Sir Francis Nethersole Summary of Information – Annual Return 2020
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Charity Number: 528717 – Sir Francis Nethersole’s School Foundation
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Charity Number: 252829 – Ecclesiastical Charity of Sir Francis Nethersole
Both of Charities are effectively run as one by the same trustees and the same Chairman. The aims of both charities are to provide educational and religious training and activities, for the young and elderly of Warwickshire – more specifically - Polesworth and Warton.
Following the sale of the Old School at Polesworth and the letting of two of the properties in Warton in 2019, the Trustees were hoping to be conclude the reorganization of the charity scheme and be able to action new measures to support the beneficiaries of the Charities however COVID-19 affected this process and matters slowed considerably until lockdown rules eased and working practices returned to normal later in the year.
When the new scheme is up and running the trust can move forward with new projects and ideas to support the local area in the specified religious and educational activities have been discussed amongst the Trustees.
A planning application was submitted to apply for conversion of the redundant scout hut (school hall) in Warton into two residential dwellings and it is hoped that a positive outcome can be achieved – the application remained undetermined through 2020.
Once approved and converted, the site at Warton will then be fully owned by the Trust and let out to residential, commercial and agricultural tenants with a safe return and capital value. With the rent receivable able to be reinvested or used for property repair and returns.
Income to the charity is provided by the returns from the investment portfolio held in each charity’s name as well as interest on monies held in the bank – the investment managers have confirmed that the portfolios are managed on a policy that has a moderate attitude to risk.
Much of the income detailed in the accounts comes from the sale of investments and rent from the Warton School House, with the payments being purchases of alternative investments. The property repair expenditure dropped significantly as there is only now one redundant building within the control of the Charity.
Financially, the two charities accounts remain in a healthy position, with a strong portfolio of property investment, stocks & shares and a good bank balance. The balances boosted following the sale of The Polesworth Site in 2019.
It should be noted that on the 19[th] December 2019 correspondence from Warwickshire County Council was received to advise that they believed they had a ‘claim’ against some of the proceeds of sale from the Polesworth Site, on the basis that they previously had an interest in the site. Discussions did not progress before the end of the calendar year and did not continue through 2020 – although this may have been as a result of COVID lockdown.
SIR FIL4NCIS NETHERSOLE FOUNDATION a8e5 ACCOUNTANTS REPORT FOR THE YEAR ENDED 31ST DECEMBER 2020 In a¢¢ordan¢e with OUT engagetnenl letter we have ¢otELpiled the finallcial infonnatiott of The Francis Nethersole Foundation which comprises Receipts & Payment Accounts from the accounting records and from information and explanations you have given to us. The financial infornjation is not intended to achieve full compliance with the piovi5iOtL4 01 UK Gellerally Accepted A¢¢ounting Principles. This report is made to you in accord8n¢e wEth the tern of our engagement. Our work has been undertaken so that we might compile the fJnan¢ial inftstmation that we have been engaged to compile, report 19 you that we have done 50, and state those matters that we have-Egreed to %tate to yoij in this report and for no other PUTpose. To the fullest exte1 perniittcd by law. we do not accept or asswne responsibility to anyone other than The FTancis Nethersole Foundation. for our work, or for this report. We have carried out this engagemertt In arcordance with the technical guidance issued by the Institute of Chartered Accountants in England atld Wales and have complied with the ¢ihical ¥uidance laid down by the Insiltuie. You have approved the financial infomiation for the period slated above and have ocknowledged youi responsibilty for it, for the appiopTiateness of the accounting basis and for ptoviditlg all infortnation and ¢xplanatlOll5 necessary for it's ¢ompilaiion. We have not verified the accuFacy or completeness of the accounting records or infomation and explanakn"tsn5 you have given to us and we do not, ther¢fore, express any opinion on the financial information. right & Co charte Ac¢outLtants 2 Longrood Road Bilton RUGBY Warwi¢kshire CV22 7RG i< October 2021