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|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|
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|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|
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|||||||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||||||||
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|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|||
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|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|
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|||||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|
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|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|
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|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|
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|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|
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||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|