**Charity number: 528101**
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
## **SHAFTOE EDUCATIONAL FOUNDATION**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 7|
|**Independent examiner's report**|8|
|**Statement of financial activities**|9|
|**Balance sheet**|10|
|**Notes to the financial statements**|11 - 21|
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022**
|**Trustees**|Mr J.J. Drydon (Co-optative), Chair|
|---|---|
||Mr J.C. Wardle (Co-optative)|
||Mr E. Brown (Appointed by the Parish Council of Haydon Bridge)|
||Mrs L.A. Gilhespy (Appointed by the Parish Council of Haydon Bridge)|
||Mr B.L. Bates (Co-optative)|
||Mrs P. Collis (Co-optative)|
||Mrs D. Wardle (Co-optative)|
||Mr E. Faulks (Appointed by the Parish Council of Haydon Bridge)|
||Mrs K. Richardson (Appointed by the Parish Council of Haydon Bridge)|
|**Charity registered**
**number**
528101
**Principal office**
Shaftoe Terrace
Haydon Bridge
NE47 6BW
**Clerk to the Trustees**
Mr S. Exham
**Accountants**
Ryecroft Glenton
Chartered Accountants
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP
**Bankers**
HSBC Bank Plc
Fore Street
Hexham
Northumberland
NE46 1LY
**Investment advisors**
Brewin Dolphin
Time Central
Gallowgate
Newcastle upon Tyne
NE1 4SR||
Page 1
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objectives and activities**
## **Policies and objectives**
The objectives of the charity are determined by the requirements of the scheme as to the use of the income of the charity.
The Trustees shall first pay out of yearly income of the charity the sum of £220 to the Almshouse Charity of John Shaftoe. The Trustees shall next defray out of the income of the charity, the cost of repairs and insurance and all other charges and outgoings in respect of the property of the charity and all proper costs, charges and expenses of and incidental to the administrations and management of the charity. The Trustees shall then apply the income of the charity at their discretion in one or more of the following ways:
- (1) in making an additional yearly payment of not less than £1,500 and not more than one-quarter of the clear income of the charity to the Almshouse Charity of John Shaftoe for application for the general purposes of that charity;
- (2) in providing for the Shaftoe Trust WISE academies or for any other school or in substantially serving the Parish of Haydon Bridge such special benefits of any kind which advance the education of the school pupils and constitute an efficient and proper way of furthering the charity's purposes; and
- (3) in otherwise promoting the education, including social and physical training, of persons resident or who have a parent or parents resident in Haydon Bridge parish.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Main activities undertaken to further the Charity's purposes for the public benefit**
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The charity is able to assist with the further education of residents in the parish of Haydon Bridge through the provision of grants which have to be applied for through a structured process. The two schools also benefit from financial assistance which therefore benefits all students in those establishments over and above that provided by Northumberland County Council. The Charity’s support is provided to Haydon Bridge Shaftoe Trust WISE academies and Haydon Bridge High School.
The charity has also provided grants for refurbishment of almshouse properties held by its connected charity the Almshouse Charity of John Shaftoe for the benefit of the residents of the almshouses.
Page 2
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Achievements and performance**
## **Key performance indicators**
The Trustees review key sources of income and expenditure to monitor the performance of the charity. These include:
- Income arising from investment properties;
- Income arising from listed investments; and
- Planned expenditure on refurbishments.
These allow the governors to assess funds available to support its charitable purposes.
The investments are invested to produce a balance of income and capital growth over the longer term.
The charity aims to:
- At least maintain the real value of the assets of the charity;
- Generate a sustainable return to fund annual grant making for its charitable purposes; and
- Produce best financial return within an acceptable level of risk.
## **Review of activities**
The Trustees report a deficit for the year before investment movements of £23,174 (2021: surplus of £49,991).
Grants totalling £141,056 (2021 - £38,655) were made available during the year.
There were total net investment gains of £62,221. This is attributable to movements on the investment portfolio, of which £35,142 is endowed funds and £27,079 is general funds.
The Foundation has supported Haydon Bridge High School, in the aftermath of the pandemic, with grants to provide two reading schemes for students who have fallen behind. The regular payments towards stocking the Library and developing music facilities and tuition have continued. Shaftoe Trust Wise Academy has received grants towards employing teaching assistants, developing the Forest School and the continuing support of music lessons. Haydon Bridge Playgroup reopened during the year and the local Scout Group also resumed activities, both receiving grants to assist their work. A new project to establish a local environmental training centre, open to adults and children of all ages, has also received funds. Individual University and College students and apprentices have received the customary support.
During the year Strutt & Parker produced their strategy document for the Mousen Estate, covering the next five years. This follows their initial five year period as the Foundation’s managing agent. The report contains plans for planting more trees and hedges where these will not compromise agricultural activities. Other schemes to improve the residential units and enhance the sustainability of the environment are included. A major new drainage scheme was installed during the year and several residential properties were improved in line with current guidance.
Page 3
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Achievements and performance (continued)**
## **Investment policy and performance**
The Trustees are required to invest all sums of cash, other than those needed for the immediate working purposes at their discretion, subject to the requirements of the Trustee Investments Act 1961.
The investments are vested with Brewin Dolphin. Funds are invested to maximise investment income whilst protecting the underlying capital investment.
The charity's property which is permanently endowed, and vested in the Official Custodian for Charities comprises freehold land at Haydon Bridge and Mousen Estate, Northumberland as described more fully in notes 9 and 10.
The Trustees review funds under investment quarterly and are satisfied with their performance.
The Trustees, in conjunction with their investment advisers Brewin Dolphin, developed a new Investment Policy during 2015, which was adopted at the meeting on 12 November 2015. It was further reviewed at the March 2018 meeting and no changes were made to the investment policy.
## **Financial review**
## **Going concern**
Liquid funds continue to be held for grant-making activities. After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
The Trustees have considered Going Concern in the context of the coronavirus pandemic. The operational aspects of the Charity do not change, and the objects of the Charity is enhanced by the need to support the education of young people. The pandemic will have little or no impact on the Charity’s current financial position other than the value of its investments which are not required for operational purposes in the next twelve months following the approval of these Financial Statements, and in investment income to a small extent.
## **Reserves policy**
The Trustees have carefully considered the need to retain reserves in the light of their dependence on agricultural rents for the bulk of their endowment income. They are satisfied that it is prudent to maintain an investment portfolio capable of generating enough income to support the management and administration of the charity, supplemented by liquid reserves to cover exceptional repair or renovation of buildings, and to ensure the availability of funds to maintain their ability to respond to meritorious grant applications.
Page 4
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Structure, governance and management**
## **Constitution**
Shaftoe Educational Foundation is constituted by a Charity Commission scheme.
The charity was registered with the Charity Commission on 9 October 1985 and was allocated Charity No. 528101.
There have been no changes in the objectives since the last annual report.
## **Methods of appointment or election of Trustees**
The body of Trustees shall consist when complete of nine competent persons being Four Nominative Trustees and
Five Co-optative Trustees
The four nominative Trustees shall be appointed by Haydon Bridge Parish Council
Every nominative trustee shall be appointed for a term of four years. Each appointment shall be made at a meeting convened and held according to the ordinary practice of the appointing council. The chairman of the meeting shall cause the name of each person appointed to be notified forthwith to the Trustees or their clerk. The person appointed may be but need not be a member of the appointing council.
The Co-optative Trustees shall be persons who through residence, occupation or employment, or otherwise have special knowledge of the Parish of Haydon Bridge.
Every Co-optative Trustee shall be appointed for a term of five years by a resolution of the Trustees passed at a special meeting of which not less than 21 days' notice has been given and may be so appointed not more than one month before the term of an existing co optative Trustee expires with effect from the date of expiry but so that the latter shall not vote on the matter.
No Trustee shall take or hold any interest in property belonging to the charity otherwise than as a Trustee for the purposes thereof and no Trustee shall receive remuneration or be interested in the supply of work or goods, at the cost of the charity.
## **Organisational structure and decision-making policies**
The Trustees meet regularly to award grants and to review the management of the funds under investment and the investment properties. Advice is obtained from investment and property advisers as necessary at these meetings.
## **Policies adopted for the induction and training of Trustees**
Induction and training of Trustees is carried out at appointment and when changes to charity law take place.
## **Related party relationships**
The Almshouse Charity of John Shaftoe is a connected charity. The two organisations have a common board of Trustees and were originally one charity, founded in 1685.
Page 5
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Structure, governance and management (continued)**
## **Financial risk management**
The principal risk to the charity is in the management of investment funds and properties. In order to minimise the risk, these investments are managed by independent professional firms appointed by the Trustees in accordance with professional terms of engagement. Wherever possible the properties held are insured to further mitigate risk of loss or curtailment.
The Trustees continue to review their policies for the proper management of risk. They are satisfied that they have done all that is reasonable to enable the charity to continue to operate, even though in extreme circumstances its ability to make grants may be curtailed.
The investment policy has a detailed section on risk, covering: land and property risk; investment risk and charity specific risk.
A revised risk policy was agreed at the meeting of 14 July 2016.
The Trustees have updated a number of policies. The main development has been to adopt a new Trustee Code of Conduct Policy at the 8 March 2018 meeting, which also includes a revised Conflicts of Interest Policy, a Register of Interests Statement for Trustees and a Confidentiality Statement for Trustees. At the same meeting the Trustees also adopted a new Financial Controls Policy.
## **Future developments**
As outlined above, the scheme of improvements on the Mousen Estate will be initiated. Discussions have already started to establish the priorities and costs. Moves are being made to improve the energy efficiency of SEF rental properties on Shaftoe Terrace, mainly by installing double glazing, but as these are grade two listed buildings this is not a straightforward undertaking and may take some time to achieve.
The Trustees intend to continue to support the educational needs of the schools in Haydon Bridge and their pupils, the Almshouse Charity of John Shaftoe, and other causes local to Haydon Bridge as necessary.
Page 6
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 26 August 2022 and signed on their behalf by:
## **J J Drydon**
Page 7
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022**
## **Independent examiner's report to the Trustees of Shaftoe Educational Foundation ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is to drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no 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 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Deborah Graham FCA
26 August 2022
## **Ryecroft Glenton**
Chartered Accountants 32 Portland Terrace Newcastle upon Tyne
NE2 1QP
Page 8
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|**Note**
**Income and endowments from:**
Investments
3
**Total income and endowments**
**Expenditure on:**
Raising funds
4
Charitable activities
5
**Total expenditure**
**Net (expenditure)/income before net**
**gains on investments**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2022**
**£**
**-**
**-**
**24,234**
**-**
**24,234**
**(24,234)**
**20,723**
**(3,511)**
**8,234,319**
**(3,511)**
**8,230,808**|**Unrestricted**
**funds**
**2022**
**£**
**197,534**
**197,534**
**44,527**
**151,947**
**196,474**
**1,060**
**41,498**
**42,558**
**957,411**
**42,558**
**999,969**|**Total**
**funds**
**2022**
**£**
**197,534**
**197,534**
**68,761**
**151,947**
**220,708**
**(23,174)**
**62,221**
**39,047**
**9,191,730**
**39,047**
**9,230,777**|_Total_
_funds_
_2021_
_£_
_195,779_|
|---|---|---|---|---|
|||||_195,779_|
|||||_96,854_
_48,934_|
|||||_145,788_|
|||||_49,991_
_480,825_|
|||||_530,816_|
|||||_8,660,914_
_530,816_|
|||||_9,191,730_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 21 form part of these financial statements.
Page 9
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **BALANCE SHEET AS AT 31 MARCH 2022**
|**Note**
**Fixed assets**
Tangible assets
9
Investments
11
Investment property
10
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
14
Unrestricted funds
14
**Total funds**|**44,756**
**253,474**
**298,230**
**(78,762)**|**2022**
**£**
**15,000**
**1,501,309**
**7,495,000**
**9,011,309**
**219,468**
**9,230,777**
**9,230,777**
**8,230,808**
**999,969**
**9,230,777**|_44,239_
_217,688_
_261,927_
_(29,423)_|_2021_
_£_
_15,000_
_1,449,226_
_7,495,000_|
|---|---|---|---|---|
|||||_8,959,226_
_232,504_|
|||||_9,191,730_|
||||||
|||||_9,191,730_|
|||||_8,234,319_
_957,411_|
||||||
|||||_9,191,730_|
The financial statements were approved and authorised for issue by the Trustees on 26 August 2022 and signed on their behalf by:
**J J Drydon** (Trustee)
The notes on pages 11 to 21 form part of these financial statements.
Page 10
**SHAFTOE EDUCATIONAL FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. General information**
Shaftoe Educational Foundation is a charitable trust, charity registration number 528101. The principal office is Shaftoe Terrace, Haydon Bridge, NE47 6BW.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and 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 relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Shaftoe Educational Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
Having made due enquiry the Trustees are satisfied that the going concern basis of accounting is appropriate in preparing the annual financial statements. Whilst the value of the Charity’s investments may be affected by volatility in the stock market, the operations of the Charity remains unaffected as its investments are not required for operational purposes in the next twelve months following the approval of these financial statements.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 11
## **SHAFTOE EDUCATIONAL FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach.
Gains and losses on revaluation are recognised in the Statement of financial activities.
Depreciation is provided on the following basis:
- Freehold property Nil, held at valuation
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **2.7 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds represent the original endowment of the charity
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **3. Investment income**
|**Unrestricted**
**funds**
**2022**
**£**
Rents receivable
168,244
Investment income
29,265
Bank interest
25
**Total 2022**
197,534
_Unrestricted_
_funds_
_2021_
_£_
Rents receivable
_172,792_
Investment income
_22,919_
Bank interest
_68_
_Total 2021_
_195,779_|**Total**
**funds**
**2022**
**£**
**168,244**
**29,265**
**25**|
|---|---|
||**197,534**|
||_Total_
_funds_
_2021_
_£_
_172,792_
_22,919_
_68_|
||_195,779_|
## **4. Cost of raising funds**
|Investment management fees
Property management fees
Property rates, repairs and maintenance costs
Insurance
Sundry expenses
**Total 2022**|**Endowment**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
5,726
4,412
-
18,714
18,508
14,261
-
4,294
-
2,846
24,234
44,527|**Total**
**funds**
**2022**
**£**
**10,138**
**18,714**
**32,769**
**4,294**
**2,846**|
|---|---|---|
|||**68,761**|
Page 13
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **4. Cost of raising funds (continued)**
|Investment management fees
Property management fees
Property rates, repairs and maintenance costs
Insurance
Legal and professional fees
Sundry expenses
_Total 2021_|_Endowment_
_funds_
_2021_
_£_
_1,968_
_-_
_4,711_
_-_
_46,997_
_-_
_53,676_|_Unrestricted_
_funds_
_2021_
_£_
_4,977_
_19,738_
_11,127_
_4,609_
_-_
_2,727_
_43,178_|_Total_
_funds_
_2021_
_£_
_6,945_
_19,738_
_15,838_
_4,609_
_46,997_
_2,727_|
|---|---|---|---|
||||_96,854_|
## **5. Analysis of expenditure by activities**
|Charitable activities
Charitable activities|**Grant**
**funding of**
**activities**
**2022**
**£**
141,056
_Grant_
_funding of_
_activities_
_2021_
_£_
_38,655_|**Support**
**costs**
**2022**
**£**
10,891
_Support_
_costs_
_2021_
_£_
_10,279_|**Total**
**funds**
**2022**
**£**
**151,947**|
|---|---|---|---|
||||_Total_
_funds_
_2021_
_£_
_48,934_|
Page 14
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **5. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Clerk fees' and expenses
Governance|**Total**
**funds**
**2022**
**£**
**6,721**
**4,170**
**10,891**|_Total_
_funds_
_2021_
_£_
_6,439_
_3,840_|
|---|---|---|
|||_10,279_|
Governance costs comprises of £4,170 Independent examination fees (2021: £3,840) inclusive of VAT.
## **6. Grant funding of activities**
|Shaftoe Wise Academies - 6 grants (2021: 5)
Individuals - 35 grants (2021: 46)
Haydon Bridge Playgroup and Tiny Tots - 2 grants (2021:1)
Almshouse Charity of John Shaftoe - 1 grant (2021: 1)
Haydon Bridge High School - 4 grants (2021: 2)
Haydon Bridge Scout Group - 1 grant (2021 : 0)
Reversal of 5 grants not taken up (pre 2019)
Nurture CIC - 1 grant
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination and preparation of the Charity's annual accounts|**2022**
**£**
**81,866**
**25,700**
**4,500**
**1,720**
**23,770**
**1,000**
**-**
**2,500**
**141,056**
**2022**
**£**
**4,170**|_2021_
_£_
_9,485_
_30,500_
_2,000_
_1,720_
_1,200_
_-_
_(6,250)_
_-_|
|---|---|---|
|||_38,655_|
|||_2021_
_£_
_3,840_|
## **7. Independent examiner's remuneration**
Page 15
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2021 - £NIL)_ .
During the year, no Trustee expenses have been incurred _(2021 - £NIL)_ .
## **9. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2021
At 31 March 2022
**Net book value**
At 31 March 2022
_At 31 March 2021_|**Freehold**
**property**
**£**
**15,000**|
|---|---|
||**15,000**|
||**15,000**|
||_15,000_|
The charity's real property is permanently endowed and is vested in the Official Custodian.
The above relates to land at Haydon Bridge with buildings, known as Shaftoe Trust WISE Academies. Its original cost is not known.
These properties are let on a long lease at a peppercorn rent to WISE Academies. The properties are valued by the Trustees at their fair value to reflect the lease rents arising.
Page 16
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **10. Investment property**
|**Valuation**
At 1 April 2021
At 31 March 2022|**Freehold**
**agricultural**
**estate**
**£**
**7,495,000**|
|---|---|
||**7,495,000**|
The last valuations were made by Turvey Westgarth Land & Property Consultants on the Mousen Estate, and by the Trustees on the properties at Haydon Bridge, in March 2015, on an open market value for existing use basis.
The cost of the properties is not known.
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
**Net book value**
At 31 March 2022
_At 31 March 2021_|**Listed**
**investments**
**£**
**1,425,606**
**32,540**
**(86,709)**
**62,221**
**1,433,658**
**1,433,658**
_1,425,606_|**Cash held**
**for re-**
**investment**
**£**
**23,620**
**86,709**
**(42,678)**
**-**
**67,651**
**67,651**
_23,620_|**Total**
**£**
**1,449,226**
**119,249**
**(129,387)**
**62,221**|
|---|---|---|---|
||||**1,501,309**|
||||**1,501,309**|
||||_1,449,226_|
Page 17
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**.**
**Investments at market value comprise**
Listed investments
Bank deposit account|**2022**
**£**
**1,433,658**
**67,651**
**1,501,309**|_2021_
_£_
_1,425,606_
_23,620_|
|---|---|---|
|||_1,449,226_|
All of the fixed asset investments are held in the U.K.
## **12. Debtors**
|**Due within one year**
Accrued rental income
Prepayments and accrued income|**2022**
**£**
**40,845**
**3,911**
**44,756**|_2021_
_£_
_40,384_
_3,855_|
|---|---|---|
||||
|||_44,239_|
## **13. Creditors: Amounts falling due within one year**
|Amounts due to Almshouse Charity of John Shaftoe
Other creditors
Administration accruals|**2022**
**£**
**22,792**
**51,400**
**4,570**
**78,762**|_2021_
_£_
_20,583_
_4,600_
_4,240_|
|---|---|---|
||||
|||_29,423_|
Page 18
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **14. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
**Endowment funds**
Endowment Fund
**Total of funds**|**Balance at 1**
**April 2021**
**£**
**957,411**
**8,234,319**
**9,191,730**|**Income**
**£**
**197,534**
**-**
**197,534**|**Expenditure**
**£**
**(196,474)**
**(24,234)**
**(220,708)**|**Gains/**
**(Losses)**
**£**
**41,498**
**20,723**
**62,221**|**Balance at**
**31 March**
**2022**
**£**
**999,969**|
|---|---|---|---|---|---|
||||||**8,230,808**|
||||||**9,230,777**|
Unrestricted funds are those funds that the Trustees are free to use in accordance with the charitable objectives.
Endowment funds represent the original endowment of the charity.
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds
**Endowment funds**
Endowment Fund
**Total of funds**|_Balance at_
_1 April 2020_
_£_
_785,931_
_7,874,983_
_8,660,914_|_Income_
_£_
_195,779_
_-_
_195,779_|_Expenditure_
_£_
_(92,112)_
_(53,676)_
_(145,788)_|_Gains/_
_(Losses)_
_£_
_67,813_
_413,012_
_480,825_|_Balance at_
_31 March_
_2021_
_£_
_957,411_|
|---|---|---|---|---|---|
||||||_8,234,319_|
||||||_9,191,730_|
Page 19
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **15. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|**Endowment**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
15,000
-
720,808
780,501
7,495,000
-
-
298,230
-
(78,762)
8,230,808
999,969|**Total**
**funds**
**2022**
**£**
**15,000**
**1,501,309**
**7,495,000**
**298,230**
**(78,762)**
**9,230,777**|
|---|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|_Endowment_
_funds_
_2021_
_£_
_15,000_
_724,319_
_7,495,000_
_-_
_-_
_8,234,319_|_Unrestricted_
_funds_
_2021_
_£_
_-_
_724,907_
_-_
_261,927_
_(29,423)_
_957,411_|_Total_
_funds_
_2021_
_£_
_15,000_
_1,449,226_
_7,495,000_
_261,927_
_(29,423)_
_9,191,730_|
|---|---|---|---|
Page 20
## **SHAFTOE EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **16. Connected charities**
The Almshouse Charity of John Shaftoe is a connected charity. The two organisations have a common board of Trustees and were originally one charity, founded in 1685.
Balances with The Almshouse Charity of John Shaftoe are disclosed in note 13. In addition
- 1) the charity shares an office with The Almshouse Charity; the office is owned by The Almshouse Charity and its use is provided free of charge;
- 2) the charity shares its clerk with The Almshouse Charity, at a charge of £2,240 (25% of total costs); and
- 3) the charity paid a grant to the Almshouse charity of £1,720.
The principal address of The Almshouse Charity of John Shaftoe is Shaftoe Terrace, Haydon Bridge, Northumberland, NE47 6BW.
Page 21