2021-03-31-accounts - Northampton Old Grammar School Foundation

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CONTENTS			Page
Reference and administrative information
Report ofthe Trustees			2 —6
Report ofthe Independent	Auditors		7 —9
Statement ofFinancial Activities			10
Balance Sheet
Statement ofCash Flows			12
Notes forming part ofthe	Financial	Statements	13-21

Names	ofthe Trustees that served during the year	ofthe Trustees that served during the year	ofthe Trustees that served during the year	ofthe Trustees that served during the year	are as	are as	follows:
Trustees								Until
ExOfficio				Mr. R. Bernard				Further notice
Nominated				Mr. O. Harris				25/11/2022
				Mr. P. Bason				22/04/2024
				Mrs. M. Kay				18/10/2023
				Mr. A. Hakes				20/03/2022
				Mr. J.Drown				28/04/2024
				Mr. J.Beswick (resigned 24/04/2020)
Co-opted
				Mr. G. Moss (Chairman)				12/03/2024
				Mr. A. Cockerill (Vice Chairman)				26/03/2022
				Mr. J.Harris				12/03/2024
				Mr. P.Maynard				12/03/2024
				Mr. J.Lavelle				13/07/2023
				Mr. C. Grimshaw	(Retired		11/02/2021)
				Ms. C. Deans (Appointed			13/07/2021)	13/07/2024
Clerk to the		Trustees	and	Ms. N. Maher
Principal	Address			Kettering Parkway		South,
				Kettering Venture		Park,
				Kettering,
				Northamptonshire,
				NN15 6WN
Solicitors				Wilson Browne LLP
				Kettering Parkway		South,
				Kettering Venture		Park,
				Kettering,
				Northamptonshire,
				NN15 6WN
Auditors				Hawsons Chartered		Accountants
				Jubilee House,
				32 Duncan Close,
				Moulton Park,
				Northampton,
				NN36WL
Investment		Managers		Brewin Dolphin Securities			Limited
				12 Smithfield Street,
				London,
				EC1A9BD
Bankers				Lloyds Bank pic
				2 George Row,
				Northampton,
				NN1 1DJ
Valuers &		Estate Managers		Fisher German
				40 High Street
				Market Harborough
				LE167NX

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BALANCE	SH	EE	T AS A	T 3	1MARCH 2021
							2021	2020
						Notes
Fixed assets
Tangible assets						2	3,513,878	3,513,878
Investments						10	9,717,208	8,214,022
							13,231,086	11,727,900
Current assets
Debtors						12	6,900	7,275
Cash at bank and		in	hand				350,302	112,020
							357,202	119,295
Creditors: amounts			falling	due	within one year	13	(27,300)	(28,495i
Net current	assets						329,902	90,800
Net assets							13,560,988	11,818,700
Funds:
Endowment	fund
Capital	funds						9,184,312	7,540,696
Revaulation		reserve					425,500	425,500
						15	9,609,812	7,966,196
Restricted fund
Capital	funds						275,760	246,894
Revaulation		reserve					460,406	460,406
						15	736,166	707,300
Income Funds
Unrestricted	fund -		Endowment		fund	15	711,350	641,578
Designated	funds: -		Windfall	Grant fund		15	4
		—Astro Turf Grant fund				15	30
		- Buildings		fund		15	2,503,626	2,503,626
							3,215,010	3,145,204
Total funds						15	13,560,988	11,818,700

STATEMENT OF CAS	H	FL	OWS FORTHE	YEAR ENDE	D 31MARCH 2021
					Total funds	Total funds
					2021	2020
				Notes
Net cash used in operating	activities			36	~345.468	657,815
Cash flows from investing	activities
Portfolio income					328,654	393,968
Proceeds from sale ofinvestments					2,617,115	2,154,087
Property income					14,967	15,336
Purchase ofinvestments					(2,235,625)	(2,011,279)
Net cash provided by investing		activities			725,111	552,112
Increase/(Decrease) in cash		and	cash equivalents	in the year	379,643	(105,703)
Cash and cash equivalents	at the		beginning of	17	277, 128	382,831
the year
Total cash and cash equivalents			at the end	17	656,771	277,128
ofthe year

INTEREST IN PROPERTY	INTEREST IN PROPERTY
					Cost/	Cost/
				Note	Valuation	Valuation	Income
					As at 31	As at 31
					March 2021	March 2020	2021	2020
SCHOOL SITE, BILLING ROAD,
NORTHAMPTON				(a)	I	I
THE CRIPPS HALL				(b)	I	I
LAND AT BILLING ROAD				(c)	1,064,468	1,064,468
SPORTS HALL				(d)	1,439,158	1,439,158
AGRICULTURAL LAND
6 acres at Sywell	Road, Holcot			(e)	60,000	60,000
RECREATION GROUND - O.N.A.
15.57 acres				(e)	360,000	360,000	8,000	8,000
BUGBROOKE ESTATE
Ground rents and	wayleaves,	notional
value, say				(e)	250	250	817	1,186
BUGBROOKE ESTATE
Agricultural land	and buildings,		67.944
acres				(e)	590,000	590,000	6,150 14,967	6,150 15,336
Less: Outgoings	(Note 5)						(6,039)	(4,910)
					3,513,878	3,513,878	8,928	10,426
SUMMARY:
Land at Billing Road Sports Hall					1,064,468 1,439,158	1,064,468 1439158
Building Fund					2,503,626	2,503,626
Endowment Fund					420,002	420,002
Restricted Fund					590,250	590,250
					3,513,878	3,513,878

	estimated current value to the	charity is11.The building i	s held for charitable activities an	d held at cost.
			2021	2020
(c)	LAND AT BILLING ROAD
	Cost at I April 2020 and 31 March 2021		1,064,468	1,064,468
	The land is held for charitable	activities.
(d)	SPORTS HALL
	Value at I April 2020		I 439 158	I 439 158
	Additions
	Value at 31 March 2021		1,439,158	1,439,158

FOR	THE YEAR ENDED	THE YEAR ENDED	31MARCH 2021	31MARCH 2021
					2021	2020
3.	OTHER TRADING ACTIVITIES
	Propertyincome
	Rental income: unrestricted				8,000	8,061
	Rental income: restricted				6,967	7,275
	Other income
	Promotion agreement	funds			5,000
					9,967	15,336
	investment income
	Portfolio income (see	note	4)		328,654	393,968
4.	INVESTMENT INCOME				2021	2020
	Portfolio income
	UK fond interest securities				50,736	65,581
	Non UKfeed interest	securities			24,754	15,476
	UK equities —income				156,284	148,745
	Non UK equities - income				96,682	162,413
	Interest on uninvested	cash			198	1,753
					328,654	393,968
	Restricted				5$48	8350
	Unmstricted				323,406	385,718
					328,654	393,968
5.	EKPENDITUREON	RAISING		PIJNDS	2021	2020
						8
	Rent collection and associated			;restricted	6,039	4,910
	property costs
	investment management		fees	endowment	44,639	41,439
				:restricted	893	640
					51,571	46,989

6.	CHARITABLE ACTI	VITIE	S	- UNRESTRICTED
					2021	2020
						I
	Special Donations - "September			2004 Structure"	225,000	300,000
	OTHER DONATIONS/EXPENSES
	School grant				7,500	236,335
	Travel costs					5,602
					232,500	541,937
7.	CHARITABLE ACTIVITIES -RESTRICTED				2021	2020
	Northampton Freemans	Trust			100	100
	Blue Coat Educational	Charity			2.025	3,525
					2,125	3,625
8.	CHARITABLE ACTIVITIES - GOVERNANCE COSTS				2021	2020
	Clerk's fees - unrestricted				16,335	13,625
	-endowment				16,335	4,000
	Audit fees - unrestricted				10,100	9,900
	Legal and other professional		fees - unrestricted		8,841	4,800
				- endowment	11,841	26,730
					63,452	59,055

INVESTMENTS
	Restricted	Endowment
	Funds E	FundsI	Total	2020
Market value at I April 2020	115,852	7,933,062	8,048,914	9,456,814
Acquisitions	64,269	2,171,356	2,235,625	2,011,279
Disposal proceeds	(57,483)	(2,559,632)	(2,617,115)	(2,154,087)
Net investment gains /(losses)	26,884	1,716,431	1,743,315	( 1,265,092)
Market value at31 March 2021	149,522	9,261,217	9,410,739	8,048,914
Uninvested cash	6,664	299,805	306,469	165,108
	156,186	9,561,022	9,717,208	8,214,022
Investments at market value comprise:
UK Equities			3,862,967	3,134,212
Non UK Equities			3,909,124	2,555,123
UK Fixed interest Securities			1,145,250	1,665,843
Non UK Fixed Interest Securities			493,398	693,736
Uninvested cash			306,469	165,108
			9,717,208	8,214,022

12.	DEBTORS,	PREP	AYMENTS	AND ACCRUED INCOME
					2021	2020
	Other debtors				6,900	7,275
					6,900	7,275
13.	CREDITORS AND ACCRUED CHARGES
					2021	2020
	Costs ofgenerating		funds		11,700	11,700
	Management	and administration		expenses	13,475	13,170
	Grants payable: restricted				2,125	3,625
					27,300	28,495

FOR	THE YEAR ENDED 31MA	THE YEAR ENDED 31MA	RCH	2021
14.	BUILDING FUND				2021	2020
	Balance	at beginning ofyear			2,503,626	2,503,626
	Transfers	into the fund
	Balance	at end ofyear			2,503,626	2,503,626
	Relating	to:-
	Acquisition ofland at Billing Road facilitated			by mortgage
	of6850,000 which became fully repaid		in year	1999/2000	1,064,468	1,064,468
	Costs of	building the Sports Hall ofwhich 61,000,000 was
	financed	by a loan from the endowment	fund		1,308,040	1,308,040
	Sports hall property improvements				131,118	131,118
					2,503,626	2,503,626

Fund bala	nces at 31 March 202	1 are represented	by;
		Unrestricted	Restricted	Endowment	Buildings	Windfall	Astro	Total
		Fund	Fund	Fund	Fund	Grant Fund	Turf Fund	Funds
						8
Tangible	fixed assets		590,250	420,002	2,503,626			3,513,878
Investments Net current assets/(liabilities)		11,350	156,186 ~i02 D	9,561,022 ( 371,212)		4	30	9,717,208 329,902
Total Net	Assets	711,350	736,166	9,609,812	2,503,626	4	30	13,560,988

OPERATING ACTIVI	TIES
		2021	2020
Net movement in funds		I 742 288	(1 507 394)
Deduct dividend income	from investment	(328,654)	(393,968)
Deduct property income	from investment	(14,967)	(15,336)
Add/(deduct) losses/(gains) on investments		(1,743,315)	1,265,091
Decrease/(increase) in debtors		375	(4,200)
Decrease in creditors		(1,195)	(2,008)
Net cash used in operating activities		(345,468)	(657,815)
ANALYSIS OF CASH	AND CASH EQUIVALENTS
		2021	2020
			8
Cash at bank and in hand		350,302	112,020
Unexpended investment	cash	306,469	165,108
Total cash and cash equivalents		656,771	277,128