Charlty reglstratlon number 310936 THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION CONTENTS Pago Govemors report Statement of Governors responsibilitie8 Independ8nt audltor'8 report Statement of financlal actlvities 9-10 Balance sheet 11 Notes to the financlal statement8 12-21 THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Govemors present their report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatements and comply with the charity's governing document, the Charities Act 2011 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 1 January 2019)" REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number. 310935 Prlnclpal address The Coopers, Company & Coborn School St Mary's Lane Upminster Essex RM14 3HS Governors and trustees S Cheale Rev T Critchlow Dr l J Ffood (Chairman) P Laver B Pickering Ivice-chairmanl P Timms {Co-oplative from 1 5th July 2024) Cllr L. Van Den Hende Cllr C Wilkins K Pack C Steel R Wlliams (Resigned 28th June 20241 Worshipful Company of Coopers Parish of St Dunstan and All Saints Worshipful Company of Coopers Co-oplative Worshipful Company of Coopers Worshipful Company of Coopers C￿0p1alIVe London Borough of Havering Worshipful Company of Coopers Worshipful Company of Coopers Worshipful Company of Coopers Audltors Azets Audit Services Statutory Auditor 7 - 8 Britannia Business Park Southend on Sea Essex SS2 6GE Bankers Lloyds TSB 135 High Street Hornchurch Essex RM113YD Sollcltors The Foundation's solicitors are". Winckworth Shernood LLP, Arbor, 255 Blackfriars Road, London, SE19AX. THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities The governing document of the Foundation is a scheme made by the Secretary of State for Education and Science under se￿lOn 18 of the Charities Act 1960. The Scheme sets out the main objectives of the Foundation. However, Clause 18 of the Scheme was repla￿d under a Modification by the Secretary of State for Education in March 2011. The main objectives are to pay such sums as the Governors deem fit to meet the cost of any extraordinary repairs, additions or improvements to the premises of the School and to provide assistance to students and ex-students of the School who are under 25 years of age, through the provision of scholarships or bursaries or other financial assistance. The School became a mixed Academy on 1st April 2011 with 1360 students,. the bursaries are primarily to assist with the costs arising from extra-curricular activities for students or for degree or post degree projects for former students up to the age of 25. In this way, the Foundats'on fully complies with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit gjidan published by the Commission. The Foundation Governors signed a "Supplemental Agreement" with the Secretsry of State for Education and the Governing Body of the Coopers, Company and Coborn School agreeing to the use of the Foundation's land and buildings by the new Academy with effect from 1st April 2011. The Agreement may be terminated by the Foundation with notice of not less than two years. Each year, the Charity aims to support any capital projects agreed with the School and provide funding for bursaries and grants. This is achieved through income from Coopers Coborn All Weather Pitch Ltd {CCAWP}, the Foundation's Investment portfolio and income from investment in property. Bursaries and grants are administered by the Bursaries Committee from funds allocated by the Goveming Body. Achlevements and performance During the financial year, the Foundation supported the school with funding for a number of premises related items including WC refurbishment, electrical testing and remedial work, emergency lighting, fire alwm maintenance work and fire safety equipment, repairs to the 6th form roof, IT equipment and RA4C related costs. The funding for these items totalled £119k In addition to helping fund financially disadvantaged students through the Headteacher's Fund of £25k, Governors agreed to continue funding student extra-curricular activities with an additional £25k. Governors increased their support of counselling for students at a cost of £15k in view of the increased demarKJ for this service by students. The amount given as awards and prizes by the Foundation to students and ex-students of the School during the year was £27k {2023 £27kJ. The new bursary form meant an increased number of applications for bursaries. Govemors were pleased to increase the funding acrosss a wider range of interests, although the majority of bursary requests remain related to sport and music. There has been a further increase in the number of bursary applications in summer 2024. The much publicised issue of Reinforced Autoclaved Aerated Concrete IRAAC) in schools and other public buildings continued to affect the school during this financial year. Due to the ongoing moratorium on building worklrefurbishment at the school, this has meanl that only essential repairs and maintenance work can be carried out. There has therefore been reduced premises related spending by the Foundation on supporting the school in this area. The community use of the School and its premises Ips continued post completion of the RAAC remedial work. This is the usual way the school, and thus the Foundation, wdens its provision to its neighbourhood at large as well as to the students who attend and benefit from its charitable work. The Foundation transferred all income from letting the school facilities annually to the School from 1 April 2015. THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew Net incoming resources before transfers and other recognised gains and losses, but including depreciation, were £120,679. In 2023 this figure was £104,541. Following the dramatic decrease in last year's value of shares held on the majority of stc£k exchanges across the world, this year has recovered from the adverse effects of prior year. The Foundation's investments, in common with institutions holding long term investments, increased in value by £1,072k (2023 decrease of £846,156). There have been no significant changes in accounting policy this year. The activities of the Foundation's subsidiary, Coopers Coborn All Weather Pitch Limited, continued through the year. For the year ended 31 March 2024 the Company made a profit after lax of £26,173 (2023 - profit after tsx of £25,268). ReseNes The Governing Body has accumulated reserves in order to improve the buildings of the Coopers, Company and Coborn School. Plans for Future Perlods The Foundation is aware that the RAAC issue will continue to have an impact on building projects at Ihe school. no￿lthStanding that the urgent remedial work has now been completed and the school is fully operational. Due to the RAAC situation, the school has been unable to submit CIF applications for 24125 and beyond and the Foundation has therefore not been required to assist with funding for this. 11 stands ready to consider the funding of any additional urgent works in order that the School Can continue to function normally. The school has been recently been accepted onto the Department for Education's School Rebuilding Programme and the Foundation is keen to support the school with any additional items and advisory support it may need during this lengthy process The Foundation's policy for investment is to place its funds in secure holdings which will produce a sufficient yield to finance the objectives of the Foundation and ensure that the Foundation's asset base is adequate for use by fulure generations. To this end, the Foundation's investment portfolio is placed in the hands of a professional fund manager. No particular instructions have been issued to the fund manager regarding social, environmental or ethical considerations. The financial statements have been prepared in compliance with-. The Scheme of the Educational Foundation., The requirements of the CharitiesAct 2011., and statement of Recommended Practice - Accounting and Reporting by Charities {FRS 102)" Structure, Governance and Management The goveming document of the Foundation, the Scheme. was sealed on 29 November 1972 in the London Borough ofTower Hamlets and is numbered 6941S. A supplemental order to the Scheme was sealed on 14April 1992 and 3 October 2016 amended the Constitution of the Governing Body as follows.. Seven representatives from the Worshipful Company of Coopers One representative from the Incumbent of the Benefice of Stepney St Dunstan and All Saints and the Churchwardens of the Ecclesiastical Parish of St Dunstan and All Saints One representative from the Senate of the University of London One representative from the Council of the London Borough of Havering Five Co-optative govemors THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organlsatlon The Goveming Body meets once in each School temi. It has two commlttees.. the Flnanc8 and Investmenl Committee and the Bursaries Committee. Thère is also a Jth'nt Buildings Committee. jonl lhqth the Schod Governlng Body, which reports to tha Finance and Investment Committee. Reprèsentative Governors are w foThiard by the rnminatlng bod•8s d8lalled above. Cfyoptalive governors are appointed by g speoal mooting of ￿ repres8nlative gov8mors. New govemors are guMYod by the Chairman and Clerk and are suppllèd wlth.. 1. A ￿pY of thé FouTrJation Scheme and ameThJm8nt 2. Copies of Ihe last tsvo sets of audited acccunts 3. A li81 of thelr fellow Governors and their addresses 4. Acopy of the latest Schocl Prospectus 5. A lisl of the members of the School Gov8ming Body 6. Reference to 3 leaflets Issued by the Charity Commissioners 7. Minutes ol the last Govemlng Body meétlng8 The Foundation 8Xi8ts to assist the School with wh￿h it shares ac£ommodatM)n. In 8ddition, the Fwndation is the prlnclpal sharehokler In Cwpers Cobom All Weather Pltch Ltd ICCAWP). This provides 8 synthetic surface lor school hockey and lor othef letting$. CCAWP has recelvod loans from Ihe Foundation on whleh it pays inter881 at a cornmerdal rate. The inter•sl and tho incom8 from18lting$ arè uséd to help financ8 the charitable objectives of the Foundatlon. A revlew of the r18ks to whl¢h thè Foundation is éxposed Is conduciéd by lh8 Govemlng Boty and th1818 serutinised by ils auditors.11 is considered Ih8t 8dequat8 sysl6ms and procedures exlst to mltyato those risks. The Foundatlon's fvnd manager ha$ been Instructed reg8rdlng the composltion of the Found8Uon'$ portfolio. The Govamor8 report was apwOv￿ by the Board of Govemors. Drl Mr B Plek•flng Daled.. ..(.1.1.12LI THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION STATEMENT OF GOVERNORS RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Govemors are responsible for preparing the Governors Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi￿). The law applicable to charities in England and V41ales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Govemors are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; state whether applicable accounling stsndards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeplng sufficient accounting records that disclose y￿th reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION Opinion We have audited the financial statements of The Coopers, Company and Cobom Educational Foundation (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting S18ndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK> {ISAs IUK}) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for Ihe audil ol the financial stalements section of our report. We are independent of the charity in 8ccordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concgrn In auditing the financial statements, we have concluded that the Governors use of the going concern basis of accounting in the preparation of the financial statem8nts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the annual report other than the fina￿131 statements and our auditor's report Ihereon. The Governors afe responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibilily is to read the other information and. wi doing so, consider whether the other information is materially inconsistent with the financial statements or wr knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Governors report; or sufficient accounling records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION Responslbllltles of Governors As explained more fully in the statement of Govemors responsibilities, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the financial slatements, the Governors are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to cease operations, or have no realistic alternative but to do so. Audltor's r8sponslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibillties is available on the Financial Reporting Council's website at.. https.'Il www.frc.org uklauditorsresponsibilities, This description forms part of our auditor's report. Extent to whlch the audlt was consldered capablo of detectlng Irregularltlos, Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities. includin9 fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying wilh that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfonn audit procedures responsive lo Ihose risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations ofthe entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess complian with applicable laws and regulations- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of noTrcompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with ' 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 IFRS 102)" las amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's trustees those mallers we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. sth, A_..J'k I,. Jullan Goldlng Isenlor Statutory Audltor) for and on behalf of Azets Audlt Servlces 29 November 2024 Chartered Accountants Statutory Audltor 7 - 8 Britannia Business Park Comet Way Soulhend-on-sea Essex United Kingdom SS2 6GE Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 2006. 000) O C£> Oi to *xJ QO)ts) THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Not•• Flx•d a•8•t8 Tanglbl8 assets Invéstment proportie8 Investments 11 12 13 3,837,519 436.000 14.993,922 3,924,034 436.000 13.921,922 19,267,441 18,281.956 Curr•nt 14 174,980 60,952 241.141 231,995 Cash at bank and in hand 235,932 473,136 Cmdllorn: •mounl• falllng due wlthln QM y•*r 15 (110.640) (271,257) Net current as80ts 125,292 201.879 Total a•••l• l••• ¢urr•nl Ilabllltl•8 19,392,733 18.483,835 In￿ffl• fund• Ré$tri¢tod fun(J8 Endowment funds - deslgnated Unreslrlcled funds 16 4,338,376 5,012,564 10,043,793 4,414.679 4,756.094 9,313,062 19, 2,733 18,483.835 The flnand81 gtalemont8 were approved by the Govemors on .... Dr l Frood Gov•mor Mr B Plckering Governor THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Infomiatlon The Coopers, Company and Coborn Educational Foundation is a public benefrt entity under FRS 102. 1.1 Accountlng convention The financial statements have been prepared in accordance with the charity's SORP (FRS1021, the Charities Act 2011 and "Accounling 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 IFRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and lo include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements, the Governors have 8 reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounling in preparing the financi81 statements. 1.3 Charltable funds Unrestricted general funds can be used in accordance with the charitable objectives at the discretion of the Governors. Restricted fvnds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds are held on trust and are retained for the benefit of the charity as a capital fund. 1.4 Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 12- THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles {Contlnued} 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third party, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributatde to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central slaff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is accounted for on an accruals basis as it Is incurred: a) Costs of generating funds comprises the Costs associated with the investments and estate management. b) Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities for the school. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ¢) Governance cosls Include those costs associaled with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic m8nagement of the charity. 1.6 Tanglble flxed assets The School Buildings are held al cost and being depreciated over their estimated useful lrfe of 50 years. Furniture, fittings and equipment provided by the Foundation are written off in the year of purchase. Plant and equipment 1.7 Investment propertles Investment Properties and other investments are shown at market value, the aggregate of any unrealised gains or losses being taken direct to the main fund. The Coopers, Company & Coborn School is shown at cost as it is held for direct charitable use. 25¥0 SL 1.8 Taxatlon The charity is exempt from tax on its charitable activities. 1.9 Transfers between funds Any expenditure by the Foundation on a school building requires a transfer from Unrestricted Funds to Restricted Funds (School Fund). Other inler-fund Iransfers are required lo record the reimbursement of expenditure from Unrestricted Funds by other funds and can be included within inter-bank transfers, transfers of investment holdings and are shown on the SOFA. Donations and legacles Restricted funds Unrestrlcted Restrlcted funds funds Totsl 2024 2023 2023 2023 Donations and gifts 1.764 10,027 10,083 13- THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestrlcted Restricted funds funds Total Unrestrlcted Restrlcted funds funds Total 2024 2024 2024 2023 2023 2023 Rent receivables From Radcliffe Trust Investments held on a recognised stock exchange Interest on cash deposits From all Weather Pitch 16,580 52,921 18,580 52,921 28,372 52,998 28,372 52.998 462,724 2,584 8,000 2,442 465,166 2,584 8,000 451,688 926 8,000 4,112 455,798 926 8,000 Investment income 542,809 2,442 545,251 541,982 4,112 546,094 Charltable actlvltles 2024 2023 School maintenance costs Bursaries and prizes School expenses Other resources expended {See note 51 Depreciation 121,295 26,885 65,561 168,877 92,443 173.303 26,839 61,857 164.275 91,257 475,081 517,331 Share of govemance costs (see note 6) 7,602 7,422 482,663 524,753 Analysls by fund Unreslricled funds Restricted funds 377,486 105.177 425,553 99,200 482,663 524,753 14- THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other resources expended 2024 2023 Licenses Office insurance Telephone & ststionery etc. Consultancy Founders, day expenses Miscellaneous expenses Professional fees Bad debts expense Lettings reimbursement Total 233 802 583 15,325 4,609 565 7,000 10,427 129,333 168,877 35 1,880 538 18,236 2,850 886 139,850 164,275 Support costs Support Governance costs CO8t8 2024 2023 Audit fees 7,602 7,602 7,422 7,602 7,602 7,422 Analysed be￿een Charitable activities 7,602 7,602 7,422 Governorn There vrfere no governors, remuneration or other benefits for the year ended 31 March 2024. Governors, expenses The individual govemor's expenses paid for the year ended 31st March 2024 amounted to £nil (2023- £nil) Employeos There V￿re no employees in the year ended 31st March 2024. 15- THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Lettlngs Income and expenditure The foundation earns letting income from the hiring of facilities from which it operates. This ina)me is then banked and subsequently reimbursed to the School. 2024 2023 Letting income 129,333 139,850 129,333 139,850 Letting income reimbursement (129,3331 (139,8501 1129,333) (139,8SO) 10 Taxatlon The charity is exempi from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent thal these are applied to its charitable objects. 11 Tanglble flxed assets Frg•hold land and bulldlngs Plant and •quipment Total Cost At 1 April 2023 Additions 4,562.833 4,562,833 5,928 5,928 At 31 March 2024 4,582,833 5,928 4,568.761 Depreclatlon and Impalrment At 1 April 2023 Depreciation charged in the year 637,613 92,443 637,613 93,629 1,186 At 31 March 2024 730.056 1,186 731,242 Carrylng amount At 31 March 2024 3,832,777 4,742 3,837,519 At 31 March 2023 3.924,034 3,924,034 16 THE COOPERS, COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Investment property 2024 Falr valu• At l April 2023 and 31 March 2024 436,000 Investment property conslsts of tv￿ properties acquired for £458,750. The fair valuè of the Inveslment property has been arrived at on the basls of a directors valuation. The valuation was made on an op8n market value basis by reference to market evidence of transaction prices for simllar properties. An agreement Of $8le has been signed by the buyer and sgller regarding the Kings Lynn Property. The propoty is 8Apected to be sold within the next financial period. 17- THE COOPERS. COMPANY AND COBORN EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Flxed asset Investments Unllsted investments Cost or valuatlon At 1 April 2023 Additions Unrealised gainsl(losses} Reclassification Disposals 13,921,922 3,598,272 729,829 (100,000} (3,156,101) At 31 March 2024 14,993,922 Carrylng amount At 31 March 2024 14,993,922 At 31 March 2023 13,921,922 14 Debtors 2024 2023 Amount8 falllng du& wlthln one year: Other debtors 74,980 141,141 2024 2023 Amounts falllng due after more than one year: Other debtors 100,000 100,000 Totsl debtors 174,980 241,141 16 Credltor3: amounts falllng due wlthln one year 2024 2023 Other creditors Accruals and deferred income 90,802 19,838 246,565 24,692 110,640 271,257 18- ooo ?0 (r) O O) Oor Qi CL> ou> ¢D ( r