Charlty reglstratlon number 527523 SEBRIGHT'S EDUCATIONAL FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
SEBRIGHT'S EDUCATIONAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Governors P J Smith (Chairman) Prcjfessor J R Bryson C D Nicholls T Bollerill Miss E Griffin C A Sherrey IDepuly Chairman) A Conslantinou Mrs V A Bordewlch R De Morewood Blomfield L Daikes A J Webb8r (Appointed 27 March 2024) (Appointed 7 February 20241 Chapel Fund Committee P J Smith Miss E Griffin A Conslanlinou OWA Represenlatlve Charity numbèr 527523 C18rk to tha Govemors Mrs B J Drew Independent examlnar Sandr8 Gar¥ington IF.C.A., F.C.C.A., C.T.A.I Price Pearson Finch House 28-30 Wolverh8mpton Street Dudley Wesl Midlands DY1 10B Bankers HS&C Bank PIC 31 GhLJrch Strè&t Ktdderminsler Worcestershire DYI0 2AY Sollcltors mfg Solialors LLP Adam House Birmingham Road Kidderminster Worcesterghire DY10 2SH Investment advlsers CCLA Investment Management Limited 1 Angel Lane London EC4R 3AB
SEBRIGHT'S EDUCATIONAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Propeity advl$ors Phipps & Prilehard 1 High Street Slourport-on-sevem Worceytershire DY13 8DJ Aeeountants PrKe Pearson Finch House 28-30 Wolverhampton Slreel Dudley West Midlands DY11DB
SEBRIGHT'S EDUCATIONAL FOUNDATION CONTENTS Pag• Governors report Independent examinerfs report Statement of finanaal activities alance sheet Notes to the accounts 7-18
SEBRIGHT'S EDUCATIONAL FOUNDATION GOVERNORS REPORT FOR THE YEAR ENDED 31 JULY2024 The Govemors Present Iheir report and accounts for the year ended 31 July 2024. The legal ar adminislratsve information forms part of Ihis repotl. The accoun(s have been prepared in 8ccordance with the accounting policles sel in notè 1 to the accounts and comply with the Foundation's governing docutnent, Ihe Charities Act 2011 and Accounting and Rèporting by Charilie5.' SlatÈmenl of Recommended Practice applicable to eharilies preparing their accoullls in ac¢ordance with the Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 1021. la5 amended for accounting period5 commencing Irom 1 January 20191 Oblectives and actlvlties The Foundalion's objectives are.. Provlding for tho Schools of the Foundation namely, Wolverley Sebright Primary Acaderny Iforrnerly Wolvedey Sebrighl VA Primary SGhooll which has aided slalus and Cookley Sebright Primary School Ilormerly Cookley Sebrighl Endowed First School) which has controlled 51alus, in accordance with C13uses 11111, 12 and 14 of the Scheme of 12 February 1973, wllh power lo provide benefits as specified in Clause 16. Applying the residue ol nel yearly incomè lor the purposes specified in Clause 19 of the Scheme dated IhB 12 February 1973 as amended by Ihe Scheme dated 23 December 1980, preference being given lo applic8lions from the Ancient Parish of Wo1verley. The Foundation's area of benefit comprises the Ancient Parish of Wolverley and the Privilegèd Worcestershire Area, the boundsries of both of which are sel out ork rnaps approved by the Charily Cornrni5sioners and held al the Clerk's offi. In setting the objeclive&, ieviewing the grant making poli¢y and in planning future activities the Governors have glven careful consideration lo th8 duty in Section 17151 of the Charities Act 2011 to have due regard to the Charity Commissions general guidance on public benefil. Grant making policy Th8 Gov8mors invile applications for finanEial assistance for further Èducalion grants and bursaries to assist with the payménl ol school fees. Grants were considered by the Granls and Scholarships Committee and awards made after consider811on by the Governors of the recommendalions of that Comrnittee. Applications ft>r grants fro schools and olher thaiilable educational organis8tions were constdered by the Finance and Gener81 Purposes Committee and 8waids made by the Governors 8fttsr consideration of recommendations of that Commillee and Sn respecl of schools alter consultation with School Governors. The Gov8rnors after careful considerallon, have allocated all income during IhÈ yèar ended 31 July 2024 and consider that the objectives of the Foundation have been achieved. Achlawments and performanc In accordan with the obligations imposed on il by the scheme in the period under review. all the available income has been expended for educational purposes and governance. Consequently il is felt Ihal the Foundation h3s been eflective and fulfilled its main purposes. There have beèn no major changes in aims or organisalion during the year. Financial review The total incorning rèsources and resources allDcalBd for Ihe year are shown in the Statement of Financi81 Aclivilie5 on page 5. The 10121 incoming resources amounted lo £202,541 all of which was expended during the year. Further details of the expenditure can be found in the notes lo the aecounls. During the year. the Foundalion has assisted individuals, schools and oth81 org8ni5alions. Inslilulions in recelpt of yranls lo the value of £1.000 OT more are shown in note 5 to the accoLinls,
SEBRIGHT'S EDUCATIONAL FOUNDATION GOVERNORS REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Reserves policy Apart from thè power contained in Clause 15 of the Scheme of 12 February 1973 to create a resérvé fund for thè purposes set out in that Clause. the Gov8Tnors have no power to create reserves and are required by lal Ihe provisions of the before mentioned Scheme and of the Schem@ 0123 December 1980 lin particular Clause 3 of Ihe latter scheme) and Ibl the Charily CommissioneTS, lo expend the wholè of the annual income of the Foundation in the year in which il arises. As regards the PDwer contained in the beforè mèntioned Clause 15 the Governors have not in the past considered nor do they now consider il prudent lo exercise the power. Investment pollcy The Governors invèslmenl policy is lo maintain s8pilal growth and income and to invest at low to medlum rlsk. The investments are managed by an inveslmenl company. Delails of investment assets ale Shown in note 11 to the accounts, Thè value of inveslmenl assels of the Found811011 8131 July 2024 amounted lo £6,926,340 which compares with a figure of £6,484,579 al 31 July 2023. The Goverriois are satisfied with Ihe performance of the Foundalion's inveslmenls. bearing mind maikel conditions prevailing. Risk factors The Governors have assessed the rnajor risks lo which the Foundation is exposed, and are salisfied that systèms are in place to mitigate exposure to the Major iisks. Plans for the futLEre No changes lo the investment strategy 3re envisaged and similar levels of Inc£Jme ale 8nlldpaled for the year lo 31 July 2025. Structur&, govemance and manauèmènt The Foundation is 8 charity registered with the Charily Commissioners number 527523 and 15 regulated by the provisions of a Scheme ol the Commissioners dated Ihe 12 Fèbruary 1973 as amended by Scheme5 dated 23 Dècember 1980, 8 May 2002, 27 November 2002,1 July 2015 and 5 Juty 2017. The Gove015 ale responsible for the administration of the Foundalion lolher than Ihe Chapel Fund). There are Iwo Commillees namely, the Finance and General Purwjses Committee and Ihe Grants and Scholarships Commillee which meet regularly and make recommendations to the Governors al Iheir meelings. The Chapel Fund, in accordan with the Provisions of Clause 17{21 of the Stheme of 12 February 1973. is adminislered by separale trusle8s.
SEBRIGHT'S EDUCATIONAL FOUNDATION GOVERNORS REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 The body of Gov8mors of the Foundation shall, when complete, consisl of not more than twelve peisons, that is lo say., 6 represenlgtive governors and not rnore Ih5n 6 co-opted governor8 The Governois who 5etved during Ihe year w6r8-. P J Smith Ichalrman) Professor J R Bryson C D Nicholls T Botlerill i5s E Griffin C A Sherrey (Deputy Chairman) A Constanlinou WF McFartand Mrs V A Bordewich R De Morewood Blomfield S Sherrey L Darke8 A J Webber (Resigned 6 August 20241 (Deased 8 OclobBr 20221 (Appointed 27 March 2J24) (Appoinled 7 February 20241 The representative goveinors shall be appolnled as follows.. 1 by Ihe Old W0ernIan A330ciation 1 by the Council ol Birmingham Unlv6rsily 4 by the Wofverlèy and Cookley Parish Council. of whom 2 must rèpresent the Cookley Ward and 2 the Wolverley Ward., The co-opted governors sh811 be appoinled by resolution of the Governors, A co-opled governor may vote on such resol110. All new gove0[$ are provided with the following.. History and background information A copy ol the Constitulion A copy of the prevlous year accounts and repori Asset cover for funds Note 18 sets out an analysis ol the assets allribulable lo the various fijnds and notes 16 and 17 provide a dèscription of the funds. These a55els are sufficient lo meet (he Foundalion's obligations on a fund by fund basis. The Govemors report was approved by the BDard of Gpvernors. C A Sherre Governor puly hair an) 27 November 2024
SEBRIGHT'S EDUCATIONAL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF SEBRIGHT'S EDUCATIONAL FOUNDATION I report on the financial statements of the Foundation for the year ended 31 July 2024, which are set out on pages 5 10 18. Responslblllties and basis of report As the charily's Iruslees you are responsible for the preparation of the accounts in accordance wllh the requirements of the Charities Act 20111'lhe Act'i. I report in respect of my examination of the charity's ac£ounls carried out under sedion 145 of the Acl and in carrying out my examination I have followEd all the applicable Directions given by the Charity Commission under section 145{5)Ibl of Ihe Act. Indepèndent èxamlnèrfs ststem8nt I have completed my examination. I confirm that no material matters have come to my altenlion in connection with the examination giwng me use to béliwe that in any material respect.. accounting record5 were not kept in respect of the charily as required by section 130 L)f the A¢l,' or the accounts do nol accord with Ih05e recL)rds.' or the 8ccounts do not comply with the applicable requirements concerning Ihe form and content of accounts sel out in Ihe Charities {AccoLTrnls and Reports) Regulations 2008 other than any requirernenl that th? accounts give a'lrue and fair view, which is nol a matter considered as parl of an independent examination. I havp no concerns and have come across no other mallers in connadion with the examination lo which altention should bè dr8wn in this report in order to enable a proper understanding of the accounts lo be reached. Sandra Garrington {F.C.A., F.C.C.A., C.T.Al Price Pearson Finch House 28-30 Wolverhampton Street Dudley West Mldlands DY1 1DB Dated.. 27 November 2024
SEBRIGHT'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY2024 Unrestrict8d Unrestrlcted R¥$trlcted Endowment fund$ funds funds fund$ yeneral deslgnatsd Total 2024 Total 2023 Notes ncome from: Investments 192,563 9,268 710 202,541 196,753 ènditure on: charitab activities 192,563 9.268 710 202,541 19S,753 Nel IIOs8esl I gain on investments 441,761 441,761 {238,0151 Net Fnovement in funds 441,761 441.761 1238,0151 Fund balancÈs at 1 AugLJSt 2023 6,487,035 S,487,035 $,725,050 Fund balances at 31 July 2024 6,928,796 6,928,796 6,487,035 The slalemenl of financial activities includes all galns and losses recognised in the year. All incomè 8nd expenditure derive from continuing activitie8.
SEBRIGHT'S EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 31 JULY2024 2024 2023 Not8s Flxed assets Investments Current assets Debtors Cash al bank and in hand 11 6,926,340 6,484,579 14 326 239,724 324 173.198 240,050 173,522 Crèditors: amounts falling due within one year 15 1237,594} 1171,0661 Nel current assets 2.456 2.456 Total assets less currènt Ilablllties 6,928,796 6,487.035 Capital funds Endowrnenl funds (including revaluation reserve of £4,481.641, 2023.. £4.039,8801 Income funds Unrestricted funds- general 6,928,796 6,487.035 6.928,796 6.487,035 The accounts were approved by the Govemors on 27 November 2024 LA.f4 T Botterill Governor C A Sherre Governor an)
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 Aceountlng polleles Charity information Sebrighl's Educaliorbal Foundalion is 3 regisle¥ed Charity and is regul8l&d by the provlsions ol a Scheme ol the Commissioneis d8lpd the 12 February 1973 as amènded by Schemes dated 23 December 1980, 8 May 2002, 27 November 2002,1 July 2015 and S July 2017. 1.1 Accounting conventlon The accounts have been prered in accordance wilh the Ftsundalion's governing document. the Charities Act 2011 and "Acoounting and Rèporting by Gharities.. Statement of Recommended Practice applicable lo charitiès preparing their accounls in accordance with the Financial Reporting Standard 3pplicable in the UK and RÈpublic of Ireland IFRS 1021 185 amended for accounting periods commencing from 1 January 20191. The Foundation is a Public Benefit Entity as defined by FRS 102. The Foundation has taken advantage of the provision5 in the SORP for charities applying FRS 102 Updaté Bulletin 1 not to prepare a Slalemenl of Cash Flows. The accounts have departed from Ihe Charilies (Accounts and Reportsl Regutalions 2008 only to the exlenl required to provide a true and fair view. This departure has involved following the Slalemenl of Recommended Pr2clice lor chaiilies applying FRS 102 rather than Ihe version of the Slalemenl of Recommended Practice which is referred lo in the Regulaiions but which has sinee been withdrawn. The financial 51alemer¢ls arè prepared in sterling, which is the funclional currency of the Foundation. Monetary amounts in these financial 5181emenls are rounded to ihe nearest £. The accounts have been prepared under the historical Cost convention, rHodified to include investments al fair valLte. The principal accfjunling policies adopled are sel OESt below. 1.2 Golng concern At the lime of approving thè financial slalements, the Governors have a reasonable expectation Ihal the Foundation has adequate resources lo continue in operational exislenee for the fores8è2ble future. Thus the Governors continue to 3dopl the golng concern basis of accounting In pr8paring the finanryal slatemenls. 1.3 Charltsble funds Unrestricted lunds are available for use al the discretion of the Governors in furtheiance of Iheir charitable objecti8. ReslriGted funds are subject lo specific Conditions by donors as to how they may be used. Thè purposes and uses of the restricted funds are sel out in the notes lo the financial slatemenl8, Endowm8nt funds are SLJbject lo specific conditions by donors Ihal the ¢apital musl be maintained by the Foundation. Designated funds comprise funds which h8ve been sel aside al the discretion of thé Governors foT specifi purposes. The puiposes and uses of the designated funds are set out in the noles lo the 8eeounts. 1.4 Income Income is recognised when the Foundation is gallY enlided to it after any performance conditions have been met, the arnounts can be measured reliably, and it is prob8blÈ that income will be received.
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Ac¢tsuntlny pollcles (Continuedl The [re from 8ndowrvbenl lund5 is restricted. designaled and unrestricted in nature. The re51ricled and designated funds aTe detailed in notes t6 and 17 respecltvely. DivNlends. interest and distributions on quoted investments are credited to the 8ceounts at the time payment is due, Investment income from COIF is receTrved and recorded nel ol rnanagernenl fees In acwrdance wllh the noimal practice of invÉslmènt managers. 1.5 Resources oxponded Expenditure is recognised once Ihere is a legal or con81ruclive obligalion lo make a payment lo a ihird pariy, il is probable that selllem8nl will be required and the amount of the obligation can be measured reliably, All expenditure is accounled for on ari accruals basis and includés irr8cov8rabl8 VAT. Expendttrure on charitable activities includes bursaries and grants for further education that are charged against income in the year in whitth payment falls due. Other granls are charged against incorne in the year in which they are approved lor paymént. The expendilur8 also includes overhead costs and support costs which comprise costs for processing grants and applicallons, together with the governan cosls. GDvèrn8nce costs comprise costs involved in the public accourTrlgbility of Ihe Foundation and113 cotnpliance with iegulalion and good praclicp. 20°A ol clerks fees and disbursements and 20Qk of accountancy fees have been allocated lo gOVeanCe costs logelher with the direcl cost of the independent examination. 1.6 Tangible fixed assets Tangible fixed ass8ts ar& initially measured al cost and subsequently measured at C051 or valuation, nel of deprecplion and any impairment losses. Deprecialion ig recognisÈd so as to writ8 off the cost or valuation ol assels less their residual values over their useful lives on the following bases.. Website 20Yo p.a sliaight line basis 1.7 Flxed asset investments Fixed asset Investments are initially measured al transaction price excluding transaction costs, and are subsequently measured al fair value based on mid market prices al each reporting date. Changes in lair value are recognised in nel incomellexpendtturel lor the year. Transaction cosis are expensed as incurred. All gains and105ses are taken to the Statemenl of Financial Activities as they arise. Realised gains and losses on investments are calculEled as the difference between sales prOedS and Iheir carrying value. Unrealised gains and losses are calculated as the difference betsveen the fair value at the period end and their carrying value. Realised and unrealised inveslmenl gains and losses are combined in the Slatemenl ol Financial Activities. 1.8 Impalnnent of fixed assets Al each reporting end dale, the Foundation reviews the carrying amounts of ils tangible assets lo determine whether there is any indication Ihsl those assets have suffered an impaimient loss. If any SLsch indicalKJn exi51s, the recoverable amounl of the asset is eslimaled in order lo delem)ine the extent of the impairment loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid nveslmenls wilh original malurilies of thre8 nnthS or less, and bank overdrafts. Bank overdrafts are shown within boriowings in current liabililies.
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Aceounting pollcles Icontlnuedl 1.10 Finanelal instruments The Foundation has elected to appty the piovlsions of Section 11 'Ba51c Flnanual Instruments. and Section 12 'other Financial Instruments Issues. ol FRS 10210 all of its financial inslrurnenl5. Financia1 inslrumenls are recognisgd in the Foundation's balance shoel when the Foundation bècomes party lo the conlraclu81 provisions ol the instrutnent. Financial assets and liabi1ilies are offset, with the nel amounts presented in the financi81 statements. when there is a legally Enforceable right to s8t off Ihe recognised atnOLtnls and there is an inténtion to seltle on a nel basis or lo reallse the assel and sellle the liabilily sirnultaneously. BasiTC flnancial assets Basie financial asse15. which include debtors and cash and bank b8lances. are initially measured al Iransaclion price including transaction costs 8nd a subsequently caiiied al amortised cost using the effective interest method unless the airangemenl constilules a financing Iransaclion, where the transaction is measured al the prpsent value of thè future reip1S discounted at a market rate of interest, Financial assets classified a8 receivable within one year are not amortised. Impalrment of financlal assets Financial assels, other than those held al fair value through income and expenditure. are assessed for indicators of impairment al each reporting dale. Financial assets are impaired where Ihere is objective evidence Ihal, as a result of one or more events that occurred after the initial recognillon of the financial asset. the eslimaled lulure cash flows have been affected. 11 an asset is irnpaired, Ihe impairrnent loss is the difference between lh& carrying amount anfl the presént value ol the estirnaled cash flow5 digcounled at the asset's original effective inleie5t rale. The irnpaKmienl Ioss is recognised in net incomellexpendilure) for the year. If there 15 8 decrease in the irnp8irment loss arising from an evenl occurring after the impairment was recognised. the irnpaimient is reversed. The reversal is such Ihal thè currenl carrying amounl does not exceed what the carrying amount would hav9 been. had the impairment not previously been recognised. The impairment reversal is recognised in nel incornellexpenditurel for the year, DeCOgnItion olflnancial a55ets Financial assets are derecognised only when the coNlraclu31 rights lo the cash flows from the asset expire or are settled, or when the Foundation transfers the financial asset and substantially all the iisks and rewards ol wnership lo another entity, or il some signilicanl risks and rewards of ownership are relained bul conliol ol the asset has IransfeTred to another parly that is able lo sell Ihe asset in ils èntirely tcj an unrelated third party, Basic financAal Ilaljfflitios Basic finanual liabilities, including CTedilors are initialty recognised al transaction prtce unless the arrangement constilutes a financing Iransaclion, where the debt instrument 15 me8suied al the present value of Ihe future payments discounted al a market rate of inl8rest. Financial liabilities classified as payable within one year are not amortised. Debt instruments 8re subsequently carried at amortised CA)St. llg th8 effective interest rale method. Trade uedllors are obligalions 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 p8yment is due within one year or less. If ngl. they are pres6nled as non-cuirent liabililies. Trade creditors are iecognised initially al transaction price and Subsequen[ measured at amortised cost using Ihe effective intere81 method. Derecognitlon of financlalllabllltles Financial liabilities are derecognised when the Foundation's conlraclual obligations expire or are discharged or cancelled.
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accountlng policies Icontlnuedl 1.11 Employee beneflts The cost of any unused holiday enltllem&nl is recognised in the period in which the 8mployee's seNice5 are received. Termination benelils are r¢¢ognised immediately as an 8xpensè when the Foundation is demonsliably committed to terminate the employtnenl of an ernployee or lo provide lerminalion benefits. 1.12 Student grants rep3yable Grants which will subsequently be repald are Irealed as expenditure in the year in which tY are advanced and repayments arè trealed as income in the year in whith they are recetved. Investm8nts Unrestrictsd Unrèstrictèd Restricted fund$ funds funds general designatsd Totsl 2D24 Totsl 2023 Rental income Income from li51ed investments Inlere8118ceivabl8 1,989 181,188 9,386 1,989 191,166 9,386 1,989 190,514 4,2 9,268 710 192,563 9,268 710 2C12,541 196,753 For the perlod ènded 31 July 2023 186,806 9.239 708 196,753 10-
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Support costs 2024 2023 Slaff CDSIS Property expenses Insurance Legal fees Accountancy Sundry expenses Postage & stalionery Website & laptop costs Marketing 10,637 4,548 2.309 14.884 10.414 2.295 1,740 4,272 822 430 {5,6501 {2,0001 4.488 411 453 86 22,932 27,207 Grant funding of activitie5 (see note 4) Governance costs {see note 61 174,628 4,981 167,278 2,268 202.541 196,753 Analysls by fund Unreslricled funds gener81 Unreslricled funds designated ResliiGled funds 192,563 9,268 710 202,541 For the ypar endgd 31 July 2023 Unresliicted funds general Unr¢sliicted funds designated Reslricted funds 186,445 7Q8 196,753
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Grants payable Unrestrlctèd DÈsignatÈd Restricted lund5 funds funds 2024 2023 Gr3nt5 to in$titutlons129 grantsl.. School capital and block grants Other capital grants Prizes Church Fees 128,922 (3,750) 250 128,922 13,7501 250 10 121,468 3,100 225 10 125,432 125,432 124,803 Grants to individua15 ISO grahtsl.. Further education gTants 39.218 9,268 710 49.196 42,475 164,650 9,268 710 174,628 167,278 Grants payable ahaly$l$ Grants of £1.000 or more made to instÈtution8 General Fund School grants Wolverley Sebrighl Primary Acadomy {3 grants) Cookley Sebrighl Primary SGhoal13 grants) Wolverley CE Secondary School12 granls} Wyre Fore81 School (2 grants) axler College11 grant) Bewdley Prirnary School 11 grant) ircher) Coppice Academy 11 grant) Chaddesley Corbell Primary School11 granll Franche Comtnunily Piimary School (1 gFanll Holy Trinity School & Sixth Form Cenlre11 grant) St Catherines CE Primary School (1 grant St George's CE Primary School11 grant) Slourport PrimaryAcademy11 grant) Thé Stourport High School and Sixlh Form Cgnlre11 grant} Sutton Park Primary RSA Academy11 grant) Rufford Prirnary School11 grant) Sl Jame's CE Primary School11 grant) 30,897 30.897 21.897 6,500 5,000 3,000 4,000 2.200 6,000 3,000 3.000 1.800 1.900 1,200 5,0 1,000 othèr grants Cookley Scouts11 grant} Vvolverley Memorial Ch8rilabl8 Trust {1 grant) 2,0(K) 3,0 12
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Grants payable analysi8 (Continued) Grants of £1.000 or morè mad¢ to Indlvlduals Numljer of persons General Fuhd Furthei educalion grants 18 30,049 Chapel Fund Further educallon gT8nts 9,268 Student grants repayable 2024 2023 ArnDunts oulstanding brought forward Advances du¥ing the yeai 32,545 1,9(JO 36,315 2,500 34,445 (6,7551 4D,815 18,2701 Amounts recovered during the year 27,6 32,545 The chargè for further education grants induded in the revenue account Is made up 8s follows.. 2024 2023 Grants awarded Less.. Grants received 55,951 16,7551 5C¢.745 18,270) 49,196 42,475 Governance costs Governance costs 2024 2023 Basis of allocation Independent examlnallon fee Clerk's fees & disbursements Accounlat 1,200 2,659 1,122 1,200 2,659 1,122 1,200 GoveTnanoe 100% Governancè 200A 1,068 Governance 20°A 4,981 4,981 2,268 Governors None of the Govemor$ lor any persons conneGled wilh them) received any remuneTalion or expenses during the year. 13
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Ernployèes The average monthly numb8r of employees duTing the year was= 2024 Numbar 2023 Number anagemenl and administralion Employm&nt costs 2024 2023 Vvages and salaries 10,637 14,884 There were no employees whose annual remuneralion was more than £éO,OOC>. Net gainslllossèsl on investments 2024 2023 Rèvaluation of investments 441,761 {238,015) 10 Tangible flxèd assets Websits Cost At 1 AtJgus12023 23.777 At 31 July 2024 23,777 Oepreciation and imparrment At 1 August 2023 23.777 Al 31 July 2024 23,777 Carrying amount Al 31 July 2024 At 31 July 2023 14-
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 11 Flxod asset investments Land andCOIF Proparty Buildings Fund Shares COIF Income Shares Total Cost or valuatlon Market Value al 1 August 2023 Valualion changes f96,00 416,481 117,8821 5,872,098 459,643 6,484.579 441.761 Al 31 July 2024 196.OOQI 398,599 6,331,741 6,926,340 Carrying amount At 31 July 2024 196.00 398,599 6,331,741 6,926.340 Al 31 Juty 2023 196,OOLI 416,481 5,872.098 6,484,579 Historical c081'. Al 31 ju 2024 466,923 1,791.776 2,258,699 At 31 Juty 2023 466,923 1,791.776 2,258.699 Freohold land is situated in the Parish of Wolverley and is included al fair value. This 18 included al the Governors assessment of value al Ihe year end. Cookley Sebiighl Primary School (part OQ and Wolveiley Sebright Primary Academy are properties of the Foundation bul have not been induded in the valuation of fr8ehold propÉrti8s sincè value would allach to IhÉm On in exceptional circumstances if Ihey ceased lo be used for edue21ional purposès. A Bible has been loaned indefinfiely lo Wolv8rl8y Church. The historical co81 of thes8 assets cannot be easily identified. For further information on the quoted investments see Note 21. 12 Loans and ovèrdrafts 2024 2023 Bank overdf8fts e,701 Payable within one year 6,701 15.
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 13 Flnanclal Instrument8 2024 2023 Carying amount of flnancial assets Equity inslrumonls measured at lair value 6,926,340 6,484,579 Caryiny amount of financial liabi11ti8s Measured al amortised ttosl 237,594 171,066 14 Debtors 2024 2023 Amounts falling due within on8 yèar: Prepayments and accrued income 328 324 15 Credltors- amounts falllng due withln one year 2024 2023 Bank overdrafts Grants payable Accruals and deferred income 6,701 223,897 8,998 162,433 8,633 237,594 171,066 16 Restrlcted funds Balanco at I August 2023 Revaluatlon of Balance at 31 July fixed asset 2024 inve81ment J Edmonds Bequesl Fund H Oakes Music Prize Fund OW Wolvernian Association Prizé Fund 22,437 314 309 1,528 22 21 23.5 336 330 23.060 1,571 24,631 The income only from the above funds is restricted and is shown on page 5. The investments form part of the Permanent Endowment Funds of the Foundation. The J Edmonds Bequest Fund is available lo prowde financial ass15tsnce to boys and girls born in the Anei8nt Parish undertaking university courses of a scienlÉfi¢ nature linked lo agTicuIILJre. Any income frtsm this fund nol expended in the year is avaS18ble for dislribution in the unreslrided funds. Both the H Oakes Music Prize Fund and Ihè Okl Imolvemian Association Prize Ftsnd produ income lor prizes for pupils al Healhfield School. 16-
SEBRIGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 17 Designated funds The Income funds of the FourKlalion include Ihe following designated funds whith have bEen set aside out of nreslricled funds by the Iruslee5 for speeilic pu¥poses'. The Chapel Fund was sel up in accordance with pardgraph 17 of Ihe Scheme sealed 12 February 1973. The delegation of the adminlstrallon of The Chapel Fund (paragraph 17{21 of the Schème) has been extended by a resolLJlion of the Govemors. The income from the above funds is designated and is shown on page 5. The investrnenls form part of the Pèrmanent Endowment Funds of the Foundation. 18 Analysls of net J¥s8ts beiween funds UnrestriGted Deslgnated Fund Funds Restricted Endowmènt Funds Fund$ Totsl Fund balanS at 31 July 2024 are represèntèd by.. Fixed assets Investments Current assets Credilois.. Arnounls f3ll¥ng due within on year 6.926.340 2,456 6,926,340 240,050 237.594 1237.5941 1237,5941 6.928,796 6,928,796 19 R81ated party transaction8 Transactions wlth relatèd partles During the year the Foundation entered into the following transactions with related parties.. P J Srnilh is a governor of Wolverley Sebrighl Primary Academy, which was in receipl of 3 gr8nls lotslling £30,897. C Nltholls was also a governor of Cookley Sebrighl Primary School, which was in receipt of 3 granls lotalling £30,897. C Nicholls resigned on the 2 October 2023. C Nicholls declared an inl¢r6st in a grant of £600 madè to Cookley L6nder 8's Football Team. 20 Control The foundation 18 controlled by the governL)rs.
SEBRtGHT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICOhlTINUED FOR THE YEAR ENDED 31 JULY2024 21 FIXEDASSET INvEsTNTs IQUDTEDI Book Valu8 MarkBtVHIu InGrea8el IDBreSSE> P05th In V4luatlon 3%stJuly 2024 kntV4lu 31stJuty 2Q23 AddltlLshs UNRESTRICTED FUND INVESTIIENTS Ch2rfthes Qffk4AI Inyemanl Fund". corn¢ shai8s Properfy Fund IntJJtne shsEe5 295.53e.$1 1.FWa41 1.197.97 427.780 5.688.280 3U1,997 437.426 6,025.7L 365.5 2,128.121 5.570,277 421.025 6,391.302 DESIGNATED FUND INVESTMENTS ICHAPELfUItyI Charllles Offir4al InvesentFu[$. Inllome shares PrDpetty Fd IrM£h0$ 13.B83.15 29,926.24 262,691 32,1 20,563 283.254 31.153 36,$50 22S,242 314.407 RESTRICTED FUtID INVESTLIENTS J. EDMONDS BEQUEST ChAd1iesOnk9l InsInI IncomÈ sharas Prop8rtyFund Income3hafeè H. OAKES MUSIC PRIZE FUND ehdtiltes OMClIvesIrn0lFd'. ome 5hars PIQp8rtYFu Incomesh&T25 OLDWOLVERNIANASSOCIATION PRIZE FUND Ch8titles Offirlgl Inv8StmerlFund-. InGomLt$hares PropcrtyFun¢ kncome Yharex 1,086.42 1.728.25 $,681 2,1 20,557 1,86L¥ 1,609 21,166 15.24 24.26 94 28B 26 23 14.95 23.77 92 283 22 305 25 23.Q60 24.631 TOTAL INVESTTrIENTS 2,258,698 6,28B,578 441.761 6,730,340