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2022-03-31-accounts

CONTENTS Page
Reference and administrative
information
Report ofthe Trustees 2 —5
Report ofthe Independent Auditors 6 —8
Statement ofFinancial Activities
Balance Sheet 10
Statement ofCash Flows
Notes forming part ofthe Financial Statements 12 —20

Names 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 12/11/2024
Mr. A.Hakes 21/03/2026
Mr. J.Drown 28/04/2024
Co-opted
Mr. G.Moss (Chairman) 09/03/2024
Mr. A. Cockerill (Vice Chairman) 12/07/2025
Mr.J.Harris 09/03/2024
Mr. P.Maynard 09/03/2024
Mr. J.Lavelle 13/07/2023
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,
NN3 6WL
Investment Managers Brewin Dolphin Securities Limited
12Smithfield
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 1MAR CH 2022
2022 2021
Notes
Fixed assets
Tangible assets 2 4,103,628 3,513,878
Investments 10 9,945,085 9,717,208
14,048,713 13,231,086
Current
assets
Debtors 12 6,525 6,900
Cash at bank and in hand 824,524 350,302
831,049 357,202
Creditors: amounts falling due within one year 13 (35,659) (27,300)
Net current assets 795,390 329,902
Net assets 14,844,103 13,560,988
Funds:
Endowment fund
Capital funds 9,856,085 9,184,312
Revaulation reserve 480,500 425,500
15 10,336,585 9,609,812
Restricted fund
Capital funds 275,095 275,760
Revaulation reserve 995,156 460,406
15 1,276,261 736 166
Income Funds
Unrestricted fund - Endowment fund 15 733,641 711,350
Designated funds: - Windfall Grant fund 15 4
-Astro Turf Grant fund 15 30
-Buildings fund 15 2,503,626 2,503,626
3,237,267 3,215,010
Total funds 15 14,844,103 13,560,988

Total funds Total funds
2022 2021
Notes
Net cash used in operating activities 16 f402,396) ~345,468
Cash flows from investing activities
Portfolio income 341,254 328,654
Proceeds from sale ofinvestments 2,114,298 2,617,115
Property income 12,967 14,967
Purchase ofinvestments (2,098,973) (2,235,625)
Sale Proceeds from Bugbrooke Barns 320,000
Net cash provided
by investing
activities		 689,546 725,111
Increase in cash and cash equivalents in the year 287,150 379,643
Cash and cash equivalents at the beginning of 17 656,771 277,128
the year
Total cash and cash equivalents at the end 17 943,921 656,771
ofthe year

INTEREST IN P ROPERTY
Cost/ Cost/
Note Valuation Valuation Income
As at 31 As at 31
March 2022 March 2021 2022 2021
E
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
6acres at Syweg Road, Holcot (e) 100,000 60,000
RECREATION GROUND - O.N.A.
15.57acres (e) 375,000 360,000 6,000 8,000
BUGBROOKE ESTATE
Ground
rents and		 wayleaves, notional
value, say (e) 250 250 67 817
BUGBROOKE ESTATE
Agricultural
land		 and buildings, 67.944
acres 4 5 1,124,75tl 590.00tl 6 9011 6 1511
12,967 14,967
Less: Outgoings (Note 5) (4,883) (6,039)
4,103,628 3,513,878 8,084 8,928
SUMMARY:
Land at Billing Road 1,064,468 1,064,468
Sports Hall 1,439,158 I 439 158
Building Fund 2,503,626 2,503,626
Endowment
Fund		 475,002 420,002
Restricted Fund 1.125,000 590,250
4,103,628 3,513,878

FOR THE YEAR ENDED 31MARCH 2022 THE YEAR ENDED 31MARCH 2022 THE YEAR ENDED 31MARCH 2022
2022 2021
OTHER TRADING ACTIVITIES
Properly income
Rental income: unrestricted 6,000 8,000
Rental income: restricted 6,967 6,967
Otherincome
Promotion
agreement		 funds 5,000
Proceeds from Disposal ofBugbrooke Barns 320,000
332,967 19,967
Invesimeni income
Portfolio income (see note 4) 341,254 328,654
4. INVESTMENT INCOME 2022 2021
8
Portfolio income
UK fixed interest securities 43,694 50,736
Non UK fixed interest securities 45,887 24,754
UK equities - income 144,807 156,284
Non UK equities - income 106,866 96,682
Interest on uninvested cash 198
341,254 328,654
Restricted 4,226 5,248
Unrestricted 337,028 323,406
341,254 328,654
5. EXPENDITURE ON RAISING FUNDS 2022 2021
Rent collection and associated :endowment 2,400
property costs
:restricted 4,883 6,039
Investment
management
fees		 :endowment 52,034 44,639
:restricted 791 893
60,108 51,571

2022 2021
I
Special Donations - "September 2004 Structure" 300,000 225,000
OTHER DONATIONS/EXPENSES
School grant 7,500
Travel costs 47
300,047 232,500
7. CHARITABLE ACTIVITIES - RESTRICTED 2022 2021
Northampton
Freemans		 Trust 100 100
Blue Coat Educational Charity 2,070 2,025
2,170 2,125
8. CHARITABLE ACTIVITIES - GOVERNANCE COSTS 2022 2021
6
Clerk's fees - unrestricted 7,016 16,335
- endowment 7,016 16,335
Audit fees - unrestricted 11,095 10,100
Legal and other professional fees - unrestricted 9,193 8,841
- endowment 14,485 11,841
48,805 63,452

rustees receve no remuneration
n te
f47 for expenses incurred
in the year (20
INVESTMENTS		 year (:n).
21:fnil).		 rave expenses w re remurse
n		 e amoun
Restricted Endowment
Funds Funds Total
f,		 2021f
Market value at I April 2021 149,522 9,261,217 9,410,739 8,048,914
Acquisitions 35,094 2,063,879 2,098,973 2,235,625
Disposal proceeds (34,067) (2,080,23I) (2,114,298) (2,617,115)
Net investment
gains		 2,296 427,978 430,274 1,743,315
Market value at 31 March 2022 152,845 9,672,843 9,825,688 9,410,739
Uninvested
cash		 4,850 114,547 119,397 306,469
157,695 9,787,390 9,945,085 9,717,208
Investments
at market value comprise:
UK Equities 3,235,542 3,862,967
Non UK Equities 4,328,870 3,909,124
UK Fixed Interest Securities 1,146,472 1,145,250
Non UK Fixed Interest Securities 1,114,804 493,398
Uninvested
cash		 119,397 306,469
9,945,085 9,717,208

12. DEBTORS, PRE PAYMENTS AND ACCRUED INCOME
2022 2021
Other debtors 6,525 6,900
6,525 6,900
13. CREDITORS AND ACCRUED CHARGES
2022 2021
f.
Costs ofgenerating funds 16,100 11,700
Management and administration expenses 15,264 13,475
Grants payable: restricted 4,295 2,125
35,659 27,300

THE YEAR ENDED 31MA RCH 2022
BUILDING FUND 2022 2021
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
of6850,000which became fully repaid in year 1999/2000 1,064,468 1,064,468
Costs ofbuilding
the Sports Hall ofwhich f1,000,000 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

All income, except for the income ofthe Bugbrooke
Fund, is credited to the unrestricted
fund a
at the trustees'
discretion,
as long as within the objects ofthe charity (page 3).		 All income, except for the income ofthe Bugbrooke
Fund, is credited to the unrestricted
fund a
at the trustees'
discretion,
as long as within the objects ofthe charity (page 3).		 All income, except for the income ofthe Bugbrooke
Fund, is credited to the unrestricted
fund a
at the trustees'
discretion,
as long as within the objects ofthe charity (page 3).		 All income, except for the income ofthe Bugbrooke
Fund, is credited to the unrestricted
fund a
at the trustees'
discretion,
as long as within the objects ofthe charity (page 3).		 All income, except for the income ofthe Bugbrooke
Fund, is credited to the unrestricted
fund a
at the trustees'
discretion,
as long as within the objects ofthe charity (page 3).
16. RECONCILIATION
OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2022 2021
Net movement
ia funds		 1,283,115 1,742,288
Deduct dividend
income		 from investment (341,254) (328,654)
Deduct property
income		 from investment (12,967) (14,967)
Deduct gains on investments (430,274) (1,743,315)
Add gains on revaluation (589,750)
Add gains on disposal of8ugbrooke Barns (320,000)
Decrease in debtors 375 375
Increase in creditors 8,359 (1,195)
Net cash used in operating
activities		 (402,396) (345,468)
17. ANALYSIS OF CASH AND CASH EQUIVALENTS
2022 2021
Cash at bank and in hand 824,524 350,302
Unexpended
investment		 cash 119,397 306,469
Total cash and cash equivaleats 943,921 656,771