Charity number: 1119166 ST. Nicholas, Educational Trust Report of the Twstees and Unaudited Financial Statements For the year ended 31 March 2025
ST. Nicholas, Educational Trust Contents Page Trustee5' report Independent examiners, report statement of financial activities Balance sheet Notes lo the financial statements 9-16
ST. Nlcholas, Educational Trust Trustees, report Forthe year ended 31 March 2025 The Trustees present their report of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of the Slalemenl of Recommended Practice ISORPI Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial slalements. The financial statements have been prepared in accordance with the accounting policies set out in notes lo the accounts and comply with the charity's governing document, the Charities Act 20112nd Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Objectives and activitles Pollcies 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.. 11 Under the age of 25.. 21 In need of financial assi8lance', and 31 Are resident in the city of Newcastle Upon Tyne. The Trustees have decided that the charity will make grants lo individuals who fall within the crteria. 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 aclivilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB2}' Grant-making policies The Tru51ees invite applications from hoolS in the city of Newcastle upon Tyne, and from previous beneficiaries, and publicise the existence of the grants on their website ww.slnicholaseducationallrust.co.uk. Grant applications will need to comply with the above criteria and the Trustees will need lo 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 activitie5 undertaken to further the Charity's purposes for the public benefit The main activity undertaken lo further the charity's purpose has been to promote the education of young persons who are in need of financial assistance.
ST. Nicholas, Educational Trust Trustees. report (Continued) For the year ended 31 March 2025 Achievement and performance Grants were made to 4 individuals and 20 education81 eslsblishments during the year, lolaling £147,038. Total expenditure was £193,148 with investment income of £114,577 being received in the year, giving rise lo a deficit arising on outgoing resources of £78.571 after investment managèr fees and support costs. 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 lo produce the best financial return within an agreed level of risk. The investment objective is lo balance income and capital retUTns, The assets should be managed to al least maintain the real capital value ol The Trust portfolio, while generating a sustainable level of investment income to support the current charitable activities. The current income target is £130,000 per annum. The Trust's assets can be invested widely according lo 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 2025, the Trustees have reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo 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 inveslmenls. Reserves policy The Trustees, intention is lo award grants equal lo the net incoming unreslricled resources in the previous year although this is not a minimum or maximum which is binding upon them. Current reserves of unreslficted funds will limit the ability of the Trustees lo provide additional grants beyond the expected incoming resources. The Trustees are permitted to treat the endowment funds on a total return basis.
ST. Nicholas, Educational Trust Trustees. report (Continuet¥ For the year ended 31 March 2025 structure, govemance and management Constitutlon 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 reconsliluled on 15 January 1952 by the Minister of Education under the Charitable Trusts Act 1853 10 1925. to be known as Axwell Park School Foundation. On 13 March 2007 the name oflhe 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 Trustegs 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 lo monitor the arrangements and systems in place lo mitigate those risks. These are mostly related lo the ability of the Iruslees lo grant funds out of income from invested funds (which are the permanent endowment of the charilyl. The scheme of 13 March 2007 allows grants to be paid from unrestrictèd funds first then expendable endowment. The Trustees are therefore dependent upon their investment advisers whose performance is continuously monitored.
ST. Nicholas, Educallonal Trust Trustees, report fcontlnuèrl) For the year ended 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustee5 (who are also directors of St. Nlcholas Educational Trust forthe purpose of MpanY law) are sponslble for preparing the Trustees, Report and Ihe financial statements in aGG0rdan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Acctsunting Practl¢e). Company law r8qulres the trustees to prepare financial statements for each finandal year, which glve a true and fair vlew of the state of affalrs of the charitable company and of the incomlng resources and application of resources, including the Income and expendlture. of Ihe ¢haritable company for that period. In preparing these financial statements. the trustees are required to: salecl sultable accounting policies and Ihen apply them conslstently; observe the methods an¢J principles In Ihe Charities SORP 2015 (FRS 102). make judgements and 8slimates that are reasonable and prudent. stat0 whether 8pplicable UK Accounting Standards have been followed, subject to any materlal disclosed and explained in the flnancial stat9ments: and prepare the financial slat6manls on the going concern basis unless it is Inappropriaté to presume that Ihe charitable company will continu8 in operation. departures The trusle8s are responsible for keeping adequate accounting records Ihat disclose with reasonable ac¢ura¢y at any Ilmo Ihe financlal position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the Charltsble company and hence for taking reasonable steps for tho prevention and detection of fraud and olher irregularitios. Thls report was approved by the Trustees on .............. . Signed on behalf of the Board MrJW Chair ghm
ST. Nicholas. Educational Trust Independent Examiner's Roport to the Trustees of ST. Nicholas, Educational Trust For the year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 228547 Principal address 2 Saville Gardens The Grove Gosforlh NE3 1NG Trustees Mr J Waugh MBE Mrs B Payne Mrs M.D Martin Mr R.L Jobling Mr T Braun Mr B Peacock Ms A Tale Mr G Reid Chair { Elected 10 July 20251 Chair- IResigned 17 January 20251 Vice Chair Tressurer Resigned 17 October 2025 Independent examiner S&W Audit 17 Queens Lane Newcastle upon Tyne NE1 1RN Bankers Lloyds Bank plc PO Box1SL Newcastle Upon Tyne NE99 1SL Investment Advisors Charles Stanley and Company Limited 55 Bishopgate London EC2N 3AS Investment Advisors Rathbones Investment Management 28 Sl Andrew Square Edinburgh EH2 1AF
ST. Nicholas, Educational Trust Independent Examlner's Report to the Trustees of ST. Nicholas, Educational Trust For the year ended 31 March 2025 I report to the charity Iruslees on my examination of the accounts of the charity for the year ended 31 March 2025 which are sel out on pages 7 10 15. Responsibilities and basls of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Acl'l. I report in respect of my examination of the chaiity'g accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my allenlion in Connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord wth 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 8 '1rue and fair view, which is not a maller 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 reF)Ort in order lo enable a proper understanding of the accounts to be reached. S&W Audit Date hartered Accountants 17 Queens Lane Newcastle upon Tyne NE1 1RN
ST. Nicholas, Educational Trust statement of Financial Activlties For the year ended 31 March 2025 Endowment Unrestricted fund8 Total 2025 Total 2024 funds Notes Income from.. Investments 114.577 114,577 124,571 Total Income 114,577 114,577 124,571 Expenditure on: Raising funds Charitable activities 32,263 160,885 32,263 160,885 30,850 134,857 Total Expenditure 193,148 193,148 165,707 Net {expenditurellincome before net gainslllossesl on investments Net Ilossesllgains on investments { 78,571 } {78,571 1 (41,136) 1219,1511 252,118 1219,151 1 Net movement in funds 1219,1511 178,571 1 1297,7221 210,982 Reconciliation of funds Total funds brought forward 3,878,820 88.316 3,967,136 3.756,154 Total funds carried forward 3,659,669 9,745 3,669,414 3,967,136 All income and expenditure has arisen from continuing aclivilies.
ST. Nlcholas, Educallonal Trust Balance Sheet As at31 March 2025 2025 2024 Notes Flxed assets Investments 3,614,670 3.866,084 Current assets Debtors Cash al bank and in hand 20.360 44,984 22.507 81.965 65,344 104,472 Creditors: amounts falling due within one year 10 (10.600) (3,420 ) Net current assets 54.744 101.052 Net assets 3,669.414 3.967.136 Fund5 Endonent funds Unrestricted fvnds 3.659,669 9.745 3.878,820 88,316 3,689.414 3.967.136 The financial ststements were approved by the trustees on . 1* -10-2% . 2025 and slgned on thelr behalf by: MrJ Ch augh BE Th& not8$ fom7 part of these financial st8tsn78nts
ST. Nicholas, Educational Trust Notes to the flnancial statements For the year ended 31 March 2025 Accounting Policies 1.1 Basis of accounting The charity conslilules a public benefit entity as defined by the FRS 102. The financial statements have been prepared 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 IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, and UK Generally AcTrpted Accounting Practice. The financial statements have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required to provide a 'lrue and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities,. Statement of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. The financial slalements are prepared on a going Concern basis under the historical ¢051 convention, modified lo include certain items al fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded lo the nearest £. The signifi'cant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.2 Going concern The financial slalements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the levels of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements and have concluded that they can adopt the going concern basis in preparing the annual report and accounts. 1.3 Fund accounting Unreslricled funds are available for use at the discretion of the Iruslees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specific reslriclions imposed by donors OT which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial slalemenls.
ST. Nlcholas. Educational Trust Notes to the financial ststements {ContinuedJ For the year ended 31 March 2025 1.4 Incoming resources All incoming resources are included in the Slalemenl of Financial Activities when the charity has enlillement to the funds, any performance conditions have been mel, the amount can be measured reliably and il is probable that the income will be received 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or conslruclive obligation lo make payments lo third parties, il is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged against the cost against the expenditure which was incurred. 1.6 Support cost allocation Support costs are those that assist the work of the charity bul do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. 1.7 Debtors Debtors are measured on initial recognition al settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured al the cash or other consideration expected to be received. 1.8 Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with instant access from the dale of opening of the deposit or similar account. 1.9 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation Can be measured or estimated reliably. Creditors and promsions are normally recognised at their selllement after allowing for any trade discounts due. 1.10 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance Sheet date, unless the value cannot be measured reliably in which c8se it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised are combined and presented as 'gainslllosses) on investments, in the Statement of Financial Aclivilies. 10
ST. Nicholas. Educational Trust Notes to the financial statements (Continued) For the year ended 31 March 2025 Investment income 2025 2024 Investment income 114,577 124,571 114,577 124,571 Investment management costs 2025 2024 Investment management fees 32.263 30,850 Investment management costs for 2025 are £15,70812024-. £15,112) for Charles Stanley and Company Limited and £16,55612024'. £15,738) for Ralhbone Investment Management. Analysis of grants Grants to Grants to Instltutions Individuals Total 2025 Grants made in the furtherance of the education of young people 138,938 8,100 147.038 Grants to Grants to Instltutlons Sndividuals Total 2024 Grants made in the furtherance of the education of young people 105,584 19,750 125,334 Grants to individuals in 2025 were paid or committed lo 4 individuals12024 - 161. 11
ST. Nicholas, Educational Trust Notes to the financlal statements (Continuedj For the year ended 31 March 2025 4.Analysis of grants continued The Charity has made the following grants lo Institutions during the year.. 2025 2024 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 Limited Tyne Rowing Club Sunderland University Northumberland Scouts 17,500 15,000 17,500 15,000 11.319 10,000 8,260 7,000 6,240 5,925 5,000 5,000 5.000 3,$40 3,000 2,500 300 6.500 9,275 11,500 5,000 3.540 12,500 Country Trust Royal Grammar School Windgrove Primary School Hadrian Trust Newburn Sea Cadets Sl John's Primary School Hadrian School North Music Trust 7,232 6,000 3,060 4.481 3,000 3,000 5,000 13,000 4,500 5,000 3,500 350 st Culhberts Raygroup U.S Charity Sacred Heart School Other >£500 138,938 105,584 12
ST. Nicholas, Educational Trust Notes to the financlal statements (Continuéd) For the year ended 31 March 2025 Analysis of expenditure by actlvlties Grant funding of activities Support costs Total funds 2025 2025 2025 Direct costs 147,038 13,847 160,885 Grant funding of activities 2024 Support osts Total funds 2024 2024 Direct costs 125,334 9.523 134,857 5.Analysis of expenditure by activltles Icontinuedl Analy51s of 8UPPOrt costs 2025 2024 Independent examiners costs (note 6) Correspondent's fee Computer costs Meeting costs Insurance 3,600 4,220 4,969 607 3,420 4,321 348 1,000 434 451 13,847 9,523 Independent examiner's remuneration Nel incomellexpenditurel is slated after charging 2025 2024 Independent examiners, fee 3,600 3.420 Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2024 - £nill. During the year, expenses lolalling £nil were reimbursed or paid directly lo Trustees12024 - £nill. 13
ST. Nicholas, Educatlonal Trust Notes to the financlal statements (Continued) For the year ended 31 March 2025 Flxed asset Investments Listed Investments Cash held Total 2025 Cost or valuation At 01 April 2024 Additions Disposals Withdrawals Fees Revaluations 3,672,585 373,537 1365.4961 193,499 3,866,084 1373,5371 365,496 198,7561 132,2631 198,7561 132,2631 { 120,3951 { 120,3951 3.560.231 54.439 3,614,670 Debtors 2025 2024 Prepayments and accrued income 20,360 22,507 20,360 22,507 10, Creditors- amounts falling due within one yoar 2025 2024 Accruals Accrued grants 3,600 7.000 3,420 14
ST. Nicholas, Educational Trust Notes to the financial statements fcontinued) For the year ended 31 March 2025 11. Statement of funds Ye2r ended 31 March 2025 At l April 2024 Gainsl At 31 March (Losses) 2025 Income Expendlture Unrestricted funds General funds 88,316 114,577 1193,1481 9,745 Endowment funds Endowment funds 3,878,820 1219,1511 3,659.669 Total funds 3,967,136 114,577 1193,14811219,151 1 3,669,414 Y8ar ended 31 March 2024 At 1 April 2023 Gainsl At 31 March Income Expenditure {Lossesl 2024 Unrestricted funds General funds 129,452 124,571 1165,7071 88.316 Endowment funds Endowment funds 3,626,702 252,118 3,878,820 Total funds General funds This fund is free from any restrictions. 3,756.154 124.571 1165,7071 252,118 3,967,136 Endowment funds The Trustees are permitted lo Ireal the endowment funds on a total return basis. 12. Analys18 of net assets between funds Year ended 31 March 2025 Endowment Unrestrlcted funds funds Total funds Fixed assets investments Current assetslLiabilities 3,659,669 3,659,669 9,745 9.745 3,659.669 9,745 3,669.414 15
ST. Nicholas. Educational Trust Notes to the financial statements (Contlnued) For the year ended 31 March 2025 Year ended 31 March 2024 Endowment Unrestricted funds funds Total funds Fixed assets investments Current assetslLiabilities 3,866,084 12,736 3,866,084 101,052 88,316 3,878,820 88,316 3,967,136 13. Related party transactions There have been no related party transactions during the year12024- none). 14. Comparative statement of financial activities Endowment funds Unrestricted funds Total Total 2024 2023 Notes Income from.. Investments 124.571 124,571 128,227 Total Income 124.571 124,571 128,227 Expenditure on: Raising funds Charitable activities 30,850 134,857 30,850 134,857 31,695 75,526 Total Expenditure 165,707 165,707 107.221 Net {expenditurellincome before net gainslllossesl on investments 141,1361 141,1361 21,006 Net gainslllossesl on investments 252,118 252,118 { 332,2421 Net movement in funds 252,118 {41,1361 210.982 1311,2361 Reconclllatlon of funds Total funds brought fonmard 3,626,702 129,452 3,756,154 4.067,390 Total funds carrled forward 3,878,820 88,316 3,967,136 3,756,154 16