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2021-07-31-accounts

Charity Registration No. 527523

SEBRIGHT'S EDUCATIONAL FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

SEBRIGHT'S EDUCATIONAL FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Governors P J Smith (Chairman)
Professor J R Bryson
C D Nicholls
T Botterill
Miss E Griffin
C A Sherrey (Deputy Chairman)
R S Sherrey
A Constantinou
W F McFarland
Mr P B Copsey (Appointed 28 July 2021)
Chapel Fund Committee P J Smith
Miss E Griffin
A Constantinou OWA Representative
Charity number 527523
Clerk to the Governors Reverend Justin T Parker
mfg Solicitors LLP
Adam House
Birmingham Road
Kidderminster
Worcestershire
DY10 2SH
Independent examiner Sandra Garrington (F.C.A., F.C.C.A., C.T.A.)
Price Pearson
Finch House
28-30 Wolverhampton Street
Dudley
West Midlands
DY1 1DB
Bankers HSBC Bank Plc
31 Church Street
Kidderminster
Worcestershire
DY10 2AY
Solicitors mfg Solicitors LLP
Adam House
Birmingham Road
Kidderminster
Worcestershire
DY10 2SH

SEBRIGHT'S EDUCATIONAL FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Investment advisers CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET Property advisers Phipps & Pritchard 1 High Street Stourport-on-Severn Worcestershire DY13 8DJ Accountants Price Pearson Finch House 28-30 Wolverhampton Street Dudley West Midlands DY1 1DB

SEBRIGHT'S EDUCATIONAL FOUNDATION

CONTENTS

Page
Governors report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the accounts 7 - 19

SEBRIGHT'S EDUCATIONAL FOUNDATION

GOVERNORS REPORT FOR THE YEAR ENDED 31 JULY 2021

The Governors present their report and accounts for the year ended 31 July 2021.

The legal and administrative information forms part of this report.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation'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)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

The Foundation’s objects are:

The Foundation’s area of benefit comprises the Ancient Parish of Wolverley and the Privileged Worcestershire Area, the boundaries of both of which are set out on maps approved by the Charity Commissioners and held at the Clerk’s office.

In setting the objectives, reviewing the grant making policy and in planning future activities the Governors have given careful consideration to the duty in Section 17 (5) of the Charities Act 2011 to have due regard to the Charity Commissions general guidance on public benefit.

Grant making policy

The Governors invite applications for financial assistance for further education grants and bursaries to assist with the payment of school fees. Grants were considered by the Grants and Scholarships Committee and awards made after consideration by the Governors of the recommendations of that Committee. Applications for grants from schools and other charitable educational organisations were considered by the Finance and General Purposes Committee and awards made by the Governors after consideration of recommendations of that Committee and in respect of schools after consultation with School Governors.

The Governors after careful consideration, have allocated all income during the year ended 31 July 2021 and consider that the objects of the Foundation have been achieved.

Achievements and performance

In accordance with the obligations imposed on it by the scheme in the period under review, all the available income has been expended for educational purposes and governance. Consequently it is felt that the Foundation has been effective and fulfilled its main purposes.

There have been no major changes in aims or organisation during the year.

Financial review

The total incoming resources and resources allocated for the year are shown in the Statement of Financial Activities on page 5. The total incoming resources amounted to £183,422 all of which was expended during the year. Further details of the expenditure can be found in the notes to the accounts. During the year, the Foundation has assisted individuals, schools and other organisations. Institutions in receipt of grants to the value of £1,000 or more are shown in note 5 to the accounts.

SEBRIGHT'S EDUCATIONAL FOUNDATION

GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Reserves policy

Apart from the power contained in Clause 15 of the Scheme of 12 February 1973 to create a reserve fund for the purposes set out in that Clause, the Governors have no power to create reserves and are required by (a) the provisions of the before mentioned Scheme and of the Scheme of 23 December 1980 (in particular Clause 3 of the latter scheme) and (b) the Charity Commissioners, to expend the whole of the annual income of the Foundation in the year in which it arises.

As regards the power contained in the before mentioned Clause 15 the Governors have not in the past considered nor do they now consider it prudent to exercise the power.

Investment policy

The Governors investment policy is to maintain capital growth and income and to invest at low to medium risk. The investments are managed by an investment company.

Details of investment assets are shown in note 11 to the accounts. The value of investment assets of the Foundation at 31 July 2021 amounted to £6,717,995 which compares with a figure of £5,837,060 at 31 July 2020. The Governors are satisfied with the performance of the Foundation’s investments, bearing in mind market conditions prevailing.

Risk factors

The Governors have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for the future

No changes to the investment strategy are envisaged and similar levels of income are anticipated for the year to 31 July 2022.

Structure, governance and management

The Foundation is a charity registered with the Charity Commissioners number 527523 and is regulated by the provisions of a Scheme of the Commissioners dated the 12 February 1973 as amended by Schemes dated 23 December 1980, 8 May 2002, 27 November 2002,1 July 2015 and 5 July 2017.

The Governors are responsible for the administration of the Foundation (other than the Chapel Fund). There are two Committees namely, the Finance and General Purposes Committee and the Grants and Scholarships Committee which meet regularly and make recommendations to the Governors at their meetings. The Chapel Fund, in accordance with the provisions of Clause 17(2) of the Scheme of 12 February 1973, is administered by separate trustees.

SEBRIGHT'S EDUCATIONAL FOUNDATION

GOVERNORS REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

The body of Governors of the Foundation shall, when complete, consist of not more than twelve persons, that is to say;

6 representative governors and

not more than 6 co-opted governors

The Governors who served during the year were:

P J Smith (Chairman) Professor J R Bryson C D Nicholls Mrs J Hinksman (Retired 5 July 2021) T Botterill Miss E Griffin C A Sherrey (Deputy Chairman) R S Sherrey A Constantinou W F McFarland Mr P B Copsey (Appointed 28 July 2021)

The representative governors shall be appointed as follows:

1 by the Old Wolvernian Association 1 by the Council of Birmingham University

4 by the Wolverley and Cookley Parish Council, of whom 2 must represent the Cookley Ward and 2 the Wolverley Ward;

The co-opted governors shall be appointed by resolution of the Governors. A co-opted governor may vote on such resolution.

All new governors are provided with the following:

Asset cover for funds

Note 17 sets out an analysis of the assets attributable to the various funds and notes 15 and 16 provide a description of the funds. These assets are sufficient to meet the Foundation's obligations on a fund by fund basis.

The Governors r eport was approved by the Board of Governors.

P J Smith (Chairman)

Governor Dated: 1 December 2021

SEBRIGHT'S EDUCATIONAL FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE GOVERNORS OF SEBRIGHT'S EDUCATIONAL FOUNDATION

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2021 which are set out on pages 5 to 19.

Responsibilities and basis of report

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

I report in respect of my examination of the charity's accounts carried 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; or

  2. 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.

Sandra Garrington (F.C.A., F.C.C.A., C.T.A) Price Pearson

Finch House 28-30 Wolverhampton Street Dudley West Midlands DY1 1DB

Dated: 1 December 2021

SEBRIGHT'S EDUCATIONAL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general d esignated
Notes
£
£
£
£
Income from:
Investments
2
173,920
8,825
677
-
Expenditure on:
Charitable activities
3
173,920
8,825
677
-
Net gain on
investments
9
-
-
-
880,935
Net movement in funds
-
-
-
880,935
Fund balances at 1
August 2020
-
-
-
5,839,516
Fund balances at
31 July 2021
-
-
-
6,720,451		 Total
2021
£
183,422
183,422
880,935
880,935
5,839,516
6,720,451		 Total
2020
£
186,045
186,045
(17,184)
(17,184)
5,856,700
5,839,516

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

SEBRIGHT'S EDUCATIONAL FOUNDATION

BALANCE SHEET

AS AT 31 JULY 2021

2021
Notes
£
£
Fixed assets
Tangible assets
10
160
Investments
11
6,717,995
6,718,155
Current assets
Debtors
13
302
Cash at bank and in hand
117,079
117,381
Creditors: amounts falling due within
one year
14
(115,085)
Net current assets
2,296
Total assets less current liabilities
6,720,451
Capital funds
Endowment funds
6,720,451
(including revaluation reserve of £4,273,243, 2020: £3,392,308)
Income funds
Unrestricted funds - general
-
6,720,451		 2020
£
£
2,080
5,837,060
5,839,140
401
115,034
115,435
(115,059)
376
5,839,516
5,839,516
-
5,839,516

The accounts were approved by the Governors on 1 December 2021

P J Smith (Chairman) Governor

C A Sherrey (Deputy Chairman) Governor

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

Charity information

Sebright's Educational Foundation is a registered charity and is regulated by the provisions of a Scheme of the Commissioners dated the 12 February 1973 as amended by Schemes dated 23 December 1980, 8 May 2002, 27 November 2002,1 July 2015 and 5 July 2017.

1.1 Accounting convention

The accounts have been prepared in accordance with the Foundation'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)” (as amended for accounting periods commencing from 1 January 2019). The Foundation is a Public Benefit Entity as defined by FRS 102.

The Foundation 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 accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Foundation . Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Governors have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.

Designated funds comprise funds which have been set aside at the discretion of the Governors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

1.4 Incoming resources

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

The income from endowment funds is restricted, designated and unrestricted in nature. The restricted and designated funds are detailed in notes 15 and 16 respectively.

Dividends, interest and distributions on quoted investments are credited to the accounts at the time payment is due. Investment income from COIF is received and recorded net of management fees in accordance with the normal practice of investment managers.

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes irrecoverable VAT.

Expenditure on charitable activities includes bursaries and grants for further education that are charged against income in the year in which payment falls due. Other grants are charged against income in the year in which they are approved for payment. The expenditure also includes overhead costs and support costs which comprise costs for processing grants and applications, together with the governance costs.

Governance costs comprise costs involved in the public accountability of the Foundation and its compliance with regulation and good practice. 20% of clerks fees and disbursements and 20% of accountancy fees have been allocated to governance costs together with the direct cost of the independent examination.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website 20% p.a. straight line basis

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value based on mid market prices at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their carrying value. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.8 Impairment of fixed assets

At each reporting end date, the Foundation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation 's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Foundation transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation ’s contractual obligations expire or are discharged or cancelled.

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 S tudent grants repayable

Grants which will subsequently be repaid are treated as expenditure in the year in which they are advanced and repayments are treated as income in the year in which they are received.

2 Investments

Unrestricted Unrestricted Restricted
funds
funds
funds
general d esignated
£
£
£
Rental income
1,005
-
-
Income from listed investments
172,902
8,825
677
Interest receivable
13
-
-
173,920
8,825
677
For the period ended 31 July 2020
176,316
9,042
687		 Total
2021
£
1,005
182,404
13
183,422		 Total
2020
£
1,977
183,803
265
186,045
186,045

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

3 Support costs

Staff costs
Depreciation and impairment
Property expenses
Insurance
Clerk's fees & disbursements
Accountancy
Sundry expenses
Postage & stationery
Website & laptop costs
Grant funding of activities (see note 4)
Governance costs (see note 6)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds
For the year ended 31 July 2020
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds		 2021
£
9,968
1,920
11,281
2,139
4,354
3,744
45
492
1,800
35,743
144,455
3,224
183,422
173,920
8,825
677
183,422		 2020
£
9,727
1,920
16,383
2,200
5,378
4,128
102
456
2,040
42,334
140,134
3,577
186,045
176,316
9,042
687
186,045

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

4 Grants payable

Unrestricted
funds
Designated
funds
Restricted
funds
£
£
£
Grants to institutions (16 grants):
School capital and block grants
102,999
-
-
Other capital grants
(8,500)
-
-
Prizes
225
-
-
Church Fees
10
-
-
94,734
-
-
Grants to individuals (77 grants):
Further education grants
40,219
8,825
677
134,953
8,825
677		 2021
£
102,999
(8,500)
225
10
94,734
49,721
144,455		 2020
£
64,363
10,582
225
10
75,180
64,954
140,134

5 Grants payable analysis

Grants of £1,000 or more made to institutions

General Fund

School grants £
Wolverley CE Secondary School (2 grants) 27,500
St Catherine's CE Primary School (1 grant) 2,000
Comberton Primary School (1 grant) 5,000
Chaddesley Corbett Endowed School (1 grant) 2,000
Birchen Coppice Acadamy (1 grant) 5,000
Bewdley Primary School (1 grant) 2,500
Cookley Sebright Primary School (2 grants) 26,500
Wolverley Sebright Primary Academy (2 grants) 26,500
Stourport Primary Academy (1 grant) 2,000
Sutton Park Primary RSE Academy (1 grant) 1,500
Ridgewood High School (1 grant) 1,500

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

5 Grants payable analysis (Continued)
Grants of £1,000 or more made to individuals
Number of persons £
General Fund
Further education grants 17 24,560
Chapel Fund
Further education grants 4 8,825
Student grants repayable
2021 2020
£ £
Amounts outstanding brought forward 34,751 34,241
Advances during the year 6,650 4,000
41,401 38,241
Amounts recovered during the year (5,465) (3,490)
35,936 34,751

The charge for further education grants included in the revenue account is made up as follows:

Grants awarded
Less: Grants received		 2021
£
55,186
(5,465)
49,721		 2020
£
68,444
(3,490)
64,954

6 Governance costs

Governance
costs
£
Independent examination fee
1,200
Clerk's fees & disbursements
1,088
Accountancy
936
3,224		 2021
£
1,200
1,088
936
3,224		 2020 Basis of allocation
£
1,200 Governance 100%
1,345 Governance 20%
1,032 Governance 20%
3,577

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

7 Governors

None of the Governors (or any persons connected with them) received any remuneration or expenses during the year.

8 Employees

Number of employees

The average monthly number of employees during the year was:

Management and administration
Employment costs
Wages and salaries
There were no employees whose annual remuneration was £60,000 or more.
9
Net gains/(losses) on investments
Revaluation of investments
10
Tangible fixed assets
Cost
At 1 August 2020
At 31 July 2021
Depreciation and impairment
At 1 August 2020
Depreciation charged in the year
At 31 July 2021
Carrying amount
At 31 July 2021
At 31 July 2020		 2021
Number
1
2021
£
9,968
2021
£
880,935		 2020
Number
1
2020
£
9,727
2020
£
(17,184)
Website
£
23,777
23,777
21,697
1,920
23,617
160
2,080

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

11 Fixed asset investments

Cost or valuation
Market Value at 1
August 2020
Valuation changes
At 31 July 2021
Carrying amount
At 31 July 2021
At 31 July 2020
Historical cost:
At July 2021
At July 2020		 Land and
Buildings
COIF
Property
Fund Shares
£
£
196,000
420,922
-
27,224
196,000
448,146
196,000
448,146
196,000
420,922
-
466,923
-
466,923		 COIF
Income
Shares
£
5,220,138
853,711
6,073,849
6,073,849
5,220,138
1,791,776
1,791,776		 Total
£
5,837,060
880,935
6,717,995
6,717,995
5,837,060
2,258,699
2,258,699

Freehold land is situated in the Parish of Wolverley and is included at fair value. This is included at the Governors Assessment of value at the year end.

Cookley (part of) and Wolverley Sebright Primary Schools are properties of the Foundation but have not been included in the valuation of freehold properties since value would attach to them only in exceptional circumstances if they ceased to be used for educational purposes.

A Bible has been loaned indefinitely to Wolverley Church.

The historical cost of these assets cannot be easily identified.

For further information on the quoted investments see Note 20.

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

12
Financial instruments
Carrying amount of financial assets
Equity instruments measured at fair value
Carrying amount of financial liabilities
Measured at amortised cost
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Grants payable
Accruals and deferred income		 2021
£
6,717,995
115,085
2021
£
302
2021
£
107,080
8,005
115,085		 2020
£
5,837,060
115,059
2020
£
401
2020
£
91,222
23,837
115,059

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at 1
August
2020
Revaluation of
fixed asset
investment
Balance
£
£
J Edmonds Bequest Fund
20,174
3,112
H Oakes Music Prize Fund
283
43
Old Wolvernian Association Prize Fund
277
44
20,734
3,199		 at 31 July
2021
£
23,286
326
321
23,933

The income only from the above funds is restricted. The investments form part of the Permanent Endowment Funds of the Foundation.

The J Edmonds Bequest Fund is available to provide financial assistance to boys and girls born in the Ancient Parish undertaking university courses of a scientific nature linked to agriculture. Any income from this fund not expended in the year is available for distribution in the unrestricted funds.

Both the H Oakes Music Prize Fund and the Old Wolvernian Association Prize Fund produce income for prizes for pupils at Heathfield School.

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

16 Designated funds

The income funds of the Foundation include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

The Chapel Fund was set up in accordance with paragraph 17 of the Scheme sealed 12 February 1973.

The delegation of the administration of The Chapel Fund (paragraph 17(2) of the Scheme) has been extended by a resolution of the Governors.

The income from the above funds is designated. The investments form part of the Permanent Endowment Funds of the Foundation.

17 Analysis of net assets between funds

Unrestricted
Funds
Designated
Funds
Restricted
Funds
Endowment
Funds
£
£
£
£
Fund balances at 31 July 2021
are represented by:
Fixed assets
160
-
-
-
Investments
-
-
-
6,717,995
Current assets
117,381
-
-
-
Creditors: Amounts falling due
within on year
(115,085)
-
-
-
2,456
-
-
6,717,995		 Total
£
160
6,717,995
117,381
(115,085)
6,720,451

18 Related party transactions

Transactions with related parties

During the year the Foundation entered into the following transactions with related parties:

P J Smith is a governor of Wolverley Sebright V A Primary School, which was in receipt of 2 grants totalling £26,500.

C Nicholls is also a governor of Cookley Sebright Primary School, which was in receipt of 2 grants totalling £26,500.

SEBRIGHT'S EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

19 Control

The foundation is controlled by the governors.

SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

20 FIXED ASSET INVESTMENTS (QUOTED)
Nominal
2021
No.
UNRESTRICTED FUND INVESTMENTS
Charities Official Investment Fund :
Income shares
295,338.61
Property Fund income shares
351,197.97
DESIGNATED FUND INVESTMENTS (CHAPEL FUND)
Charities Official Investment Fund :
Income shares
13,883.15
Property Fund Income shares
29,926.24
RESTRICTED FUND INVESTMENTS
J. EDMONDS BEQUEST
Charities Official Investment Fund :
Income shares
1,086.42
Property Fund income shares
1,728.25
H. OAKES MUSIC PRIZE FUND
Charities Official Investment Fund :
Income shares
15.24
Property Fund income shares
24.25
OLD WOLVERNIAN ASSOCIATION PRIZE FUND
Charities Official Investment Fund :
Income shares
14.95
Property Fund income shares
23.77
TOTAL INVESTMENTS		 Market
Market
Book
value
Increase/
value
value
31st
(decrease)
31st
July
in
July
2021
2020
Additions
Disposals
valuation
2021
£
£
£
£
£
£
1,698,297
4,967,832
-
812,447
5,780,279
427,780
386,070
-
-
24,970
411,040
2,126,077
5,353,902
-
-
837,417
6,191,319
84,568
233,526
-
-
38,191
271,717
36,950
32,898
-
-
2,128
35,026
121,518
266,424
-
-
40,319
306,743
6,681
18,274
-
-
2,989
21,263
2,134
1,900
-
-
123
2,023
94
256
-
-
42
298
30
27
-
-
1
28
92
251
-
-
42
293
29
26
-
-
2
28
9,060
20,734
-
-
3,199
23,933
2,256,655
5,641,060
-
-
880,935
6,521,995