THE NORMANTON FREESTON FOUNDATION 1 Home Farni Court Bretton Wakefield West Yorkshire WF4 4TR Registered charity 529279 UNAUDITED ACCOUNTS YEAR ENDED 31 AUGUST 2024
THE NORMANTON FREESTON FOUNDATION A-COUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents Page Trustee's report Independent examlnerfs report Receipts and payments account Statement of assets and Ilabililies Notes to the accounts
PAGE 1 THE NORMANTON FREESTON FOUNDATION TRUSTEES. REPOI FOR THE YEAR ENDED 31 AUGUST 2024 Alms. objectives and activitles The objects are, for the benefit of the public.. to advan education through.. the provision of a site in Notrnanton, West Yorkshire for an educational institution,. and fvrthering the educab'on of any person altending any educational institution conducied on the charitys propeTty by the award of prizes lor other surtable reward}". and giving grants, bursaries or other payments to beneficiaries who are in need of financial assistan (or to educational institutions attended by such beneficiariesl". and in providin9 finanGial 01 other assistance to suth beneficiaries to assist their entry into a profession. trade or calling or to enable them to travel abroad to pursue their ediJcat¢on. to provide and supwrt educational. reational or arscillary facilibes and Servi for the benefft of the beneficiaries and the inhabitsnts of the area of benefiL The School of the Foundation is Outsvood Academy Freeston at Favell Avenue Nomianton. Stru¢tur0i governance and managernont The Foundation is governed under the Fthver given in the Charities Act 1993 by a scheme made on 18 March 2002 as amended on 14 October 2011, when a corporate ttustee was appointed. Each of the directors is apFX)inted as follows.. Dire¢tots at the date of this report Up to kn ofwhom at least one shall be a woman, by the Master and Fellows of University ColWe Oxtord MrA M Taylor Mrs E E Hudson Up to one by the Council of the University of Leeds Mr SA Patel Up to t0 of whom one shall be a woman. by Wakefieh Metropolitan Distn"ct Council as Local Educab"on ALrthotity Mr B D Thaler Mrs A Bones
PAGE 2 THE NORMANTON FREESTON FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Up to three ofwhom at least one shall be a woman and of whom one shall be resKlent in Altofts, by the Nomanton Town Counul Mrs H E Hudson Mr B Mayne Mr K Wilson Up to one by the Warmfield cum Heath Parish Gounal Mrs M I Vasey Up to one by the Shartston Parish Council Vacancy Up to three c04JPted directors Mrs S E Blezard Mrs L J Huddlestone Reverend A Murray The directr)rs meet every tsvo months. Their tem of Offi is three year5 apart from the ClOpted directors whose temi is four years. The charity's advisors are". Corporate trustee- The Normanton Freeston FoundatM)n Trustee Limrted Clerf( - Mr J C Brearton FCA 1 Horne Farm Court Bretton Wakefield West Yorkshire WF4 4TR Bankers - Barclays Bank Trinity Walk Shopping Centre Teall Way Wakefiehj West Yorkshire WF11QS Solicitors- Cattefalls 15 King Street Wakefield West Yorkshire WF1 2SL Accountants- Hansons st Oswald House St Oswald Street Castleford West Yorkshire WF10 1 DH The charty's investment managers are: BlackRctk Fund Manager5 Limited PO Box 545 Dartington County Durham DL1 9TQ CCLA Investment Management Limited PO Box 12892 Dunmow Essex CM6 9DL M & G Charibes PO Box 38 Chelmsft)rd Essex CM99 2XF Reseries policy Aftei the payment of any expenses of administrab.on the net yeaty income of the Foundats'on is applied by the directors as follows.. Grants for the educational benefft of the pupils of the Academy Higher education awards Travel bursaries Freeston Foundatv)n schoLarships Provide and SUPFX)rt educational, recreats.onal or ancillary facilthes and servi$ for the benefft of the benef"arieS and the inhabilants of the area of benefft Mts L J Huddleslone Director Director The Nomiantr)n Freeston Found"on Trust Limited The Normanton Freeston Foundab'on Trustee Limited 13 November 2024
PAGE 3 THE NORMANTON FREESTON FOUNDATION INDEPENDENT EXAMINER'S REPORT TO ThE TRUSTEE ON THE UNAUDITED ACCOUNTS I report on the accounts of the charity for the year ended 31 August 2024 set out on pages 3 to 8. This report is made solety to the trustee in accordan section 145 of the Charities Act 2011 (the A¢ll. My examination has been undertaken so that I Mht stste to the trustee those matters l am required to state in an independent examinerfs retK)rt and for no other purpose. To the fullest extent permitted by law, I do not accept or assume reswnsibiltty to anyone other than the trustee for my examination. for this report or for the opinion I have fom)ed. Respe¢ltve responsibilities of tntstee and independent examingr The charity's trustee is resporssible for the preparth.on ofthe accounts. The trustee considers that an audit is not required for this year under section 144(2) of the Act and that an independent examination is required. It is my reswnsibilrty to". examine the accounts under section 145 of the Act to follow such procedures laid down in the General Direth"ons gtven by the Charty Commission under section 145(51 {bl of the Act.. and to state whether pattrular matters have rne to my attention. Basis of independent examinerfs report My examination was carried out in accordan with the General DitiOnS gtven by the Chanty Commission. An examination illcludes a review of the aco)unting records kept by the charity and a comparison of the accounts wth those records. It also includes (x)nsideration of any unusual items or disclosures in the accounts. and seeking explanations from the trustee cOnmIng any such matters. The procedures undertaken do not provKle all the evidence that would be required in an audtL 2nd consequenuy no OPinK)n is given as lo whether the accounts present a true and fair view and the report is limtled to those matters sel out in the statement below. Independent examinerfs slatement In connects'on vthh my examination, no matter has come to my attention.. {11 which gives rne reasonable cause to believe that in any material respect the requirements to.. keep accounting records in accordan with section 130 of the Act,. and prepa ac(x)unls which accord wth the accounb.ng records and comply with the accounb.ng requirements of the Act have not been met,. or 12) to which, in my opinioTr, attention should be dra in order to enable a proper understanding of the accounts to be reached. Mark Andrew Upex BA FCA Hansons Sl Oswald House Sl Oswald Street CASTLEFORD Wesi YorKsnire WF10 10H
PAGE 4 THE NORMANTON FREESTON FOUNDATION RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Incomlng resources Income from investments Income tax refund Bank interest John Freeston trust Loan repaymenl Total incoming resources 451 314 14,642 57,720 2,000 120227 44,970 311 54,230 10.000 109,511 Resources expended Purchase of inve5trnents secb.on A funding Section B funding Pingle Field sale costs Payments for education purposes Management expenses Total outgolng resOue$ 4.192 20A55 23,117 4,401 19,366 21,909 3,919 4,604 6,404 60,603 7.225 56.539 Net receipts for the year 63.688 48,908 Reconciliation of funds Total ftjnds brought forward 319.110 270,202 Total funds carried forvrdrd 382,798 319,110
PAGE 5 THE NORMANTON FREESTON FOUNDATION STATEMENT OF ASSETS AND LIABILtriES AS AT 31 AUGUST 2024 Total Prior year funds funds Cash funds 382.798 319,110 Loan 88.000 90,000 A £100,000 secured loan was made lo the Freeston and Sagarfs Almshouses IFSAI tntst for one year arrysng Interest al 10°k. The loan and interest were rolled over at matunty for another 12 months to 5 May 2022 at which date FSA asked for and Yfds granted a final repayment date of 5 September 2022," this date too was missed although £12,000 capital has been received. A proposal by FSA to the Foundation to accept a lower amount of interest was agreed by the Foundatson on 21 March 2023. As at 13 November 2024 no interest has been r[ved. Mrs S E Blezafd, Mr B D Thaler, and Reverend A Murray are trustees of FSA and also directo of The Nomianton Freeston Foundation Trustee Limrted. Investment aets C05t 645.721 651,529 Market value 1,144.323 1,028,411 Assets retained for charity's own use Ouhvood Academy Freeston land and buildings togethervnth detached playing field5. Land at Beckbridge Normanton Liabilities Clerk's stipend: 6 months to 31 Augusl 2024 3J75 3,125 Accountants. fees.. Year ended 31 August 2022 Year ended 31 August 2023 Year ended 31 August 2024 390 390 390 390 4.155 3.515
PAGE 6 THE NORMANTON FREESTON FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 1 Accountlng policies Unrestricted funds are those Nthich are available for use at the dÉrecb"on of the directo in furtherance of the general obje¢ttrves of the Foundation and which have not t*en desigrHted for other purposes. 2 Income from Invesknents 2024 2023 Charities UK Equty A Income Charits"es UK Bond A Income COIF Charities Income Charifund Income Brib"sh Land Company plc Edinburgh Investment Tnjst plc F & C Investment Twst plc GSK pl¢ Pennon Group plc Residential SeGure Ir¢come plc Seottish Mortgage Trust C Unilever plc Vistry Group plc Warehouse REIT plc J D Wethersp(K)n ple Witsn Investment Trust plc 28676.200 units 36305.227 units 130%.620 untts 28515.953 untts 2095 25p ord shares 4275 25p ord shares 2592 25p ord shares 452 31.25p ord shares 942 61.05p wl shares 10498 Ip ord shares 1085 5p ord shares 195 0.311p ord shares 942 50p ord Shares 10733 1p ord shares 1085 2p ord shares 10053 5p Ord shares 7.198 2.178 7,190 24.666 370 1.137 383 261 391 353 6,882 2,178 7.135 24,096 350 1,053 347 247 33g 392 213 352 491 561 604 45.551 565 44,970 3. Soction A funding 2024 2023 Art and photography skelchbLK)ks Books for Year 6 students Travel and trips Speech day prizes and awards Photography and aOrk 2.500 1,500 13,405 1.050 2,000 20,455 2,000 2,000 12,117 1,249 2,000 19.366
PAGE 7 THE NORMANTON FREESTON FOUNDATION NOTES TO THE ACCOLINTS FOR THE YEAR ENDED 31 AUGUST 2024 4. Payments for education and Trcreational purposes 2024 2023 Higher educab.on awards Directors. awards Allan Blaza music awards Keith Hill Jurisprudence award 250 2,000 2500 104 31)0 1.SSO 4,604 5. Management expenses 2024 2023 Clerk's stipend Postsges and stationery Accountants, fees Bank charges Brokers, charges 6,125 136 25 118 6,404 139 7.225 6. Cash funds Total funds Prior year nds Tetrns Virgin Money Barclays Bank Interactive Investor CCLA COIF Charittes Deposit Fund 18 month fixed interest instant access instant access 200,000 118,907 203 57,607 191 instant access 325,1)OLI 382,798 319,110
PAGE 8 THE NORMANTON FREESTON FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 7. Investment assets- market value C05t Market value 2024 2023 BlackRock Charities UK Equty A Inme BlackRock Charities UK Bond A Income CCLA COIF Charities Investment Incorne M & G Equitses Investment Fund for chartb.es British Land Company plc Edinburgh Trust plc F & C Investrnent Trust ptc 82,083 63,113 82,485 265,381 10,887 21,375 18,643 222,527 53.006 267,019 439.171 8.615 32,875 26,646 200.447 50,827 247,029 396.463 6,488 26,678 22,126 Fin GSK plc Pennon Group plc Residential Secure Income plc Scottish Mortgage Investment Trust p Unilever plc Vistry Group plc Warehouse REIT plc J D Wetherspoon plc Witan Investment Trust plc 6,069 5,676 5,715 7,405 7.720 7,371 8.584 7,845 21,968 1,028,411 10,806 10,837 12.129 5.685 5,606 8.984 9,567 12,802 9.305 8,235 26.791 1,144.323 8.121 12.309 lo.0 21,942 645.721