CHARITY REGISTRATION NUMBER 529351 SHEFFIELD BLUECOAT AND MOUNT PLEASANf EDUCATIOIYAL FOUNDATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 UHY
sHEFELD BLUECOAT AND MOUNT PLEASANT EDUCATIOFIAL FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustses S C Fowler- Chair J Brown S Turner Prof. M Bateman T Groombridgc (Appointed 17 March 2025) Charlty number 529351 Secretary And prlntlpal offlte Ms S M Greaves clo Wrigleys Solicitors LLP Derw¢nt House 150 Arnndel Gat¢ Sheifield South Yorkshire SI 2FN Ch8rJty Admln18tra¢or Mrs G Mills Independent examlner M Mealin8 BS¢ FCCA UHY Hacker Young 6 Broadfield Court BrOrie]d Way ShetTield S8 OXF Sollcltors Wrigleys Solicitors LLP Derwent House 150 Arundel Gate Sheffield South Yorkshire SI 2FN InvestJDent adviso Rathbones Group plc B¢¢¢h House 61 Napier Street Sheffield S118HA
SHEFFIELD BLUECOAT AIW MOUNT PLEASANT EDUCATIONAL FOUNDATION CONTENTS Page Thiste¢s' rq)ort Independent examinevs report Statement of finAncial activities io Balance sheet Statement of cash flows 12 Notes to the accounts
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annu&l report and financial siatements foT the year ended 31 March 2025. The financial statements h&ve been prepared in xe¢ordance with the accounting policies set out in note I to the financial stakements and comply with the charity's Trust Deed, th¢ Charilies Act 2011 and "Accounting and Reporting by Charitie8'. Statement of Recommended Practice applicable lo charities prep8rin8 their accounts in accordance with th¢ Financial Reporting Standard appli¢obl¢ in thc UK and Republic of [land (FRS 102) (effective l January 2019)" Objtctlvtg nd ¥4¢tlvltley Th¢ obje¢iive5 of the Trust are as follows.. l. Awarding to beneficiaries scholarships, bursaries or maintenance allowanceg by a single payment or a series of payments tengble at any school, univ¢rsity or any other educational establishment approved by ihe Trustees. 2. Providing financial SIStance. outfits, clothing, tools, instruments or books to help bMeficiaries on leaving 8chool, university or other educational establishtnent to prepare for or to enter a profession, Iradc or calling. 3. To award scholarships or maintenance allowanc¢s to enable beneficiaries to iravel abroad to pursue their educaiion. 4. Providing OT 8$SlSting in che provision of facilities of any kind not normally provided by the Local Edu¢ation Authority for recre81ion and so¢ial and physical training iiicluding the provision ol coaching in athletics, sports and games for beneficiaries who are re¢eivin8 primary* s¢¢ondary or further ¢ducation. S. Providing financial as8l8tsnce lo ¢nabl¢ beneficiaries to study music or other arts. 6. Oth¢nvise promoting the education (includin8 social and physical training) of beneficiaries. The tru$tees hAv¢ paid due regard to 8uidance issued by the Charity Cornmission in deciding what activities th¢ ¢harity should undertak¢.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EIYDED 3J MARCH 2025 Public Benefit The Trustees have considered the guidance issued by the Charity Cornmi8sion on the application of the public benefit test and the supplementary guidance applying in particular to educational charities. The Trustees are conscious of their legal duty to have regard io the public benefit guidance and the obligation spccifically to report on how the Foundation delivcrs public benefit. The Trnsl¢es Are also cons¢ious of the need to bear in mind both the general and the supplementary guidance wherever they are relcvant, in the work of the Foundation. The objectives set by the Trustees to deliver the aiins of the Foundation are represented by and eviden¢ed in the grant progrommes, referred to in detail later in this report. Applying the principles of the public benefit t&8t, the analysis of the activity of the Foundation shows th¢ following: l. Prin¢iple- there mu81 be an identifiable benefit or benefits. The benefits delivered are numerous and wide ranging. They inelude enhanced oppothnities for strucred Icarnin8, ixith within the school environment and outs'ide it. Young people helped with grant support from Ihe Foundation have learned.. team skills, how to extend themselve8 academi¢ally, how to value themselvcs and those around them in society, how to develop their physi¢81 and sporting abilities, how lo refine and extend their interest in arts and musi¢ and their abilili¢s in those subje¢ts. Through grnnt8 to organi5alions over the years the Trustees have regched an even wider spread of peoplc and delivered bencfits through activities Carried out by those involved in work with young pl¢ with particular needs and organisations reaching out to the educational needs of ¢hildren not readily dealt with in the classroom. l. Principle- benefit must be to the public or a section of the public The Foundation is clearly able to deliver what is rquired, within the restricted geogrnphical area defined by its constitution. The Trustees are satlsfi¢d that the benefieiariov. already referred to in detail in this report, are appropriate to its aims. No additional g¢ographical r¢strictions are applied beyond that ¢ontained within the Schemc as a grant mak¢r the Foundation is not involved in issues in coniiection with payment of fees as il is not involved in fee charging. Wherever this is a relevant consideration, the Trnstee5 br in mind a desire to benefit as wide a section of the publi¢ as possible acr055 the beneficiary clasSCS to which its grant making can be directed.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The fulfilmeni of the Foundaiion's objectives to make ¢ffective and creative use of its opp)rtunities for grant-Tnaking is evidenced by the eommentary on its grant making activities below. Its main obje¢tives for the year were achieved by continuing its lonB standing support to educational needs and projects in the City of Sheifield and such of th¢ $UTrounding drea as falls within the Foundation's geographical remit. It is the 11¢Y of the Foundation in its grant-making to support needy educational catsses, together wilh needy individuals who can ben¢fil from charitable support in 8 wide variety of educational areas. Where a grant is made to an organisaiion, il is viewed as either a pump priming grant for a long¢r ienn project or Tclated to activities and projects taking place in the cour5c of that year. The Foundation does not favour making long-tern) fithding grants. Wherc relevant, the Foundation favours matched funding lo encourllge and facilitate th¢ raising of support for a cause or organisaiion. Aehlevement$ and performance The Foundation meft8ures its achievements by the breadth and sCCesS of lis grant making. Its grant tnaking is effective when it meers real needs of individuals and oryanisations making it possible for them to cary out activities or deliver thcir own charitable objeciives in ways which would be irnpossible or less ext¢nsiv¢ than would be tlie case withoui the Foundation's support. The indicator used by lh¢ Foundation to measur¢ the success of ils Eranl making is ihe effectiveness and usefulness of the grant expenditure. The evidence is provided by feedback from or8ani.8ations, through Trust¢¢ visits or, more commonly, written reports,. and. in relation to individuals, by the oftcn exuberantly appreciatiyc reports from those individual8 receiving grant support, e.8. in relation to gap year activities, travel and educational visits. The Foundation is dependent for ihe achievement of its objectives on a good flow of applications. The contacts it maintain5 through the Secretary Bnd through the Trnstees continue lo supply a flow of applications. The nAtyre and variety of application 81t¢r subtly from year to year. bui the quality and quantity of applications remains SUtTi¢ienl and appropriat¢, enabling 8 good flow of grants to be made. The Foundation continues to liois¢ both ai Trustec and &t Secreiary lev¢1 with other local 8rant makin8 educational chorilies in order to share experience and insights. The Found¥4tion continued with its ¢xisting foci as well as s¢¢king out new 8r4nl making opportunities through contacts by the Trustees and ihrough the Secretary.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grnnts were made for a wide variety of purposes. The full range of the objcctives of the Tru$t were represenied in th¢ range of Erants made. During the year a total of 37 grants were awarded (2024.. 27). Arnon8St the grants inade in the course of the year were 8rants enabling young people to be involved with various a¢tivitie8 including: music and dram4 medical and science course. Grants were also made lo organisations, foT example, CRESST, GROW, PACES, Music in the Round, and Whirlow Hall Farni. Applications are accepted from o wide range of individuals and organisations. Inost of which applicants will complete an application fomi and financial eligibility do¢umentation and will nornially also supply supporting do¢uments. The necessary paperwork for applications is available from the Se¢r¢tary's office. both in hard copy and by e-mail, or from the website page. The above variety of Brants refle¢t the Foundation's infrrest in both new educaiional opportunities, ppli¢aiions by individuals and Organisations respectively and a COTnmitment to support youth or8ani8ation$ locally wherever possible. Flnanclal revlew It was again a challenging year for the investment portfolio. h8ving been inevitably darnaged by Blobal events. The Foundation's property iDves(rnent Is fully tenanted, wiih both floors of1-3 Sharrow L&ne being rented out on a long Icasehold at a market renl. The tenant of the ground floor has ceased to trade as a restsurant, and is seeking to assign their lease. Net outgoirtg resources before movements on investments were £42,097 (2024: net outgoing resources of £1.671). Income for the y¢ar was £82.805 (2024.. £84,429) from stock market and property investments forniing the Foundation's permanent cndowment. This is the income that makes the work of the Foundation Possible. The value of the main investment portfolio d¢¢reased over the year by 0.02Q/o. from £1,264,982 to £1,264,670. It is the policy of the charity that unrestricted funds which have not been d¢signated for a specific use should be maintained al a level not le55 than the equivalent to between three and six months, expendiknr¢ (around £80,000). The trustees consider that reserves at this level will ensure that. in the event uf a significant drop in fundingj they will be able to continue the charity's current activities while ¢onsid¢ration is given to ways in which additional fund5 may be raised. This level of reserves hlls been maintAined throughout the year. with the year end )SItiOn ¢omfortably above the minirnum. ReseN¢s It is the policy of th¢ Foundation to seek lo keep in¢ome fund balances at a Icvel adequate to support the work of the Foundation but below the average 8nnual incoming resources figure, whenever grant-making opportunili¢s perniit.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUIYDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Principal Funding Sources Thls is an endowed charity. Its funds are derived from rental and dividend income arising from the permanent endowment Èss¢ts. It does not actively fundraise and se¢ks to continue its work Through th¢ ¢ar¢ful $tewardship of its income. The Trustees Iiave decided noi to have a specific social, environmentsl and ethical investment poli¢y with its discretionary investment mRnageis. This matter is rcconsidered each year. Powers of Investment and Investment Policy The Trustees, pow¢rs of investment are subject to the Ttwsree A¢1 2000. The Foundation's investment policy covers two area$. It holds one property as a diversified investment clas5 from which an income return is obt8ined with a policy for the capital value to be at least maintained, so tar as the Trustees are able to achieve this. Th¢ balance of its endtswment is invesicd in stocks and thare5, which are invested pursuant io a policy to maintain capital value. taking account of iiiflation, at least and lo generate an appropriate level of income commensuratc with protection of the capital. Pursuant to lis pow¢rs under the Twstee A¢1 2000 the Foundation has moved to discretionary management of its market investments. Risks The Trustees have assessed th¢ major risks to which the ¢harily is exposed, and are satisfied that systems are in pla¢¢ lo mitigate exposure io the major risks. As a matter of best practice, the Trusiees are conscious of the need lo consider risk. The Trn5tees address and seek Lo mitigale the principal areas of risk by engaging and relying un professional investment managers (who cany indemnity insurance), by insuring ils real property, by seeking advice from a qualified surveyor and by instrnciing 8 SeeTetary who is legally qupJified and who also carries indemnity insuranc¢. Highlights from 2024125 and Plans for the Futu1¢ Adequate numbers of applications continue to be received from charitable or8anisaiions sttking help. The number of organi58tions and individuals applying for help gave the Trustees the opportunity through the grant making io make a very significant difference to a larg¢ nutllber of young people in the area llnd they were. as always, cncourdged by the wide vari¢ty of inieresting and useful educational activities whi¢h the applications reprcsented. The Trustees plan to continue with the existing pattern$ of grant making with th¢ aim of reaching needy individuals, eauses and organisations within the Foundation's geographical remit. Expcrience continues to show that grants io recipients can make all th¢ differenc¢ lo their educational needs.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATIOIY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structur4 governance and management The Sheffield Bluecoat Educational Foundation was establish by a Deed dated 25 July 1709 and regulated by a Scheme of 23 March 1954. The Mount Pleasant School for Gir15 Foundation was established in 1781. The two Foundations were amalgamated in a Scheme of 24 September 1962. Sheifield Orphan Homes was founded by Deeds of 22 Jun¢ 1865 and 27 December 1870. It wa5 regulated by a Scheme of 3 August 1926. As a result of a Scheme of 7 March 1978, the Sheffield Blue¢o8t and Mount Pleasant Educational Foundation TDJstee8 also became the TSte¢S of that Charity. It was incorporated into the Foundation in a Scheme of 23 January 1995. The financial st&tern¢nts ¢omply with the governing documents, statutory requirements and the reqiiirements of thc Charities SORP 2019. They have been prepared in a¢rdance with the accounting policies set out on pages 13 to 16. The trustees who served during the year were.. ColJCVHunt S E Hewson S C Fowler- Ciyair J Brown S Tumer Prof. M Bateman T Groombridge (Resigned 8 May 2025) (Resigned 21 October 2024) (Appointed 17 March 20251 Trustees serve for a period of three years and are eligible for re-appointment. Co.optative Trustees are appointed after enquiries mAde through the existing Ttwstee body from which the potential candidate or candidates islare identified. The Tntstees meet usually bi-annually to discuss applications and the affairs of the Foundation and to award Brants. Decisions are implemented throu8h its officers and odvisor$. Through its Secrelary, the Foundation has access to a number of organi8ation5 both local and national that have an interest in best practice and the development of the charitable grant making sector. The Secretary is hersclf a lawyer speciilising in charity work with a leading ni¢he firni of 801icitors with a national rcputation in the field of trusts, particularly relating to charili¢s. The day to day administration of the Foundation, work in connection with its income, liaison with outside bodies, the adTDinistration of its grant programmes and the processing and handling of applications prior to and after their consideration by Trnstees, 18 all work delegated to the Secretsry. From time to time all Trustees con5id¢r policy and strategic matters. The Trustee8 also consider monitoring InforntIon obtained concerning th¢ p¢rfomiance of gTant5. The Trnstees have noted the Charity Governan¢¢ Code and seek to apply its guidan¢e to the work of the Foundation so far as the key principles apply and are relevant to its work as a Brant maker. The Truste&s are conscious of the need io use and revicw good practice in govemance and that adopting good practice is an essential part of bein8 a modern grant making charity. This annual report will show that the key principles of Good Gov¢rnance are evidenced in the work of the Foundation.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION TRUSTEESI REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A conflict of incerestnoyaity re8lSter i8 kept. which is r¢viewed regularly. The le title to 1-3 Sharrow Lane is register in the oificial C910dlan,s name at the Land Registry. New TNsiees are provided with an induction pack by ih¢ Secretary which includes not only copies of minutes of recent Tneetings and copies of Trustees, Reports and Accounts but also copies of documents relating to the governance and operation of the charity including grant making policies and deiails of the investments. In addition, documentats'on with re8ard to Thistee duties and responsibilitie5 are provided. New Trustees are offered the opportunity, at the ¢xpen8e of the charity. lo aitcnd relevant Twslee training courses and the Secretary offers guidance at all times. especially to n¢w Trustees. on legal, governance and adrnini5trative matters.
SHEFFIELD BLUECOAT AND MOUNT PLEASAIYT EDUCATIONAL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees, report was approved by the Board of T[te. gA S C Fowler- Chalr Trustee Dated.. 22 September 2025 Ms S M Greavoy Secretsry
UHY 6 Broadfield Court Broadfi¢ld Way Sheffield S8 OXF INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION report to the ttuslees on my examination of the financial ststemcnts of Sheffield Blue¢oal and Mount Pleasant Educational Foundation (the chariry) for the year ended 31 Match 2025. Respon$lbllltles and basls of report As the trustees of the charity you ar¢ reS)nsIble for the preparation of the financial statements in accordonee with the requir¢m¢nls of thc Charities Act 2011 (the 2011 Act). I report in respect of my exatninolion of the charity's financial statements carried out under seciion 145 of the 2011 Act. In ¢aryin8 out my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145{5llb} of the 2011 Act. Independent exAmlner's statement I have compl¢ied my examination. I confirm that no mailers have come io my attention in conn¢¢tion with the examination givin¥ me cause to believe thai in any maierial respect.. accounting records were noi kept in respect of the charity as rquired by section 130 of the 2011 Act; or Ihe financial statements do not accord with those records,. or the financial s¢a¢emenls do not Comply with the appli¢able requirements ¢on¢ernin8 the forni and content of accounts s¢t out in the Charities (Accounts and Reports) Rcgulations 2008 othcr than any requirement that the accounts give 8 irne and fair view which 15 not o mattcr considered as part of an ind¢p¢ndenl ex8mination. I have no ¢oncern8 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 finan¢ial statements to be reached. M Me*llng BS¢ FC.CA UHY Elacker Youn8 Chartered AccountAnts Dated.. 22 September 2025
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIOIYAL FOUNDATION STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR EIWED 31 MARCH 2025 UTrrttlrlrl•d Total EndDwm¢llt Tot#1 fund ruTrdi fDDds 2025 2025 2025 2024 2024 2024 Note5 Income from: Investments 82,805 82,805 84,429 84.429 Total Income 82,805 82,805 84.429 84,429 Eypenditure on: Fundraising ond publicity Investment mana8¢ment 38,722 38,722 8,146 8,146 13,580 13,580 12,780 12,780 38,722 13,580 52,302 8,146 12,780 20,926 Chariiable activities 72.6(X) 72,600 65.174 63,174 Total ¢%pendlture 111,322 13.580 124,902 73,320 12,780 86,1(H) Net gainsl(losses) on invesiments io 413 15,312 15,725 (221) 36,457 36.236 Net ineomel(expendlture) and movement in fundg (28.104) 1,732 (26,372) 10,888 23,677 34.565 Reconclllatlojh of funds: Fund balances at l April 2024 138,616 1.642,837 1.781,453 127,728 1,619,160 1.746,888 Fund balances it 31 March 2025 110,512 1,644,569 1,755.081 138,616 1.642,837 1,78l.453 The statement of financial activities includes all gains and losses recognised in the year. All income and exp¢nditure derive from continuing activities.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notss Flxed Asyets Investment properties Invc5tments 12 13 375,000 1,277,157 375.000 1.277,056 1,652,157 1,652,056 Current 4sse¢s Debtors Cash at bank and irt hund 14 13.871 118.013 27,800 125.045 131.884 152.845 Credltors: *mount5 falllng due wlthln one yeAr Is (28,960) 123.448) Net Current set$ 102.924 129,397 Totsj Assets le$9 Current Ilabllltles 1,755,081 1,781.453 Capltal fllnd$ Endowment funds Income fund8 Unrestri¢ted funds 1.644.569 1,642.837 110,512 138.616 1,755.081 1,781,453 The financial statements were apprnv by the trustees and authorised for issue on 22 Septemb¢r 2025 and ar¢ signed on their behAlf by: SA S C Fowler- Chair Trustee Ms S M Greaves Secretary
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATIOIY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activitles Cash ab80rbed by operations (I05,461) (77.846) Investlng 4Ctlvltles Purchase of investments Proceeds on disposal of investtn¢nts Invesimenl in¢om¢ received (124,762) 140,386 82.805 (124.728) 135.767 84,429 Net cash generated from Invegtlng activitles 98.429 95,468 Net cash used In flnanelng actlvltles Net (de¢re45e)Ilntre*se In ¢8yh and tAsh equlvalents (7,032) 17.622 C&8h and cash equivalents at beginning of yeor 125,045 107,423 Cxsh ind eish equlvllents at ¢nd of year 118,013 125.045 12-
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polieles Company informatlon Sheffield Bluecoat and Mount Pleasant Edu¢ational Foundation is an uninco4)orated charity. The principal office address is Ms S M Greaves, clo Wrigleys Solicitors LLP. Derwent House. 150 Arundel Gate, Sheffield, South Yorkshire, Sl 2FN. 1.1 Accountlng eonventton The financial statements have been prepared in accordance with the charitYs Trust Deed, the Chariti&s Act 2011 and "A¢¢ounling and Reporting by Charities.. Staiemeni of Recommended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). The charity is a Public Benefit Entity AS defined by FRS 102. The financial statements are prepared in sterlin¥, which is the fvn¢tional currency of the charity. Monetary amounts in these financial statements rounded to the n¢e$l £. The financial statements have been prepared under th¢ historical cost convention, [modified to in¢lud¢ the revaluatiun of freehold properties and to include investment propenies and certain financial instruments at fgir valuel. The principal accounting policies adopied aTe set out below. 1.2 Golng Concern At the lime of approving the financial stat¢ment5, the trnstees have a Teasonable expectation that the charity has adequate resources to continue in opcrational existence for the foreseeable future. Thus the trustees continue to adopt the going concern b8sis of accounting in preparin8 the financial statements. IJ ChArltoble fund5 Unrestricted funds a available for use ai ihe discretion of the tThstees in fiJrther4nce of th¢ir Charitable objectives. Restricted funds aTe subject to spccific conditions by dollo or granlor8 as to how they may be used. The purposes and use$ of the restricted funds are set out in the notes to the financial statements. The Endowment fund represents those assets which must be held pernianently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. 1.4 Incomlng resourtts tncoming resources are &¢counied for on an a¢cruals basis. Provision is mad¢ for rents due but not received at the year end. 1.5 Resources expended All expenditur¢ is included on an accruals basis and is reCognid where ther¢ is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the activiry categories of resources expended in the SOFA. All costs includ¢ irrecoverable VAT.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting polleles (Continued) Costs of genernting funds compri8e investment broker fees incurred in monaging the charity's investment portfolio. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Grants payable 8re ac¢ounted for when granted to the recipient on an irrevo¢able commitment basi&. 1.6 Investment propertley Investment prop¢rty> which is property held to earn rentals andlor for capital Appreciation. is initially re¢o8nised at cost, which include5 the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reportirt8 end date. Th¢ surplus or d¢fi¢it on revaluation is recognised in profit or108s. 1.7 Flxed Asset inveJtment$ Fixed asset investments are initially measured at transaction price excludin8 transaction costs, and are subgequently rneasured al fair value at each reporting date. Changes in fair value are recognised in nel inwmel(expendiiure} for the year. Transaction costs are expensed as incued. 1.8 Cash and cayh equlvAlentJ C&8h and cash equivalents include cash in hand, deposits held at ¢all with banks, other short-ierni liquid investments with original maturities of three months or le58, and bank overdrafts. Bank overdrafts are shown within botTowings in CUTrent liabilities. 1.9 Flninelal In$trument$ The Charity has elected to apply the provisions of Section I I 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recolSed wh¢n the chAriiy becomes party to the cOntra¢al provi5iOT]s of the instnllnenl. Financial assets are offset. with the ne¢ aTnounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and th¢re is an intention to sett]e on 8 net basis or lo realise the asset and settle the liability 5LTnultaneously. Baslo fin8nelal •ssets Basic financial assets, which include debtors and cash and bank balances, are initially m¢asured at transaction pric¢ including transaction costs and are subsequently cTied at amortised cost using th¢ effKtiv¢ interest method unless thc arrangement ¢onstilutes a financing transa¢tion, wher¢ the transaction is measured at the pr¢s¢nt value of the future receipis discounted at a market rate of int¢rest. Financial assets classified as receivable within one year are not amortised.
SHEFFIELD BLUECOAT AIYD MOUIYT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policles (Continued) Impalmi•ftt olflnanclal assets Financial a55ets, other than those held at fair value through income and expenditure. are assessed for indicaiors of impairment at ea¢h reporting date. Financial assets are impaired where there is objcctive evidence that, as a resuli of one or more events ihat occUed after th¢ initial recognition of the fitsancial asset, th¢ esiimatcd future cash flows have been affected. If an asset is impoired, the impairment loss is the difference between the ¢arying amount and the preseni value of ihe esiimaied cash flows discounted al ihe asset's original effeciive interest rot¢. The impaiTrnent loss is recognised in net in¢ornel(expendiThre) for the year. If there is a decrease in the impairtnent loss arising from an cv¢ni occutTing after the impairnient w&s recognised. the impaimleni is reversed. The versal is such that the ¢urreni carrying amount does not exceed what the ¢arrying aynount would have been, had the impairment not previously been r¢cognised. The impainnent reversal is recognised in net in¢ome/(expenditure) for the year. D•r•coqnltlon olfln•nclal •Js•ts Financial assets are dereco8nised only when the cOntracal ri8his to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risk5 and rewards of ownership to another entity, or if some 8ignificant risks and rewards of ownership are retained but control of the asset has tr8n8ferred to Hnoih¢r party that is able to sell the asset in its entire¢y to an unrelated third party. 8a51c flnan¢141 llablllll•* B&sic financial li8bilitie$, including credilors and bank loans are initially recognised at transaction price unless the arrangement cOnstiteS a financing transaction, where the debt in8trnment is measured at the present Y8]u¢ of the fvture paymen¢s discounied at a market rate of interest. Financial liabililies classified as payllble within one year are not arnortised. Debt instruments are subsequently carried ai amortised COSL using th¢ eff¢ctive interest rdte method. Trade creditors ar¢ obligations lo pay for goods or services thai have been acquired in the ordinary course of operations from supplters. Amounts payable are classified as Current liabilities if paym¢nt is due within one year or less. If not, they are pr¢senied as non-currcnt liabilities. Trade creditors are recognis¢d initially at transaction price and subsequently measured at amortised ¢osi using the etTeLtive interest method. Dorecognltlon of flnanclg1118blllues Financial liabilities are derecognised when the charity's Contractual obligations expire or are discharged or cancelled.
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIOI¥4AL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal Accoundng estim4tes and Judgement8 In the application of the charity's accounting policies, th¢ tNstees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sour¢es. The estimates and a8sociated assumplions are based on hislori¢al experien¢¢ and other faetors that are considered to be relevant. Actual result$ may differ from these estimAt¢s. The estirnates and underlyin8 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 p¢riod, or in the period of the revision and future periods wher¢ the revision affects both current and turc periods. Crltlcll Judgements Falr value ol Investment propertle5 The estimates and assumptions which have a si8nificant ri9k of causins a material adjustment to the carrying amount of assets and liabilities are as follows. Investhienl properties are required to be shown in the financial Statements al fair valu¢. The ¢rnstee5 ensure that valuations of the Charity's investment properties will bc mad¢ every ihree years. The tswstees will review the valucs of the inY¢81ment properties shown in the accounts each year and make a judg¢TT]ent as to whether any evidence exists that Ihe fair values are materially different to the values in the financial statemcnls. This may take in to account the sla¢e of the fabri¢ of the building and the conditions in the market for the types of property owned. Investtnents 2025 2024 R¢ntal income Income from listed investsnents Interest receivable 34,399 45,280 3,126 35,913 45.597 2,919 82.805 84.429 16-
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ral8lng funds Uure5tActsd Total 2025 Ullrr¥trtrt¢d Total 2024 Thdi Costs of gen¢rating investment income Other ndraiSing costs 38.722 38,722 8.146 8.146 nvestment m 13,580 13,580 12.780 12.780 38,722 13,580 52,302 8,146 12,780 20.926 Rental expenses 2025 2024 Repairs, mBinlenance and insuran¢¢ Surveyors and Professional fees Bad debts Bank charBes 12,447 2,970 23,462 73 8,061 85 38,952 8,146 Charlt*blt ictlvldeB 2025 2024 Grani funding of activities (see note 6) Share of governance costs {s¢e note 7) 44.370 28,230 38,134 27,040 72.600 65.174
SHEFFIELD BLUECOAT AND MOUNT PLEASAIYT EDUCATIONAL FOUNDATION NOTES TO THE FINAIYCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable 2025 2024 Grants to institutions (20 gTants): DECSY Ethel Tru51 PACES Grow Meadowhead Community Lindley Educational Trnst Li8t¢ning BkS Greentop Whirlow Hall FAMI CRESST Easy Street Westwood 2015 Ltd Music in the Round Concerteenies Steel City Choristers City of ShetTicld W8t¢r Polo Dame Kclly Holmes Dronfield District Scouts Early Life Entetprise Maya Pit5moor Adventure Rite Trax ROrdS Soundpost Sheffi¢ld Wildlife Thst SY County Scout Council TSD Gymn11¢8 Academy 2,000 1,625 2,838 4,000 1.500 3.5 1,5 2,000 1,000 1,500 2,000 1.000 2,000 1.000 1.500 I,(K)O 1,500 2.000 2,000 2,0(Kl 1.5 2.0(K) 2.0 3,0(K> 600 2.000 2,000 1.040 1,500 2.000 3.300 33,140 27,263 Grants to individuals (17 grants) 11.230 10,871 44,370 38.134
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIWED 31 MARCH 2025 Support costs Support Covern*nee costs eosts 2025 Sllpp•rt GovernAnce costs cost$ 2024 Independent examination f¢¢s Legal and professional Secretary's fees 3.590 40 24.6(MJ 3,590 40 24,600 3.600 40 23,400 3,600 40 23,400 28.230 28,230 27,040 27,040 Analysed between Charitsble activitics 28,230 28.230 27,040 27.040 Governance costs includes payments to the indep¢ndenl examiner of £3.590 (2024.. £3,600) for independent examimtion fees. Trustees None of the twstees {or any persons ¢onnccted with them) received any remuneration or any other benefits from employment with th¢ ¢harily or any other related entity during the year and no trustee expenses have been incurred (2024.. £nil). Employees There were no employees during the year. 10 Net gaInO0$Ye9) on Investment8 Unreilrlttrd TotAI Totsl 2024 ruDdi 2025 Revaluation of investments Gain/(loss) on sale of investments 413 37.841 38.254 (221) 25,685 25.464 (22,529) (22,529) 10,772 10,772 413 15,312 15,725 (221) 36,457 36.236 19-
SHEFFIELD BLUECOAT AND MOUNT PLEASAIYT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Taxatlon The chariry is exempt from taxation on its activities because all its income is applied for chAritable purpose8. 12 Inve5tmen¢ property 2025 FAlr vlue Al l April 2024 and 31 March 2025 375,000 Investment property comprises retail and residentiE41 properties. The fair value of the investment property has been a1ved at on the basis of a valualion Carried out during July 2019 by Fowler Sandford Chortered Surveyors, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction price5 for similar properties. In the opinion of the tnjstees, the value of the properties al 31 March 2025 docs not diffeT $ignifi¢Antly from thi$ value. The investmeni properties were transferred to the charity at nil cost. 13 Flxed aJJe¢ Investments Lljted Investments Cost or vlu*¢lon At l April 2024 Additions Valuation changes Disposals 1.277,056 124.762 38.254 (162.915) Al 31 March 2025 1.277,157 CArrylng Amount At 31 March 2025 1.277,157 At 31 March 2024 1.277.056 Flxed ayset investments revalued Jnvestments listed or traded on a recognised stock exchange are measured initially at cost and subsequently at fair value (their market value)- The fair value is based on valuations provided in investment reports made by the fund manager, Illveste¢ Wealth and Investm¢nt Ltd, who is not conn¢¢t¢d to the charity. -20-
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Dtbtorg 2025 2024 Amounts f4lling due wlthln one year". Trade debtorg Other debtors Prepayments and accrned income 3,326 2.610 7.935 10,498 5,099 12.203 13.871 27.800 IS Credl¢or8: #Monts fAlllng due wlthln one y¢ar 2025 2024 Trade creditors Other creditors Accruals and deferred income 2,970 500 22,948 25,990 28.960 23,448 16 AnAlysl$ of net asyets bettveen funds UTrnslrlcled fund 8Thd•wMMI UnreytTrlcted fund Tot*1 TotAI fuThd 2025 2025 2025 2024 2024 2024 Fund balances at 31 Mar¢h 2025 are represented by.. Investment properties IDveslments Currcnt ass¢t&l(liabilities1 375,000 375.000 12,487 1,264,670 1.277.157 375,000 375,0 12,075 1,264.981 1.277,056 98.024 4,900 102,924 126,541 2,856 129,397 110,511 1,644,570 1.755.081 138,616 1,642,837 1,781.453 17 Related party tronsylftions The were no dis¢losable related party trAnsaetions during th¢ year (2024- none). 21
SHEFFIELD BLUECOAT AND MOUNT PLEASANT EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Cash gener*ted from operAtIon8 2025 2024 (Deficitysutylus for the year (26,372) 34,565 Adjustsnents for.. Investsnent incorne recognised in statement of financial activitie8 Los81(gain) on disposal of investments Fair value gains and losses on investments (82,805) 22.529 (38.254) (84,429) (10.772) (25,383) Movements in working capitsl.. D¢¢reasel(increa5e} in debtor8 Incrcase in creditors 13,929 5,512 (4,263) 12,436 Cash Absorbed by operatlons (105.461) (77,846) 19 An•ly$ls of ehAnge8 In net fund The charity had no material debt during the year. 22.