SIMON LANGTON SCHOOLS Z023-2024 ACCOUNTS DRAFT cOrENTs PAGE l. Independent Examination {to be added) 2. Trustees Annual Report 3. Recelpts and Payments Account (Charity Commission format) 4. Statement of Assets and Liabilities {Charity Commission format) 5. Balance Sheet 6. Capital Section IBI to B6) and Revenue Section (Rl to R6} 7. Notes to the Capltal Sectlon (Bl to B6) 8. Detailed Revenue Accounts (Rl to R6) 9. Notes to the Revenue Accounts (Notes I to 9)
SIMON LANGTON SCHOOLS ENDOWMENT FUND ANNUAL REPORT 8T FOR THE YEAR ENDED 31 MARCH 2024 REGISTERED CHARITY NO. 307941
SIMON LANGTON SCHOOLS ENDOWMEKf FUND TRUSTEES AS AT 31ST MARCH 2024 TERM END NOMINATED BY THE BOYS. SCHOOL Mr. Douglas Agnew Vacancy Mr. Ed Ludlow Ms Laura Ilsey 01.11.2025 01.03.2026 01.03.2026 NOMINATED BY THE GIRLS SCHOOL Mr. Ashley Kimble Mrs. Georgina A. Glover (Chair) Mr. Simon Cook (Vice Chair) Ms. Sara Wade 01.03.2025 01.11.2024 01.11.2024 01.11.2027 COPTED TRUSTEES Mr. Nigel Wootton Mr. Paul F Addis O.B.E. Ms. Laetitia Gullet 01.11.2025 01.08.2026 01.11.2027 OFFICERS AND ADVISERS TO TRUSTEES CLERK & TREASURER Mr. Philip Wyard 3 Abbey Place, Faversham. Kent ME13 7BG INDEPENDENT EXAMINER Brenda Peers-Ross A.C.l.E SOLICITORS Furley Page LLP PROPERTY ADVISERS Hugh O'Donnell (Carter Jonas) Caxtons (Canterbury) FINANCIAL ADVISERS Craven Street Wealth HEADTEACHERS Dr. Ken Moffat- Simon Langton Boys School Headteacher Mr. Paul Pollard - Simon Langton Girls School Headteacher
SIMON LANGTON SCHOOLS ENDOWMENT FUND TRUSTEES AS AT 8TH OCTOBER 2024 TERM END NOMINATED BYTHE BOYS, SCHOOL Mr. Douglas Agnew Mr. Matthew Jones-Roberts Mr. Ed Ludlow Ms Laura Ilsey 01.11.2025 01.11.2027 01.03.2026 01.03.2026 NOMINATED BY THE GIRLS SCHOOL Mr. Ashley Kimble Mrs. Georgina A. Glover (Chair) Mr. Simon Cook (Vice Chair) Ms. Sara Wade 01.03.2025 01.11.2028 01.11.2028 01.11.2027 COPTED TRUSTEES Vacant Mr. Paul F Addis O.B.E. Ms. La8titia D'Alton Gullett 01.08.2026 01.11.2027 OFFICERS AND ADVISERS TO TRUSTEES CLERK & TREASURER Mr. Philip Wyard 3 Abbey Place, Faver3ham, Kent ME13 7BG
SIMON LANGTON SCHOOLS ENDOWMENT FUND ANNUAL REpoKf FOR THE YEAR ENDED 31ST MARCH 2024 The Simon Langton Schools End¢)wment Fund FS constituted by a Scheme made by the Minister of Education dated 9th November 1956 a8 amended by the Schemes of 26th February 1991 and 7th March 2001 dealing with the appointment of trustees, and a Modification Order dated 6th January 1994 dealing with the then grant-maintained status of the Boys, School. Clause 3 of the Modification Order provides that the Order was only valid whllst the Boys School remained grant maintained. Under the Schools Standards and Framework Act 1998 grant-maintained schools were abolished and under the Act's provisions the Boys School became a Foundation School with funding through Kent County Council. In accordanc8 With advice received from the Charity Commission on 4 March 2009 the Trustees prop08ed a resolution to provide that all Trustees appointed by the respectNe goveming Bodies should be a Govemor serving on the appointing governing body. The foundation is a registered charty No. 307941 in the name of °Simon Langton Schools" but by Gommon usage is referred to as the Simon Langton Schools Endowment Fund. The Charty'8 registered address for all correspondence purpo8e8 is that of the Clerk and Treasurer, 3, Abbey Place, Faver8ham, ME13 7BG. There are eleven trustees, four each nominated by tho govemors of each school and three co-opted. Full details are shown on page 1 of this booklet together with details of officers and advisers to the trustees. The objects of the charty are laid down by sections 13 & 14(1) of the Scheme of 1956 as amended, and are as follows: 13. The Trustees may apply such yearly sums a8 they think fit, being not more than one half of the said net income, in providing such special benefrts, of any kind not nonnally provided by the Local Education Authority, for the Girls, School of the Foundation as may from time to time be agreed upon between the Authority and the Trustees, and in providing such special beneffts for the Boys, School of the Foundation as they think fft, being benefits of a kind not nomially provided from grant aid paid under *Xion 79(1) of the Education Refonn Act 1988. 14. (1) The rosidue of the said net income shall be applied by the Trustees in one or more of the following ways: _ (a) In awarding to beneficiaries, Scholarships, Bursaries or Maintenance Allowances tenable at any School, University, or other place of leaming approved by the Trustees. (b) In providing financial assistsnce, ouffits, dothing, tools, instruments, or books to enable beneficiaries on leaving school, a university, or any other educational establishment lo prepare for, or to assist their entry into, a profession. trade or calling. (c) In awarding Scholarnhips or Maintenance Allowances to enable beneficiaries to travel abroad to pursue their education. (d) In provKling. or assisting the provision of facilities, of any kind not normally provided by the Local Education Authority, for recreation and social and physical training, including the provision of Goaching in athletics, sports, and games, for beneficiaries who are receiving primary, secondary or further education; and (e) In providing financial assistance to enable beneficiaries to study music or other arts.
The Trustees also have in their care a few restricted fvnds which have been provided by gfft or legacy for specific purposes as defined by the donors, e.g., Prize Funds, Jane Wade Lecture Fund. and the Brar Overseas Fund. Full detsils of the purposes of Ihese funds are shown in the notes to the Balance Sheet and Accounts vthich forms part of this report. Each year the Trustees approve specific sums to each school for the provision of facilities detailed in Submissions by the t0 head teachers. The sums approved for 2023124 were £3,514.75 for the Girls, School and £620.25 for the Boys, School. The attached financial statements show the current state of the finances which the Trustees consider to be sound, with adequate surpluses being generated eath year to meet the reasonable future demands of the schools. Before 2009 the Investment benefrtted from the Treasury Management input from Canterbury Cty Council and were incorporated into the Council's portfolio of investments. Canterbury Cty Council indicated that too much of its staff time was taken up in managing the investment and the Capital was invested in CCLA income units. The pattem of income and the absence of satisfactory capital growth led the Trustees to appoint Tarvos Weafth, who became Craven Street Weafth, to act as financial advisors to the trust. As a result of their advice, the main Capital of the Trust was placed with Psigma Management Limited for active management in line with the Trust's approved investment policy on diversification and types of investment. The investment is now managed by Aegon, but still under the rnanagement of Craven Street Wealth. The Trust voted to purchase the land and building8, which make up a fann known as Rowlyn 18a in Conwy, North Wales, which has provided the opportunity for students from the Boys School to spend week in an outward-bound type of facility since the early 1960s. Previously the Trust rented the land from a local fanner, but he had retired and put the land and buildings up for sale, giving the Trust first option to purchase. The purchase pri was £507,500. The substantial reduction in capital invested with Psigma resutted in the consideration of the Trustees to review whether the substantial costs charged by Psigma for the detailed bespoke management of the portfolio warranted the continuance of this method of management. At a special Trustees meeting on the 10th ot February 2020 the Trustees decided to switch the portfolio into a balanced income fund managed by Square Mile Research, which is part of Aegon, which is a brand name of Scottish Equitable and Co-funds Limited. This will follow the Trustees inveslment policy of a balance of sustainable income and steady capital growth. The Edmonson Noakes Fund has been held on deposit, but it was released in 2019 and a bursary of £78,895.60 was transferred to The Simon Langton Schools Trust Current Account. It has since been transferred to the Girls SChCl during 2020121, The specific funds for the Girls prize fund, the Boys Prize fund, and the Jane Wade lecture Fund remain in their original CCLA COIF funds, as they are restricted funds, separate to the general endowment fund. The interest that had built up over the years was during 2019-20 transferred to the schools from the Tru8t'8 current account. The small amounts of interest eamed now resume being credited to the Trust current account. The D8POSit Account reserve has reduced to a balance of £25,000 on 31 March 2023. The Trustees voted at the March 2022 Trustees meeting to draw down £10,000 from this balance to honour the commitment to the Gir18 School for its annual grant payment for 21-22, as revenue income from the investment had dwindled due to the unfavourable economic climate, and the cash balance had reduced to a level below what is required. The investment will still be treated as one sum despite the purchase of the Rowtyn land and buildings in North Wales, to pr&8erve investment opportunities and value, and the capital treated as one sum in the accounts. The allocation of grant between the two schools will be calculated by the Treasurer and approved at the March Trustees meeting.
The grant to be made available is now based on the income received in the previous financial year, net of expenditure relating to the normal running of the Trust rather than a fixed allocation per pupil. The accounts have been prepared on a receipts and payments fomiat. as the Trust's gross income is less than the £250,000 threshold. Investments are currently held in the following names: COIF Aegon The charity's banker8 are Lloyds BanK Canterbury. The new independent examiner of the 22-23 accounts is Brenda Peer-Ross AC.I.E. Richard Armishaw retired after examining the 21-22 accounts. Philip Wyard Clerk & Treasurer to the Trustees On behalf of the Trustees 16th October 2024 Signed: Treasurer Philip Wyard
22-23 Unrestrithd Re8tYicted Funds Funds Endowment Funds Total funds Last Year A1 Recelpts Donations and Legacies Rents and Wayleaves Rowtym Rents Jesus Hospttal Interest on Investments Interest on Bala3 7.623 8.746 23,855 850 551 339 24,406 1,189 454 Sub Total 31328 33,219 A2 Aggetsales and investment sale¥,ets Tot81 Receipts 31328 3&219 A3 Paymerrts Donations and Legacles Direct Charitable Expenditure SLGGS Sundry Experrflltur8 SLBS Sundry Expendltur8 Rowlyn Expenditure Management and Admlnlstrati 10,445 10,445 21,226 5.590 4,358 2.815 2,615 Sub Total 14664 1&664 31,172 A4 Asset and Investhient Purchases etc Total ponts 18.864 1&664 31,172 Net of Rac8lptsl(Payments) 13.664 14555 1,626 | AS Transfern beiween Fundg A6 Cash Funds Last Year 37.140 41.1 42,816 | 41.190 | Cash Funds Th18 year end 804 65.746 Slgned: Treasurer- Philip Wyard
Statsm•nt ol A880t• and Uabllld•8 attho ond of th• period Funds Funds Bl Cash Fund8 General Fund Boy5 PrEe Fund Girls Prize Fur¥J Edmonson Noakes Bursary 2 Jane Wad8 Locturo Fund Brar over seICe$ Fund 2,254.73 1,076.53 413.68 1.195.80 Total Cash Funds 50,803.98 4,940.74 82 Other Monetsry A88•ts fvnd to whl¢h as8et belongs ¢08t 83 Inv8slm•rtA88•ts In$thnI Proporty. Rowlyn- Land Buildlr eurrMrt valu• 507.500 OllwlnV8StNts.. End<ntr. Aegon (CoFufids Ltd) prlceper unit/sh8r8 totel value at 31.3.W23 731.455 Jane Wade letxure fuTrJ Coif in(xyne shares 91.09 1.86121 Boys 7Ze fund Coif incCe shares 20.4326 12,871.93 Glrls prize Coif income shares 5,919.73 Short tenn investments: c01fd8pt account 25.OlJJ B4 A•s•ts r•tain•d for tho ¢harWs own u8• 85 Liabiliti Sloned.. Treasurer Phlllp Wyard
Simon Langton Schools - Balance Sheet 202>24 FIXED ASSETS Investment Propertv Investment- Propertv Investment - Capttal Funds Investment - COIF Restricted Funds 507.500 731,455 B2 20,653 1,259.608 CURRENT ASSETS Sundry Debtors Short Term Investments Bank Current Account 25.000 30,745 55,745 CURRENT UA81LITIES Sundry Creditors Net Current Assets 55,745 Net A55ets 1,315,352 Restrfcted Funds: Rowlyn- Property 507,51XI 507.500 Unrestrlrted Income Funds: General Fund Girls PE Fund 55,745 55,745 Restrlcted Incorne Funds: Boys Prlze Fund Girls Prize Fund Jane wade Fund 12.872 5,920 1,861 B3 20.653 Permanent Endowment Fund: Psigma International managed Investments 731.455 731,455 Total Funds 1,315.352
Slmon Langton Schoob Endowment Fund Balance Sheet as at 31st March 2023 Isectlons) 2024 2023 Property Retsined for Trust use- Boys school so7,5.&) 507500.00 Capltal Fund Janewade Fund Boy5 Prize Fund Glrls Priie Fund 731A54.80 1,861.21 12A71.93 5.919.73 699,196.45 B2 1,706.72 B3 11,803.50 B4 5.428.37 B4 1259,607.67 1,225,635.04 Represented by: Property: Rowlyn Land and Bulldin85 Irwèstménts at Valuatlon SO7(7.CJ 752,107.67 507.50D.00 B2 71&135.04 85 1,259,607.67 1.225,635A]4 No provision 15 made in the Balance sheet forthe value of land and properties owned by the Endowment Fund, which are used for Sthool purpose 2024 2023 General Endowment Fund Boys Prize Fund Girls Prize Fund Jane Wade Fund 8rdr Overseas Fun Glrts PE Fund 50.803.48 2,254.73 1.076.53 413.68 1.195.80 37,139.51 Rl 1,763.30 R2 828.19 R3 293.43 R4 1.165.72 R5 R6 55,744.22 41,190.15 Represented by: Temporary Investment5 (COIF Charlty Deposit Fund) COIF investment accounts Iprlte funds) CQIF investment accounts lother51 Cash at Bank 25.00 25WOOAICI 30.744.72 16J90,09 55,744.72 41,190.09 balan check 1.315.352.39
Notes to the Ca ital Section 2023-24 Bl Capstsl Sectlon Thls section of the balance sheet represents the long-term assets of the fund. These funds are not available for general purpose use, but the income earned from the investments is credited to the revenue funds for the provlslon of any benefits specified In the scheme. B2 Capitsl Fund Interest and Rents Received on this fund are credited to the General Endowrnent Fund. The capital Fund is comprised of the following: Base Capital Fund War Damage compensation Sale of land at London Road Sale of Land for A2 Bypass Revenue Contributions Sale of land at Wingham Compensation from KCC Swimming pool Fund Closure Appreciation in value of investments Sale of land at Ickham Easements on land at Ickham 13,667.63 20,000.00 6,050.(K) 3,S42.09 10,148.67 66,51)0.00 I,000.LlJ 20,107.38 255,807.57 148.131.46 16,500.00 Investments from Capital receipts -75 Stour stet Land at Thannington 630,(M)O.00 50,000.00 Transfer to cash fund (potentlal Purchase of Rowlyn Welsh Cottage) Transfer to cash fund 2 (_250,000.00) {-260,OtKI.00) 731A54.80 B3 Jane wade Lecture Fund Interest from the Jane wade lecture Fund Is credited to the Jane wade Lecture fund and is available for annual use by the Simon Langton Girls School Original Current 1983 Girls Jane Wade Lecture Fund 1,054.62 1.861.21 84 Prlze Funds Interest from the Prize funds Is credited to the Prize Fund Revenue Accounts and is used annually by the two Head Teachers for the award of the appropriate prizes. The origlnal prlze funds are Ilsted below. but the overall valuations of the funds have Increased over the years by the appreciation in the value of investments.
Boys Prlze Funds: 1897 Dean Payne Smith Memorlal Prlze 1925 Payne Smith Family Prize Oxbrow Science Prize 1936 Mayors Prize 1960 DR M Coplan's Life saving Trophy 1965 Mervyn P Simmonds Sports Prize 1966 Sharman Prlze for English 1973 Hetherington Prize for Endeavour and Achievement 1974 H Bayllss Hlstory Prlze 1978 Andrew Foreman Memorlal Prlze 1978 Rieu Sportsmanship Prize 1982 Page Collard Prize 1985 Joyce Lough Head Boy5 Prize 1986 F. J. Pepper Science Prize 1991 Hendy Mathematlcs Prlze 1991 Gable Prizes for German and Science 1993 Thistleton Economlcs Prlze 1994 Tong Mathematics Prize 1995 Economics Prize for the Most Improved Performan 2011 Lorraine Moore Prize for Drama 50.(K) 150.00 70.95 90. 39.50 66.15 83.50 147.00 21)0.00 250.00 50.00 60.00 100.00 i.000.(x) 250.00 loo.00 loo.00 200.00 500.00 250.00 3,757.10 4,825.53 Appreciation in value of investments Current Value 12A71.93 Girls Prize Funds.. 1914 Margaret Shaxby Prize 1926 Amy Carter Mathematics and Latin Prizes 1948 Beatrice Snell English Prize Dean Hewlett Johnson Science Prize Nora Campling Modern Languages Prlze 1979 Layla Adib Bursary 1983 Gladys Bryen Prizes for Engllsh. Geography and Design and Technology 1984 Simon Langton Prlze 1989 Patrick Hannibal Religiou5 Studies Prize 1997 Tong Prlze for Art and Design 454.50 125.73 I.00 75.IK) 75.00 478.00 51Xl.QO 200.00 loo.00 200.00 2,308.23 3,611.15 Appreclation in value of investments 5.919.73 B5 Valuatlon of Investments In accordance with updated advi from Charlty Commlssion on accounting for Charities, all funds in the balance sheet are now shown at current valuatlon of investments and property (see schedule on later pages). B6 Investment Portfolio
The FTSE 100 share index stood at 7,953 on 31. March 2024, compared to 7,632 on 31" March 2023 and 7,516 on 31 March 2022.
rnon Lawn S¢lmls Endrynent Fvhd RetAccounts[0rlhearédèd 31st Mirth2024 InC¢e IYonath)nsaThrf Le8xles RentsROwlena JB5Us H05Wtal Translerlmm OeposY£Acwunt Ca¢¥1 IrAe4men¢ Interest 773 &746 I0C 23AS5 324 ital Retiipt Eynses re.. 75Stourstréet FadlttlescforBoys Sthwl FadiifiesdtforGlrkSchool InvJMces AdmlnlstrothirtC%)Sts SLGGSsundryproknlanalfeB5 PropertyConAltaBt5 Fee5 RDwTrmexpenditu IW5 21226 3.636 720 5590 3U7LQI Surplusl(MÉhllorth•y•¥ Prth1($s1on Envtstsnents Trarffjlerbthepm Fund5 3nbrOutlcTyJérd lStAprll Justn101•ttfj C8sh BInCès4t3l# M•r¢h .ifj 13303 28WPrl• F¥ALl{l1otè3I Bncebrouthtforward 15tA¥il ADDCaptsl Im5tThErt InteTr5t At)DTemwraryln¥eslmiDrerqtt L7fpl 57 4764 LESSpur(hase of LESS Balan paTdtoSthowJlfroMTn1 ADDOa5 (LorrnI Mcwel BnceafFund31StMarth L76¢ Balante bruuthtlorn4rd IstAl ADDC•tal IMstment Interest 61s 158 35 076 LESSpurthiseolprlzes L£SS&lartepaid toSthoolfroroTh5t AOD donav¢eG0jdlTrtQI AdIentt0BaIartrtoea5h bnOfFud3I5l Marth Ll)76 R4JanWd•i•Gtw•Fundifiol•41 akncttfouthtforward IstApril ADD Captsl lrnbstmentlntere5t )DT¢mwrarylnyeMefft Irferert 217 414 less LeCreexptn5es Lt5$8alN pJklts)xhookfrom Tntst •lw¢¢ of Fund 31# MaTth 4J4 F150Wa¥erwA$S¢t¢eSlwdINoeSj BaLnce bM¥Èhtf0ty4ard IsiApt AODTemporwln¥estment Intere L166 1,155 li 166 lJ96 Gr3nttO 5tudEnts fithce LrfFund ltsi Marth Ll66 H6P¢P Bth¢e ht10Th¥ara IstAprO ADD TeMpOrvImS1rnellt Inte5* Balancevf fund 31st rth
Slmon Langton Sthools Notes to the Revenue Accounts 2022-23. l. Rents and Wayl&qves Rowlyn - Land attached to Welsh Cottage £7,623 (Represents rent for the period from Jun 30th, 2022. to June 30th, 2023, at 7,500 per annum, plus an annual wayleave re: telegraph poles at £123.48) 2. Prize fund Accounts The balanS of the Prize funds were paid during 2019-20 to the schools. The capital amounts remain invested in CCLA COIF funds, and the small amount of income earned will contlnue to be allocated to the appropriate funds. 3. Jane Wade Lecture Fund (Girls School) The total sum of £800 was received in the years 1983-86 under this covenant to fund an annual lecture. At the end of the four-year period the prlncipal sum then avallable was Invested as capitsl with the Official Custodian, with future lectures being funded from the interest thereon. The account now only shows investment Inte5t received for funding lectures, and as this has been inadequate, the Wade famlly donated £2,OtK) In 2003104 to supplement the fund. 4. Brar Overseas SeThlces Fund The sum of £5CK) was received in March 1986 to establish this fund which is to provide grants of between £30 and £100 to support those who undertake service work In derfeloping countries between school and university, including Medical SCI01 electives in such countrles. Mr and Mrs Brarwere happy for the fund notto be retained as capitsl but for it to serve it5 purpose over a few years while it lasts as a diminishing asset.
- Capltal Projects Financed from Revenue Funds Boys School Swimmin8 Pool Sixth Form Accommodation Stsge Lighting Swlmmlng Pool Filtration Plant Computer Swimming Pool Cover (Capital Investment) Computer Enhaftrnent Sports Pavlllon Enhancement Music Block Library & Sixth Form Accommodatlon 1960161 1970171 1977n8 1981182 198V82183 1982183 7,371 11,949 3,489 2,988 7,882 17,500 12,790 1985186187 1988189 1993/94 1997198 116,(MJO 30,000 216 969 Glrls School Tennis Courts Swlmming Pool Muslc Block Stsge Lighting Computer Swimming Pool Filtration Plant Computer Enhancement IT Developments Fitness Centre Main Hall Lighting IT Cabling Sixth Fomi Accommodation Main Hall Theatrlcal Faclllties Music Block Expansion 1961162 1964165 1979180 1981182 198Y82/83 1982183 1986187 1989190192 1990191 1992193194 1993194 1996197 199912004 2006107 2,887 9,922 30,000 5.710 5,568 3,139 2,773 10,500 5,350 4,657 19,787 90,OCKI 21.702 -64,595_ 276 590 1987188 Refurblshment of both swimming pools 4,324 Commitments The Trustees approved the following grants for 2024-25: £13,398.55 to the Girls, School. £2,364.45 to the Boys School. These grants are still to be paid. The long-term position regardlng the net balance of revenue income and expenditure on Rowlyn fann and buildings from its purchase date Is assessed blannually In a Rowlyn account which is presented at the Trustees meeting5. It was agreed for the Trust to retaln any amounts owing to the Boys school to cover any surplus costs incurred by the Trust relating to the purchase and maintenance of Rowlyn Isaf property, until it became clear over time what the potential liabilities of the property will be. There is potentlally a balan owing to the Boys school, which will be assessed for the November 2024 meeting of Trustees.
IN STMEN ANALYSED OVER FUNDS SHARES NOMINAL MARKET VALUE JANE WADE LECTURE FUND COIF Income Shares 91.09 1,861.21 BOYS PRIZE FUND COIF Income Shares 629.97 12.871.93 GIRLS PRIZE FUND COIF Income Shares 289.72 5,919.73 Ae80tt (CoFunds Ltd/Scottlsh Equltable) The Portfolio report _31st March 2023 gives detalled list of the investments and market values. 699.196 GRAND TOTAL ICAPITAL) 718.135