REGISTERED CHARITY NUMBER: 527884
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025
for
Sir John Sedley Educational Foundation
Xitax Limited Pera Business Park Nottingham Road Melton Mowbray Leicestershire LE13 0PB
Sir John Sedley Educational Foundation
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 14 |
Sir John Sedley Educational Foundation
Report of the Trustees
for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The income of the Foundation, after expenses of administration and maintenance of property, is to be used for the benefit of persons under the age of 25 who, in the opinion of the trustees, are in need of financial assistance and are resident in Wymondham and neighbouring villages, as follows:
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The provision of benefits of a kind not normally provided by the Local Education Authority for maintained schools in, or serving the needs of, Wymondham and neighbouring villages. This is at the discretion of the trustees and limited to one quarter of the income.
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The residual net income is to be applied by the trustees in one or more of the following ways:
i) The award of exhibitions, maintenance allowances or grants for education.
ii) The provision of financial assistance, outfits, clothing, tools, instruments or books to help beneficiaries entering a profession, trade or calling.
iii) The award of bursaries for travel in pursuance of education.
iv) The provision of financial assistance to any charitable voluntary organisation in Wymondham and neighbouring villages for the promotion of leisure-time activities.
v) The promotion, in other ways, of education, including social and physical training.
Public benefit
The charitable work of the Foundation is administered by ten trustees, who act in accordance with the general guidance issued by the Charity Commission and the conditions set out in the will of the benefactor, Sir John Sedley.
On this basis, and subject to merit, grant aid is provided on application to young people under the age of 25 who are resident in Wymondham or a neighbouring parish. The purpose of the grants is to meet the cost, or a proportion of the cost, of materials, specialist equipment, reference books and field studies undertaken as part of approved courses of study, whether vocational or academic. Sporting activities undertaken under approved tuition may also qualify for support.
Organisations that sponsor or provide facilities or sporting opportunities for young people may also receive financial support, where the trustees consider this to be appropriate.
Bursary awards may be made in recognition of exceptional ability in individual performance and/or aptitude in a particular sport or theatrical or artistic activity.
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Sir John Sedley Educational Foundation
Report of the Trustees
for the Year Ended 31 March 2025
FINANCIAL REVIEW
Principal funding sources
The statement of financial activities on page 6 and the balance sheet on page 7 show the transactions of the charity for the year ended 31 March 2025 and its financial position at that date. The charity recorded a net expenditure for the year of £13,208 (2024: net income of £137,782).
In 2020, the charity disposed of land at Scalford Road to Bloor Homes for approximately £5.5 million. The disposal was undertaken to realise the enhanced value of the charity's capital asset and to strengthen the charity's long-term financial position in support of its charitable purposes.
The trustees' policy is to preserve the charity's capital and to apply the income generated from investment of these funds to the provision of grants, bursaries and other activities in furtherance of the charity's educational objectives. This approach is intended to ensure the ongoing sustainability of the charity and its ability to meet future commitments.
Investment policy and objectives
The key objective of the charity's investment policy is to preserve its capital in order to maintain the long-term viability of the charity. The charity provides grants, bursaries and support for community projects in line with its charitable objectives and is therefore committed to ensuring that this level of charitable giving can be sustained for future generations. Accordingly, the charity seeks to maximise its capital so that income generated can fund expenditure without eroding the underlying capital value.
The charity recognises that generating income from capital requires an appropriate level of investment risk. While investments inherently carry risk, these risks must be properly understood, monitored and managed.
Before entering into any investment arrangement, a full Risk Profile Questionnaire is completed by the Finance Committee to ensure that an appropriate level of risk is applied. This process is undertaken at least every three years.
Investment risk may change over time and is therefore reviewed at least annually and adjusted in line with the charity's risk tolerance and capacity for loss. Where possible, risk is managed through trigger-based rebalancing. If this is not feasible, the appointed investment professional is required to notify the charity of any material changes so that the trustees can determine the appropriate response.
The charity adopts a long-term investment approach, allowing capital sufficient time to generate a stable and sustainable income. The intention to preserve capital indicates that the investment horizon is indefinite.
All financial decisions require approval from the full board of trustees. The Finance Committee oversees the day-to-day management of investments, in conjunction with the appointed investment adviser. All relevant information, including annual reviews and investment reports, is shared with the trustees at least annually.
Where an investment manager is appointed, the scope of their authority and decision-making powers must be agreed in advance by the trustees, including which decisions may be made on behalf of the Trust and which require specific trustee approval.
The trustees have a legal duty to secure the best financial return within an appropriate level of risk in furtherance of the charity's aims. They also have responsibilities in relation to taking professional advice, selecting suitable investments and communicating decisions appropriately.
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Sir John Sedley Educational Foundation
Report of the Trustees for the Year Ended 31 March 2025
FINANCIAL REVIEW
Reserves policy
As the charity receives a regular income from the letting of the Farm House, a low reserve level of £2,000 has been set for the CAF Current Account. If funds fall below this level, the income generated from investments will be reviewed to ensure that the minimum reserve can be maintained in the current account should any operational costs arise.
In relation to investments, the aim of the charity is to preserve capital of approximately £5.5 million and to utilise the income generated from this capital for grant funding, bursaries or other projects that align with the charity's ethos. Investment income may also be used to top up reserves in the current account to meet mandatory running costs, such as the Clerk's wages, insurance or other operational expenses.
Investments are reviewed annually by the trustees to ensure that the capital is being appropriately protected and managed. Any consistent reduction in capital value of more than 5% over a one-year period would be regarded as a concern and would prompt a review of the investment strategy. In such circumstances, the trustees would seek professional advice from a financial adviser to determine the most appropriate course of action and ensure that the level of investment risk remains suitable.
Plans for the future
At present, the charity's funds are invested with the St James's Place Discretionary Managed Service, provided by Rowan Dartington, using a bespoke ethical and environmental investment strategy.
Income generated from capital growth is paid to the Trust on a quarterly basis and is used to fund grants and bursaries.
The investment strategy is reviewed annually, or more frequently if considered appropriate, to ensure that the portfolio remains balanced and aligned with the trustees' objectives. Performance is monitored on an ongoing basis to support sustainable long-term growth. Professional advice is obtained from a financial adviser, currently Tobias Colton Wealth Management Limited, to support this process.
The trustees are currently satisfied with the performance and management of the charity's investments. However, should circumstances change, they will review and reassess how and where the charity's funds are invested.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by its governing document, a deed of trust, and is constituted as an unincorporated charity.
The trustees are responsible for holding the capital and income of the trust fund and applying these funds in furtherance of the charity's objects. The trustees who served during the year, and up to the date of this report, are set out below.
Recruitment and appointment of new trustees
The recruitment of new trustees is actively pursued as and when vacancies arise.
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Sir John Sedley Educational Foundation
for the Year Ended 31 March 2025
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The main risk to which the charity is exposed is investment risk in relation to its bank accounts, savings, and investments. Currently, the charity's funds are held across three accounts: a CAF Gold Account, a CAF Current Account, and investments held with CCLA.
The CAF Current Account is considered a very low-risk account. The principal investment-related risks are inflation and security. Inflation may erode the value of funds over the long term; however, inflation remains relatively low and is not currently considered to pose a significant risk. To monitor this, the trustees carry out regular due diligence reviews to ensure the account remains suitable.
In terms of security, access to the CAF Current Account is restricted to authorised members of the Finance Committee. A two-step authorisation process is in place, consisting of an online login followed by a code sent to the user's mobile phone. This is considered to be the most appropriate approach in line with current IT security guidance and is reviewed regularly to ensure it continues to meet current security standards.
For the investment accounts held with CAF Gold and CCLA, similar security measures apply. These accounts generate a low level of interest, which helps to reduce inflationary risk. Investment performance is reviewed annually by the trustees to ensure the accounts remain aligned with the charity's risk appetite and that returns are not significantly lower than the prevailing rate of inflation.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
527884
Principal address
11 Severn Close Oakham Rutland LE15 6SU
Trustees
Mr P Gaskell Lord J L Gretton (appointed 10.6.25) Dr C C Campbell (appointed 25.11.24) Mr D C Chubb (appointed 10.6.24) Mr D S K Kirk Mr M D Drake Mrs P Peters Mrs L Watkins Sir R T J Tollemache Bt Mr M D H Hatton
Independent Examiner
Xitax Limited Pera Business Park Nottingham Road Melton Mowbray Leicestershire LE13 0PB
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Sir John Sedley Educational Foundation
Report of the Trustees for the Year Ended 31 March 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... Trustee
Page 5
Independent Examiner's Report to the Trustees of Sir John Sedley Educational Foundation
I report to the charity trustees on my examination of the accounts of Sir John Sedley Educational Foundation (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust, 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 Trust's accounts carried out under section 145 of the Act, and in carrying out my examination I have followed all 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
S Kaur
The Association of Chartered Certified Accountants
Xitax Limited Pera Business Park Nottingham Road Melton Mowbray Leicestershire LE13 0PB
12 January 2026
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Sir John Sedley Educational Foundation
Statement of Financial Activities for the Year Ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities Grants and bursaries Support costs Governance and administration costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.25 Unrestricted funds £ 226 75,000 145,888 221,114 17,966 50,404 8,455 76,825 (157,497) (13,208) 5,603,278 5,590,070 |
31.3.24 Total funds £ - 687 124,052 |
|---|---|---|
| 124,739 | ||
| 26,661 72,450 9,272 |
||
| 108,383 | ||
| 121,426 | ||
| 137,782 5,465,496 |
||
| 5,603,278 |
The notes form part of these financial statements
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Sir John Sedley Educational Foundation
Balance Sheet 31 March 2025
| Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Debtors 7 Investments 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
31.3.25 Unrestricted funds £ 398,000 - 5,156,043 38,326 5,194,369 (2,299) 5,192,070 5,590,070 5,590,070 5,590,070 5,590,070 |
31.3.24 Total funds £ 398,000 7,658 5,170,505 29,415 5,207,578 (2,300) 5,205,278 5,603,278 5,603,278 5,603,278 5,603,278 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
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Sir John Sedley Educational Foundation
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
Sir John Sedley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 2. OTHER TRADING ACTIVITIES Option income Other income 3. INVESTMENT INCOME Grammar school farmhouse rent COIF dividend Portfolio investment income Interest received |
31.3.25 £ 75,000 - 75,000 31.3.25 £ 12,590 299 126,477 6,522 145,888 |
31.3.24 £ - 687 687 31.3.24 £ 10,945 233 109,818 3,056 |
|---|---|---|
| 124,052 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Other trading activities Investment income Total EXPENDITURE ON Charitable activities Grants and bursaries Support costs Governance and administration costs Total Net gains on investments NET INCOME |
Unrestricte funds £ 687 124,052 124,739 26,661 72,450 9,272 108,383 121,426 137,782 |
|---|---|
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Sir John Sedley Educational Foundation
| Notes to the Financial Statements-continued for the Year Ended 31 March 2025 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. INVESTMENT PROPERTY FAIR VALUE At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 £ Prepayments and accrued income - 8. CURRENT ASSET INVESTMENTS 31.3.25 £ Unlisted investments 32,725 and investments 5,123,318 5,156,043 |
Unrestricte funds £ 5,465,496 5,603,278 £ 398,000 398,000 398,000 31.3.24 £ 7,658 31.3.24 £ 30,657 5,139,848 5,170,505 |
|
|---|---|---|
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Sir John Sedley Educational Foundation
| Notes to the Financial Statements-continued for the Year Ended 31 March 2025 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 5,603,278 TOTAL FUNDS 5,603,278 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 221,114 (76,825) TOTAL FUNDS 221,114 (76,825) Comparatives for movement in funds At 1.4.23 £ Unrestricted funds General fund 5,465,496 TOTAL FUNDS 5,465,496 |
31.3.25 £ 2,299 Net movement in funds £ (13,208) (13,208) Gains and losses £ (157,497) (157,497) Net movement in funds £ 137,782 137,782 |
31.3.24 £ 2,300 At 31.3.25 £ 5,590,070 5,590,070 Movement in funds £ (13,208) (13,208) At 31.3.24 £ 5,603,278 5,603,278 |
|---|---|---|
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Sir John Sedley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 124,739 (108,383) 121,426 137,782 124,739 (108,383) 121,426 137,782 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 5,465,496 5,465,496 |
Net movement in funds £ 124,574 124,574 |
At 31.3.25 £ 5,590,070 |
|---|---|---|---|
| 5,590,070 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 345,853 (185,208) (36,071) 124,574 345,853 (185,208) (36,071) 124,574 |
|---|---|
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Sir John Sedley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
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