**Registered Charity Number 1176509**
**Nottingham University Samworth Academies Endowment Trust**
**Unaudited Report and Financial Statements For the year ended 31 August 2022**
## **Nottingham University Samworth Academies Endowment Trust**
## **Financial Statements For the year ended 31 August 2022**
**Contents Page** Charity information Trustee’s Report Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-14
## **Nottingham University Samworth Academies Endowment Trust**
## **Financial Statements For the year ended 31 August 2022**
|**Trustee:**|Nottingham University Samworth Academies Trust|
|---|---|
|**Registered Charity Number:**|1176509|
|**Registered Office:**|Nottingham University Samworth|
||Academies Endowment Trust|
||Chetwode House|
||Samworth Way|
||Leicester Road|
||Melton Mowbray|
||Leicestershire|
||LE13 1GA|
|**Independent Examiners:**|Mazars LLP|
||Park View House|
||58 The Ropewalk|
||Nottingham|
||NG1 5DW|
## **Nottingham University Samworth Academies Endowment Trust**
## **Trustee’s Report For the year ended 31 August 2022**
The trustee presents their annual report and financial statements for the year ended 31 August 2022. The financial statements have been prepared in accordance with the accounting policies set out in the attached financial statements, and the requirements of the Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (“Charities SORP (FRS 102)”).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
Nottingham University Samworth Academies Endowment Trust is a registered charity (registration no.1176509) governed by a trust deed dated 15 January 2009.
## **Trustees**
The trust deed requires that Nottingham University Samworth Academies Trust, acting in accordance with its usual procedures, shall be the trustee of the Trust.
In the event that Nottingham University Samworth Academies Trust is no longer able to act as trustee, the Secretary of State must be informed and they have the right either to:
- assume trusteeship; or
- appoint a third party to act as trustee.
The day to day management of the Trust is carried out by the trustee and management of Nottingham University Samworth Academies Trust.
Trustees are recruited by application and approval of the wider management board.
## **Trustee’s Responsibilities**
Charity law requires the trustee to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that year. In preparing those financial statements, the trustee is required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statement of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustee is also responsible for keeping formal accounting records, which disclose with reasonable accuracy at any time the financial position of the charity, which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Connected organisations**
The Trust was set up by the joint sponsors of Nottingham University Samworth Academies Trust; Sir David Samworth CBE and the University of Nottingham who have donated £2m since it was established. The monies held by the Trust are to support the objectives of the deed of gift.
## **Nottingham University Samworth Academies Endowment Trust**
## **Trustee’s Report (continued) For the year ended 31 August 2022**
## **OBJECTIVES AND ACTIVITIES**
## **Objects, aims and objectives**
The principal object of the trust is to advance education for the benefit of the community in Bilborough, Nottinghamshire by assisting and supporting the education of students at Nottingham University Samworth Academy and Firbeck Academy.
- The donated sums shall not be spent under any circumstances, other than with the written consent of the Secretary of State.
The Trustee has given due consideration to the Charity Commission guidance on the operation of the Public Benefit requirements.
## **Activities and achievements**
During the year £51k (2021: £35k) has been generated from the funds held by the Trust of which £70k (2021: £29k) has been used to pay for costs associated with Nottingham University Samworth Academies Trust.
## **Financial review**
The financial position of the Trust remains strong within the year due to the increase in valuation of investments held at the year end and the profits on disposals of investments made within the year.
## **Risk Management**
The major risks to which the Trust is exposed are carefully considered by the trustee to ensure that procedures are put in place to mitigate them.
## **Reserve Policy**
The reserve policy of the Trust is to maintain the endowment fund principle sum of £2m, and a working cashflow balance of at least £5k after each quarterly distribution of investment income.
## **Investment Policy**
In accordance with the trust deed, the Trustee has the power to invest cash surpluses as they see fit. The Trustee engaged PKF Cooper Parry Wealth Limited as investment managers. The policy is to adopt a medium risk investment strategy based on maximising income. This policy has been followed during the year as shown by the total dividend income received of £51k (2021: £35k).
## **Funds held as custodian**
There are no funds held as custodian.
## **Nottingham University Samworth Academies Endowment Trust**
## **Trustee’s Report (continued) For the year ended 31 August 2022**
## **Independent examination**
The independent examiner is willing to continue in office and a resolution to appoint him will be proposed at the annual general meeting.
The report of the Trustee was approved by the Trustee on and signed on their behalf by: Apr 4, 2023
S P CrawfordS P Crawford (Apr 4, 2023 10:11 GMT+1)
## **Stephen Crawford**
Director of Nottingham University Samworth Academies Trust
## **Independent Examiner’s Report to the Trustee of Nottingham University Samworth Academies Endowment Trust**
I report on the financial statements of the Trust for the year ended 31 August 2022 which are set out on pages 7 to 14.
## **Respective responsibilities of the trustee and examiner**
The charity’s trustee is responsible for the preparation of the financial statements. The charity’s trustee considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the financial statements under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustee as a body. My work has been undertaken so that I might state to the charity’s trustee those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body for my examination work, for this report, or for the statements I have made.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as a trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
- accounting records were not kept in respect of Nottingham University Samworth Academies Endowment Trust in accordance with section 130 of the 2011 Act; or
- the financial statements do not accord with those records; or
- the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (“Charities SORP (FRS 102)”).
## **Independent Examiner’s Report to the Trustee of Nottingham University Samworth Academies Endowment Trust (continued)**
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
David Hoose (Apr 4, 2023 10:21 GMT+1)
## **David Hoose**
Chartered Accountant For Mazars LLP 58 The Ropewalk Nottingham NG1 5DW Date: Apr 4, 2023
## **Nottingham University Samworth Academies Endowment Trust**
## **Statement of Financial Activities For the year ended 31 August 2022**
|**Notes**
**Incoming resources**
**Incoming resources from**
**generated funds**
Voluntary income
Investment income
**3**
**Incoming resources from**
**charitable activities**
**Other incoming resources**
**_Total incoming resources_**
**Resources expended**
Charitable activities
**4**
Governance costs
**5**
**_Total resources expended_**
**_Net (outgoing) / incoming_**
**_resources before transfers_**
**(Loss)/gain on Investments**
**8**
**(Loss)/profit on disposal of**
**Investments**
**Transfers between funds**
**Net movement in funds**
**11**
**Total funds brought forward**
**Total funds carried forward**
**11**|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£000**
**£000**
- -
-
51|**Total**
**year**
**ended**
**31 August**
**2022**
**Total**
**£000**
-
51
-
**51**
70
4
**74**
(23)
(127)
(18)
-
(168)
2,851
**2,683**|**Total**
**year**
**ended**
**31 August**
**2021**
**Total**
**£000**
-
35|
|---|---|---|---|
||-
-||-|
||**-**
**51**||**35**|
||-
70
-
4||29
4|
||**-**
**74**||**33**|
||-
(23)
-
(127)
-
(18)
-
-||2
247
144
-|
||-
(168)||393|
||-
2,851||2,458|
||**-**
**2,683**||**2,851**|
The Trust’s incoming and expended resources all relate to continuing activities
## **Nottingham University Samworth Academies Endowment Trust**
## **Balance Sheet As at 31 August 2022**
|**Notes**
**Investment**
**8**
**Current assets**
Debtors
**9**
Cash at bank and in hand
**Creditors**
Amounts falling due
within one year
**10**
**Net current assets**
**Net assets**
**Retained funds**
Unrestricted funds
**11**
Endowment funds
**11**|**31 August 2022**
**£000**
**£000**
2,668
**-**
15
15
**-**
15
2,683
**-**
2,683
2,683|**31 August 2021**
**£000**
**£000**
2,826
**-**
25
25
**-**
25
2,851
**-**
2,851
2,851|
|---|---|---|
The financial statements were approved by the trustee on and signed on their behalf Apr 4, 2023 by:
S P CrawfordS P Crawford (Apr 4, 2023 10:11 GMT+1)
## **Stephen Crawford**
Director of Nottingham University Samworth Academies Trust
## **Nottingham University Samworth Academies Endowment Trust**
## **Notes to the Financial Statements For the year ended 31 August 2022**
## **a) Accounting Policies**
## **a) Basis of preparation**
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Charities Act 2011 and the Companies Act 2006.
The accounts are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in the financial statements are rounded to the nearest £.
## **b) Going concern**
The Trustee assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Trustee makes this assessment in respect of year of at least one year from the date of authorisation for issue of the financial statements and have concluded that company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
The Trustees consider that the Trust has adequate resources to continue in operational existence for the foreseeable future. The key potential source of uncertainty noted by the Trustees is the Coronavirus and COVID-19 pandemic. The COVID-19 pandemic continues to affect the UK and global economies however the lifting of social restrictions by the government means the trustees anticipate the UK and global economies to return to growth in due course. It is not possible to predict how quickly and to what degree this may happen. The priorities of the Trustees remain to comply with any remaining regulatory requirements to the fullest extent. However, at the date of this report it is not possible to reliably determine the effects that these developments will have on the Trust. Accordingly, the Trustees have continued to prepare the financial statements on the going concern basis.
## **c) Incoming resources**
Incoming resources are recognised once the charity has entitlement to the resources, it is certain the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Incoming resources represents all amounts receivable by way of donations and investment income in the financial year. Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross within the Statement of Financial Activities.
## **d) Resources expended**
Resources expended are included in the Statement of Financial Activities on an accruals basis, when the charity has a legal or constructive obligation to pay out the resources.
Governance costs include costs of the preparation and examination of statutory accounts and the costs of trustee meetings.
Irrecoverable VAT is charged to the Statement of Financial Activities as incurred.
## **Nottingham University Samworth Academies Endowment Trust**
## **Notes to the Financial Statements For the year ended 31 August 2022**
## **1. Accounting Policies (continued)**
## **e) Funds**
The Trust has a permanent endowment which provides for the trustee to invest the capital in perpetuity. The trustee at their discretion may allocate any part of the total return to be applied as per the trust objectives.
Unrestricted funds comprise those funds which the Trust may use at its discretion in furtherance of the charitable objects.
## **e) Investments**
Investments held as fixed assets are stated at their market values at the Balance Sheet date.
## **2. Taxation**
Nottingham University Samworth Academies Endowment Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
## **3. Investment income (all restricted)**
|**Investment income (all restricted)**|||||
|---|---|---|---|---|
|||**Year**||**Year**|
|||**ended**||**ended**|
||**31**|**August**|**31**|**August**|
|||**2022**||**2021**|
|||**£000**||**£000**|
|Listed investment income||51||35|
## **4. Charitable expenditure**
|**Charitable expenditure**|||||
|---|---|---|---|---|
||||**Year**|**Year**|
||||**ended**|**ended**|
||||**31 August**|**31 August**|
||||**2022**|**2021**|
||**Unrestricted**||**Endowment**||
||**£000**|**£000**|**£000**|**£000**|
|Academy expenditure|-|-|70|29|
## **Nottingham University Samworth Academies Endowment Trust**
## **Notes to the Financial Statements (continued) For the year ended 31 August 2022**
## **5. Governance costs (all unrestricted)**
|**Governance costs (all unrestricted)**|||||
|---|---|---|---|---|
|||**Year**||**Year**|
|||**ended**||**ended**|
||**31**|**August**|**31**|**August**|
|||**2022**||**2021**|
|||**Total**||**Total**|
|||**£000**||**£000**|
|Independent examiner and company secretarial services||4||4|
## **6. Employees**
During the year, the Trustee received no remuneration (2021 - £Nil).
The average monthly number of employees, including the Trustee, during the year was Nil (2021 - Nil).
## **7. Related party transactions**
During the year, the Trust paid £70k (2021: £29k) on behalf of Nottingham University Samworth Academies Trust, trustee of the Trust, to assist in meeting the objectives.
## **8. Investments**
||**31 August**|**31 August**|
|---|---|---|
||**2022**|**2021**|
||**£000**|**£000**|
|Carrying value (market value)|2,826|2,433|
|Additions|783|846|
|Disposals|(796)|(844)|
|(Loss)/gain on investment|(145)|391|
|Carrying value (market value) at end of year|2,668|2,826|
## **Nottingham University Samworth Academies Endowment Trust**
## **Notes to the Financial Statements (continued) For the year ended 31 August 2022**
## **8. Investments (continued)**
All listed investments are held in the UK as follows;
|||**Market**|||**Market**|
|---|---|---|---|---|---|
||**31 August**|**value**|**31 August**||
**value**|
||**2022 31 August**|||**2021**|**31 August**|
||**Cost**|**2022**||**Cost**|
**2021**|
||**£000**|**£000**||**£000**|
**£000**|
|Dimensional Emerging Markets Core Equity||||||
|(1,058.3150 Shares)|41|44||77|
85|
|Dimensional Global Short Dated Bond||||||
|(31,868.3460 Shares)|384|358||354|
362|
|Dimensional Global Sust Core Equity||||||
|(8,784.7990 Shares)|196|216||94|
117|
|Dimensional Global Targeted Value||||||
|(2,195.3400 Shares)|65|66||137|
130|
|Dimensional Ster Inf lkd Interm Duration||||||
|FixedInc (28,160.6570 Shares)|337|339||345|
375|
|Dimensional UK Small Companies||||||
|(362.0120 Shares)|14|11||26|
27|
|Dimensional UK Value (Nil Shares)|-|-||39|
39|
|iShares Global Property Securities Equity||||||
|Index D (155,889.5060 Shares)|271|302||307|
253|
|Legal & General Ethical R (Nil Shares)|-|-||-|
-|
|Legal & General Future World ESG UK Index I||||||
|(397,037.2750 Shares)|193|187||99|
102|
|Vanguard FTSE Developed World ex-UK||||||
|Equity Index Fund (468.1548 Shares)|117|197||242|
412|
|Vanguard FTSE UK All Share Index Unit Trust||||||
|(Nil Shares)|-|-||191|
199|
|Vanguard FTSE UK Equity Income Index||||||
|Fund (686.6691 Shares)|115|108||-|
-|
|Vanguard ESG Developed World All Cap Eq||||||
|Index GBP (2,908.9965 Shares)|369|359||188|
203|
|Vanguard ESG Emerging Markets All Cap Equity||||||
|Index (809.0700 Shares)|92|89||44|
43|
|Vanguard Global Short-Term Bond Index||||||
|GBP Hedged (3,668.3700 Shares)|372|356||351|
358|
|Cash|35|35||21|
21|
||2,601|2,668|
2,515||
2,826|
|**9. Debtors**||||||
|||**31**|**August**
||**31 August**|
||||**2022**||**2021**|
||||**£000**||**£000**|
**9. Debtors**
- -
Other debtors
## **Nottingham University Samworth Academies Endowment Trust**
## **Notes to the Financial Statements (continued) For the year ended 31 August 2022**
## **10. Creditors**
|**Creditors**|||||
|---|---|---|---|---|
||**31**|**August**|**31**|**August**|
|||**2022**||**2021**|
|||**£000**||**£000**|
|Other creditors||-||-|
## **11. Funds**
|**Unrestricted Endowment**
**£000**
**£000**
As at 31 August 2021
-
2,851
Net incoming resources
-
(168)
As at 31 August 2022
-
2,683|**Total**
**£000**
2,851
(168)
2,683|
|---|---|
The endowment fund consists of monies which are held in accordance with the trust deed and can only be spent with the written consent of the Secretary of State.
The trustee has the power to apply any return generated from the permanent endowment to advance education for the benefit of the community in Bilborough, Nottinghamshire by assisting and supporting the education of students at Nottingham University Samworth Academy and Firbeck Academy.
## **Nottingham University Samworth Academies Endowment Trust**
## **Notes to the Financial Statements (continued) For the year ended 31 August 2022**
## **11. Funds (continued)**
**The investment fund and application of total return to permanent endowment funds:**
|**investment fund and application of total return to permanent endowment funds:**||
|---|---|
||**31 August**|
||**2022**|
||**£000**|
|Opening value of permanent endowment|2,851|
|Less: Original value of the endowment|(2,000)|
|**Opening value of unapplied total return**|**851**|
|Add: investment returns|51|
|Less: loss on investment|(127)|
|Less: loss on disposal of Investments|(18)|
|Less: Academy expenses|(74)|
|**Unapplied total return before transfer to income**|**683**|
|Less: Unapplied total return applied|-|
|Subtotal: unapplied total return as at 31 August 2022|683|
|Add: original value of gift|2,000|
|**Permanent endowment including unapplied total return as at 31 August 2022**|**2,683**|