**Charity number: 228547**
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **ST. NICHOLAS' EDUCATIONAL TRUST**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Independent Examiner's Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 19|
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024**
|**Trustees**|Mrs B. Payne, Chair|
|---|---|
||Mrs M.D. Martin, Vice Chair|
||Mr R.L. Jobling, Treasurer|
||Mr T. Braun|
||Mrs A. Burton (resigned 10 April 2024)|
||Mr D Hilley (resigned 31 January 2024)|
||Mr B. Peacock|
||Mrs A. Scott (resigned 31 January 2024)|
||Ms A. Tate|
||Mr J. Waugh MBE|
||Mr G Reid|
|**Charity registered**
**number**
228547
**Principal office**
c/o Judith Oliver
2 Saville Gardens
The Grove
Gosforth
NE3 1NG
**Accountants**
Ryecroft Glenton
Chartered Accountants
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP
**Bankers**
Lloyds Bank plc
PO Box 1SL
Newcastle upon Tyne
NE99 1SL
Virgin Money
24 Royal Exchange Square
Glasgow
G1 3AB
**Investment Advisors**
Charles Stanley and Company Limited
55 Bishopsgate
London
EC2N 3AS
**Investment Advisors**
Rathbones Investment Management
28 St Andrew Square
Edinburgh
EH2 1AF||
Page 1
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2023 to 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objectives and activities**
## **Policies and objectives**
Under the Scheme dated 13 March 2007 the objects of the charity were amended to promote the education of young persons who are:
- 1) under the age of 25;
- 2) in need of financial assistance; and
- 3) are resident in the city of Newcastle upon Tyne.
The trustees have decided that the charity will make grants to individuals who fall within the criteria, or to fund schemes to benefit groups of such individuals, as a means of achieving the objectives of the trust.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Grant-making policies**
The Trustees invite applications from schools in the city of Newcastle upon Tyne, and from previous beneficiaries, and publicise the existence of the grants on their website www.stnicholaseducationaltrust.co.uk. Grant applications will need to comply with the above criteria and the trustees will need to be advised and satisfied as to how the grants will be spent and the educational benefit be obtained. Applications are considered by the trustees on a quarterly basis.
## **Main activities undertaken to further the Charity's purposes for the public benefit**
The main activity undertaken to further the charity's purpose has been to promote the education of young persons who are need of financial assistance.
## **Achievements and performance**
## **Review of activities**
Grants were made to twelve individuals and fifteen educational establishments during the year, totalling £125,334 with investment income of £124,571 being received in the year, giving rise to a deficit arising of outgoing resources of £41,136 after investment management fees and support costs. Gains on investments during the year amount to £252,118 (£4,047 realised and £248,071 unrealised). The net movement in funds is a surplus of £210,982 resulting in closing funds of £3,967,136.
Page 2
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
## **Investment policy and performance**
The Trustees have agreed a policy for investing funds, enabling them to maintain a strategic reserve of funds while providing funding for the future activities of the Trust and have given investment managers discretion to manage the portfolio within an agreed risk profile.
The Trust is invested to produce the best financial return within an agreed level of risk.
The investment objective is to balance income and capital returns. The assets should be managed to at least maintain the real capital value of The trust portfolio, whilst generating a sustainable level of investment income to support the current charitable activities.
The current income target is set at £130,000 per annum.
The Trust's assets can be invested widely according to the general power of investment and should be diversified by asset class, and by security. Asset classes could include cash, bonds, equities, property, commodities and any other assets that are deemed suitable for The Trust.
## **Financial review**
## **Going concern**
After making appropriate enquiries, and taking into consideration the valuation surpluses on investments held at 31 March 2024, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
The Trustees will adjust grants paid out of the Trust in accordance with any impact on the income arising from a reduction in dividends arising from the Trust's investments.
## **Reserves policy**
The Trustees' intention is to award grants equal to the net incoming unrestricted resources in the previous year although this is not a minimum or maximum which is binding upon them. Current reserves of unrestricted funds will limit the ability of the Trustees to provide additional grants beyond the expected incoming resources. The Trustees are permitted to treat the endowment funds on a total return basis.
Page 3
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, governance and management**
## **Constitution**
The Trust was founded on 2 July 1847, as the Newcastle upon Tyne Ragged Boys School which was constituted in a Conveyance dated 3 May 1854. The School was reconstituted on 15 January 1952 by the Minister of Education under the Charitable Trusts Act 1853 to 1925, to be known as Axwell Park School Foundation.
On 13 March 2007 the name of the Trust was changed from Axwell Park School Foundation to St Nicholas' Educational Trust under the terms of a Scheme registered with the Charity Commission on that date.
## **Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Scheme.
## **Financial risk management**
The Trustees have assessed the major risks to which the charity is exposed and continue to monitor the arrangements and systems in place to mitigate those risks. These are mostly related to the ability of the trustees to grant funds out of income from invested funds (which are the permanent endowment of the charity). The Scheme of 13 March 2007 allows grants to be paid from unrestricted funds first and then expendable endowment. The trustees are therefore dependent upon their investment advisers whose performance is continuously monitored.
Page 4
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Mrs B. Payne**
Date: 18 July 2024
Page 5
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Independent Examiner's Report to the Trustees of St. Nicholas' Educational Trust ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees 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 Trustees as a body, for my work or for this report.
Dated: 18 July 2024
D Graham FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Page 6
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income and endowments from:**
Investments
3
**Total income and endowments**
**Expenditure on:**
Raising funds
4
Charitable activities
6
**Total expenditure**
**Net (expenditure)/income before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**252,118**
**252,118**
**3,626,702**
**252,118**
**3,878,820**|**Unrestricted**
**funds**
**2024**
**£**
**124,571**
**124,571**
**30,850**
**134,857**
**165,707**
**(41,136)**
**-**
**(41,136)**
**129,452**
**(41,136)**
**88,316**|**Total**
**funds**
**2024**
**£**
**124,571**
**124,571**
**30,850**
**134,857**
**165,707**
**(41,136)**
**252,118**
**210,982**
**3,756,154**
**210,982**
**3,967,136**|_Total_
_funds_
_2023_
_£_
_128,227_
_128,227_
_31,695_
_75,526_
_107,221_
_21,006_
_(332,242)_
_(311,236)_
_4,067,390_
_(311,236)_
_3,756,154_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 19 form part of these financial statements.
Page 7
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Investments
9
**Current assets**
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
**Net current assets**
**Total net assets**
**Charity funds**
Endowment funds
13
Unrestricted funds
13
**Total funds**|**22,507**
**81,965**
**104,472**
**(3,420)**|**2024**
**£**
**3,866,084**
**3,866,084**
**101,052**
**3,967,136**
**3,878,820**
**88,316**
**3,967,136**|_21,410_
_147,944_
_169,354_
_(3,180)_|_2023_
_£_
_3,589,980_|
|---|---|---|---|---|
|||||_3,589,980_
_166,174_|
||||||
|||||_3,756,154_|
|||||_3,626,702_
_129,452_|
||||||
|||||_3,756,154_|
The financial statements were approved and authorised for issue by the Trustees on 18 July 2024 and signed on their behalf by:
## **Mrs B. Payne**
The notes on pages 9 to 19 form part of these financial statements.
Page 8
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. General information**
St. Nicholas' Educational Trust is a charitable trust, charity number 228547. The registered office is 2 Saville Gardens, The Grove, Gosforth, NE3 1NG.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St. Nicholas' Educational Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
Having made due enquiry the Trustees are satisfied that the going concern basis of accounting is appropriate in the preparation of these financial statements.
The affects of the coronavirus pandemic and global stock market instability may impact the income receivable in future years but the Trustees would adjust grants payable accordingly.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 9
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘gains/(losses) on investments’ in the Statement of Financial Activities.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.9 Liabilities**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Expendable endowment funds represent the original endowment of the charity.
Investment income, gains and losses are allocated to the appropriate fund.
Page 10
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Investment income
121,941
Interest receivable
2,630
**Total 2024**
124,571
_Unrestricted_
_funds_
_2023_
_£_
Investment income
_127,934_
Interest receivable
_293_
_Total 2023_
_128,227_|**Total**
**funds**
**2024**
**£**
**121,941**
**2,630**|
|---|---|
||**124,571**|
||_Total_
_funds_
_2023_
_£_
_127,934_
_293_|
||_128,227_|
Page 11
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **4. Investment management costs**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2024**|
||**£**|**£**|
|Investment management fees|30,850|**30,850**|
Investment management costs for 2024 are £15,112 (2023: £15,919) for Charles Stanley and Company Limited and £15,738 (2023: £15,776) for Rathbone Investment Management.
||_Unrestricted_|_Total_|
|---|---|---|
||_funds_|_funds_|
||_2023_|_2023_|
||_£_|_£_|
|Investment management fees|_31,695_|_31,695_|
## **5. Analysis of grants**
|Grants made in the furtherance of the education of young
people
Grants made in the furtherance of the education of young
people|**Grants to**
**Institutions**
**2024**
**£**
105,584
_Grants to_
_Institutions_
_2023_
_£_
_41,260_|**Grants to**
**Individuals**
**2024**
**£**
19,750
_Grants to_
_Individuals_
_2023_
_£_
_25,941_|**Total**
**funds**
**2024**
**£**
**125,334**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_67,201_|
Grants to individuals in 2024 were paid or committed to 12 individuals. Grants to individuals in 2023 were paid or committed to 16 individuals.
Page 12
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Analysis of grants (continued)**
The Charity has made the following material grants to institutions during the year:
|**Name of institution**
Newcastle University
Northumbria University
Durham University
Sage Gateshead
Timba Dash Theatre
Seven Stories
YMCA Newcastle
Bishop Bewick Catholic Education Trust
University of Sunderland Development Trust
Stepney Bank Stables
SVP Holy Island Children's Camp
NE Youth Ltd
Tyne Rowing Club
Sunderland University
Northumberland Scouts
Newburn Sea Cadets
Newcastle University J Turner Prize
Wingrove School|**2024**
**£**
**17,500**
**15,000**
**11,319**
**10,000**
**8,260**
**7,000**
**6,240**
**5,925**
**5,000**
**5,000**
**5,000**
**3,540**
**3,000**
**2,500**
**300**
**-**
**-**
**-**
**105,584**|_2023_
_£_
_15,000_
_7,500_
_-_
_10,000_
_-_
_-_
_1,000_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_1,000_
_2,500_
_4,260_|
|---|---|---|
||||
|||_41,260_|
Page 13
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6. Analysis of expenditure by activities**
|Direct costs - Grant making activities
Direct costs - Grant making activities|**Grant**
**funding of**
**activities**
**2024**
**£**
125,334
_Grant_
_funding of_
_activities_
_2023_
_£_
_67,201_|**Support**
**costs**
**2024**
**£**
9,523
_Support_
_costs_
_2023_
_£_
_8,325_|**Total**
**funds**
**2024**
**£**
**134,857**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_75,526_|
Page 14
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Preparation and independent examination - governance
Correspondent's fee
Computer costs
Meeting costs
Insurance
Preparation and independent examination - governance
Correspondent's fee
Meeting costs
Insurance
Sundry expenses|**Activities**
**2024**
**£**
3,420
4,321
348
1,000
434
9,523
_Activities_
_2023_
_£_
_3,180_
_3,384_
_1,086_
_435_
_240_
_8,325_|**Total**
**funds**
**2024**
**£**
**3,420**
**4,321**
**348**
**1,000**
**434**|
|---|---|---|
|||**9,523**|
|||_Total_
_funds_
_2023_
_£_
_3,180_
_3,384_
_1,086_
_435_
_240_|
|||_8,325_|
|**7.**|**Independent examiner's remuneration**|||
|---|---|---|---|
|||**2024**|_2023_|
|||**£**|_£_|
||Fees payable to the Charity's independent examiner for the preparation and|||
||independent examination of the Charity's annual accounts|**3,420**|_3,180_|
Page 15
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year, expenses totalling _£_ NIL were reimbursed or paid directly to Trustees (2023 - £NIL).
## **9. Fixed asset investments**
|**Cost or valuation**
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_
**10.**
**Cash at bank and in hand**
**Cash at bank and in hand is made up of:**
Lloyds Bank current account
Virgin Money deposit account|**Listed**
**investments**
**£**
**3,474,248**
**455,258**
**(509,039)**
**252,118**
**3,672,585**
**3,672,585**
_3,474,248_||**Cash held**
**for re-**
**investment**
**£**
**115,733**
**831,844**
**(754,078)**
**-**
**193,499**
**193,499**
_115,733_
**2024**
**£**
**20,422**
**61,543**
**81,965**|**Total**
**£**
**3,589,981**
**1,287,102**
**(1,263,117)**
**252,118**
**3,866,084**
**3,866,084**
_3,589,981_
_2023_
_£_
_86,887_
_61,057_
_147,944_|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
Page 16
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11. Debtors**
|**Due within one year**
Prepayments and accrued income|**2024**
**£**
**22,507**
**22,507**|_2023_
_£_
_21,410_|
|---|---|---|
||||
|||_21,410_|
## **12. Creditors: Amounts falling due within one year**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Accruals|**3,420**|_3,180_|
Page 17
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**|||**Gains/**|**31 March**|
||**April 2023**|**Income**|**Expenditure**|**(Losses)**|**2024**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|**129,452**|**124,571**|**(165,707)**|**-**|**88,316**|
|**Endowment funds**||||||
|Endowment Funds|**3,626,702**|**-**|**-**|**252,118**|**3,878,820**|
|**Total of funds**|**3,756,154**|**124,571**|**(165,707)**|**252,118**|**3,967,136**|
|**Statement of funds - prior year**||||||
||||||_Balance at_|
||_Balance at_|||_Gains/_|_31 March_|
||_1 April 2022_|_Income_|_Expenditure_|_(Losses)_|_2023_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|General Funds|_108,446_|_128,227_|_(107,221)_|_-_|_129,452_|
|**Endowment funds**||||||
|Endowment Funds|_3,958,944_|_-_|_-_|_(332,242)_|_3,626,702_|
|**Total of funds**|_4,067,390_|_128,227_|_(107,221)_|_(332,242)_|_3,756,154_|
|||||||
Page 18
## **ST. NICHOLAS' EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Endowment**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
3,866,084
-
12,736
91,736
-
(3,420)
3,878,820
88,316|**Total**
**funds**
**2024**
**£**
**3,866,084**
**104,472**
**(3,420)**
**3,967,136**|
|---|---|---|
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Endowment_
_funds_
_2023_
_£_
_3,589,980_
_36,722_
_-_
_3,626,702_|_Unrestricted_
_funds_
_2023_
_£_
_-_
_132,632_
_(3,180)_
_129,452_|_Total_
_funds_
_2023_
_£_
_3,589,980_
_169,354_
_(3,180)_
_3,756,154_|
|---|---|---|---|
## **15. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024.
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