**COMPANY NUMBER 02256900 CHARITY NUMBER 299593** ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** **UNAUDITED FINANCIAL STATEMENTS AND REPORT OF THE TRUSTEES** **FOR THE YEAR ENDED 31ST MARCH 2021** ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021** |Page|| |---|---| |1|Legal and Administrative Information| |2 - 4|Report of the Trustees| |5|Report of the Independent Examiner| |6|Statement of Financial Activities| |7|Income Statement| |7|Statement of Comprehensive Income| |8|Balance Sheet| |9 - 11|Notes to the Financial Statements| **The following pages do not form part of the statutory financial statements:** 12 - 13 Grants paid in the year 14 Detailed Income and Expenditure Account ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION** The directors of the Charitable Company are its Trustees for the purpose of Charity law and throughout this report are collectively referred to as the Trustees. Charity Registration Number 299593 Company Registration Number 02256900 ## **Directors and Trustees** J. W. Wakely Esq. - Chairman M. J. C Hanbury Esq. Mrs. W. Bradley Mrs. S. C Hepworth Dr. C. Brand I. J. Jungius Esq. C. Davies-Gilbert Esq. (Resigned 19th March Mrs. C. Pool 2021) Mrs. S. A. Winn Mrs. C. M. Duffield J. Farmer Esq. **Hon. Secretary** A. M. Hepworth Esq. **Registered Office** **Registered Office Address for Correspondence** 2 St Andrews Place Woodmans Farmhouse Lewes Ashington East Sussex BN7 1UP Pulborough West Sussex RH20 3AU ## **Professional Advisors and Bankers** **Independent Examiner** VMR Anderson BA(Hons) FCA DChA Chartered Accountant Clark Brownscombe 2 St Andrews Place Lewes East Sussex BN7 1UP **Bankers** HSBC plc. COIF Charity Funds 63 High Street Senator House Lewes 85 Queen Victoria Street East Sussex BN7 1XQ London EC4V 4ET ## **Investment Managers** CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET Page: 1 ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **BOARD OF TRUSTEES** J. W. Wakely Esq. (Chairman) Mrs. W. Bradley Dr. C. Brand C. Davies-Gilbert Esq. (Resigned 19th March 2021) Mrs. C. M. Duffield J. Farmer Esq. M. J. C. Hanbury Esq. Mrs. S. C Hepworth I. J. Jungius Mrs. C. Pool Mrs. S. A. Winn ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021** The Trustees have pleasure in presenting their annual report and financial statements for the year ended 31st March 2021 which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes. ## **Objectives and business review** Southover Manor General Educational Trust is a Company limited by guarantee (Company registration number 2256900) and is registered as a Charity (Charity registration number 299593). It is governed by its Memorandum and Articles dated 12th May 1988. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and “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 1st January 2015)”. The objectives of the charity, which was established in 1988, are 'to advance for the public benefit the education of boys and girls under the age of 25 years in any manner being exclusively charitable as the Governing Body of the Trust may from time to time determine'. This objective is achieved, inter alia, by making grants to state or independent schools, colleges, nurseries, pre-schools, play groups, youth clubs and any organisation that makes a contribution to the education of young people up to the age of 25 years in East Sussex, West Sussex and Brighton & Hove. The Trust particularly provides grants for schools and other educational organisations for the development of their buildings, for new learning resources, for PE/sports, learning and playground equipment as well as many other similar needs. Priority is given to projects which widen educational access and opportunity and enhance achievement. Projects in areas of deprivation or educational disadvantage within East Sussex, West Sussex and Brighton & Hove are given especially sympathetic consideration. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in setting its grant making policy for the year. Page: 2 **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021** ## **Organisation** The Charity is administered by a Board of Trustees (listed above). Trustees are appointed by the Board. There is no set period of tenure of office, but Trustees are required to stand for reappointment on reaching the age of 70 years. New Board members are provided with information containing details of the constitution of the Charity, recent financial statements, minutes of recent Board meetings and papers dealing with key current issues, which can then be discussed in detail with other Board members. A sub-committee of Trustees meets to consider all applications and reports its recommendations to the main Board, which meets twice a year, or more frequently if necessary, to give final approval of grants. The Trustees consider that there are no private benefits or any detriment by the charity’s activities. All Trustees give of their time freely and no Trustee remuneration was paid in the year. There were no trustee expenses and no related party transactions in the year. ## **Financial Objective and Reserves Policy** The Charity was established with the proceeds of the sale of Southover Manor School, Lewes, East Sussex. There are no restrictions on the Charity’s power to invest, nor in its power to distribute income or capital. The financial objective remains to raise sufficient income annually to cover the grants and expenditure for the year. Where the level of approved grants exceeds the investment income the difference is met by the sale of investments. The Trustees wish to ensure that the level of reserves and investments is sufficient to enable the Charity to continue to make grants to suitable applicants for the foreseeable future. The Trustees are of the view that the Trust is a going concern. ## **Grant Making Policy** All applications for grants are assessed on their individual merits. Due to the demand on the Charity’s resources the Trustees have determined, at the present time, to focus on projects in the county of Sussex. In meeting the charity’s aims for public benefit it made 11 grants to schools and 4 grants to other educational groups. The grants paid during the year totalled £89,355 (2020: £115,965). The lower amount paid reflected in part the lower number of applications received during the Covid-19 pandemic. The offer of one grant of £5,000 made in November 2020 to the EYE Project was ultimately withdrawn because of a change in the Project’s strategic intent. The largest grant in the year was for £13,995 to Hassocks Infant School for the purchase of IT equipment. The other grants included money for projects such as:- Library facilities IT equipment Tutor Reading Programmes Training/Development for teachers Outdoor Learning facilities ## **Investment Policy** The Trustees have delegated authority to CCLA Investment Management Limited to manage investments for the Charity in accordance with the investment policy laid down by the Trustees. The progress of the portfolio is monitored on a regular basis, including quarterly reports to the Trustees from the Fund Managers. Current investment objectives are to achieve a balance between income and capital growth. Page: 3 **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021** Investments are included in the balance sheet at market value, which was £3,855,877 (2020: £3,249,275). The increase in the investments’ value in the year reflects markets making a strong recovery following substantial falls at the outset of the Covid-19 pandemic, which is ongoing. Ongoing volatility in markets means that falls in the investments’ value and/or a fall in investment income remain possible in the forthcoming year. ## **Risk Review** The Trustees review the major risks to which the Charity is exposed on a regular basis and systems are implemented to mitigate these risks wherever possible. The Trustees believe that there is a satisfactory system of internal controls, which is also reviewed on a regular basis. ## **Financial Review for the year** Income for the year amounted to £117,858 (2020: £119,027). Grants made for the year totalled £89,355 (2020: £115,965). The surplus before revaluation gains/(losses) was £18,402 (2020: deficit £7,441). ## **Statement of Trustees Responsibilities** The members of the Board of Trustees, as Trustees and Directors, are responsible for preparing the Report of the Trustees and the financial statements. The Trustees have chosen to prepare financial statements for the company in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). Company law requires the Trustees to prepare such financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the surplus or deficit for that period and comply with UK GAAP and the Companies Act 2006. In preparing these financial statements the Trustees are required to;- - select suitable accounting policies and then apply them consistently; - state whether applicable accounting standards have been followed, subject to any material departures and explained in the financial statements; - make judgements and estimates that are reasonable and prudent; and - 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe-guarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. By order of the Board: 2 St Andrews Place Lewes East Sussex BN7 1UP J W Wakely - Trustee Date: 22nd May 2021 Page: 4 **INDEPENDENT EXAMINERS REPORT** ## **TO THE TRUSTEES OF** ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** I report to the charity trustees on my examination of the accounts of the company for the year ended 31st March 2021 which are set out on pages 6 to 11. ## **Responsibilities and basis of report** As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner’s report** 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: - (1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or - (2) the accounts do not accord with those accounting records; or - (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or - (4) the accounts have not been prepared in accordance with the methods and principles of 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 (FRS 102). 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. V M R Anderson BA (Hons) FCA DChA Chartered Accountant Clark Brownscombe 2 St. Andrews Place Lewes East Sussex BN7 1UP Date: 24th May 2021 Page: 5 **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021** |
**Notes**|
| |---|---| |**INCOME FROM**
Investment income
1
Interest received
1
**Total**
**EXPENDITURE ON**
**Charitable activities**
- Grants payable
- Administration expenses
**Total**
**Net income/(expenditure) for the year and net movement**
**in funds before gains and losses on investments**
Net gains/(losses) on investments
Net movement in funds
Fund balance brought forward at 1st April 2020
**Fund balance carried forward at 31st March 2021**|| The notes form part of these financial statements Page: 6 **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** |**INCOME STATEMENT**
**FOR THE YEAR ENDED 31ST MARCH 2021**
|**2021**|**2021**|2020| |---|---|---|---| |**£**
**INCOME**
Investment Income:
Dividends received
**117,784**
Deposit fund interest
**74**
**117,858**
**EXPENDITURE**
Grants
**89,355**
Administration expenses
**10,101**
**99,456**
**SURPLUS/(DEFICIT) FOR THE YEAR**
**18,402**
**RETAINED SURPLUS AT 1ST APRIL 2020**
**1,521,247**
**RETAINED SURPLUS AT 31ST MARCH 2021**
**1,539,649**
All amounts relate to continuing activities.
**STATEMENT OF COMPREHENSIVE INCOME**
**FOR THE YEAR ENDED 31ST MARCH 2021**
**2021**|||£
118,770
257
119,027
115,965
10,503
126,468
(7,441)
1,528,688
1,521,247
2020
£
(7,441)
(116,144)
(123,585)| |Surplus/(Deficit) for the year
Unrealised gains/(losses) on revaluation of investments
Total comprehensive income for the year||**£**
**18,402**
**606,602**
**625,004**|| The notes form part of these financial statements Page: 7 ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **BALANCE SHEET AS AT 31ST MARCH 2021 COMPANY NUMBER: 02256900** |**Notes**|**2021**|**2021**|2020
£
**3,249,275**
63,117
4,884
68,001
(9,680)
58,321
3,307,596
1,521,247
1,786,349
3,307,596| |---|---|---|---| |**FIXED ASSETS**
Investments
3
**CURRENT ASSETS**
Cash with Charities Deposit Fund
Cash at bank and in hand
**CREDITORS:**Amounts falling due within one year
4

**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**FUNDS**
Unrestricted funds
8
Revaluation reserve
8|**£**
**78,975**
**7,548**
**86,523**
**(9,800)**|**£**

**3,855,877**
**76,743**
**3,932,600**
**1,539,649**
**2,392,951**
**3,932,600**|| The Charity is entitled to exemption from audit conferred by Section 477 of the Companies Act 2006 for the year ended 31st March 2021. The members have not required the Charity to obtain an audit of its financial statements in accordance with Section 476 of the Companies Act 2006. The Trustees confirm that they are responsible for: - a) ensuring that the Charity keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006, - b) and preparing financial statements which give a true and fair view of the state of the affairs of the Charity as at the end of the financial year and of its results for the financial year in accordance with the requirements of Sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Charity. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved on behalf of the Board of Trustees on 22nd May 2021 J W Wakely - Trustee The notes form part of these financial statements Page: 8 **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021** ## 1. **Accounting policies** ## **a. Basis of Accounting** 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 Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102, effective 1 January 2015), hereafter referred to as the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Southover Manor General Educational Trust Limited 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 note. In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. ## **b. Funds Held** All the funds held by the Charity are unrestricted funds and are therefore available to be utilised at the Trustees discretion in the furtherance of the Charity’s aims. ## **c. Income** Income represents investment income and bank interest and is all unrestricted income. - **d. Expenditure** Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of VAT which cannot be recovered. The main category of expenditure is charitable activities which includes grants made and related support costs. - **e** . **Grants** Grants payable to beneficiaries are included in the Statement of Financial Activities when they are approved by the Trustees. The value of such grants unpaid at the year end are accrued. ## **f. Investments** Investments are measured at fair value as at the balance sheet date using the quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **g. Value Added Tax** As the Charity is not registered for value added tax, all value added tax suffered is included with the relevant expense. Page: 9 ## **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021** ## **h. Going concern** There are no material uncertainties concerning the charity’s ability to continue as a going concern. ## 2. **Independent Examiners remuneration** |Independent Examiners remuneration
**nvestments**
**COIF Charities**
**Investment**
**Fund**
**COIF**
**Charities**
**Property**
**Fund**
**£**
**£**
**Market value at 1st April 2020**
**2,961,064**
**288,211**
**Net Investment gains/(losses)**
**612,969**
**(6,367)**
**Market Value at 31 March 2021**
**3,574,033**
**281,844**
**Historical cost at 31 March 2021**
**1,198,508**
**264,418**|**2021**
**£**
**1,794**
**2021**
**Total**


**£**
**3,249,275**
**606,602**

**3,855,877**
**1,462,926**|2020
£
1,674
2020
Total
£
3,365,419
(116,144)|2020
£
1,674| |---|---|---|---| |||
3,249,275|| |||1,462,926|| ## 3. **Investments** ## 4. **Creditors: Amounts falling due within one year** |Other creditors – Hon. Secretary’s Honorarium
Accruals|**2021**
**£**
**8,000**
**1,800**
**9,800**|2020
£
8,000
1,680| |---|---|---| |||9,680| ## 5. **Statutory Information** The Company is a private company, limited by guarantee. Members have a liability not exceeding £1 each in the event of a winding up. The company is registered in England and Wales and the registered number and registered office address can be found on the Legal and Administrative information page. ## 6. **Trustees’ Remuneration** No remuneration was paid to any of the Trustees during the year. During the year no expenses were reimbursed for directly incurred travel expenses to any Trustee (2020: nil). Page: 10 **SOUTHOVER MANOR GENERAL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021** ## 7. **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes. ## 8. **Unrestricted Funds** |
At 1st April 2020
Movement in funds in year
Unrealised (losses)/gains for year
At 31st March 2021
**rior year**

At 1st April 2019
Movement in funds in year
Unrealised (losses)/gains for year
At 31st March 2020|**2021**
**General**
**Funds**
**Revaluation**
**Reserve**
**£**
**£**

**1,521,247**
**1,786,349**
**18,402**
**-**
**-**
**606,602**
**1,539,649**
**2,392,951**
**2020**
**General**
**Funds**
**Revaluation**
**Reserve**
**£**
**£**

**1,528,688**
**1,902,493**
**(7,441)**
**-**

**-**
**(116,144)**

**1,521,247**
**1,786,349**|
**Total**

**£**
**3,307,596**
**18,402**
**606,602**
**3,932,600**

**Total**

**£**
**3,431,181**
**(7,441)**
**(116,144)**
**3,307,596**|2020
Total
£
3,431,181
(7,441)
(116,144)
3,307,596
2019
Total
£
3,214,973
(11,648)
227,856
3,431,181| |---|---|---|---| ## **Prior year** Page: 11