |||
| Donations and legacies |
3,845 | 3,845 | ||
| Investment income |
165,163 | 165,163 | ||
| Other income | 253 | 253 | ||
| Total | 169,261 | 169,261 | ||
| EXPENDITURE ON | ||||
| Raising funds | 29,633 | 16,693 | 46,326 | |
| Charitable activities |
||||
| Grant Making | 189,753 | 189,753 | ||
| Other | 932 | 932 |
| 5. | COMPARATIVES | FOR THE STATEMENT OF FINANCIAL ACTIVITIES | FOR THE STATEMENT OF FINANCIAL ACTIVITIES | FOR THE STATEMENT OF FINANCIAL ACTIVITIES | - continued | |
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||||
| fund | fund | funds | ||||
| E | E | |||||
| Total | 220,318 | 16,693 | 237,011 | |||
| Net gains/(losses) | on | investments | ~13528) | ~194,593) | ~208,121) | |
| NET INCOME/(EXPENDITURE) | (64,585) | (211,286) | (275,871) | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 815,358 | 5,376,989 | 6,192,347 | ||
| TOTAL FUNDS CARRIED FORWARD | 750,773 | 5,165,703 | 5,916,476 | |||
| 6. | FIXEDASSET INVESTMENTS | |||||
| Listed | ||||||
| investments | ||||||
| MARKET VAI UE | ||||||
| At 1 September 2020 | 4,886,440 | |||||
| Revaluations Management fees |
770,811 ~19,111) |
|||||
| At 31 August 2021 | 5,638,140 | |||||
| NET BOOK VALUE | ||||||
| At 31 August 2021 | 5,838,140 | |||||
| At 31 August 2020 | 4,886,440 |
| 31.08.21 | 31.08.20 | |
|---|---|---|
| Market | Market | |
| ASSETTYPE | Value | Value |
| Fixed Interest | ||
| UK Bonds | 1,365,553 | 1,613,218 |
| Overseas Bonds | 50,656 | 53,049 |
| Equities &Funds | ||
| UK | 1,917,906 | 1,561,094 |
| North America | 181,341 | 140,745 |
| Europe | 423,822 | 352,045 |
| Asia ExJapan | 354,154 | 284,579 |
| Global | 514,750 | 601,456 |
| Global Themed | 330,400 | |
| Emerging Markets |
33,150 | 26,625 |
| Alternatives | 213,638 | 36,443 |
| Cash | 247,866 | 210,285 |
| Accrued Interest | 4,904 | 6,901 |
| Total | 5,638,140 | 4,886,440 |
| 8. | DEBTORS: | AMOUNTS F |
ALLING DUE WITHIN ONE Y | EAR | |||
|---|---|---|---|---|---|---|---|
| 31.8.21 | 31.8,20 | ||||||
| E | |||||||
| Trade debtors | 8,408 | ||||||
| VAT | 1,111 | 6,135 | |||||
| Prepayments | 736 | ||||||
| 10,255 | 6,135 | ||||||
| 9. | CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE | YEAR | ||||
| 31.8.21 | 31.8.20 | ||||||
| E | |||||||
| Trade creditors | 1,685 | 15,048 | |||||
| Other creditors | 10,163 | 4,738 | |||||
| 11,848 | 19,786 | ||||||
| 10. | MOVEMENT | IN FUNDS | |||||
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.9.20 | in | funds | funds | 31.8.21 | |||
| E | |||||||
| Unrestricted | funds | ||||||
| General fund |
750,773 | (152,109) | (20,855) | 577,809 | |||
| Endowment | funds | ||||||
| Endowment | 5,165,703 | 702,840 | 20,855 | 5,889,398 | |||
| TOTAL FUNDS | 5,916,476 | 550,731 | 6,467,207 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| E | |||||
| Unrestricted | funds | ||||
| General fund |
162,846 | (365,057) | 50,102 | (152,109) | |
| Endowment | funds | ||||
| Endowment | (17,869) | 720,709 | 702,840 | ||
| TOTAI. FUNDS | 162,846 | ~382,926) | 770,811 | 550,731 |
| Net | ||||||
|---|---|---|---|---|---|---|
| movement | At | |||||
| At 1.9.19 | in funds | 31.8.20 | ||||
| Unrestricted | funds | |||||
| General fund |
815,358 | (64,585) | 750,773 | |||
| Endowment | funds | |||||
| Endowment | 5,376,989 | (211,286) | 5,165,703 | |||
| TOTAL FUNDS | ||||||
| Comparative | net movement | in funds, included | in the above | are as follows: | ||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General fund |
169,261 | (220,318) | (13,528) | (64,585) | ||
| Endowment | funds | |||||
| Endowment | (16,693) | (194,593) | (211,286) | |||
| TOTAL FUNDS | 169,261 | I237,011) | I208,121) | ~275,871) |
| Net | Transfers | |||||
|---|---|---|---|---|---|---|
| movement | between | At | ||||
| At 'l.9.19 | in funds | funds | 31.8.21 | |||
| F | ||||||
| Unrestricted | funds | |||||
| General | fund | 815,358 | (216,694) | (20,855) | 577,809 | |
| Endowment | funds | |||||
| Endowment | 5,376,989 | 491,554 | 20,855 | 5,889,398 | ||
| TOTAL | FUNDS | 6,192,347 | 274,860 | 6,467,207 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| E | |||||
| Unrestricted | funds | ||||
| General fund |
332,107 | (585,375) | 36,574 | (216,694) | |
| Endowment | funds | ||||
| Endowment | (34,562) | 526,116 | 491,554 | ||
| TOTAL FUNDS | 332,107 | ~619,937) | 562,690 | 274,660 |
| 31.8.21 | 31.8.20 | ||||
|---|---|---|---|---|---|
| INCOME AND ENDOWMENTS | |||||
| Donations and |
legacies | ||||
| Donations | 4,971 | 3,845 | |||
| Investment income |
|||||
| Rents received | 15,088 | 15,192 | |||
| Investment income |
142,540 | 147,396 | |||
| Deposit account | interest | 32 | 2,575 | ||
| 157,660 | 165,163 | ||||
| Other income | |||||
| Wayleave | 215 | 253 | |||
| Total incoming | resources | 162,846 | 169,261 | ||
| EXPENDITURE | |||||
| Investment management |
costs | ||||
| Portfolio management | fees | 19,111 | 17,853 | ||
| Property repairs | 1,895 | 5,734 | |||
| Legal and professional | fees | 1,815 | 4,208 | ||
| Rates and water | 1,847 | 1,170 | |||
| Insurance | 1,578 | 1,848 | |||
| Light and heat | 114 | 155 | |||
| Security | 25,044 | 15,358 | |||
| 51,404 | 46,326 | ||||
| Charitable activities |
|||||
| Grants to institutions | 292,772 | 154,143 | |||
| Grants to individuals | 37,305 | 35,600 | |||
| 330,077 | 189,743 | ||||
| Support costs | |||||
| Management | |||||
| Sundries | 41 | 10 | |||
| Governance costs | |||||
| Independent examiners |
fee | 1,404 | 932 | ||
| Total resources | expended | 382,926 | 237,011 | ||
| Net expenditure | before | gains and losses | (220,080) | (67,750) | |
| Unrealised recognised |
gains and losses | ||||
| Carried forward | (221,484) | (68,682) |
| 31.8.21 | 31.8.20 | |||
|---|---|---|---|---|
| E | F | |||
| Unrealised | recognised | gains and losses | ||
| Brought forward | (221,484) | (68,682) | ||
| Unrealised | gains/(losses) | on investments | 770,811 | ~208,121) |
| Net income/(expenditure) | 550,731 | ~275,871) |