| Contents | |||||||
|---|---|---|---|---|---|---|---|
| Reference | and Administrative Details |
||||||
| Trustees' | Report | ||||||
| 1. | Structure, Governance and |
Management | |||||
| 1.1 Constitution | |||||||
| 1.2Trustees | |||||||
| 1.3Governance | |||||||
| 1.4Connected Organisation |
2-3 | ||||||
| 2. | Public Benefit | ||||||
| 3. | Financial review |
||||||
| 3.1 Nature ofthe Foundation's | Assets | ||||||
| 3.2 Investment Policy &Performance |
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| 3.3Reserves Policy | |||||||
| 3.4 Identification ofMajor |
Risks | ||||||
| 4. | Objectives and Activities | ||||||
| 5. | Achievements and Performance |
||||||
| 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 |
| Reference | and Administrative |
Details | Details | Details | |||
|---|---|---|---|---|---|---|---|
| Trustees | DrA D Clayton - Chairman | (Appointed | Trustee) | ||||
| MrJ EVanS (Appointed | Trustee) | ||||||
| Mre JSHart (Appointed | Trustee) | ||||||
| Mr W D Honeywell (Appointed |
Ttuslee- | Resigned 31March 2022) | |||||
| MrSG Isherwood (Appointed |
Trustee) | ||||||
| Mr A Rcgere (Appointed MrJSSutton (Appointed |
Trustee) Trustee) |
||||||
| Mr I Ali (CRGS Parent Governors | Nom. Trustee —Resigned 11Msy 2022) | ||||||
| Caun SFarmer - (RVBCNom. Trustee- Resigned 10Mey 2022) Mr0Nowell (Appointed Trustee-16 November 2022) MrA Hawklns (CRGSPamnt Governors Nom. Trustee -1January 2023) |
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| 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 586The Printworks | |||||||
| Hey Road | |||||||
| Barrow | |||||||
| Clitheroe | |||||||
| Lancashire | |||||||
| BB7gWB | |||||||
| Bankers | Santander UK pic |
||||||
| Business Banking | |||||||
| Bridle Road | |||||||
| Bootle | |||||||
| L304GB | |||||||
| Investment | Advisers | J M Finn &Co | |||||
| 4 Coleman Street | |||||||
| London | |||||||
| EC2R 5TA | |||||||
| Solicitors | Forbes | ||||||
| Rutherford House |
|||||||
| 4 Wellington Street (St John' |
s) | ||||||
| Blackbum | |||||||
| BB18DD |
| 31.8.22 | 31.8.21 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||||
| fund | fund | funds | funds | ||||
| Notes | 6 | 6 | 6 | ||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
3,635 | 3,635 | 4,971 | ||||
| Investment income |
2 | 171,604 | 171,604 | 157,660 | |||
| Other income | 230 | 230 | 215 | ||||
| Total | 175,469 | 175,469 | 162,846 | ||||
| EXPENDITURE ON | |||||||
| Raising funds | 3 | 31,198 | 18,400 | 49,598 | 51,404 | ||
| Charitable activities |
|||||||
| Grant Making | 113,536 | 113,536 | 330,077 | ||||
| Other | 2,475 | 2,475 | 1,445 | ||||
| Total | 147.209 | 18 4DD | 165609 | 382,926 | |||
| Net gains/(losses) | on investments | ~300)7) | ~43).785) | ~46),802) | 1111811, | ||
| NET INCOME/(EXPENDITURE) | (1,757) | (450,185) | (451,942) | 550,731 | |||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought | forward | 577,809 | 5,889,398 | 6,467,207 | 5,916,476 | ||
| TOTAL FUNDS CARRIED FORWARD | 576,052 | 5,439,213 | 6,015,265 | 6,467,207 |
| 31.8.22 | 31.8.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | F | F | |||
| FIXEDASSETS | |||||
| Investments | |||||
| Investments | 6 | 335,184 | 4,821,475 | 5,156,659 | 5,638,140 |
| Investment property |
7 | - | 617,738 | 617,738 | 617,738 |
| 335,184 | 5,439,213 | 5,774,397 | 6,255,878 | ||
| CURRENT ASSETS | |||||
| Debtors | 8 | 11,006 | 11,006 | 10,255 | |
| Cash at bank | 241,051 | 241,051 | 212,922 | ||
| 252,057 | 252,057 | 223,177 | |||
| CREDITORS | |||||
| Amounts falling due within one year |
9 | (11,189) | (11,189) | (11,848) | |
| NET CURRENT ASSETS | 240,868 | 240,868 | 211,329 | ||
| TOTAL ASSETS LESSCURRENT | |||||
| LIABILITIES | 576,052 | 5,439,213 | 6,015,265 | 6,467,207 | |
| NET ASSETS | 576,052 | 5,439,213 | 6,015,265 | 6,467,207 | |
| FUNDS | 10 | ||||
| Unrestricted funds |
576,052 | 577,809 | |||
| Endowment funds |
5,439,213 | 5,889,398 | |||
| TOTAL FUNDS | 6,615,265 | 6,467267 |
| 31.8.22 | 31.8.21 | ||||
|---|---|---|---|---|---|
| f | |||||
| Rents received | 16,550 | 15,088 | |||
| Investment | income | 154,989 | 142,540 | ||
| Deposit account interest | 65 | 32 | |||
| 171,604 | 157,660 | ||||
| RAISING FUNDS | |||||
| Investment | management | costs | |||
| 31.8.22 | 31.8.21 | ||||
| 8 | |||||
| Portfolio management | fees | 19,679 | 19,111 | ||
| Property repairs | 1,577 | 1,895 | |||
| Legal and | professional | fees | 2,368 | 1,815 | |
| Rates and | water | 1,751 | 1,847 | ||
| Insurance | 1,689 | 1,578 | |||
| Light and heat | 121 | 114 | |||
| Security | 22,413 | 25,044 | |||
| 49,598 | 51,404 |
| Unre stdcted | Endowment | Total | ||
|---|---|---|---|---|
| fund | fund | funds | ||
| E | 6 | |||
| INCOME AND ENDOWMENTS | FROM | |||
| Donations and legacies |
4,971 | 4,971 | ||
| Investment income |
157,660 | 157,660 | ||
| Other income | 215 | 215 | ||
| Total | 162,846 | 162,846 | ||
| EXPENDITURE ON | ||||
| Raising funds | 33,535 | 17,869 | 51,404 | |
| Charitable activities |
||||
| Grant Making | 330,077 | 330,077 | ||
| Other | 1,445 | 1,445 |
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | |||
| fund | fund | funds | |||
| F | |||||
| Total | 365057 | 17,869 | 382,926 | ||
| Nst gains on investments | 50,102 | 720.700 | 770 811 | ||
| NET INCOME/(EXPENDITURE) Transfers between funds |
(152,109) ~20.855 |
702,840 20,855 |
550,731 | ||
| Net movement in funds |
(172,964) | 723,695 | 550,731 | ||
| RECONCILIATION | OF FUNDS | ||||
| Total funds brought | forward | 750,773 | 5,165,703 | 5,916,476 | |
| TOTAL FUNDS CARRIED FORWARD | 577,308 | 5,889,398 | 6,467,207 | ||
| 6. | FIXEDASSET INVESTMENTS | ||||
| Listed | |||||
| investments | |||||
| MARKET VALUE | |||||
| At 1 September 2021 Revaluations |
5,638,140 ~481.481 7 |
||||
| At 31August 2022 | 5,156,659 | ||||
| NET BOOK VALUE | |||||
| At 31 August 2022 | 5,156,659 | ||||
| At 31 August 2021 | 5638.140 |
| 31.8.22 | 31.8.21 | |
|---|---|---|
| Market | Market | |
| ASSETTYPE | Value | Value |
| 5 | ||
| Fixed Interest | ||
| UK Bonds | 1,153,321 | 1,365,553 |
| Overseas Bonds | 50,656 | |
| Equities 8 Funds | ||
| UK | 1,783,301 | 1,917,906 |
| North America | 179,490 | 181,341 |
| Europe | 388,603 | 423,822 |
| Asia ExJapan | 315,016 | 354,154 |
| Global | 500,250 | 514,750 |
| Global Themed | 223,760 | 330,400 |
| Emerging Markets |
33,150 | 33,150 |
| Alternatives | 267,380 | 213,638 |
| Cash | 309,783 | 247,866 |
| Accrued Interest | 2,602 | 4,904 |
| Total | 6.166.666 | 5,638,140 |
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE | |
| At 1 September 2021 | |
| and 31 August 2022 | 617,738 |
| NET BOOK VALUE | |
| At 31August 2022 | 617,738 |
| At 31August 2021 | 617,738 |
| 31.8.22 f |
31.8.21 | |||||
|---|---|---|---|---|---|---|
| Trade debtors | 9,724 | 8,408 | ||||
| VAT | 546 | 1.111 | ||||
| Prepayments | 736 | 736 | ||||
| 11,006 | 10255 | |||||
| CREDITORS: AMOUNTS | FALLING DUE | WITHIN ONE YEAR | ||||
| 31.8.22 | 31.8.21 | |||||
| Trade creditors | 196 | 1,685 | ||||
| Other creditors | 10,993 | 10,163 | ||||
| 11,189 | 11,848 | |||||
| MOVEMENT | IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At | 1.9.21 | in funds | 31.8.22 | |||
| 6 | ||||||
| Unrestricted | funds | |||||
| General fund |
577,809 | (1,757) | 576,052 | |||
| Endowment | funds | |||||
| Endowment | 5,889,398 | (450,185) | 5,439,213 | |||
| TOTAL FUNDS |
| Nei movement | in funds, inc |
lude | d in t |
he above | are as follow | s: | ||
|---|---|---|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |||||
| resources | expended | losses | in funds | |||||
| 6 | 8 | 6 | ||||||
| Unrestricted | funds | |||||||
| General fund |
175,469 | (147,209) | (30,017) | (1,757) | ||||
| Endowment | funds | |||||||
| Endowment | (18,400) | (431,785) | (450,185) | |||||
| TOTAL FUNDS | 175,469 | (165,609) | (461,802) | ~451,942) | ||||
| Comparatives | for movement | in funds | ||||||
| Nel | Transfers | |||||||
| movement | between | At | ||||||
| At 1.9.20 | in funds | funds | 31.8.21 | |||||
| 6 | E | F | 8 | |||||
| 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 | 6 667,267 | |||||
| Comparative | nel movement | in | funds, | included | in the above | are as follows: | ||
| Incoming | Resources | Gains and | Movement | |||||
| resources | expended | losses | in funds | |||||
| 6 | ||||||||
| Unrestricted | funds | |||||||
| General fund |
162,846 | (365,057) | 50,102 | (152,109) | ||||
| Endowment | funds | |||||||
| Endowment | (17,869) | 720,709 | 702,840 | |||||
| TOTAL FUNDS | 162,846 | (382,992266) | 770,811 | 550,731 |
| A curren | t yea | r 12months and pr | ior year 12months combin |
ed position is |
as follows: | |
|---|---|---|---|---|---|---|
| Net | Transfers | |||||
| movement | between | At | ||||
| At 1.9.20 | in funds | funds | 31.8.22 | |||
| 6 | 6 | F | ||||
| Unrestricted | funds | |||||
| General | fund | 750,773 | (153,866) | (20,855) | 576,052 | |
| Endowment | funds | |||||
| Endowment | 5,165,703 | 252,655 | 20,855 | 5,439,213 | ||
| TOTAL | FUNDS | 5.916476 | 98.7811 | 6,915,265 |
| above are as | follows: | ||||
|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | ||
| resources f |
expended 6 |
losses 6 |
in funds | ||
| Unrestricted | funds | ||||
| General fund |
338,315 | (512,266) | 20,085 | (153,866) | |
| Endowment | funds | ||||
| Endowment | (36,269) | 288,924 | 252,655 | ||
| TOTAL FUNDS |
| 31.8.22 | 31.8.21 | |||
|---|---|---|---|---|
| INCOME AND ENDOWNIENTS | ||||
| Donations and legacies |
||||
| Donations | 3,635 | 4,971 | ||
| Investment income |
||||
| Rents received | 16,550 | 15,088 | ||
| Investment income |
154,989 | 142,540 | ||
| Deposit account interest | 65 | 32 | ||
| 171,604 | 157,660 | |||
| Other income | ||||
| Wayleave | 230 | 215 | ||
| Total incoming resources | 175,469 | 162,846 | ||
| EXPENDITURE | ||||
| investment management |
costs | |||
| Portfolio management | fees | 19,679 | 19,111 | |
| Property repairs | 1,577 | 1,895 | ||
| Legal and professional | fees | 2,368 | 1,815 | |
| Rates and water | 1,751 | 1,847 | ||
| Insurance | 1,689 | 1,578 | ||
| Light and heat | 121 | 114 | ||
| Security | 22,413 | 25,044 | ||
| 49,598 | 51,404 | |||
| Charitable activities |
||||
| Grants to institutions | 76,824 | 292,772 | ||
| Grants to individuals | 36,702 | 37,305 | ||
| 113,526 | 330,077 | |||
| Support costs | ||||
| Management | ||||
| Sundries | 10 | 41 | ||
| Governance costs | ||||
| Independent examiners |
fee | 1,540 | 1,404 | |
| Insurance | 935 | |||
| 2,475 | 1,404 | |||
| Total resources expended | 165,609 | 382,926 | ||
| Net income/(expenditure) | before gains | |||
| and losses | 9,860 | (220,080) |
| 31.8.22 | 31.8.21 | ||
|---|---|---|---|
| 8 | |||
| Realised recognised | gains and losses | ||
| Realised gains/(losses) | on investments | (461,802) | 770,811 |
| Net (expenditure)/income | ~451,942) | 550,731 |