Charity registration number 311703 TEWKESBURY EDUCATION TRUST FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
TEWKESBURY EDUCATION TRUST FUND LEGALAND ADMINISTRATIVE INFORMATION Trustees K Thompson C Folkes P Strlngfellow J Quinn S Hawkins Charity number 311703 Indepéndent examlner BK Plus Limited 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX 8anker8 HSBC 2 The Promenade Chellenham Gloijceslershire GL50 1LR Sollcltors Willans LLP 34 Imperial Square Chellenham Gloucestershire GL50 1QZ Investment advlsors 8ruton Knowles Olympus House Olympus Park Quedgel8y Glouceslar GL2 4NF
TEWKESBURY EDUCATION TRUST FUND CONTENTS Page Trustee report Independent examinerfs report Statemenl of financial activities Statement of financial poslllon Noles to Ihe flnancial statemènts 8-14
TEWKESBURY EDUCATION TRUST FUND TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Tru$lees present Iheir annu81 report and financial slalements 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 Ihe financial stalements and comply with the Trusvs deed. the Charities Act 2011 and 'Aount1ng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191. Objectives and actlvltl8S The Trustees manage Ihe assets bélonglng to the Trust. Subjecl to payrnent of expens8S. the annual income from the assets Is used ta provide benefils lo Tewkesbury School and for educational support for und8r 25's In the defined area in and around Tewkesbury who may benefit from support. The Trusle6s shall not apply more than one third of the annual income to proiride benefits for Tewkesbury School not nomally funded by the D8partmenl for Educalton l Educallon Funding & Skills Agency. Further income Is dlstribuled to promote educalion and glve financial 6ducalional assistance lo young people in need under Ihe age of 25 years in the town of Tewkesbury and defined surrounding parlshes. The amounl available depends on thé level of investment Incom8 earned dufing the year. The amount of money expended on these grants fa118 short of the avallable funds and th8 Trustees conllnue to explore ways of expanding the dislrfbution base. In selling objectives and planning for aclivilies, the Trustees have given due consideration lo general guldan¢e publishad by th8 Charity Commisslon relatlng to public benefit, induding the guidance 'Publi¢ benefil.. running a chadty (PB2>'. Achlevements and performance Reviow of actlvitle8 During the year a lolal grant of £5,063 wa5 made lo Tewkesbury School. Thls granl was made up of 8 £2,800 grant lo sludents going to university of £100 each. A grant of £2,263 was also made lo the school lo support student reading, dlverslly and Incluslon whi¢h went beyond th8 standard curriculum to expand the awareness and under81anding of sludenls. Flnancial review Going concern After making approprlate enquiries, the TFusle6s have a reasonable expectation Ihal Ihe ChaTIty has adequate resources lo conlinue in operational existence for the foreseeable future. For this reason, they nIInue to adopt the going concem basis in preparing the financlal sla16menls. R8S8IV8s policy The inveslm6nl strategy is one of low risk and safe investments. Endowmenl funds of £1,022,724 are held for investment purposes and the gain in the year is in line wllh the maTkel valuation. Restrictad reserves of £85,159 are held and assessed al the year end and distributed according lo Charity needs.
TEWKESBURY EDUCATION TRUST FUND TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Matorial investments policy The Trustées revlewad th8 Inveslmenl portfolio and cL)nduded that the currènl COIF Inv8Stm8nts continu8 to perform favorably with available alternatives. Investment decisions made in prewous years continue lo remain as low risk as possible lo prolecl the tharilies assels. whilst also returning a reasonable yield lo service the charities objectives. The COIF funds are not for a specified period of lime which means the Trustees are not lied into a fixed investment Period, meaning the inveslm8nl is still fairly liquid. The current investment portfollo for the 2023-2024 financlal year has produced the following income.. Wayleave income from the Gaslon Fields of £108 and Income from the COIF Charity Funds COIF Charity Funds Total annual dividends paid £27,913 for two holdings. Valuatlons as at 31st Marcth 2024: A- Valué of investment £173,770 (2023 - £615,602) (32,895.84 incom8 units) B - Value of investment £16,60812023- £15,211) (812.84 income units) D -value of inveslmenl £672,14812023- £183,216)1170,512.99 Property units) Bank account balance £94.319 (2023- £69,916) Final?al risk manag8ment obiec¢ives andpollcl8S The Trustees have a duly lo identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. The Trust Fund was sel up when the old Grammar School handed over the management of the Trust Fund lo the Govarnors of Tewkesbury School in 1972. The Tewkesbury School Trust Fund is regulated by a scheme made on 19th June 1975 and amended by schemes made on 4th May 1978 and 3rd February 2020, and further modified lo comply with Ihe Sex Discrimination Act 1975 under the Tewkesbury School Fund Scheme (Modificallonl Order 1981 (dated 15th January 1981). Fund accounting General funds are unrestricted funds which are available for use al the discretion of Ihe Trustees In furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds compdse unreslri¢led funds that have been sel aside by the Trustees for partlcular purposès. The aim and use of eaGh designated fund is sel out In the notes to the financial slalements. Structure, governance and management Tewkesbury Edu¢alion Trust Fund Is a reglslered charlty, number 311703, and Is consliluted under a Trust deed. The Truslees who served during the year and up to the date of signature of the financial slalemenls were: K Thompson C Folkes P Stringfellow J Quinn S Hawkins Mrs Sarah Co18 Mr Richard Machray Mr Nigel Cottell Mr Ed Fair (Resigned I September 2023) (Resigned 30 June 2023) (Resigned 31 July 2023) (Resigned 31 July 2023) The Trustees meet a minimum of three times per year and adminisler the Charity as set out in the terms of reference.
TEWKESBURY EDUCATION TRUST FUND TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruilmenl and appointment of trusl8es The management of the Charity is the responsibilily of the TTUStees who are elected co-opted under the lemis of the Trust deed. On the 21st November 2019 the Chaiily Commission agreed to a change lo the Trustee clause of the Trust Deed, which allowed governors who dld not want to support th8 Trust lo opt out. They also allowed the Trust to recruil Iwo non-goveinor trustees each with special skills. The persons who from time to lime are a minimum of four Govemors for the lime being of Tewkesbury School acting in accordancè with thair usual procedure shall be the Trustees of Ihe Charity. These should not include the Headteacher or the Chalr of Govemots of the School. The trustees may elect up lo iwo non Gov8rnor trustees each wilh re16vanl sklll. Governors are recruited by Tewkesbury School which has a rigorous recruitmenl policy. The non- goveinor trustees will be recruited by the Trust body basad on thélr speclfic skills and experience. In July 2023 Tewkesbury Academy joined the Cabot Learning Federalion (CLF) a Mulli Academy Trust (MAT). Tewkesbury Academy Trustees changed lo become members of Tewkesbury Councll a new body with a modified remll. As a result of this CLF requir8d TETF lo becom8 more independenl from the school in terms of administration, 8ccounling, clerk support, meetlng hosting and th8 make-up of Ils Trustee board. Up until this point Tewkesbury Academy, as a regular ben&fiaary from the TETF Granl Fund, compleled all adminislralion, banking, accounts and provided financial support and Insurance cover, as well as hosting meelings and providing clerk support. These seryices were all provided free of charge and undertaken by an employee of Tewkesbury A¢8demy. CLF agreed to continue lo providé adminlstratlon and banking support unlil the end of the financial year i.8.31sl March 2024. From 1 sl April 2024 TETF became independent and responsibl8 for managlng all support servtces on Ils own behalf. To achieve this TETF recruited and Sppolnled Ils own part lime Treasurar to manage the adminislralion, book-k88plng and bank account. A delalled $8ledion proc88s was complatad to appolnt new accounlanls and legal advisers. A new Insur6r was appointed. The Trustee base reduced from 10 to 5 because ofchanges in the Tewkesbury Ac8demy Trustee membership {now Council Members), from where TETF Truste8s ar6 Iradilionally drawn. CLF indicated a prefeTence for fewer Trustees lo be appoinled from Ihe Academy bul recognised that il is speclfically referenced In the Trust Deed Ihal Trustees would be appolnled from the school. The Deed also allows for bNo 'non-Govemor' Trustees to be appointed. Currently these appointments have not been filled. The financial year beginning Apr412024 wlll be the first year the TETF Is operatlng und8r this n8w structure and processes. Related party relationships In the year ended 31 March 2024, 2 grant amounting to £2,263 (2023.. £4,000) was paid to Tewkesbury School which has common Trustees with Tewkesbury Education Ttust Fund. The Trustee report Was approved by the Board of Ttusle8S. P Slringfellow Trustee 3 October 2024
TEWKESBURY EDUCATION TRUST FUND STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustées ar6 responsible for preparing the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice). The law applicable lo ch8rilies in England and Wales requires the Trustees to prepare financial slatemenls for each rinancial year which give a true and fair view of the state of affairs of the Trusl and of the incoming resources and application of resources of the Trust for that year. In preparing these financi81 slalemenls, the Trustees are required lo.. select suilabl6 accounting polides and then apply them consislenlly., - observe the melht)ds and principles in the Charitles SORP; make judgements and eslimale5 that arg reasonable and prudent. slate wh81her applicabSe accountlng standards have been followed, subject to any materlal departures disdosed and explained In the financial slatemenls: and prepare the financlal slatemanls on th8 going concern basis unless111s Inappropriate to presume that the charity will ¢onlinue in operation. The Trustees are r6sponsible for keeplng sufficlent accounting records that dlsclose wlth reasonable accuracy at any lime the financial poslllon of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulallons 2008 and the provisions of the Irusl deed. Th8y are also responsible for safeguafding the assels of the Trust and hence for taking reasonable steps for the prevention and deteclDn of fraud and other irregularities.
TEWKESBURY EDUCATION TRUST FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TEWKESBURY EDUCATION TRUST FUND I report lo the Truste8s on my examination of the financial slalements of Tewkesbury Education Trust Fund (the Trusl) for the year ended 31 March 2024. Responslbllities and basis of report As the Tru51ees of the Trust you are responslble for the preparation of the finanGlal statements In accordance with the requireménts of the Charities Acl 2011 (the 2011 Act). I report in respect of my examination of the Tnjst's financial statements carried out under secllon 145 of the 2011 Acl. In carrying oul my examination I have followed 811 the applicable Directions given by the Charity Commission under section 145(5)(b) of tha 2011 Act. ndepend8nt examlnerfs statsment Your atlenlion Is drawn lo the fact th81 Ihe charity has prepared financial slalemenls in accordance with AcGounling and Reportlng by Charities preparing their accounls in accordance with the Financial Reporting Slandard applicable In the UK and Republic of Ireland IFRS 102) in preference to the Accounling and Reporting by Charities.. Slalement of Recommended Practi¢8 Issued on 1 April 2005 whlch is referred to In the exianl regulatlons bul has now been withdrawn. l understand that this has been done in order for financial slalemenls lo provlde a Irue and falr vlew Sn accordance wilh Generally Accepted Accounllng Pracllce effectlve for reportlng perlods beginning on or after l January 2015. I have completed my examinalion. I confirm that no matters have come lo my allenlion in connecllon wllh the examinalion glvlng me cause to belleve that in any material respect: accounling récords were not kept in respect of the Trust as required by section 130 of the 2011 Act,. or the financial slalements do not accord with those reGords; or Ihe financial slalements do not comply with the applicable requirements concemlng the fomi and content of accounts sel out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement that lh6 aocounls give a Iru8 and fair view which is not a maller considered as part of an independent examination. I have no ConrnS and have come across no other mallers In connectlon with tha examlnallon lo which allenllon should be draw s report in order to enable a proper understanding of the financial slalemenls to be reached. Clnzla Hensley Association of Chartered Certified AOuntantS BK Plus Limited 6 Manor Park Business Cenlre Mackenzle Way Cheltenham Gloucestershire GL519TX Daled: 3 Oclober 2024
TEWKESBURY EDUCATION TRUST FUND STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Restricted Endowm funds funds 2024 2024 Total Restrlcted Endowm't funds funds 2023 2023 Totsl 2024 2023 Notes Income from: Charitable actlvilles 28,021 28,021 28,021 28,021 Tolal In¢ome 28,021 28,021 28.021 28,021 Expendltvre on: Charitable activities 8,536 8,536 11,277 11,277 Total oxpenditure 8,536 8,536 11,277 11,277 Net galns1(losses) on investments 58,695 58,695 (59,113) {59,113> Not In¢omel(expendlture) and movemont in funds 19,485 58,695 78,180 16,744 (59,113) {42,369) Reconclllatlon of funds: Fund balances al 1 April 2023 65,674 964.029 1,029,703 48,930 1,023,142 1,072,072 Fund balances at 31 March 2024 85,159 1,022,724 1,107,883 85,674 964,029 1,029,703 The slalemenl of financial activities includès all gains and losses iecognised in the year. All income and expenditure derive from conlinulng activllies.
TEWKESBURY EDUCATION TRUST FUND STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Investment property Invostmenls 160,200 862,525 150,000 814,030 10 1,022,725 964,030 Current assets Cash al bank and in hand 94,319 69,918 Credltors: amounts falllng dua wlthln one year 11 {9.161) (4,243) Nat current a889ts 85,158 65,673 Total assats le88 current Iloblllt]e8 1.107.883 1,029,703 Net a886ts excluding penslon Ilablllty 1,107,883 1,029,703 The funds of the Trust Endowment funds Restricled income funds 12 13 1,022,724 85,159 984.029 85,674 1,107,883 1,029,703 The financlal statemenls were approv8d by the Trustèes on 3 October 2024 P Stringfellow Tru9teé
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles 1.1 Accounting convention The financial statements have been prepared In accordance with the Trusvs deed, the Charities Act 2011, FRS 102 'The Financial Reporting Standard appllcable In the UK and Republic of Irèland. ("FRS 102.) and the Charilies SORP "Accounting and Reporling by Chaiilies.. 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 1021" (effective 1 January 2019). The Trust is a Public Benefit Entily as defined by FRS 102, The Trust has tsken advantage of the provisions in th6 SORP for charities not lo prepare a Slalement of Cash Flows. The financtal stalements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo Ihe exlenl required to provide a true and fair view. Thls departure has involved following the Slalemenl of Recommend8d Pr8clice for charities applying FRS 102 ralher than tho verslon of the Slalament of Recommended Practice which is referred lo in the Regulations bul which has since been wlthdrawn, The financial stalemenls are prepared in sterling, which is the fundional Currency of the Trust. Monelary amounts in these financial statements are rounded lo the nearest £. The financial statemènts have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and lo include investment properties and certain finanual instruments al falr valu81. The principal accolbnling policies adopted are set out below. 1.2 ChaTltsbl8 funds Rèslricled funds are funds whlch are used in accordance with specific restrictions impos8d by donors or which have be8n raised by the Charily for particular purposes. The costs of ralsing and admlnlslering such funds are charged againsl the speciflo fund. The aim and use of each resliicled fund is set out in the notes to the financial statements, 1.3 Income Income is recognised when the Trust Is legally entllled to it after any perfomiance conditions hav6 been mel, the amounts can be measured reliably, and il is probable that income will ba reived.
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies IContinued} The recognition of income from legacies is dependenl on establlshlng enllllemenl, the probabllity of receipt and the ability lo eslimale wlh sufficienl accuracy the amounl receivable. Evidence of enlitlemenl to a legacy exists when the Charity has sufficient evidence th81 a gift has been left lo Ihem {Ihrough knowledge of the 8xislenae of a valid will and the death of the benefaclor) and thè executor is satisfied that the property in question will not be requlred lo satisfy daims In the estate. Receipt of a legacy musl be recognised when il is probable that il will be recLived and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed lo Ihe Charity, can be reliably measured. Where the donated good is a fixed asset. il is measured at fair value. unless it 18 impractical lo measure thi8 rellably, in whlch cas8 the cost of the item lo Ihe donor should be used. The gain is recognised as income from donations and a coffesponding amount is Included in the appropriale fixed asset dass and depreciated over the useful economic life in accordance with the Charity's accounting policies. On receipl, donalad professional seTvices and facllllles are recognised on the basls of the value of the glft to the Charity which is Ihe amount il would have been willing lo pay lo obtain ServIS or facilities of equivalenl economic benefit on the open market., a correspondlng amount is then recognlsed in expandilure in the period of receipt. Income tax recA3verable in relation lo donations received und8r Gift Ald or deeds of covénanl is re¢gnised al the time of the donation. Income tax Is recoverable in relallon to investment income is recognised at the tlma the Investment income is receivable. 1.4 Exp8ndltur6 Expendilurè Is r8cogni58d once Ihere Is a legal or constructive obligation lo transfer economic banefil to a third party, il is piobable that a Iransfer of economlc benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Expendllur& Is classified by actity. The cosls of each acllvily are made up of lh8 total ol dlrect costs and shared costs, including support costs Involved in undertaking each aclivily. Direct cosls allributable lo a single acllvily are allocated directly lo Ihal aelivity. Shared costs which conlribule lo more than one activity and support costs which are not allribulable to a slngle activily are apportioned betW88n those activities on a basls consistenl with Ihe use of resources. Central staff cosls are allocated on the basis of time spent, and depreciation charges are alloc8led on the portion of the asset's use. Expendllure on charitabl8 activities is Incurred on directly undertaking thè activilies which further the Charily's obj8cliv68, as well as any 8s$ocvated support costs. Grants payable are charged in the year when Ihe offer is made except In those cases where the offer is conditional, Such grants being recognised as expenditure when Ihe conditions attaching are fulfilled. Grant8 offered subject lo conditions which have nol been met in the year end are noted as a commitment, bul not accrued as expendllure. All expenditure is inclusive of irrecoverable VAT. 1.5 Investment property In line with FRS 102, the Gastons fields are held for the purposes of capjlal appreciation and therefore are classified as investment property. During the year, a revalualion was undertaken in March 2023, on an open market value. 1.6 Fixed asset investments Fixed asset investments are initially measured at transacllon price oxcluding transaction costs, and are subsequently measured al fair value al each reporting date. Changes in fair value are recognised in net incomel(expendilure) for the year. Transaction costs are expensed as incued.
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies (Continued) 1.7 cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-temi Ilquid investments wllh orlginal maluriti8s of three months or less, and bank overdr8fis. Bank overdrafts are shown within borrowings in ourrent liabililies. 1.8 Interest rèc8Svabl6 Interest on funds héld on deposlt is included when rece5vable and the amount can be measured reliably by the Charity, this is normally upon notificalion of the Interest pald or payable by the instllullon with whom the funds are deposlled. 1.9 Llabllities and provision8 Liabilities are recognised when there Is an obligatlon at the Balance Sheet dale as a result of a pasl event, 11 Is probable that a transfer of economlc benefil will be required in selllemenl, and the amount of the sett16ment can be estimated reliably. Liabilities are recognised 8t the amount that the Charlty anticipates il will pay lo sallle the debt or the amounl It has received as advan¢ad payments for Ihg goods or seNlces It musl provlde. Provisions are measured at the best estimate of the amounts required lo settle the obligation. whe the effect of the time value of money is material, the provision is based on the present value of those amounts, dlscounted al the prÉ-tax dlscount rale Ihal reflects tha rlsks specific lo the liabilily. The unwlnding of the discounl is recognised in the Slatemenl of Financial Activities as a finance cost. 1.10 Investment propertle8 In line with FRS102, the Gastons 1181ds are held for th8 purposes of capital appreciatlon and therefo are classified as investment property. During the year, a revaluation was undertaken on the land, on an open markot value. Income from charltsble activities Restrlcted funds 2024 R8Strlcted funds 2023 Restrlcted funds Incom8 from Inveslmenls 28.021 28.021 10-
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exp&ndlture on charitable activitles Restricted funds 2024 Regtrfct&d funds 2023 Dlrect costs Grant funding of aclivities {s8e no18 4) 5,063 8,100 Share of supportand govemanca costs (see note S) Support 3,473 3,177 8,536 11,277 Analy8ls by fund Restricted fund8 8,536 11,277 Grants payable Re8trlctsd fund8 2024 R08tri¢tsd funds 2023 Grants lo instllutions.. Tewkesbury Academy 2.263 4,000 Grants lo individuals 2,800 4,100 5,063 8,100 Support CO8ts allocatsd to actlvltl88 2024 2023 Prop8rty & land maintenance Bank charges Insurance Governancè costs 914 63 96 2,400 3,110 67 3,473 3,177 Analysed between: Support costs 3,473 3,177 Trustees During the year, no TTuslees received any remuneration or other benefits {2023= £NilJ. During Ihe year ended 31 March 2024, no Trustee expenses have been incurred (2023.. £Nil). 11
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Gains and losses on Inve8tments Endowment Endowment funds 2024 funds 2023 Gainsl(losses) arislng on.. Revaluation of investments Revaluation of Investment properties 48,495 10,200 (59,113) 58,695 (59,113) Taxation The charlly Is exempt from taxatlon on its activities ber2use all ils Income is applied for chaiilable purposes. Inve8tmant proparty 2024 Falr value At 1 April 2023 Nel gains or losses through fair value adjustments 150,000 10,200 At 31 March 2024 160,200 10 Flxed asset Investmehts Unlistsd Invtt6tments Cost or valuatlon At 1 April 2023 Valuation changes 814,030 48.495 Al 31 March 2024 862.525 Carrying amount Al 31 March 2024 862,525 Al 31 March 2023 814,030 12-
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Credltors: amounts falllng due wlthin one year 2024 2023 Amounls owed to f811ow group undertakings Accruals and defèrred incom8 2,078 7,083 2,078 2,165 9,161 4,243 12 Endowment funds Endowment funds r8pres8nl assets whlch mu81 be held permanently by the Trust. Income arising on the endowment funds can be used In accordance with the obj8Cts of the Trust and is Included as unrestricted Income. Any capital gains or losses arlslng on the assets form part of the fund. At 1 Aprll 2023 Galn8 and At 31 March 108se8 2024 P6rmanent endowmont8 4,029 58,695 1,022,724 Pravlous year: At 1 April 2022 Gains and At 31 March losses 2023 Pemianent andowments 1.023,142 (59,113) 964,029 13 Restrlcted funds The restricted funds of the charily comprise Ihe unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 Aprll 2023 Incomlng resources Resources At 31 MarGh expended 2024 R6strl¢tad funds 65,674 28,021 (8,5361 85,159 Prevlous year: At 1 Aprll 2022 Incoming resources Resources At 31 March expended 2023 Restricted funds 48,930 28.021 (11,27n 65,674 13-
TEWKESBURY EDUCATION TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Analysis of net assets between funds Rastrlcted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024.. Investment propertie5 Investments Current asset81(Ilabillties) 160.200 862,525 (1) 160,200 862,525 85,158 85,159 85,159 1,022,724 1,107,883 Restrl¢ted Endowm8nt fund8 funds 2023 2023 Totsl 2023 At 31 March 2023: Investment properties Inveslmenls Current ass8lsl(liabillliesl 150,000 814,030 150,000 814,030 65,673 65,673 65,673 964,030 1,029,703 14-