CHARITY REGISTRATION NUMBER 529351 SHEFFIELD BLUECOAT AND MouNf PLEASANT EDUCATIONAL FOUNDATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Hackeryoung Charteied*£¢crttsnts
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Thistees ColJCVHuni S E Hewson S C Fowler- Chair J Brown S Tum¢r Prof. M Batcman Ch•rlty Number 529351 Se¢retary and princlpal office Ms S M Greave5 clo Wrigleys SolicitOTS LLP Derweni House 150 Anmdel Ga She(field South Yorkshire SI 2FN Charity adtDini5trdtor MTS G Mills Independent examlner M Mealing Bsc FCCA UHY Hacker Young 6 Broadfi¢ld Court Broadfield Way Sheffield S8 OXF Solicitors Wriglrys Soli¢itor5 LLP Detweni House 150 Anmdel Gate Sheffield South Yorkshire SI 2FN Investment xdvi5or5 Inv¢stcc Wcalth and Investment Ltd Beech House 61 Napier Sireet She(field SII 8HA
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION COIYTENTS Pa2¢ Trnstees, report Independent examinerf5 fqK)rt Statement of financial activities 10 Balancc shccl Staiemenl of e8sh flows 12 Notes to the accounts 13-22
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIOY4AL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trStee$ preseni their annual r¢porl and financial 5tstements for the year ended 31 March 2024. The financial statements have been prepared in accordance wilh (he accounting policies set out in nole I to the finarlcial staton¢nts und ¢omply with thc charily's Trust Dccd, the Chariiies Act 2011 and "Accounting and Reporting by Charilies.. Statement of R¢comm¢nd¢d Practice applicable io chariiies preparing iheir accounls in accordance with ihe Financial Rqrt1rtg StaThlord applicable in the UK and Republic of Ireland (FRS 102) (effeciive l January 2019)". ObJectlve5 and activities Th¢ objcclives of the Tnbst are as follows: l. Awarding to Ixneficiaries scholarships, bursarie5 or mainienance allowances by a single paymeni or a series of payments tenable ai any 5th001. univ¢r5ity or any other educaiional establislimeni approved by the Tnlees. 2. Providing financial 8ssisian¢e. Ou11* clothing, ttK)15, instnunents or books to help beneficiaries on leaving school, universiiy or other educaiional csiablishment to PTepaTe for or to enter a professi. trade or calling. 3. To award scholarships or mainienance allowances 10 enable b¢neficiari¢s to trJvel abroad to pursuc their education. 4. Providing or assisting in ihe provision of facililies of any kind not nornially provided by the Lsxal Education Authority {now known as ihe Children. Young People and Familics Poiifoliol for recreation #nd siKial and physical iraining including Ihe provision of coaching in #thl¢ti¢S, 4)0rts ond games for benefi¢i4ries who are receiving primary. secondary or further education. 5. Providing financial assistance w enabl¢ iKnefi¢iaries io sknly music or other arts. 6. Od)¢rwise promoting ihe education (including social and physical training} of bencficiaries. The bustees have paid due regard to guidanc¢ issu¢d by the Charity Commission in deciding whai activities Ihe ¢harity should und¢rtake.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publi¢ Benefii Tl)e Tnjsiees have considered the guidance issued by the Charity Commi&sion on Ihe appliration of d]e public bcncfil Icst and thc supplemcniary guidancc applying in particular to educational chaiities. The Trust¢¢s are Conscious of their Icgal duty to have regard to the public benefit guidance and th¢ obligation sp¢cifically to report on how th¢ Foundation dclivcr5 public benefii. Thc Trustees ar¢ also conscious of ilie need to bear in mind boih Ihe general and th¢ 5upplcmentary guidance wh¢rever they are r¢l¢vanr, in the work of thc Foundation. The objectives set by ihe TrnSt to deliver the airns of the Foundation are represeni¢d by and evidenced in the grant programmes, refeTred to in detail later in this r¢port. Applying the principlcs of thc public benefit t&st. the analysis of thc a¢tivity of the Foundation shows (he following= l. Prin¢ipl¢- Ih¢r¢ musi be an identifiablc b¢rit or benefits. Th¢ benefits delivcred are num¢rous and widc rdtjging. Th¢y include cnhanccd opportunitics for stNciured learning. both within ihe scl)ool environmenl and outside it. Young peoplc helped wilh grant support from th¢ Foundation have learned.. team skills, how to ext¢nd thettlselves acadcmically, how to valtse themselves and ihosc around ihem in society. how to develop their pIIy5ical and sporting abilities. liow to refin¢ and extend their inter1 in arts and music and tli¢ir abilit1¢5 In those subjects. Through grants to organi5ations over the years th¢ Trustee5 have reached an even wider spread of people and delii'ercd kn¢fits through activilics carri¢d out by those involvcd in work with young people wilh particular needs and organisations reacliing OUE 10 the educational needs of children not readily d¢alt with in the classroom. 2. Principle- benefit musi be to ihe public or a section of the publi¢ Tlie Foundation is clearly able io deliver what is r¢quKred. within tlie reslriclcd geograpliical area defined by its ¢onstLtution. The Trustees ar¢ satlsfied thai Ihe beneficiari¢s, already referred to in detail in this r¢port, kr¢ appropriatc to its aim5. No addiiional gcogrdphical rcstriciions are applicd beyond ihat roniained within the Scheme and #s a 8rant maker die Foundation is not involved in issii¢s in connection wilh paymcnt of fccs as it is noi involvcd in f charging. Whcrcvcr ihi5 is a rclcvan( consideration, the TS[C¢S bear in mind a desirc to bencfit as wide a scciion of th¢ public as possible acro&s the beneficiary ¢lasse$ 10 which ils grant making tan be directed.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The fulfilmenr of ihe Foundation's objcCtiv to mak¢ effeciive and creative use of its Oprtuni11¢S for grani•making is evidenced by the cotnmenlary on its gran¢ making actlVITies below. Its main objectivcs for ¢he year were achieved by continuing its long SLanding support io ¢ducational needs and projecis in the City of Sheffield and such of ihe surrounding area as falls wiihin the Foundaiion's ¥eograpliical remil. It is the policy of Ihe Foundaiion in its gtant-making to support needy educational causes. iogether with needy individuals who can benefii from charitable support in a widc vari¢ty of cducational areas. Wherc ranl LS mad¢ lo an organisation. it is viewed as eirher a pump priming grnnt for a longer term project or related to activities and projects laking place in the course of ihai year. The Fourhdation doe5 not favour making long-tenm funding grants. whe rclcvani. thc Foundaiion favours matched funding to ¢ncourag¢ and facilitate the raising of support for a cau5¢ or (wnisalion. Achlevements and perfoman¢¢ The Foundation measures achievements by ihe breadth and succcss of its grant making. Its grani making is ¢ffeciive when il meets real needs of individuals atml organisaiiorts making it possible for them io carry out aciivilies or dclivcr ihcir own charitablc objcciives in ways which would bc impossible or less extensive than would th¢ cas¢ wiiIK)ui the Foundation's supporL The indicator US by thc Foundation to measure the success of lis grdnl making is ihe elTeciiveness and 115efulness of the grant ¢Xnditrc. The evidence is provided by feedback from organisaiions. through Trustee visiis or, mor¢ ¢omtnonly, wii¢l¢n rcports: and. in relaiion io individuals. by tlie oficn exub¢rdntly appreciative rertS from those individuals re¢civing gTrnl sutTth, e.g. in relaiion io gap year activilies. Iravel and educational visits. The Foundation is dcpcndeni for the achievement of its objectives on a good flow of applications. The coniacts li maintains thTough the Sccrciary and through the Tnlee5 continue to supply a flow of applications. The namre and variety of applicaiion alter subtly froni year io year, but the qualily and quantity of applications remains sufficieni and apprnpriate. enabling a good flow of grants to be niade. The Foiirldation continu¢s to liaisc boih at Trnstee and ai Secr¢lary l¢v¢l wilh her local grani making educational charities in ord¢r IQ Share experience and insights. The Foundaiion continued wilh lis existing foci as well 0$ seeking oui new grdni making opportuniiÈcs thtovgh eonta¢ts by Ihe Trusiees and through ihe seCrary.
SHEFFIELD BLUECOAT AND MOUNT PLEASAIYT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants were made for a wide variety of PUTN)$. Tlie full range of ihc {J¢CliveS of the Tnjst were represented in the rnnge of grants made. During thc y¢8r a toial of 27 grants were awardcd (2023- 51)- Amongst ihe grants made in ihe coursc of the year were grants cnabling y¢)ung people io be involved with various activities including.. musi¢ and drama. medical and science COU¢. Grants were a150 made to organisaiions. for example. GROW, PACES, Weshvood 2015 Ltd. Lindley Educational Trusi. South Yorkshire County Scouts and ShetTield Wildlif¢ TnL AppIltIonS are accepted from a wide rdnge of individuals and organisations. most of which applicants will complete an application forni and financial ¢ligibilily d(Kumentation and will nomially also sutvly 5UPPOrting docuinents. The n¢cc55ary paperwork for applications is available from Ihe Secretary's offic¢, iK*th in hard copy and by e-mail. or frotn the websiie page. above variety of grJnts r¢fle¢i the Foundaiion's interc51 in iKTrth new educational opportiinilies. applicaiions by individuals and organisations respectively and a MMItMent to support youth organisatiotjs locally wherevcr pos5ibl¢. Financial revic It was again a challenging year for the inveslmenl portfolio. having been inevitably damaged by global evcnts. The Foundation's property investmenl 15 llY tenanied, with both floor5 of 1-3 Sharrow Lane being rentcd olli ort a long leasehold ai a InaTket nI. Both ienanis coniinued (o pay th¢ir thll reni during the fiiiaiicial year. Net outgoing resources before movements on investm¢nts were £1.671 (2023.. net outgoing resources of £32,161 l. IncoTtLe for the year was £84.429 (2023.. £82,048) from stock markct and prope11y investinents fonning ih¢ Foundaiion's pemianent endowmcnt. Thi5 IS the income ihat mak¢s the work of thc FoundatN)n P055ible. The value of the main investment p)rtfolio increased over the ycar by 2.04tsA, from £1,239.646 to £1.264,982. It is the policy of the charity thai unr¢stricied ndS which have been designated for a Spec1¢ us¢ should bc maintaincd at a l¢vel not Icss ihan the equivalcni io b¢tween three and six months, cxpendiLure {around £80.000). The trustccs consider that KscrY¢s at this level will ensure tliat, in the eveni of a significant drop in funding, Lhey will bc ablc lo continuc the charity's currcnt activitics while consideration 15 gTiv¢n io ways in which addilional funds may bc raised. This levcl of r¢s¢rves has been maintained Ihroughoui lh¢ year, with the year end position ¢omfortably al)ove the minimum. Reserves li is ihc lIcY of the Foundaiion io seek to keep income fund balances ai a level adequatc to suwort the work of the Foundation but below the average annual incoming resour% figure, whenever grant-making opportunitics pcrmit.
SHEFFIELD BLUECOAT AIYD MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REpoirf (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Principal Funding Sources This is an endowed charity. Its funds are derived from rental and dividend incom¢ arising from the pem)anenl endowment as5¢ts. It docs not activcly fundraise and seeks io continu¢ its work through tlic C3refiJl siewardship of its income. The Trtlees hav¢ d¢(idcd nol lo havc a specific social. environmental and ethi¢al investment policy wilh its discretionary inveslnieni managers. This matter is recIdered each year. Powers of Inveslment and Inve51meni Policy The Tnjsiees, pow¢rs of inv¢stmeni are subjec( io the Tnjsiee Aci 2(MXI. The Fowidation's invesunent p)licy covers iwo areas. It holds onc propcity as a diversified investtnent class froin whi¢h an incorne return is obled wilh a policy for ihe capital vxl41¢ lo be at least Inaintained, so far as the Tn[eeS a able io achieve thi5. The balance of its endowmeni is invested in stocks and shares, which are invested pursuant 10 a l1¢Y to maintain capilal valuc, taking account of inflation, at l¢a5t and to generate an aN)ropriaie leiiel of income coinmensuratc with proieciion of capital. Pursuant to it5 powcrs un(kr the Ttwlee Act the Foundation ha5 discrelionary mandgemeni of its inark Investents. Risks The TnJsi¢es have asse55ed the major risks to which the charity is exp)sed. and are saiisfied that systems are in place ro mitigate ¢xwsure to thc Major risks. As a matter of best practice. the Trnsiees are ¢on5¢iiJus of the need to c¢)nsidcr risk. Thc Trust¢¢s addr¢s5 and seek io miligaic the principal areas of risk by engaging and rclying upon professional investin¢nt managers {who carry indemnity insurance). by insuring its real prorwty. by seeking advice from a qualifled sutvcyor and by ins(ructin8 a Secretary who is Icgally qlified and who a150 caleS indeinniiy insurance. Highlights from 2023124 and Plans for thc Future Adequate numb¢rs of applicalions coniinue io be received from drible organisaiions seeking help. Thc number of organisaiions and individuals applying for help gave the Trnstees the opportunity ihrough the grant making to make a very significant differ¢nc¢ to a large nuinber of young p¢ople in tlie area and they were, as always, ¢ncouraged by the wide variety of int¢rcsting and useful educational Jctivili¢s which the applications represented. The TtstS plan io coniinu¢ with th¢ uisling patterns of grdni milking with thc aim of reaching needy individuals. causes and organisations within th¢ Foundaiion's geographical remiL Experience continues ro show that grants to rttipients can make all the diff¢r¢nce lo their educational needs.
SHEFFIELD BLUECOAT AIYD MOUNT PLEASANT EDUCATIONAL FOUIYDATION TRUSTEES, REPORT (coiYfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 Strurturetr governgnce and management Th¢ Sh¢ffi¢ld Bluecoat Educational Foundation was c5tablished by a Decd daicd 25 July 1709 and r¢gulat¢d by a Scheme of 23 March 1954. The Mount Pleasant School for Girls Foundation was eslablished in 1781. The two Foundations wcrc amalgamaied in a Schemc of 24 Scpt¢mki 1962. Sheffield Orphan Homes was founded by Dccds of 22 June 1865 and 27 December 1870. It was regulaied by a Sclieme of 3 August 1926. A5 a resuli of a Scheme of 7 March 1978, ¢h¢ Sheffield Bluecoat and Mount Pleasani Educational Foundation Trustees also became the Tnjstccs of that C.l)arily. li was incorporatcd into the Foundation in a Sclieme of 23 January 1995. The finan¢ial slatements comply with th¢ govuning documents. slalutory requirements and the requirements of the Chariiies SORP 2019. Th¢y have been prepared in accordance with the accounting polÉcics set out on pages 13 to 16. Thc trustecs who scrvcd during th¢ year were.. ColJCVHunt S E Hcwson S C Fowl¢r- Chair J Brown S Turner Prof. M Baleman MANeill MBE (Rclircd 18 Scptembcr 2023) Trnstees serve for a p¢ri(Kl of thre¢ y¢aTs and are eligible for rc-appointrnent. Co-optative Trust¢C5 appoini¢d after enquiries made throu7 thc exisiing TnJst¢c trf)dy from whrli the potential candidat¢ or candidai&s i&are ideniified. The Trustees meet usually bi-annually lo discu&$ applications and the affaiTs of the Foundation and to award 812nts. Decisions are impleTncnted thTough its officers and advi50r& Through its Sirtry. the Foundation has access to a number of organisations IM)th local and natiim)al that havc an intcrc5t in best practice and ihc dcvclopmcnt of thc charitable grani making s¢¢tor. The Secretary 15 herself a lawyer sp¢¢ialising in charity work with a l¢ading niche firm of soliciiors wiLh a national reputation iii th¢ ficld of irnsts. particularly rclaling to Charities. The day to dlly administrdtion of the Foundaiion. work in connection with it5 income. liaison ivitli outside bodies, tlic adininislrdtion of its grant programmcs and thc procclng and hlindling of applications prior 10 and after tlieir con.sideTation by Trusic¢s, is all work delegated to ihe Secretary. From iimc to limc all Trustees consider policy and slrJtcgic mailers. The Trustees also Consider nKJniioring inforniation obtained concerning the perfornianc¢ of grdllts. Tlie Trnsi¢es liave noied the Charily Gov¢rnanc¢ Code and ck to apply its guidance io the work of the Fouiidation so far as ihc key principlcs apply and are relevani io iis work as a graiit makcr. Thc TNstccs air conscious of ihe nccd to usc and rcvicw good praclicc in govcrnancc and that adopiing practL¢¢ is an es.%ential part of being a modem gryanl making charity. This arknual r¢port will show that die key prin¢iples of Good Govcrnancc arc cvidcnced in the work of thc Foundation.
SHEFFIELD BLUECOAT AND MOUNT PLEASAIYT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A conflict of inieresvloyalry regisier is k¢w. which is reviewed regularly. Th¢ legal till¢ io 1-3 Sharrow Lane is registered in the OtTicial Custodian's at the Land Rcgistry. New TN¥¢¢s ar¢ provided with an induciion pack by the Secrethry which includes noi only copies of minutes of recent m¢¢iings and copics of Truslecs, Reporrs ALLou' bui also copies of docunicnts relating to ihe govemance and operaiion of ihe chartty ineluding grani making policies and details of the investments. In addition. documentation with regard to Tntsiee dulles and responsibilities are provided. New Trnsiees are offercd th¢ opportunity, at the expense of the charity. to attend relevant Trust¢¢ Irdining courses and the Secretary offcrs Buidancc al all Umc& cspccially io new Tn[s. on legal. gov¢manc¢ and adniinistraiive matters.
SHEFFIELD BLUECOAT AIYD MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Thc Ink8tc¢s' r¢port approved by the Board of Tnt. S C Fowler- Chalr Ttuslee Dated: 21 October 2024 Ms S M Gre*ves
Hackeryoung tharter kncwtants 6 Broadfi¢ld Cowt Broadficld Way Sheffield S8 OXF INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION I rert to the tnteeS on my examination of ihe financial staiements of Sheffield Bluee(trat ind Mount Pleasant Educational Foundation {thc charity) for thc year ended 31 March 2024. Re5ponslbllltle$ and ba515 of repgrt As ihe irnsiees of rhe charity you are resw)n5ible for the prepardlion of the finarKial Statlent5 in accordance with the requirements of the Charitie5 Act 2011 (the 2011 Act). I repm in respect of my examinaiion of the chariiy's financial surements carried out und¢r ¢tIOn 145 of th¢ 2011 Act. In cryIng out my exaniinaiion I have lollowed all t1 applicable Direciions given by the Charity Cotninisbion und¢r scclion 14515)Ib) of thc 2011 Acl. Independent ex8mlDer's statement I have completed my exaniination. l ¢O¥Lfimi that no maitets have come io tny attention in conneclion with lh¢ ¢x&iiination giving me ¢ause tv klievc that in ¥ny wnat¢rial rp¢cl= ccounting records w¢rc noi kcpt in rcspcct of t]i¢ charity as required by Section 130 of ihe 2011 Act- or thc financial siatements do noi accord wifh ihose records- or Ihe financial staienients do not comply with the applicabl¢ requir¢m¢nts ¢on¢erning the fonn and content of accounts set out in the Charities IAccouAts and Reports) Regulaiions 2008 vLh¢r than any r¢quir¢ment ththt the accounts give a Irue and fair view which is not a matrer considered as part of an independait examinaLion. I have no concerns and have come across no other maiiets in connection with thc examination to which attcntion should bc drawn in this report in order to enable a proper understanding of ili¢ financial 5tatcm¢nts to b¢ reaclied. M Mealing Bsc FC UHY H*¢k¢r Young Ch#rlered Accountants Dated.. 21 Ociober 2024
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION STATEMENT OF FINANc[ALA1vITlEs FOR THE YEAR ENDED 31 MARCH 2024 Total 2024 Totgl 2023 f¥•d¥ Notes Inc Investmcnts 84.429 84.429 82.048 82,048 re Raisin fund Costs of g¢ncratirtg inve5tin¢nl inconie Investmcnt management 8.146 8.146 6.672 6.672 12.780 12.780 13.219 13,219 8,146 12.780 20,926 6.672 13.219 19.891 Charitsblc aclivitics 65.174 65,174 94.318 94.318 Total resources expended 73,320 12.780 86,1 100.990 13,219 114.209 Ncl 8ainsl(losscs) on invcsttncnls io (221) 36,457 36,236 (963) (74,525) (75.488) Net movement in funds 10,888 23.677 34,565 (19.905) (87,744) (107,649) Fund balances at I April 2023 127,728 1.619.160 1.746,888 147.633 1,706.904 1.854.537 Fund balances at 31 March 2024 138.616 1.642.837 1.781,453 127.728 1.619,160 1.746.888 The 5taletnent of financial activities includcs all gains and losses recognis¢d in the year. All in¢oine and cxpcnditurc dcrivc from ¢ontinuing activilics. 10-
SHEFFIELD BLUECOAT AIYD MOUNT PLEASANT EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Iyotts Flxed assets Invcs¢m¢nt properties Investmcnts 12 13 375.IX)O .277,056 375,0 1.251,941 ,652.056 1.626,941 Current assets Debiors Cash at bank and in hand 14 27,800 125,045 23.536 107.423 152.845 130.959 Credlt•rs: amounts falling withi one year Is {23,448) (11.012) Nei curreni assets 129.397 119.947 Total assets less ¢urrellt liabilities 1.781,453 1.746.888 Capital funds Endowm¢ni funds Income funds Unrestricted funds 1.642,837 1.619.160 138,616 127.728 .781.453 1.746.888 The financial statements were approved by the trust¢cs and authorised for i&sue on 21 Ociober 2024 and ar¢ 5i8ncd on thcir bchaifby= S C Fowl¢r- Chair Trustee Ms S M Greaves Se¢rrfxry
SHEFFIELD BLUECOAT AND MOUNT PLEASAiwf EDUCATIONAL FOUINDATIOLY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flow5 from operating activities Cash absort)cd by operaliong (77,846) (138,146) Investing aetivities Pur¢hase of investments Proceeds on disposal of investments Investmcnt incom¢ r¢¢¢iv¢d {124.728) 135.767 84.429 (44.455) 57,609 82.048 Net cash generated from Investing act(vltles 95.468 95.202 Net cash used in financing aetmtles Net Incresel(deerease) in cash and equlvalents 17.622 (42.944) Cash and cash cquival¢nts at beginning of ycar 107,423 150,367 Cash and cash e4ulvlents at end of ytar 125.045 107.423
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Company information Shcffield Bluecoat and Mount Plcasani Educational FoundaiTon ?s an unincorporatcd Charity. Thc principal office &ddrc&s is Ms S M Grcavcs. clo Wriglcys Solicirors LLP, DeNeni House, I SO Arundel Gale. Sheffield. South Yorkshire, Sl 2FN. 1.1 Accounting CODYeDtion The financial 5ratements have been prepared in accordance with ihe charity's Trnst Deed. th¢ Ch8riti¢s Aci 2011 and "Accounting and Rcporting by Chariiics.. Statement of Recommended Praclice applicabl¢ io cliarilies preparing their accounts in accordan¢¢ with the Financial Reponing Siandard applicable in Ihe UK and Republic of Ireland (FRS 1021 l¢ff¢¢iive l Jry 2019)"_ The charity is a Public Benefii Eniiiy as defined by FRS 102. The financial ststrmenLS ar¢ prep#T in sierlin& which is the functional currency of the charity. Moneiary amounts in these financial staiemenis are rounde4J to thc near¢5t £. The financial teMents have Ixen prepared under The hisioTical cost convention, [modified io includc the revaluarion of freehold properties and 10 include invesrment properties and certain financial in51rumenis at fair valuel. The principal a¢couniing policies adopl¢d arc sct out bclow. 1.2 Golng eoTheer Ai ihe time of approving the financial siatements, the intsiees have a re&%onablc expectation that Ilie chariiy has adequatc r¢sourc¢s to continue in operarional existence for ihe for¢s¢¢able future. TIIus the trustees coniinue io adopi the going ¢onccrn basis of accounring in preparing Ihe financial stateih¢nts. IJ Charitsble funds Unrestricied funds are available for use ai the discretion of lh¢ in furtherancc of Thcir charitable objectives. R¢siricied fund5 are subject to spttifK conditiorts by knnor5 a5 to how they may be used. The purposes and uses of th¢ r¢stricied funds are set oui in the noies io the financial staicmcnls. Thc Endowment fijnd represents those a55¢ts which musi bc held pemianently by ih¢ Charity. Inroine arising on ihc endowmeni fund can be used in a¢cordan¢¢ with ihe objecrs of tlie chariry and is included as unresiti¢i¢d income. 1.4 Ineoming resources Incoming resources accounted for on an accnmls bls. Provision is made for renis due but nor received ai the year end. 13 Res0re¢S expended All expenditur¢ is included on an accruals b&sis and 15 r¢cogni5ed where diere is a legal or ¢onstructive obligation io pay for ¢xp¢ndityre. All Cthlb hiive been direcily altributed io one of the acrivity cutegories of resources expend¢d in tli¢ SOFA. All costs include IeCoVerable VAT. 13
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIALSTATEMEI¥4TS (CONTINUED) FOR THEYEAR ENDED31 MARCH 2024 Accounting policles (Contlnued) Costs of gencrating funds ¢omprise inv&stment brokcr fccs incurred in managing thc charity's investment portfolio. Govemance costs include those incuTred in the governance of the charity and its weis and are primarily a&sociatcd with constitutional and statutory requir¢m¢nts. Grants payable are accounted foT wh¢n grdnted to the rccipicnt on lrrcV(ablc commitment basis. 1.6 IVestMent properties Invcstmcnt proFW, which is property hcld to ¢am r¢ntals andlor for capitsl apprIatIOn, is initially r¢cogni5¢d at cosi, which includcs thc purchase cost and any directly aiiribuiablc expenditure. Subb'equ¢ntly it is measured ai fair vJlu¢ at the reporting end date. Thc surplus or deficit on revaluation is (gnIsed in profit or lo&s. 1.7 Flxed asset Investments Fix¢d asset investinents are initially m¢asured at iransaction pricc excluding iransaction costs, and ar¢ SUbquentIY measured at fair value at ¢a¢h rewrting date. Chang¢s in laÉr value are recognised In n¢i inromel(expenditure) for the year. Transaction costs are expenscd as iTred. 1.8 C#$h #nd cash equlvalents Cash and casl) equivalents includ¢ in hand, deposits hcld at call with banks, other sliort_ierni liquid invebtmenis with original maturiti¢s of thTee monihs or less. and bank overdrafts. Bank ovcrdrafts are shown within bOow1ngS in curr¢nt liabiliiies. .9 Flnn¢ial instruments Th¢ Chariiy has elected to apply lh¢ provision5 of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issu¢s' of FRS 102 to all of its financial iStments. Financial inslrument5 are r¢¢ognised when the charity ix¢omes paty io ihe contractual provisions of the instrnmcnt. Fiiiaiicial ass¢rs ar¢ offsei, with the net amounts presented in the accounts when there is a legally cnforc¢able riglit io set off ihe recogni5cd amounts and iherc is an Inttion to settle on a net basis or to realise the as.8et and seiile the liability 5imultan¢ously. Baslc Ilnan¢llass•ts Basic financial ass¢ts, which iT]clude dcbtors and cash and bank balances, arc initially measured at transaction price including iransaction costs and arc subsequenily carried al amorfised ciksi using the effeclive int¢r¢st tnethod unless ihe arrang¢m¢nt conslilutes a financing in¢t10n. where the transaltion is m¢asuied at ihc prcscnt valuc of thc LUTe receipts discountcd at a markei rate of llitCTest. Financiol &4s¢is ¢lassified as reccivablc within on¢ year are not amortiscd. 14_
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION IYOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aceounling polifies {CoMtirtued) IMpalMt ofllnanclal assets Financial assets, other ihkn those held ai fair v4lue ihrough incorne and expenditure. are assessed for indicators of impairment at each retK)rting dale. Financial ass¢ts are impaircd wh¢r¢ th¢rc 15 objective evidence that. as a result of one or more events thai occuned after the initial r¢¢ognition of th¢ financial asset. the esiimated fu(ure cash nows have been affected. If an asset is impaired. the impaiTment loss is ihe difference between ihe carrying amount and ihe present value of the estimated cash flows discounted at the a&set's original effec(ive interesi rate. Tl)e impaiiTnent loss is rccogniscd in net incomeJ(CXFtnditurc) for the ycar. If there is o decrease in the Ampaim)eni loss arising from an ¢v¢ni ¢rrIng after the impairnwnt was recognised. the impaimient is rcyersed. The rcversal is such ihai the current carrying amount do¢$ TKFt exceed whai lh¢ carrying amount would have been, liad the impaimient not previously been recognised. The impaimient reversal is recognised in nd incom&lexpenditurel for the year. 08reeognltlon of Ilnanelalass•ts Financial asseis are derecognised only when the contractual rights io ihe cash flows from th¢ ass¢t ¢xpir¢ or are settled. or wlien the charity transfers the financial a&sei and substaniially all lh¢ risks and r¢wftrds of own¢Tship to anoiher cntiry. or if some siwiificani risks and rewards of ownership are rethin¢d ixji onlrol of Ih¢ assci has Iransferred io anoiher party thai is able to sell the assei in lis eniirely io an unrelaied ihird party. Bask fin•ncl•l Ilabilil5 B41SiC findnoial liabilitiC5, ilUding crcdilors and bank loans are initially Tecognised at irdnsaciion price unless ihe art3ngernent consitiuies a finan¢ing h8nsa¢lion, wheTe ihe debi in.%tnient is Ineasured at the present value of ihe funtre payments discounied at a market rnie of Int¢r1. Financial liabilities classificd as payable within one year are not amortised. Debi insiwments are subsequently carried at amortised c05L using the effective interest rate m¢ihod. Trade creditors are obligaiions to pay for or seNices that hove been acquired in tlie ordinary COUTse of operations from suppliers. Amounts payable are classified as cutreni liabilitics if payment is due within one year or less_ If not. they arc prcscnied as non•curreni liabililies. Trade creditors arc recognised initially at transaction pric¢ and subsequenily measured ai amonised cost using the eff¢ctive interest meihod. 06recognitlon olflnanelal Ilablllll•s Finan¢ial liabililics ar¢ d¢rttognised when the charity's coniracnwl obligaiiotL% expire or are discharged or cancelled.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FIIYANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 CTl¢l¢418eeoiinting estimgtes and judgements In the application of Ihe charity's accountlng p)lici&s. the trustees are requiied io make judgement& ¢Slimaies aiid assumptions a)ut the carrying amount of ass¢ts and liabilities thai are iiot readily apparcni from other soU¢s. Th¢ Gstimaies and as50ciatcd &55umpiions arc bascd on histori¢al experience and other factor5 thai a ¢oNsidered to be relevanL Actual results may differ from these estiinatcs. The estin)ate5 and underlying wumpiions are reviewed on an ongoing basis. Revisions to ac¢ouniin8 eslimatcs arc rccogniscd in the period in which the cstimat¢ is r¢viscd where the rcvi5ion affecLS only that pcriod, or in thc period of the revision and fure periots where the revision affc¢ts boih ¢llent and fulure periS. CrItI1 JudgemeDIs Fair value of inyestmcnt propertl The estimat¢s and assunipiions wliich have a Significant risk of causing a material adjustment to t canying amoun( of awts and liabilities ar¢ a5 follows. Investment properties are required io be SI in the financial statements at fair value. The Irusl¢¢s ensure that valualions of thc charity's invosimcnt propcrtics will bc made every three years. Th¢ trUSt¢es will rcview thc values of the inve.%imeni propertics shown in Ihe accounts each y¢ar and make a judgement as to wh¢ther any evidence exists ihat thc fair values are materially diff¢rent 10 the values in the financial stat¢m¢nls. Thi5 may take in to account the stsie of the fabric of th¢ building and the condition5 in the markei for ih¢ lypes of property owncd. Investments 2024 2023 Renlal income Incomc from lisknl invcstm¢nlS Interest receivable 35.913 45,597 2.919 31,868 49,238 942 84,429 82.048 16-
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (COI4TINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Total 2024 Total f¥#d5 2023 ost inv tm itl Other fundraising cosis 8.146 8.146 6.672 6,672 eni mana 12,780 12.780 13.219 13.219 8.146 12.780 20.926 6.672 13.219 19,891 Rental expenses 2024 2023 Repairs. maintenan¢¢ and insuran¢¢ Bank charges 8.061 85 6.575 97 8.146 6.672 Charltable a¢tlvltles 2023 2022 Grant funding of aciivities (see note 6) Share ofgovemance costs (see notr 7) 38.134 27.040 68.688 25.630 65.174 94,318 17-
SHEFFIELD BLUECOAT AND MOUNT PLEASANf EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 GrAnts payable 2024 2023 Grants to institulions (12 grants)= DECSY Ethel Trust PACES Grow Meadowhead Community Opcra on Locaiion Lindley Educational Trnsi Listening Books Greentop Whirlow Hall Farni CRESST E&sy Sircct Westwood 2015 Ltd Music in the Round Thc Sheiflcld Whcat ExpeTien¢¢ Concerteenies Shcfficld Wildlife TnLSt SY County Scout Council St¢¢] City Choristers TSD GYMnaticS Academy 1.625 2,838 4,000 1,5(K) 1,450 3,046 1,500 750 3,51KJ I.5) 1.311 2,0j 2,6 5.(K)O 1,856 1,000 l.O(M) 3,5(K) 1,51XI 1,5(Kl 1.500 2.ly)O 3.31M) 27.263 31,603 Gr#rtts to individuals115 grants) 10,871 37.085 38.134 68.688
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Govern•ce 2024 costs Support Governance costs costs 2023 Independent ¢xamination fees Legal and pmfessional SKretsry's f¢es 3.390 40 22.200 3,390 40 22.200 40 23.400 40 23,41KI 27.040 27.040 25.630 25.630 Analyscd bctwcen Charitabl¢ activitics 27,040 27.040 25.630 25.630 Gov¢rnanc¢ Costs includcs paynKn¢s ¢0 thc independent examiner of £3,6(M) 12023: £3,390) for ]nd¢nd¢n1 cxamination f¢¢5. Trnstees None iTrf tTUSt¢¢s (or any [on5 connecied with them) received any remuneraiion or any othei. benefits froin ¢mploym¢ni wilh ihe charity or any other rclatcd CT)tity during the year and no trusiee expenses have beetl illcutred (2023.. £nil). Employees There were no employees during the year. 10 Net glnsl(losses) on i1vesents Total 2024 Uwr¢urkfed End•Wt Total 2023 Revaluation of investm¢nts Gainl(loss) on sale of investments (221) 25.685 25.464 (963) (81.269) {82,2321 10,772 10.772 6.744 6,744 (221) 36.457 36236 (963) (74,525) (75,4881 19-
SHEFFIF,LD BLUECOAT AND MOUNT PLEASAiYf EDUCATIONAL FOUNDATION NOTES TO THE FINAP4CIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tax)Ition Th¢ charity is exempi from lax on income and gains falling wiihin section 505 of the Taxes Act 1988 or scction 252 of fhe Taxationof Chargcable Gains Act 1992 to ihe cx(ent that thcsc arc applied to its charitable objects. 12 Investment property 2024 Fair value At l April 2023 and 31 March 2024 375.(KJO Invcslment propcrty cornpris¢s retail and Sidential WOFtrtiC5. The fair value of the investment property has b¢en arriv¢d ai on the basis of a valuation carri¢d out durtng July 2019 by Fowler Sandford Chartcrcd SurY¢yoTS, who ar¢ m( connected with ihe charity. Th¢ valuation was madc on an open market value basis by rcfercnce io markei evidetice of transaction prices for similar properties. In th¢ opinion of the trustees. lh¢ value of the properties at 31 March 2024 does not differ significantly fmm this valuc. Thc investment propertics werc trdnsfrrrcd io th¢ Charity at nil cosL 13 Fixed asset lttve$tmtnts Listed Investments Cost or valuatiDII Ai l April 2023 Additions Valuaiion chang DisrM)sals 1.251.941 124,7211 25,383 {124.996) At 31 March 2024 1.277.056 Carrylng amount At 31 March 2024 1.277.056 Ai 31 March 2023 1.251,941 Flxed 4sset Investments revalued Inycslments listcd or Irad¢d on a rccognised stock cxchangc arc measured initially at cost and subscqucntly ai fair valuc (Ihcir Tnarkei valuc). The fair valuc is based on valuaiions providcd in investment rep)rls made by the fihnd anager, Investec Wealth and Investm¢ni Ltd, Ivho is not connected to the charity.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2(124 2023 Amounfs falllng dtse wlthln oat year: Trddc dcbtors Other debiors Prepayments ond accrued income 10,498 5.099 12.203 8.982 7,704 6,8SO 27.81 23.536 15 Creditors: Imounts filllng dut wlihin one year 2024 2023 Oihcr crcdilor5 A¢uwls and deferred income 500 22.948 11,012 23.448 11.012 16 AnAlysls ocmet 4ss¢ts between futhds Total U•r¢51rld Total 2024 2024 2024 2023 2023 2023 Fund balanccs at 31 Marrh 2024 #r¢ represenied by.. Investment properties Invesimenis Currenl asset (liabilili¢s) 375.CKKI 375.C 12.075 1.264.981 1.277,056 375,(M)O 375,000 12,295 1.239,646 1.251.941 126.541 2.856 129,397 115.433 4,514 119,947 138.616 1.642.837 1.781.453 127.728 1.619.160 1.746.888 17 Related party transattioms The were no di5closable relaied paTry iransaciions during lh¢ year {2023- none). 21
SHEFFIELD BLUECOAT AiYD MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEME]YTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Cash generated from opera¢loDs 2024 2023 Surplusl(d¢fi¢ii) for lh¢ year 34,565 (107.649) Adjustmcnts for.. Inveslment income recogni5ed in statemeni of financial aclivities Gain on disposal of inv&stments Fair value gain5 and10&se5 on inv¢sim¢n (84,429) (10.772) (25,383) (82,048) {6,744) 82.520 Movements in working capit81-. Ilncrease) in debtors Increasel(dccr¢¥sc) in cr¢diiors (4.263) 12.436 (12,673) (11.264) Cash absorbed by operations (77.846) (137,858) 19 Analysls of changes In net funds Th¢ ¢hariiy had no debt during ihe year.