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2021-03-31-accounts

COWLEY'S ENDOWED SCHOOLS FOUNDATION

CHARITY COMMISSION REGISTERED NO. 527291

FINANCIAL STATEMENTS

for the year ended

31 March 2021

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Annual Report

for the year ended 31 March 2021

INDEX

1 Legal and Administrative Information
2 to 4 Trustees' Annual Report
5 Independent Examiner's Report
6 Statement of Financial Activities
7 Balance Sheet
8 to 14 Notes to the Financial Statements
15 Schedule to the Financial Statements

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Legal and Administrative Information

for the year ended 31 March 2021

Cowley's Endowed School Foundation - Registered Charity No. 527291

Representatives

Donington Parish Council

Mr. J.R. Wray, 'The Northings', Northorpe Road, Donington, Spalding, PE11 4XY (Chair) Mr. R. Marshall, Bank House Farm, Quadring Bank, Quadring, Spalding, PE11 4RD Mr. S.P. Lovell, Beck Farm, Donington Northorpe, Donington, Spalding, PE11 4XY Mrs. E. Wray, Northorpe Farn, Donington, PE11 4XY (Appointed 14 November 2019)

Lincolnshire County Council

Mrs. S. Thorold, 1a Northorpe Road, Donington, Spalding, PE11 4XU Mrs. J. King, Lake View, Pinder Lane, Quadring Road, Donington, Spalding, PE11 4SN

Co-optative

Mrs. J.C. Stanley, 45 Towndam Lane, Donington, Spalding, PE11 4TR Mr. J. Pearson, 90 Bicker Road, Donington, Spalding, PE11 4XR Mr. M. Rollinson, 9 Bicker Road, Donington, PE11 4XP (Vice-Chair)

Ex Officio Governor

The Revd C P Robertson, The Rectory, Church Lane, Swineshead, Boston, PE20 3HY

Clerk to the governors

Mr. P. Skells, Dembleby House, 12 Broad Street, Spalding, Lincs, PE11 1ES

Bankers

Lloyds Bank Plc., Hall Place, Spalding, Lincs. PE11 1SP

Solicitors

Chattertons, Dembleby House, 12 Broad Street, Spalding, Lincs, PE11 1ES

Independent examiner

Mr. K.J. Maggs, B.A., F.C.A., Moore Thompson, Bank House, Broad Street, Spalding, PE11 1TB

Investment managers

Money Minder Financial Services (UK) Limited, The Ale House, 41 Boston Road, Sleaford, Lincs., NG34 7ER

Investment Sub-committee

Mr. R. Marshall Mr. J.R. Wray Mr. M. Rollinson

Grants Sub-committee

Mr. J. Pearson Mrs. S. Thorold Mrs. J. C. Stanley

1

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Trustees' Annual Report

for the year ended 31 March 2021

The trustees present the charity's accounts and report for the year ended 31 March 2021.

Principal address

The principal address of the charity is Dembleby House, 12 Broad Street, Spalding, Lincs, PE11 1ES.

Governing document

The charity is governed by a scheme made by the Minister of Education under the Charitable Trusts Act 1853 to 1925 sealed on 15 August 1957. Varied by a scheme and sealed 22 April 1968, further varied by a scheme of 10 May 1971, and amended on 14 November 2019.

Governing body

The body of governors of the foundation shall, when complete, consist of not less than twelve or more than fourteen persons made up as follows:

One ex officio Governor, being the Vicar of Donington,

No less than eleven or more than thirteen Representative Governors, being four by the Parish Council of Donington, one by South Holland District Council, one by Lincolnshire County Council, one by the Governors of the Thomas Cowley High School, one by the Governors of the Donington Cowley Endowed Primary School,

No less than three nor more than five Co-optative Governors to be appointed by resolution of the governors.

County Council governors shall be appointed for a term of office, whilst other representative governors shall be appointed for a term of three years, and the Co-optative Governors for a term of five years.

The governors shall hold ordinary or stated meetings at least twice in each year. There shall quorum when five Governors are present and every matter shall be determined by the majority of the Governors present and voting on the question.

Head Masters Tenure and Official Residence

The Headmaster of Cowley's Secondary School, Donington, shall dwell in the residence, if any, assigned for him. The occupation and use of the residence and of any other property of the Foundation occupied by him as Headmaster shall be had by him in respect of his official character and duties, and not as tenant, and, if he is removed from his office, he shall relinquish all claim to the Mastership and its future emoluments, and shall deliver up possession of the residence and other property to the Governors, or as they direct. He shall not, except with the permission of the Governors, permit any person not being a member of his family to occupy the residence of any part thereof.

Nominees attend a trustees meeting where they are given an insight into how the charity operates. Prior to nomination, all candidates are made aware of the objects of the charity.

Objects and public benefit

The principal objects of the charity is to provide additional funds for educational purposes beyond those normally provided by the Local Education Authority. The benefits are distributed as the trustees see fit in the Parish of Donington and the surrounding area, in accordance with the scheme of the Charity. This enables the Parish society to benefit in both the short and long term from the local children receiving a more rounded education.

2

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Trustees' Annual Report (continued)

for the year ended 31 March 2021

Review of the activities

The trustees are satisfied with the progress of the charity and believe that it continues to meet its objects.

The results of the charity for the year are shown on page 6.

The charity is funded by investment income. During the year, the charity distributed £68,315 in direct charitable expenditure and other distributions. The charity is expected to continue providing such assistance for the foreseeable future.

During the current year, the fair value of the various investments held to generate the above funds has decreased by £254,443 to give a fair value of £2,016,823 at 31 March 2021.

Grant making policy

Beneficiaries are invited to apply for grants and as long as they comply to the Scheme of the charity, will be accepted. The term beneficiaries applies to persons of either sex who have not attained the age of 25 years, who are in the opinion of the Governors, in need of financial assistance, who are resident or have resided for a period of not less than two years in the Parish of Donington or in any of the neighbouring parishes, and who are about to attend, are attending, or have not for less than two years attended, one or other of the Schools of the Foundation.

Investment review and policy

The investments are managed by Money Minder who have been asked to try and maximise income from the portfolio whilst maintaining the market value in order to enable the trustees to sustain the current levels of grant awards.

Listed investments

The Governors meet with Money Minder twice yearly to review the performance of the investment managers and ensure investments are in medium to low risk funds as shown in the schedule on page 15.

GHC Capital Markets

The portfolio is managed by Money Minder (UK) Limited, and administered by GHC Capital Markets, and shows an average revenue yield of 3.52% (2020 - 4.51%) based on fair value and 4.02% (2020 -4.31%) based on the investment cost.

The overall increase to the fund is 14.14% (2020 - decrease 12.17%)

Standard Life Wrap Investment

The portfolio is also managed by Money Minder (UK) Limited, and administered by Standard Life, and shows an average revenue yield of 3.36% (2020 - 4.6%) based on fair value, reflected an increase in value of 15.84% (2020 - decrease in value of 15.84%) based on the investment cost. The overall increase in value from initial investment cost is 372%.

Risk assessment

The trustees have assessed the risks facing the charity. They believe the risks are minimal in that the major income is received from charity based unit trusts and the investments provide a balance of income and capital growth. Due to the negligible nature of the risks, no further actions are considered necessary.

Reserves policy

The Trustees maintain a reserve fund to cover the cost of tree maintenance work on the Foundation's sites and currently deposit £1,000 per annum into this fund.

3

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Trustees' Annual Report (continued)

for the year ended 31 March 2021

Covid-19 and Going Concern

Due to Covid 19 restrictions the Trustees have not met in person during the year, but have held an annual general meeting on Zoom. Communication has been maintained on a regular basis between the Trustees and their Clerk by e-mail.

The Trustees have considered the impact of Covid 19 on the operation of the foundation. The grant making activities of the Foundation do not involve any direct contact with members of the public and so there are no safeguarding issues. The main possible effect is on the performance of the investment portfolio. The value of the portfolio fell in March 2020 inline with the stock market, but has since recovered.

The Trustees have been in regular contact with their financial advisor, Moneyminder Financial Services (UK) Ltd, for advice about any possible changes to the investments in order to preserve the capital and maintain levels of income, which fund grant making. They had been advised that income may be reduced during the 2020/21 yar and possibly thereafter. However, due to an administrative error by ghc Capital, some dividends earned were not paid to the Foundation. These accumulated arrears of dividends amounting to £21,547were paid in September 2020 and counterbalanced the reduction in current dividends for the year. The Trustees will continue to monitor the performance of the portfolio and the dividends received during the 2021/22 year and thereafter.

Signed on behalf of the trustees

J. R. Wray (Chairman)

Dated: 22 July 2021

4

Independent Examiner's Report to the Trustees of

COWLEY'S ENDOWED SCHOOLS FOUNDATION

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021, which are set out on pages 6 to 15.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carrier out under section 145 of the act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records.

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

K. J. Maggs F.C.A.,B.A. Moore Thompson Chartered Accountants Spalding

Dated: 26 July 2021

5

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Statement of Financial Activities

for the year ended 31 March 2021

General
Notes
Fund
£
Income from:
Investments
2
65,934
Total income
65,934
Expenditure on:
Raising funds
3
14,888
Charitable activities
4
74,363
Total expenditure
89,251
6 & 7
-
Net movement in funds
(23,317)
Reconciliations of funds:
Brought forward
20,274
Carried forward
(3,043)
Gains / (losses) on investment assets		 Permanent
Endowment
£
-
-
-
-
-
254,443
254,443
8,766,748
9,021,191
2021		 Total
£
65,934
65,934
14,888
74,363
89,251
254,443
231,126
8,787,022
9,018,148		 2020
Total
£
85,468
85,468
15,757
70,796
86,553
(292,577)
(293,662)
9,080,684
8,787,022

6

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Balance Sheet

at 31 March 2021

Notes
Fixed assets - Permanent Endowment
Land and property
5
Investments
6
Wrap Investments
7
Current assets
Lloyds current account
Lloyds business instant access
Cash held by investment managers
8
Net current assets
Total assets less current liabilities
Accumulated funds
12
Permanent endowment
Unrestricted funds
11
Creditors: Amounts falling due
within one year		 £
£
6,948,182
1,042,687
974,136
8,965,005
27,850
1,008
25,407
54,265
(1,122)
53,143
9,018,148
9,021,191
(3,043)
9,018,148
2021		 £
£
6,948,182
899,243
813,138
8,660,563
22,076
4,626
100,825
127,527
(1,068)
126,459
8,787,022
8,766,748
20,274
8,787,022
2020		 £
£
6,948,182
899,243
813,138
8,660,563
22,076
4,626
100,825
127,527
(1,068)
126,459
8,787,022
8,766,748
20,274
8,787,022
2020
8,660,563
126,459
8,787,022
8,766,748
20,274
8,787,022

We approve these financial statements and confirm that we have made available all relevant records and information for their preparation.

ON BEHALF OF COWLEY'S ENDOWED SCHOOL FOUNDATION

J. R. Wray (Chairman)

Mr. R. Marshall (Vice Chairman)

Dated: 22 July 2021

Dated: 22 July 2021

7

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Notes to the Financial Statements

for the year ended 31 March 2021

1. Accounting policies

The charity is an unincorporated charity registered in England and Wales with the Charity Commission, registration number 527291. The charity's registered address is Dembleby House, 12 Broad Street, Spalding, PE11 1ES.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Charities Act 2011.

All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed for the tax recoverable.

Investment income is recognised in the accounts in the period in which the charity is entitled to receipt.

Income in respect of any designated funds is allocated to the relevant fund on an actual earned basis.

Income from operating leases is brought into the Statement of Financial Activities on a straight line basis over the term of the lease.

Expenditure is included in the Statement of Financial Activities on an accruals basis and has been allocated as detailed below:

Costs of generating funds includes the costs of the activities defined by the charity's aims for the benefit stated in the charity's objects.

Support costs are allocated on a best estimate of time spent on the particular activities.

Governance costs include the costs which relate to the general running of the charity as opposed to the direct management function inherent in generating funds and program as project works.

Grants payable are recognised in the Statement of Financial Activities when they have been approved by the trustees and all conditions for payment have been satisfied.

The land and property is a permanent endowment and has been included in the accounts at its fair value.

Quoted investments are valued at the mid market price at the close of business at the year end.

The Permanent Endowment fund represents those assets which must be held permanently by the charity. Income arising from the endowment funds, primarily the land and property at Donington can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the property form part of the fund.

General fund are unrestricted funds which are available for use at the discretion of the trustees in the furtherance of the general objects of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

8

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Notes to the Financial Statements (continued)

for the year ended 31 March 2021

2. Investments

Bank interest
Dividends
Wrap income
Wayleave
Raising Funds
Wrap investment management charges
Investment managers fees
Clerk's fees
Charitable Activities
Charitable activities:
Grants to former pupils
Vicar & Churchwardens Charity
Grants to Guides, Brownies and Rainbows
School grants:
Donington Secondary
Donington Primary
Repair and maintenance - Tree fund
Support costs:
Stationery, postage, insurance and sundries
Clerk's salary
Governance costs:
Independent examiners fees
Clerk's fees
Legal and professional fees		 2021
£
1,741
34,141
30,017
35
65,934
2021
£
11,269
144
3,475
14,888
2021
£
650
45
3,000
40,000
20,000
4,620
68,315
1
3,540
3,541
1,122
1,385
-
2,507
74,363		 2020
£
775
43,716
40,942
35
85,468
2020
£
12,210
72
3,475
15,757
2020
£
900
45
3,000
40,000
20,000
-
63,945
22
3,540
3,562
1,068
1,385
836
3,289
70,796

3. Raising Funds

4. Charitable Activities

9

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Notes to the Financial Statements (continued)

for the year ended 31 March 2021

5. Land and property at Donington - Permanent endowment

The original cost of these properties is not known. They comprise a pair of semi-detached houses, built over 100 years ago, which are in good structural and decorative repair.

The school took over the occupancy of the cottages, under a formal lease agreed in November 2013, to utilise as administrative facilities. The school pay nominal rent but took over all related costs of running and maintaining the cottages.

This land is at the rear of Cowley House and was formerly used as a garden for the senior school. It is still used in part as tennis courts.

This land is the site of the primary school.

This land is bounded by School Lane, Badgate and Quadring Road.

These premises, in School Lane, Donington were let to the Trustees of the Donington Youth Club but this lease was surrendered on 21 July 2010 and the School now occupies and maintains the building.

On site premise.

All the land and property above were re-valued at 1st April 2010 in accordance with the requirements of the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards, 5th edition. The valuation conducted by R. A. Butler MRICS of Mouchel Business Services Limited amounted to £6,948,182.

The trustees are of the opinion that the costs of obtaining a professional valuation exceeds any benefit as no disposal would be expected. The trustees are of the opinion that there is no material difference in the current fair value.

6. Investments - Permanent Endowment

Investments- Permanent Endowment
Fair value at 1 April 2020
Gain / (loss) on revaluation
Fair value at 31 March 2021		 2021
£
899,243
143,444
1,042,687		 2020
£
1,038,758
(139,515)
899,243

See the schedule on page 15 for a breakdown of the investments held at 31 March 2021.

10

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Notes to the Financial Statements (continued)

for the year ended 31 March 2021

7. Wrap Investments - Permanent Endowment

Wrap Investments- Permanent Endowment
Fair value at 1 April 2020
Additions at cost
Disposal proceeds
Gain / (loss) on revaluation
Fair value at 31 March 2021		 2021
£
813,138
122,523
(72,524)
110,999
974,136		 2020
£
966,200
65,224
(65,224)
(153,062)
813,138

See the schedule on page 15 for a breakdown of the investments held at 31 March 2021.

8. Current liabilities
Independent examiner's fees		 2021
£
1,122
1,122		 2020
£
1,068
1,068

9. Related party transactions

The charity is controlled by the trustees as a body and no individual does or could exert control.

10. Trustees' remuneration and expenses

No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.

No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.

11

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Notes to the Financial Statements (continued)

for the year ended 31 March 2021

**11. ** Unrestricted funds
Designated fund:
Tree fund
General fund
Designated fund:
Tree fund
General fund
2021
2020		 Balance at
31 March
2020
£
3,624
16,650
20,274
Balance at
1 April 2019
£
2,624
18,735
21,359		 £
(3,616)
(19,701)
(23,317)
£
-
(1,085)
(1,085)
Net
movement in
resources
Net
movement in
resources		 £
-
-
-
£
-
-
-
Revaluation
Revaluation

 £
1,000
(1,000)
-
£
1,000
(1,000)
-
Designations
during the
year
Designations
during the
year		 Balance at
31 March
2021
£
1,008
(4,051)
(3,043)
Balance at
30 March
2020
£
3,624
16,650
20,274

Designated - Tree fund

During the year, the trustees decided that the Lloyds business instant access account should be designated as a Tree Maintenance Fund. The intention is to transfer £1,000 per annum into the account in order to build up the reserve.

12

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Notes to the Financial Statements (continued)

for the year ended 31 March 2021

**12. ** Fund analysis
2021
Fixed assets:
Land and property
Investments
Wrap Investment
Current assets:
Cash at bank
Creditors: Amounts falling due within one year
Fixed assets:
Land and property
Investments
Wrap Investment
Current assets:
Cash at bank
Creditors: Amounts falling due within one year
2020		 General
Fund
£
-
-
-
-
(1,921)
(1,122)
(3,043)
General
Fund
£
-
-
-
-
21,342
21,342
(1,068)
20,274		 £
6,948,182
1,042,687
974,136
8,965,005
56,186
-
9,021,191
£
6,948,182
899,243
813,138
8,660,563
106,185
106,185
-
8,766,748
Permanent
Endowment
Permanent
Endowment		 Total Funds
£
6,948,182
1,042,687
974,136
8,965,005
54,265
(1,122)
9,018,148
Total Funds
£
6,948,182
899,243
813,138
8,660,563
127,527
127,527
(1,068)
8,787,022
**13. ** Fund comparatives
Statement of Financial Activities - 2020
Income from:
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Gains on investment assets
Net deficit		 General
Fund
£
85,468
85,468
15,757
70,796
86,553
-
(1,085)		 £
-
-
-
-
-
(292,577)
(292,577)
Permanent
Endowment		 Total Funds
£
85,468
85,468
15,757
70,796
86,553
(292,577)
(293,662)

13

COWLEY'S ENDOWED SCHOOLS FOUNDATION

Schedule to the Financial Statements

for the year ended 31 March 2021

Cost
Holding
£
Charities Property Fund
241,904
200,000.0000
BNY Mellon Newton Global
1,906
1,831.6040
Charity Equity Fund
123,171
58,105.1400
Charities Official Investment Fund
Income Shares
97,921
14,015.5400
M & G Charifund
100,197
14,752.8510
M & G Charibond
97,511
75,259.0960
Standard Life Wrap Investment
974,114		 Fair Value
at 31/03/21
£
247,910
3,612
230,271
250,735
217,222
92,937
1,042,687
974,136
2,016,823		 Fair Value
at 30/03/20
£
254,460
2,898
163,333
209,489
176,366
92,697
899,243
813,138
1,712,381

14