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|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||||
||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|ofFinancial Activities||||
|Balance Sheet|||||
|Notes to the Financial Statement,
incorporating:|||||
|Statement ofAccounting
Policies|||||
|Other Notes to the Financial Statements|||||
|Reference|and Administrative|Details|||||||
|---|---|---|---|---|---|---|---|---|
|Trustees||Dr A D Clayton - Chairman
(Appointed
MrJEvans (Appointed
Trustee)|||||Trustee)||
|||Mra JSHart (Appointed||Trustee)|||||
|||MrA Hawkins
(CRGSParent Governors
Nom. Trustee-1 January 2023)
MrSG Isherwood
(Appointed
Trustee)
Mr0 Nowell
(Appointed
Trustee- 16November 2022)|||||||
|||Mr A Rogers (Appointed
MrJSSutton
(Appointed||Trustee)
Trustee)|||||
|||Ms R Lane (Appointed Trustee-||||15November||2023)|
|Address for correspondence||Clitheroe Royal Grammar School Foundation|||||||
|||York Street|||||||
|||Clithe roe|||||||
|||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|||||||
|||8ootle|||||||
|||L304GB|||||||
|||Handelsbanken
PLC|||||||
|||3Thomas More Square|||||||
|||London|||||||
|||E1W 1WY|||||||
|Investment|Advisers|J M Finn &Co|||||||
|||4Coleman Street|||||||
|||London|||||||
|||EC2R 5TA|||||||
|Solicitors||Forbes|||||||
|||Rutherford
House|||||||
|||4Wellington
Street (St John'|||s)||||
|||Blackburn|||||||
|||BB18DD|||||||
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|||||||31.8.23|31.8.22|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Endowment|Total|Total|
|||||fund|fund|funds|funds|
||||Notes|F||5|8|
|INCOME AND ENDOWMENTS||FROM||||||
|Donations
and legacies||||4,621||4,621|3,635|
|Investment
income||||175,037||175,037|171,604|
|Other income||||1,647||1 647|230|
|Total||||181,305||1813D6|175469|
|EXPENDITURE ON||||||||
|Raising funds|||3|36,770|17,434|54,204|49,598|
|Charitable
activities||||||||
|Grant Making||||112,943||112,943|113,536|
|Other||||2,335||2,335|2,475|
|Total||||152,048|17,434|169,482|165,609|
|Net gains/(losses)|on investments|||~2.906)|~4).803)|~44709)|~46),802)|
|NET INCOME/(EXPENDITURE)||||26,351|(59,237)|(32,886)|(451,942)|
|RECONCILIATION|OF FUNDS|||||||
|Total funds brought|forward|||576,052|5,439,213|6,015,265|6,467,207|
|TOTAL FUNDS CARRIED FORWARD||||602,403|5,379,976|5.982.379|6.015265|
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|||||31.8.23|31.8.22|
|---|---|---|---|---|---|
|||Unrestricted|Endowment|Total|Total|
|||fund|fund|funds|funds|
||Notes|F|6|E||
|FIXEDASSETS||||||
|Investments||||||
|Investments|6|331,065|4,762,239|5,093,304|5,156,659|
|Investment
property|7||617,737|617,737|617,738|
|||331,065|5,379,976|5,711,041|5,774,397|
|CURRENT ASSETS||||||
|Debtors|8|12,500||12,500|11,006|
|Cash at bank||263,282||263,282|241,051|
|||275,782||275,782|252,057|
|CREDITORS||||||
|Amounts
falling due within one year|9|(4,444)||(4,444)|(11,189)|
|NET CURRENT ASSETS||271,338||271,338|240 868|
|TOTAL ASSETSLESSCURRENT||||||
|LIABILITIES||602,403|5,379,976|5,982,379|6,015,265|
|NET ASSETS||602,403|5,379,976|5,982,379|6,015,265|
|FUNDS|10|||||
|Unrestricted
funds||||602,403|576,052|
|Endowment
funds||||5,379,976|5,439,213|
|TOTAL FUNDS||||5,982,379|6,015,265|
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||||||31.8.23|31.8.22|
|---|---|---|---|---|---|---|
|Rents received|||||16,850|16,550|
|Investment||income|||157,119|154,989|
|Deposit account interest|||||1,068|65|
||||||175,037|171,604|
|RAISING|FUNDS||||||
|Investment||management||costs|||
||||||31.8.23|31.8.22|
||||||E||
|Portfolio|management||fees||18,646|19,679|
|Property|repairs||||9,806|1,577|
|Legal and||professional|fees||3,793|2,368|
|Rates and||water|||1,828|1,751|
|Insurance|||||1,264|1,689|
|Light and|heat||||158|121|
|Security|||||18,709|22,413|
||||||54,204|49,598|
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|Out-of-pocket
expenses|were r|eimbursed
to trustees
in 2022/23 as follows.|||
|---|---|---|---|---|
|||||f|
|Repairs and renewable|resources|||46|
|COMPARATIVES FOR|THE STATEMENT OF FINANCIAL ACTIVITIES||||
|||Unrestricted|Endowment|Total|
|||fund|fund|funds|
||||E|E|
|INCOME AND ENDOWMENTS||FRONI|||
|Donations
and legacies||3,635||3,635|
|Investment
income||171,604||171,604|
|Other income||230||230|
|Total||175,469||476 466|
|EXPENDITURE ON|||||
|Raising funds||31,198|18,400|49,598|
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|5.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES|- continued||
|---|---|---|---|---|---|
||||Unrestricted|Endowment|Total|
||||fund|fund|funds|
||||||6|
||Charitable
activities|||||
||Grant Making||113,536||113,536|
||Other||2475||2475|
||Total||147,209|18,400|165609|
||Net gains/(losses)|on investments|~30,077)|~437,785)|~461,802)|
||NET INCOME/(EXPENDITURE)||(1,757)|(450,185)|(451,942)|
||RECONCILIATION|OF FUNDS||||
||Total funds brought|forward|577,809|5,889,398|6,467,207|
||TOTAL FUNDS CARRIED FORWARD||576052|5430.213|6.016.265|
|6.|FIXEDASSETINVESTMENTS|||||
||||||Listed|
||||||investments|
||MARKET VALUE|||||
||At 1 September 2022
Revaluations||||5,156,659
~83355|
||At 31August 2023||||5,093,304|
||NET BOOK VALUE|||||
||At 31 August 2023||||5,093,304|
||At 31 August 2022||||5 156650|
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||31.8.23|31.8.22|
|---|---|---|
||Market|Market|
|ASSETTYPE|Value|Value|
||6|6|
|Fixed Interest|||
|UK Bonds|1,210,282|1,153,321|
|Overseas
Bonds|||
|Equities &Funds|||
|UK|1,846,584|1,783,301|
|North Amedca|184,391|179,490|
|Europe|460,614|388,603|
|Asia ExJapan|291,599|315,016|
|Global|509,425|500,250|
|Global Themed|137,120|223,760|
|Emerging
Markets|66,562|33,150|
|Alternatives|222,165|267,380|
|Cash|159,352|309,783|
|Accrued Interest|5,210|2,602|
|Total|5093304|5,156659|
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|INVESTNIENT PROPERTY||
|---|---|
|FAIR VALUE||
|At 1 September 2022||
|and 31 August 2023|617,737|
|NET BOOK VALUE||
|At 31August 2023|617,737|
|At 31August 2022|617,737|
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|||||31.8.23|31.8.22|
|---|---|---|---|---|---|
||||||6|
|Trade debtors||||11,827|9,724|
|VAT||||546|546|
|Prepayments||||127|736|
|||||12,500|11,006|
|CREDITORS: AMOUNTS||FALLING DUE|WITHIN ONE YEAR|||
|||||31.8.23|31.8.22|
|||||6|6|
|Trade creditors||||377|196|
|Other creditors||||4,067|10,993|
|||||4,444|11,189|
|MOVEMENT|IN FUNDS|||||
|||||Net||
|||||movement|At|
||||At 1.9.22|in funds|31.8.23|
||||||6|
|Unrestricted|funds|||||
|General fund|||576,052|26,351|602,403|
|Endowment|funds|||||
|Endowment|||5,439,213|(59,237)|5,379,976|
##
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|Net movement|in fu|nds,
includ|ed|in the ab|ove are as follo|ws:|||
|---|---|---|---|---|---|---|---|---|
||||||Incoming|Resources|Gains and|Movement|
||||||resources|expended|losses|in funds|
||||||5||5|5|
|Unrestricted|funds||||||||
|General
fund|||||181,305|(152,048)|(2,906)|26,351|
|Endowment|funds||||||||
|Endowment||||||(17,434)|(41,803)|(59,237)|
|TOTAL FUNDS|||||181,305|(169,482)|~44,709)|~32,886)|
|Comparatives|for|movement|in|funds|||||
||||||||Net||
||||||||movement|At|
|||||||At 1.9.21|in funds|31.8.22|
|||||||5|5|F|
|Unrestricted|funds||||||||
|General
fund||||||577,809|(1,757)|576,052|
|Endowment|funds||||||||
|Endowment||||||5,889,398|(450,185)|5,439,213|
|TOTAL FUNDS|||||||||
|Comparative|net movement
in fu|nds,
included
in the abov|e are as follows|:||
|---|---|---|---|---|---|
|||Incoming|Resources|Gains and|Movement|
|||resources|expended|losses|in funds|
||||5|||
|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)|
##
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|A current yea|r 12months
and prior year|12months
combined
position
i|s as follows:||
|---|---|---|---|---|
||||Net||
||||movement|At|
|||At 1.9.21
f|in funds|31.8.23
6|
|Unrestricted|funds||||
|General
fund||577,809|24,594|602,403|
|Endowment|funds||||
|Endowment||5,889,398|(509,422)|5,379,976|
|TOTAL FUNDS||6,467,207|~484.8284|6.982,379|
##
|above are as|follows:|||,
||
|---|---|---|---|---|---|
|||Incoming|Resources|Gains and|Movement|
|||resources|expended|losses|in funds|
|||||E||
|Unrestricted|funds|||||
|General
fund||356,774|(299,257)|(32,923)|24,594|
|Endowment|funds|||||
|Endowment|||(35,834)|(473,588)|(509,422)|
|TOTAL FUNDS||356,774|(335,091)|(506,511)|f484,828)|
##
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||||31.8.23|31.8.22|
|---|---|---|---|---|
||||E|F|
|INCOME AND ENDOWMENTS|||||
|Donations
and legacies|||||
|Donations|||4,621|3,635|
|Investment
income|||||
|Rents received|||16,850|16,550|
|Investment
income|||157,119|154,989|
|Deposit account interest|||1,068|65|
||||175,037|171,604|
|Other income|||||
|Wayleave|||1,647|230|
|Total incoming
resources|||181,305|175,469|
|EXPENDITURE|||||
|Investment
management||costs|||
|Poiffolio management|fees||18,646|19,679|
|Property
repairs|||9,806|1,577|
|Legal and professional|fees||3,793|2,368|
|Rates and water|||1,828|1,751|
|Insurance|||1,264|1,689|
|Light and heat|||158|121|
|Security|||18,709|22,413|
||||54,204|49,598|
|Charitable
activities|||||
|Grants to institutions|||65,622|76,824|
|Grants to individuals|||47,311|36,702|
||||112,933|113,526|
|Support costs|||||
|Nlanagement|||||
|Sundries|||10|10|
|Governance costs|||||
|Independent
examiners fee|||1,400|1,540|
|Insurance|||935|935|
||||2,335|2,475|
|Totalresources
expended|||169,482|165,609|
|Net income before gains and losses|||11,823|9,860|
|||31.8.23|31.8.22|
|---|---|---|---|
|||6|8|
|Realised recognised|gains and losses|||
|Realised gains/(losses)|on investments|~44,709)|(461,802)|
|Net expenditure||~32,886)|~451,942)|