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2025-03-31-accounts

Charity Registration No. 528101

SHAFTOE EDUCATIONAL FOUNDATION

REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

SHAFTOE EDUCATIONAL FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr J J drydon (Co-optative), Chair Mr R Hines (Co-optative)

Mrs K Richardson (Appointed by the Parish Council of Haydon Bridge) Mr E Fulks (Appointed by the Parish Council of Haydon Bridge) Mrs D Wardle (Co-optative) Mrs L A Gilhespy (Appointed by the Parish Council of Haydon Bridge) Mr B L Bates (Co-optative) Me E Brown (Appointed by the Parish Council of Haydon Bridge) Mrs P Collis (Co-optative) Charity number 528101 Registered office 15 Shaftoe Terrace Haydon Bridge Hexham Northumberland NE47 6BW Bankers HSBC UK Fore Street Hexham Northumberland NE46 1LY Stockbroker Brewin Dolphin Securities Time Central 32 Gallowgate Newcastle Upon Tyne NE1 4SR Independent Examiner RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU

SHAFTOE EDUCATIONAL FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their report and financial statements for the year ended 31 March 2025.

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 lreland (FRS 102).

Objectives and activities

• Policies and objectives

The objectives of Shaftoe Educational Foundation ("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 the 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 payable in respect of the property of the charity and all the proper costs, charges and expenses of and incidental to the administrations and management of the charity. Subject to the payments aforesaid the Trustees shall then apply the income of the charity at their discretion in one or more of the following ways:

• Main activities undertaken to further the Charlty's purposes for the publlc 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 School also benefits from financial assistance which therefore benefits all students in those establishments over and above that provided by Northumberland County Council.

Achievements and performance

• Main achievements of the Charity

The charity continues to derive funds from its landed estate and investment portfolio, which is applied to provide for educational purposes at two schools and accommodation to those in need through the provision of almshouses.

• Key performance indicators

The Trustees review key sources of income and expenditure to monitor the performance of the charity. These include:

These allow the Trustees 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.

SHAFTOE EDUCATIONAL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The charity aims to:

• Review of activities

The Trustees report a surplus for the year before investment movements of £51,031 (2024: £38,390).

Grants totaling £96,224 (2024 - £115,685) were made available during the year.

There were total net investment gains of £23,798 (2024: £108,150). This is attributable to movements on the investment portfolio, of which £13,441 is attributable to endowed funds and £10,357 to general funds.

There was a further gain on investments of £560,000 in relation to an uplift on the valuation of the investment properties.

Reports are received from the management agents at every meeting and they regularly attend meetings to report on activities, answer questions and seek the guidance of Trustees. A multi-year rolling management plan for the estate is reviewed and updated on a regular basis.

The Foundation has continued to support the Shaftoe Trust Academy and other educational initiatives in the Parish-funded locally-based students and apprentices. Grant allocations are adjusted each year as necessary to reflect costs and available funding to ensure the Foundation continues to meet current and future demand wherever possible. Details of grants awarded (anonymised as required) are included in the notes to the accounts.

• 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 Delphin. 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 at Belford, Northumberland as described more fully in notes 10 to 11.

The Trustees review funds under investment through reports provided for each meeting and they are satisfied with the current performance. Representatives of Brewin Dolphin regularly attend meetings to inform Trustees, answer questions, review investments and seek guidance from Trustees.

Financial review

The main source of income for the charity during the period was investment income from the investment property portfolio totalling £232,156, and the main form of expenditure for the charity was the grants paid of £96,224. At the period end net income for the year was £634,829 consisting of unrestricted income of £232,563 , unrestricted expenditure of £174,555 and endowment expenditure of £6,977. Retained funds at the period end were £10,660,437 consisting of £1,197,892 of unrestricted funds and £9,462,545 of endowment funds.

Going concern

Liquid funds continue to be held for grant-making activities. After making appropriate enquiries, the Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Grants policy

The Charity provides grants to further its charitable objectives, which are the education of residents in the Parish of Haydon Bridge. Grants have been made to both individuals and organisations that align with the charity’s objectives and are disclosed in note 7.

SHAFTOE EDUCATIONAL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

• 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.

At 31 March 2025 reserves were £10,660,437 (2024: £9,330,608) with £9,462,545 (2024: £8,201,081) allocated to the endowment fund.

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:

The four nominative Trustees shall be appointed by Haydon Bridge Parish Council.

Every nominative trustee shall be appointed for a term of five 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 eo-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.

• 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.

• 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.

Where necessary additional sub-committees are formed to address specific issues and reports given to a full meeting of Trustees and if necessary additional meetings are arranged outside of the regularly scheduled programme of meetings.

SHAFTOE EDUCATIONAL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

• Key Management Personnel policy

The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the Trust . The running and operating the charity on a day-to-day basis is done by the Clerk. All trustees give of their time freely and no trustee remuneration was paid during the year. Details of related party transactions are disclosed in note 19 to the financial statements.

• Policies adopted for the induction and training of Trustees

lnduction 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.

• 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.

• Future developments

There is a rolling programme of repairs and improvements for land and property managed by the Foundation. This is to ensure that properties meet current standards and prepare for forthcoming changes. lt included managing conflicting interests when dealing with listed buildings. The Trustees are supported by professional advice in achieving their duties.

The Trustees are looking into development options of some of the land at Haydon Bridge for residential. The Trustees plan to merge both Shaftoe Educational Foundation and the Almshouse Charity of John shaftoe to form a CIO.

The Trustees intend to continue to support the educational needs of the Shaftoe Trust Academy and its pupils, the Almshouse Charity of John Shaftoe, and other causes local to Haydon Bridge as necessary.

The trustees who served during the year were:

Mr J J drydon (Co-optative), Chair Mr R Hines (Co-optative)

Mrs K Richardson (Appointed by the Parish Council of Haydon Bridge) Mr E Fulks (Appointed by the Parish Council of Haydon Bridge) Mrs D Wardle (Co-optative)

Mrs L A Gilhespy (Appointed by the Parish Council of Haydon Bridge) Mr B L Bates (Co-optative)

Me E Brown (Appointed by the Parish Council of Haydon Bridge) Mrs P Collis (Co-optative)

SHAFTOE EDUCATIONAL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The trustees' report was approved by the Board of Trustees.

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.............................. Mr J J drydon (Co-optative), Chair Trustee Dated: ......................... 02/12/25

SHAFTOE EDUCATIONAL FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

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:

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.

SHAFTOE EDUCATIONAL FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SHAFTOE EDUCATIONAL FOUNDATION

I report to the trustees on my examination of the accounts of Shaftoe Educational Foundation ('the charity') for the year ended 31 March 2025 which are set out on pages 7 to 18.

Respective responsibilities of trustees and examiner

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 all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in the connection with the examination giving me reasonable cause to believe that in any material respect:

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.

Kerry Gallagher

Kerry Gallagher FCA DChA

The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU

03/12/25 Dated: .........................

SHAFTOE EDUCATIONAL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Endowment
funds
funds
Notes
£
£
Income from:
Donations and legacies
3
407
-
Investments
4
232,156
-
Total income
232,563
-
Expenditure on:
Raising funds
5
66,187
6,977
Charitable activities
6
108,368
-
Total expenditure
174,555
6,977
Net (expenditure)/income before gains/
(losses)
58,008
(6,977)
Net gains on investments
12
10,357
573,441
Net incoming resources
68,365
566,464
Other recognised gains and losses
Revaluation of tangible fixed assets
-
695,000
Net movement in funds
10
68,365
1,261,464
Total funds brought forward
1,129,527
8,201,081
Total funds carried forward
1,197,892
9,462,545		 Total
2025
£
407
232,156
232,563
73,164
108,368
181,532
51,031
583,798
634,829
695,000
1,329,829
9,330,608
10,660,437		 Total
2024
£
-
221,535
221,535
59,542
123,603
183,145
38,390
108,150
146,540
-
146,540
9,184,068
9,330,608

Charity Registration No. 528101

SHAFTOE EDUCATIONAL FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
10
Investment properties
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
17
Income funds
Unrestricted funds
17		 2025
£
£
710,000
8,055,000
1,508,526
10,273,526
49,393
452,514
501,907
(114,996)
386,911
10,660,437
9,462,545
1,197,892
10,660,437		 2024
£
£
15,000
7,495,000
1,489,087
8,999,087
50,338
353,436
403,774
(72,253)
331,521
9,330,608
8,201,081
1,129,527
9,330,608		 2024
£
£
15,000
7,495,000
1,489,087
8,999,087
50,338
353,436
403,774
(72,253)
331,521
9,330,608
8,201,081
1,129,527
9,330,608
8,999,087
331,521
9,330,608
8,201,081
1,129,527
9,330,608

02/12/25 The financial statements were approved by the Trustees on ......................... and are signed on their behalf by:

..............................

Mr J J drydon (Co-optative), Chair Trustee

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Shaftoe Educational Foundation is a charitable trust, registered in England and Wales by the Charity Commission (charity number 528101). The principal office is 15 Shaftoe Terrace, Haydon Bridge, NE47 6BW.

Accounting convention

The financial statements have been prepared in accordance with applicable accounting standards under the historical convention with assets and liabilities initially recognised at historical cost except for certain investments which are held at market valuation, as stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019) and the Charities Act 2011.

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

The Charity constitutes a public benefit entity as defined by FRS 102.

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

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.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

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

Income

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

Investment income and interest received are brought in when receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

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.

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfilled conditions attaching to the grant are outside of the control of the Charity.

The Charity is not registered for Value Added Tax and expenditure is shown inclusive of VAT in the financial statements.

Tangible fixed assets

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

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.

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

Freehold land and buildings Not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Investment properties

Investment property, which is property held to earn rentals and for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

Fixed asset investments

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

Impairment of fixed assets

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

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities

Basic financial liabilities, including other creditors are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees do not consider that there are any critical estimates or any areas of judgment that need to be brought to the attention of the readers of the financial statements.

3 Donations and legacies

2025 2024
£ £
Donations and gifts 407 -

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Investments

Rental income
Income from listed investments
Interest receivable		 2025
£
192,759
28,627
10,770
232,156		 2024
£
182,440
35,388
3,707
221,535

5 Raising funds

Unrestricted Endowment
funds
funds
£
£
Investment management fees
5,376
6,977
Property management fees
7,229
-
Property running costs
32,952
-
Insurance
5,566
-
Legal and professional
15,064
-
66,187
6,977
Unrestricted Endowment
funds
funds
£
£
Investment management fees
4,076
5,289
Property management fees
25,671
-
Property running costs
5,211
6,631
Insurance
5,827
-
Legal and professional
4,289
-
Sundry expenses
2,548
-
47,622
11,920		 Total
2025
£
12,353
7,229
32,952
5,566
15,064
73,164
Total
2024
£
9,365
25,671
11,842
5,827
4,289
2,548
59,542

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Charitable activities

Clerk's fees and expenses
Governance
Bank charges
Grant funding of activities (see note 7)		 2025
£
4,032
8,100
12
12,144
96,224
108,368		 2024
£
2,500
5,418
-
7,918
115,685
123,603

Governance costs comprise of £8,100 for the preparation and independent examination of the accounts (2024:£5,418)

7 Grants payable

3 grants to Shaftoe Wise Academy (2024: 1)
38 grants to Individuals (2024: 43)
1 grant to Almshouse Charity of John Shaftoe (2024: 2)
Haydon Bridge High School (2024: 3)
2 grants to Haydon Bridge Scout Group (2024: 1)
Shaftoe Young Farmers (2024: 1)
Haydon Bridge Judo Club (2024: 1)
2 grants to Nurture Project (2024: 0)
1 grant to Heritage Placques (2024: 0)
Grant reconcilliation
Opening balance of grants payable
Grants committed during the year
Grants paid during the year
Grants payable at 31 March 2025		 2025
£
8,735
25,465
50,000
-
3,222
-
-
7,302
1,500
96,224
-
96,224
92,924
3,300		 2024
£
15,000
38,950
51,720
7,740
1,200
400
675
-
-
115,685
-
115,685
115,685
-

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses from the charity during the year (2024: £nil).

Key management comprises the trustees. None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or previous year.

9 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
general
£
£
Gain/(loss) on sale of investments
10,357
13,441
Revalution of investment properties
-
560,000
10,357
573,441
For the year ended 31 March
2024
61,090
47,060		 Total
2025
£
23,798
560,000
583,798		 Total
2024
£
108,150
-
108,150
108,150

10 Tangible fixed assets

Freehold land and
Fair Value
At 1 April 2024
Revaluation
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 buildings
£
15,000
695,000
710,000
710,000
15,000

The charity's real property is permanently endowed and is vested in the Official Custodian.

The above relates to various parcels of land at Haydon Bridge listed in Schedule 1 of the Trust deed dated 8 March 2018 and includes East House, West House and Middle House, Haydon Bridge, together with associated land and buildings. It also includes land situate at Haydon Bridge with the buildings thereon known as the Shaftoe Trust Wise School. This latter property (Shaftoe Trust Wise Academy) is let on a long lease at a peppercorn rent to WISE Academies. It is valued by the Trustees at its fair value to reflect the rent arising.

The fair value of the investment property has been arrived at on the basis of a valuation carried out in October 2025 by Galbraith Group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Investment property

Investment property
Fair value
At 1 April 2024
Net gains or losses through fair value adjustments
At 31 March 2025		 2025
£
7,495,000
560,000
8,055,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out in October 2025 by Galbraith Group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The cost of the properties is not known.

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 31 March 2024
1,474,554
Additions
382,500
Valuation changes
23,798
Disposals
(388,636)
At 31 March 2025
1,492,216
Carrying amount
At 31 March 2025
1,492,216
At 31 March 2024
1,474,554
All investments are carried at their fair value.
13
Debtors
Amounts falling due within one year:
Accrued rental income
Prepayments and accrued income		 Cash in
portfolio
14,533
1,777
-
-
16,310
16,310
14,533
2025
£
45,644
3,749
49,393		 Total
£
1,489,087
384,277
23,798
(388,636)
1,508,526
1,508,526
1,489,087
2024
£
40,845
9,493
50,338

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14 Creditors: amounts falling due within one year

Other creditors
Grants payable
Accruals
15
Financial instruments
Carrying amount of financial assets
Assets measured at fair value through profit or loss
16
Net movement in funds
Current year:
Balance at 1
April 2024
£
Unrestricted funds
1,129,527
Endowment funds
8,201,081
9,330,608		 2025
£
94,903
Note 7
3,300
16,793
114,996
2025
£
1,492,216
Income Expenditure Gain/ (loss)
on
revaluation
£
£
£
232,563
(174,555)
10,357
-
(6,977)
1,268,441
232,563
(181,532)
1,278,798		 2024
£
66,435
5,818
72,253
2024
£
1,474,554
Balance at
31 March
2025
£
1,197,892
9,462,545
10,660,437

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.

Prior year:
Balance at 1
April 2023
£
Unrestricted funds
1,018,127
Endowment funds
8,165,941
9,184,068		 Income Expenditure Gain/ (loss)
on
revaluation
£
£
£
221,535
(171,225)
61,090
-
(11,920)
47,060
221,535
(183,145)
108,150		 Balance at
31 March
2024
£
1,129,527
8,201,081
9,330,608

SHAFTOE EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
£
£
Fund balances at 31 March 2025 are represented by:
Tangible assets
-
710,000
Investment properties
-
8,055,000
Investments
810,981
697,545
Current assets/(liabilities)
386,911
-
1,197,892
9,462,545
Analysis of net assets between funds - prior period
Unrestricted
funds
Endowment
funds
£
£
Tangible assets
-
15,000
Investment properties
-
7,495,000
Investments
798,006
691,081
Current assets/(liabilities)
331,521
-
1,129,527
8,201,081		 Total
£
710,000
8,055,000
1,508,526
386,911
10,660,437
Total
£
15,000
7,495,000
1,489,087
331,521
9,330,608

18 Related party transactions

The charity is connected to the Almshouse Charity of John Shaftoe (Charity No. 506598) through a common board of trustees, as both entities share the same trustees. Originally founded as one charity in 1685, they now operate separately.

During the year the charity paid £75,968 (2024: £39,916 was received) to Almshouse Charity of John Shaftoe and at the year end an amount of £9,533 was receivable (2024: £66,435 was payable).

No group accounts have been prepared, as the two charities do not operate as a group despite their connected governance.