THE NORMANTON FREESTON FOUNDATION 1 Home Fann Court Bretton Wakefield West Yorkshire WF4 4TR Registered charity 529279 UNAUDITED ACCOUNTS YEAR ENDED 31 AUGUST 2023
THE NORMANTON FREESTON FOUNDATION ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 Page Trustee's report Independent examinerfs report Receipts and payments account statement of assets and liabilltles Notes to the accounts
PAGE 1 THE NORMANTON FREESTON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Aims, objectives and actlvities The objects are, for the benefft of the public" to advall education through.. the provision of a sf(e in Nonnanton, West Yorkshire for an edUcatnal instituts"on', and furthering the educats'on of any person attending any educational institution coThYucted on the charitys propety by the award of prizes {or other surtable reward)" and giving grants, bursaries or other payments to beneficiaries who are in need of financial assistan lor to educational instilutions attended by such benefick3ries)." and in providing financial or other assistance to such beneficiaries to assist their entry into a profession, trade or calling or to enable them to travel abroad lo pursue their educ8tJon. to provide and supp)rt educabonal. recreatx)nal or ancilkry faciif(ies and serviGe5 ft)i the benefft of the beneftiaries and the inhabrtants of the area of benefft. The School of the FoundatM)n is Outsvoc*J Academy Freeston at Favell Avenue Nomanton. Strncture. governance and management The Foundation is governed under the power given in the CharFbes Act 1993 by a scheme made on 18 March 2002 as amended on 14 October 2011, when a corporate trustee was appointed. Each of the directors is appoirsled as follows: Directors at the date of this report Up to Iwo ol whom at feast one shall be a woman, by the Master and Fellows of University College Oxford MrA M Taylor Mrs E E Hudson Up to one by the Council of the UniveW of Leeds Mr S A Patel Up lo tsvo of whom one shall be a woman, by Wakefield Melropolilan District Council as Lixal Education Authority Mr B D Thaler Mrs A Bones
PAGE 2 THE NORMANTON FREESTON FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Up lo three of whoffi at least one shall be a woman and of whom one shall be resident in Altofts, by the Nomanton Town Council Mrs H E Hudson Mr B Mayne Mr K Wilson Up to one by the warnif1d cum Heath Parish Council Up to one Mrs M I Vasey by the Sharlslon Parrsh Council Vacancy Up to the ccpopled directors Mrs S E Blezard Mrs L J Huddlestone Reverend A Murray The directors meet every months. Their tem of office 15 three yeaw5 apart from the ¢(pted directors whose tem is four year5. The chanty's advisors are". Corporate trustee- The Normanton Freeston Foundation Trustee Limited Cletk - Mr J C Brearton FCA 1 Home Farm Court Bretton Wakefiekj West Yorkshire WF4 4TR Bankers- Barclays Bank Trinty Walk Shopping Centre Teall Way Wakefiehd West Yorkshire WF1 1QS Solicrtors - Catteralls 15 King Street Wakefield West Yorkshire WF1 2SL Accountsnts- Hansons St Oswald House St Oswald Street Cathford West Yothshire WFIO 1 DH The charitys investment managers are" BlackRock Fund Managers Limrted PO Box 545 Darlington County Durham DL1 9TQ CCLA Investment Management Limtted PO Box 12892 Dunmow Essex CM6 9DL & G charib.es PO Box W38 Chelmsford Essex CM99 2XF Reserves policy After the payment of any expenses of a(Iministration the net yearty income of the Foundation is applied by the directors as follows.. Grants for the educatsonal benefft ofthe pupils of the A(2demy GCSE awards Travel bursaries Freeston Found*"on %holarships MrBD Director The Nomianton Freeston Foundat Trustee Limrted Director The Nofmanton Freeston Foundation Trustee Limited 17 5eptemtser 2024
PAGE 3 THE NORMANTON FREESTON FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRiISTEE ON THE UNAUDtrED ACCOUNTS I reFK)rt on the accounts of the charrty for the year ended 31 August 2023 set out on pages 310 8. This report is made solely to the trustee in accordance wrth section 145 of the Charibes Act 2011 Ilhe Act). My examinatson has been undertaken so that I might stsle to the trustee those matters l am required to slate in an independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the trustee for my examinats"on, for this report or for the opInn I have form&J. Respectlvo responsibilitie¥ of trustee and Independent examln¢r The charty's trustee is responsible for the weparab.on of the accounts. The twstee considers that an audtt is not required for this year under section 144{2) of the Acl and that an independent examinalion is required. It is my responsibilrty to= examine the ac(xfyunts under section 145 of the Actr to foll()w such proureS laid down in the General Directions given by the Charity Commission under section 14515) (bl of the Act". and to stale whether parb"cular matters have come to my attent¥)n. Basis of independent examinerfs report My examination was carrd out in accordance with the General Directions given by the Charity Commission. An exarnination includes 3 review of the acUnb"n9 records kept by the charity and a comparison of the accounts those records. 11 aL80 includes consideration of any unusual items or disclosure5 in the accounts, and seeking explanations from the trustee ConrnIng any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit, and CAJnsequenlty no opinion is gtven as to whether the accounts present a true and fair view and the report is limrted to those matters *t out in the statement below. Independent examinerfs statement In connection with my examination. no matter has ne to my attentitin: {11 which gives me reasonabk cause to believe that in any material respect the reqLtirements to.. keep accoltnting reix)rds in accordance with seth.on 130 of the Act,. and prepare accounts which acrd with the accounting records and comply th the accounting requirements of the Act have not been met,. or 121 to which, in my opinion. attention shouhJ drawn in order to enable a proper understanding of the accounts to be reached. Mark Andrew Upex BA FCA Hansons Sl Oswald House St Oswald Street CASTLEFORD West Yorkshirè WF10 1DH
PAGE 4 THE NORMANTON FREESTON FOUNDATION RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Note 2023 2022 Incomlng resources Cambridge & Counties Bank interest Hodge Bank interest Income from investments Income tax refund Sale of inveslmellt5 Refund of escrow funds and disbursements Pingle Field exclusivty payment John Freeston trust Loan repayment Total incoming resources 478 179 42,248 191 1,394 3,818 10,000 53,549 44,970 54.230 10.1)00 109.511 111.857 Resources expended Purchase of investments Section A funding Section B funding Pingle Field sale costs Payments for educats'on purwses Management expenses Total outgoing resourcgs 4.401 19.366 21.909 3,919 4,604 53,648 17689 20,356 50 2,250 6,865 100,858 60.603 Net receipts for the year 48,908 10,999 Reconcili2b'on of funds Total funds brought foThvard 270,202 259,203 Total fiFnds carried foward 319,110 270,202
PAGE 5 THE NORMANTON FREESTON FOUNDATION STATEMENT OF ASSETS AND LIABILITIES AS AT 31 AUGUST 2023 Totsl funds Prror year funds Note Cash funds 319,110 270,202 Loan 90,000 100,000 A secured loan was made to the Freeston and Sagarfs Almshouses {FSAI trust for one year carying InteSt at 1 Oyo. The loan and interest were rolled over at maturity for another 12 months to 5 May 2022 al which date FSA asked for and was granted a final repayment dale of 5 Septemtr 2022,. this date I was missed although £10,000 was received. A proposal by FSA to the Foundation to accept a lower afflount of irterest was agreed by the Foun¢Jab"on on 21 March 2023. £2.OCNJ was received in December 2023. Mts S E Blezard, Mr B D Thaler. Mr K Wilson and Reverend A Murray are trustee5 of FSA and also d1ctorS of The Normanton Freeston Foundation Tmstee Limited. Investment assets Cost 651.529 647,128 Market value 1.028N11 1.C61.068 Assets retained for charlty's own use oU00d Academy Freeston land and buildings togetherwth detached playing fields. Land at Beckbridge Normanton Liabilities Clerk's salary.. 6 months to 31 August 2023 3,125 3,000 Accountants. fees.. Year ended 31 August 2022 Year ended 31 August 2023 Solicitors. fees Sale agreement for Pingle Field 390 390 3,919 3,905 7,309
PAGE 6 THE NORMANTON FREESTON FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 1 Accounting pollcies Unrestricted ftjnds are those %leh are available lor use at the direction of the direclors in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. 2 Income frorn Investmgnts 2023 2022 Charities UK Equty A Income Charities UK Bond A Income COIF Charities Income Charifund Income British Land Company plc Cineworfd Group plc Edinburgh Investment Trust plc F & C Investment Tru51 pjc GSK pl¢ Pennon Group plc Residential Secure Inccffie plc Scottish Mortgage Tnssl rAc Unilever plc Vistry Group plc Warehouse REIT plc J D Welherspoon ple Witsn Investment Trust plc 28676.2CN) units 36305.227 units 13096.620 units 28515_953 units 2005 25p ord shares 18742 1 p ord shares 4117 25p ord shares 2555 25p ord sha 437 31.25p (xd sho¥ 880 61.05p ord shaS 9854 1p ord shares 1080 5p ord share5 191 0.31 Ip ord shares 942 50p ord shares 10075 1 p ord sha9 1085 2p ord shares 9807 5p ord shares 6.882 2,178 7.135 24.096 6,398 2.178 7,081 22.528 174 1.OS3 347 247 339 392 gS8 325 385 98 307 38 267 499 481 352 491 499 565 44,970 S31 42.248 3. Section A funding 2023 2022 Art and photography sketchbooks Books for Year 6 students Discretionary Travel and trips Speech day prizes and awards Photography and arNvork 2.1)00 2.000 1,998 2,000 130 9,563 2.000 1,998 17,689 12.117 1,249 2.000 19,3fjfj
PAGE 7 THE NORMANTON FREESTON FOUNDATION NOTES TO THE ACCOIJNTS FOR THE YEAR ENDED 31 AUGUST 2023 4. Payments for education purposes 2023 2022 Higher education awards Directors. awards Allan Blaza music awards 2,250 104 4.604 2,250 S. Management expenses 2023 2022 Clefk's salary Postages and stslionery Accountants. fees Land registration Bank charges Broke, charges 6.125 136 5,750 179 390 426 25 118 120 6.865 6. Cash funds Tr)tal funds Terms Prior year funds Virgin Money Barclays Bank Interacttve Investor 18 month fixed interest instant a55 instant access 200,000 118,907 203 319.110 267,959 2,243 270,202
PAGE 8 THE NORMANTON FREESTON FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 7. Investment assets- market value Cost Mathet value 2023 2022 BlackRoek Charibes UK Equty A Income BlackRock Charities UK Bond A Income CCLA COIF Charrties Investment Income M & G Equities Investment Fund for Charitses British Land Company plc Cinewodd Group plc Edinburgh Trust plc F & C Investment Trust plc GSK plc 82.083 63,113 82,485 265,381 10.520 10,000 20.252 18,278 200047 50.827 247,029 396N63 6.488 193,564 55,910 251,670 418.090 8,238 525 23,239 22.252 26.678 22.126 Fljl 6.830 10.420 10,485 12,086 8,383 8.121 11,749 10,000 21.343 651,529 Pennorl Group plc Residential Secure Income plc Scottish Mortgage lllvestment Trust plc Unilever plc Visty Group plc wahouse REIT plc J D Wetherspoon plc Witan Investment Trusl plc 6,069 5.676 5.715 7,405 7,720 7.371 8,584 5,836 7,901 9.862 8,865 7,367 6,712 14,775 5,239 21,023 1,061,8 21,968 1.028,411 With effect from 1 August 2023 Cineworjd Group plc cancelled its listing of ordinary shares from trading on the London Stock Exchange and entered administration.