COWLEY'S ENDOWED SCHOOLS FOUNDATION
CHARITY COMMISSION REGISTERED NO. 527291
FINANCIAL STATEMENTS
for the year ended
31 March 2022
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Annual Report
for the year ended 31 March 2022
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 13 | Notes to the Financial Statements |
| 14 | Schedule to the Financial Statements |
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Legal and Administrative Information
for the year ended 31 March 2022
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. S.P. Lovell, Beck Farm, Donington Northorpe, Donington, Spalding, PE11 4XY Mr. R. Marshall, Bank House Farm, Quadring Bank, Quadring, Spalding, PE11 4RD Mrs. E. Wray, Northorpe Farn, Donington, PE11 4XY
Lincolnshire County Council
Mrs. J. King, 15 High Street, Donington, Spalding, PE11 4SN. (Appointed May 2021) Mr. J. Pearson, 90 Bicker Road, Donington, Spalding, PE11 4XR. (Retired December 2021) Mrs. S. Thorold, 1a Northorpe Road, Donington, Spalding, PE11 4XU. (Retired December 2021)
Co-optative
Mr. M. Rollinson, 9 Bicker Road, Donington, PE11 4XP. (Vice-Chair) Mrs. J.C. Stanley, 45 Towndam Lane, Donington, Spalding, PE11 4TR Mr. J. Pearson, 90 Bicker Road, Donington, Spalding, PE11 4XR. (Appointed November 2021) Mrs. S. Thorold, 1a Northorpe Road, Donington, Spalding, PE11 4XU. (Appointed November 2021)
Ex Officio Governor
The Revd C P Robertson, The Rectory, Church Lane, Swineshead, Boston, PE20 3HY. (Vicar of Donington) Mr. P.C. Slator, 12 Maltings Lane, Donington, Spalding, PE11 4XA. (High School). (Appointed July 2021) Mr. R. Cole, 46 Quadring Road, Donington, Spalding, PE11 4TD. (Primary School). (Appointed July 2021)
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 2022
The trustees present the charity's accounts and report for the year ended 31 March 2022.
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.
Trustees
During the year Mr P Slator and Mr R Cole were appointed as new Trustees and Mr J Pearson and Mrs S Thorold were reappointed as co-optative Trustees following the expiry of their terms of appointment by Lincolnshire County Council.
The full details of the charity's trustees throughout the year are shown on page 1.
2
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Trustees' Annual Report (continued)
for the year ended 31 March 2022
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.
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 £64,820 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 increased by £133,448 to give a fair value of £2,149,320 at 31 March 2022.
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 3.02% (2021 - 3.52%) based on fair value and 4.14% (2021 - 4.02%) based on the investment cost.
The overall growth to the fund is 8.51% (2021 - decrease 14.14%)
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 3.45% (2021 - 3.36%) based on fair value, reflected a increase in value of 6.80% (2021 - 15.84%) based on the investment cost. The overall increase in value from initial investment cost is 1.14%.
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.
3
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Trustees' Annual Report (continued)
for the year ended 31 March 2022
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.
Covid-19 and Going Concern
The Trustees have continued to review 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 Foundation's investment portfolio has largely recovered the losses made in March 2020 in line with the stock market at the start of the pandemic. The Trustees remain in regular contact with their financial advisor, Moneyminder Financial Services (UK) Ltd for advice on any possible changes to the investments in order to preserve the capital and maintain the income which funds grant making.
Playing fields
During the year, a meeting was held with all interested parties to try and co-ordinate the use of the playing field at the rear of the Primary School. Further consideration was given to the long term future of the tennis court site.
Thomas Cowley High School
At the beginning of 2022, the Thomas Cowley Academy Trust indicated that it intended to merge with the South Lincolnshire Academy Trust which already operates three other secondary schools in South Lincolnshire. Steps are being taken to arrange a meeting with representatives of the School and South Lincolnshire Academy Trust to consider how this change of status may affect the Foundation's Activities.
Signed on behalf of the trustees
J. R. Wray (Chairman)
Date: 6 August 2022
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 2022, which are set out on pages 6 to 14.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records.
-
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: 15 August 2022
5
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Statement of Financial Activities
for the year ended 31 March 2022
----- Start of picture text -----
2022 2021
General Permanent
Notes Fund Endowment Total Total
£ £ £ £
Income from:
Investments 2 71,621 - 71,621 65,934
Total income 71,621 - 71,621 65,934
Expenditure on:
Raising funds 3 16,026 - 16,026 14,889
Charitable activities 4 70,885 - 70,885 74,362
-
Total expenditure 86,911 86,911 89,251
Gains on investment assets 6 & 7 - 133,448 133,448 254,443
Net movement in funds (15,290) 133,448 118,158 231,126
Reconciliations of funds:
Brought forward (3,043) 9,021,191 9,018,148 8,787,022
Carried forward (18,333) 9,154,639 9,136,306 9,018,148
----- End of picture text -----
6
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Balance Sheet
at 31 March 2022
----- Start of picture text -----
Notes 2022 2021
£ £ £ £
Fixed assets - Permanent Endowment
Land and property 5 6,948,182 6,948,182
Investments 6 1,142,523 1,042,687
Wrap Investments 7 1,006,797 974,136
9,097,502 8,965,005
Current assets
Lloyds current account 25,137 27,850
Lloyds business instant access 5,628 1,008
Cash held by investment managers 9,179 25,407
39,944 54,265
Creditors: Amounts falling due
within one year 8 (1,140) (1,122)
Net current assets 38,804 53,143
Total assets less current liabilities 9,136,306 9,018,148
Accumulated funds 12
Permanent endowment 9,154,639 9,021,191
Unrestricted funds 11 (18,333) (3,043)
9,136,306 9,018,148
----- End of picture text -----
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) Date: 13 July 2022
Mr. M. Rollinson (Vice Chairman)
Date: 13 July 2022
7
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Notes to the Financial Statements
for the year ended 31 March 2022
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.
- (a) Basis of preparation of financial statements.
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.
- (b) Incoming resources
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
Income in respect of any designated funds is allocated to the relevant fund on an actual earned
Income from operating leases is brought into the Statement of Financial Activities on a straight line basis over the term of the lease.
- (c) Resources expended
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.
- (d) Land and property
The land and property is a permanent endowment and has been included in the accounts at its fair value.
- (e) Investments
Quoted investments are valued at the mid market price at the close of business at the year end.
- (f) Fund accounts
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
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 2022
----- Start of picture text -----
2. Investments
2022 2021
£ £
Bank interest 1,769 1,741
Dividends 33,098 34,141
Wrap income 36,719 30,017
Wayleave 35 35
71,621 65,934
3. Raising Funds
2022 2021
£ £
Wrap investment management charges 12,407 11,270
Investment managers fees 144 144
Clerk's fees 3,475 3,475
16,026 14,889
4. Charitable Activities
2022 2021
£ £
Charitable activities:
Grants to former pupils 1,500 650
Vicar & Churchwardens Charity 20 45
Grants to Guides, Brownies and Rainbows 3,000 3,000
School grants:
Donington Secondary 40,000 40,000
Donington Primary 20,000 20,000
Repair and maintenance - Tree fund 300 4,620
64,820 68,315
Support costs:
Clerk's salary 3,540 3,540
3,540 3,540
Governance costs:
Independent examiners fees 1,140 1,122
Clerk's fees 1,385 1,385
2,525 2,507
70,885 74,362
----- End of picture text -----
9
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Notes to the Financial Statements (continued)
for the year ended 31 March 2022
5. Land and property at Donington - Permanent endowment
a) 1 and 2 Virginia Cottages
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.
- b) Land of 1.895 acres (approximately)
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.
- c) Land at Town Dam Lane
This land is the site of the primary school.
- d) Playing field
This land is bounded by School Lane, Badgate and Quadring Road.
-
e) Main Secondary School Site
-
f) Youth Club Premises
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
- g) Headmaster's House
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
| Fair value at 1 April 2021 Gain on revaluation Fair value at 31 March 2022 |
2022 £ 1,042,687 99,836 1,142,523 |
2021 £ 899,243 143,444 1,042,687 |
|---|---|---|
See the schedule on page 14 for a breakdown of the investments held at 31 March 2022.
10
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Notes to the Financial Statements (continued)
for the year ended 31 March 2022
7. Wrap Investments - Permanent Endowment
| Fair value at 1 April 2021 Additions at cost Disposal proceeds Gain on revaluation Fair value at 31 March 2022 |
2022 £ 974,136 43,491 (44,442) 33,612 1,006,797 |
2021 £ 813,138 122,523 (72,524) 110,999 974,136 |
|---|---|---|
See the schedule on page 14 for a breakdown of the investments held at 31 March 2022.
| 8. | Current liabilities 2022 2021 £ £ Independent examiner's fees 1,140 1,122 |
|---|---|
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 2022
----- Start of picture text -----
11. Unrestricted funds
2022 Balance at Net Designations Balance at
31 March movement in during the 31 March
2021 resources Revaluation year 2022
£ £ £ £ £
Designated fund:
Tree fund 1,008 1,004 - 1,000 3,012
General fund (4,051) (16,294) - (1,000) (21,345)
- -
(3,044) (15,290) (18,333)
2021 Balance at Net Designations Balance at
31 March movement in during the 30 March
2020 resources Revaluation year 2021
£ £ £ £ £
Designated fund:
Tree fund 3,624 (3,616) - 1,000 1,008
General fund 16,650 (19,701) - (1,000) (4,051)
- -
20,274 (23,317) (3,043)
----- End of picture text -----
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 2022
| **12. ** | Fund analysis 2022 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 2021 |
General Fund £ - - - - (16,359) (1,122) (17,481) General Fund £ - - - - (1,921) (1,921) (1,122) (3,043) |
£ 6,948,182 1,142,523 1,006,797 9,097,502 56,303 (18) 9,153,787 £ 6,948,182 1,042,687 974,136 8,965,005 56,186 56,186 - 9,021,191 Permanent Endowment Permanent Endowment |
Total Funds £ 6,948,182 1,142,523 1,006,797 9,097,502 39,944 (1,140) 9,136,306 Total Funds £ 6,948,182 1,042,687 974,136 8,965,005 54,265 54,265 (1,122) 9,018,148 |
|---|---|---|---|---|
13. Fund comparatives
| Statement of Financial Activities - 2021 Income from: Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Gains on investment assets Net income / (expenditure) |
General Fund £ 65,934 65,934 14,889 74,362 89,251 - (23,317) |
£ - - - - - 254,443 254,443 Permanent Endowment |
Total Funds £ 65,934 65,934 14,889 74,362 89,251 254,443 231,126 |
|---|---|---|---|
13
COWLEY'S ENDOWED SCHOOLS FOUNDATION
Schedule to the Financial Statements
for the year ended 31 March 2022
----- Start of picture text -----
Fair Value Fair Value
Cost Holding at 31/03/22 at 30/03/21
£ £ £
Charities Property Fund 241,904 200,000.0000 273,896 247,910
BNY Mellon Newton Global 2,101 1,985.4080 4,148 3,612
Cazenove Charity Equity Fund 123,171 58,105.1400 266,528 230,271
Charities Official Investment Fund
Income Shares 97,921 14,015.5400 276,229 250,735
M & G Charifund 100,197 14,752.8510 233,052 217,222
M & G Charibond 97,511 75,259.0960 88,670 92,937
1,142,523 1,042,687
Standard Life Wrap Investment 995,214 1,006,797 974,136
2,149,320 2,016,823
----- End of picture text -----
14