2023-03-31-accounts - Sheffield Grammar School Exhibition Foundation

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Trustees		JBoulton
		Prof. M Bateman
		JM Ferretti -	Chair
		Z Hamid
		SCTurner
		Dr. RCutting
		KAAustin			(Appointed	27June 2022)
		GEGreenup
Law Clerk		SM Greaves
Charity Administrator		G Mills
Charity number		529372 and 529350
Principal address		c/o Wrigleys	Solicitors LLP
		Derwent House
		150Arundel	Gate
		Sheffield
		South Yorkshire
		Sl 2FN
Independent	examiner	M Mealing BscFCCA
		UHY Hacker	Young
		6Broadfield	Court
		Broadfield Way
		Sheffield
		S8 OXF
Solicitors		Wrigleys Solicitors LLP
		Derwent House
		150Arundel	Gate
		SheQield
		South Yorkshire
		Sl 2FN
Investment	advisors	Investec Wealth and Investment		Ltd
		Beech House
		61Napier Street
		SheKield
		S1 1 8HA

			Page
Trustees' report			1-7
SHEFFIELD GRAMMAR SCHOOL EXHIBITION			FOUNDATION
Independent examiner's	report
Statement offinancial	activities		9- 10
Balance sheet
Stateinent ofcash flows			12
Notes to the accounts			13-25
FULWOOD EDUCATIONAL		ENDOWMENT
Statement offinancial	activities		26
Balance sheet			27
Statement ofcash flows			28
Notes to the accounts
APPENDIX A
Rent received			30

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					2023	2022
				Notes
Fixed assets
Intangible assets				12	2,800
Investment property				13	1,425,000		1,425,000
Investments				14	2,193,775		2,441,141
					3,621,575		3,866,141
Current assets
Debtors				15	58,422	45,638
Cash at bank	and in	hand			230,881	219,113
					289,303	264,751
Creditors: amounts		falling due within
one year				16	(127,575)	(84,930)
Net current assets					161,728		179,821
Total assets	less current		liabilities		3,783,303		4,045,962
Capital funds
Endowment	funds				3,209,287		3,397,038
Income funds
Unrestricted	funds
Designated funds				17	10,526	10,526
General unrestricted		funds			563,490	638,398
					574,016		648,924
					3,783,303		4,045,962
The financial	statements		were approved	by the Trustees on 18September 2023
JM Ferretti	- Chair				Ms SM Greaves
Trustee					Secretary

		2023		2022
	Notes
Cash flows from operating	activities
Cash absorbed by operations	20		(206,848)		(158,684)
Investing activities
Purchase ofintangible assets		(3,000)
Purchase of investtnents		(87,132)		(261,354)
Proceeds on disposal of investments		113,204		163,486
Interest received		195,544		191,971
Net cash generated from investing
activities			218,616		94,103
Net cash used in financing	activities
Net increase/(decrease) in cash and cash
equivalents			11,768		(64,581)
Cash and cash equivalents at	beginning ofyear		219,113		283,694
Cash and cash equivalents	at end ofyear		230,881		219,113

		2023	2022
Rental	income	99,947	110,241
Income	from listed investments	94,373	81,697
Interest	receivable	1,224	33
		195,544	191,971

				Unrestricted	Endowment	Tnfal	Unrestricted	Endowment	'fOtal
				funds	funds	2023	funds	funds	2022
				general			general
Costs of	eneratin
investment	income
Rental expenses				80,427		80,427	41,944		41,944
Investment	mana	ement			14,667	14,667		14,998	14,998
				80,427	14,667	95,094	41,944	14,998	56,942
Rental expenses								2023	2022
Repairs, maintenance			and	insurance				14,531	5,777
Rates and	utilities							8,632	8,044
Law clerk	fees							21,300	13,920
Surveyors	and professional			fees				29,562	3,111
Bad debts								6,331	10,964
Bank charges								71	128
								80,427	41,944
Charitable	activities
								2023	2022
Depreciation and impairment								200
Website support costs								360
								560
Grant funding ofactivities				(see note 6)				83,867	72,343
Share ofgovernance			costs	(see note 7)				57,388	54,703
								141,815	127,046

Grants payable
			2023	2022
Grants to institutions		(17grants):
Utopia Theatre					5,000
CRESST			3,000		3,000
Steel City Chorister					3,000
Worldwise Foundation					5,000
King Edward VII School			1,790		120
The Ethel Trust					1,960
Opera on Location					2,500
The Sheffield Wheat		Experiment			1,500
Whirlow Hall Farm	Trust		2,500		1,000
Dragons Academy					1,250
DECSY			2,000
Third Angel			1,000		1,800
Hope English School			2,640
Luton Carnival Arts			3,000
Stunt Action			3,200
Linley Educational	Trust		5,000
Soundpost			2,000
Pollyives Ltd			1,500
Greentop Community			1,729
King Edward CofE		School	1,500
TSD Stunts and Urban Sports Academy CIC			2,000
Work Ltd			7,000
Music in the Round			2,000
Westwood 2015Ltd					2,640
PACES Sheffield			3,000		5,000
			44,859		33,770
Grants to individuals		(39grants)	39,008		38,573
			83,867		72,343

Support	c	osts
			Support	Governance	2023	Support costs	Governance costs	2022
			costs	costs
Independent
examination		fees		4,440	4,440		4,200	4,200
Legal and	professional			148	148		103	103
Law clerk	fees			52,800	52,800		50,400	50,400
				57,388	57,388		54,703	54,703
Analysed	between
Charitable		activities		57,388	57,388		54,703	54,703

		Unrestricted	Endowment	TOtal	Unrestricted	Endowment
		funds	funds	2023	funds		2022
		general			general
Revaluation	of
investments		(50,432)	(195,916)	(246,348)	34,266	128,030	162,296
Gain/(loss)	on sale of
investments		2,222	22,832	25,054	(608)	6,251	5,643
		(48,210)	(173,084)	(221,294)	33,658	134,281	167,939


	Cost
	At 1April 2022
	Additions —separately		acquired	3,000
	At 31March	2023		3,000
	Amortisation	and impairment
	At 1 April 2022
	Amortisation	charged	for the year	200
	At 31March	2023		200
	Carrying amount
	At 31March	2023		2,800
	At 31March	2022
13	Investment	property
				2023
	Fair value
	At 1 April 2022 and 31March 2023			1,425,000

		2023	2022
Cost		175,438	175,438
Accumulated	depreciation
Carrying amount		175,438	175,438
Fixed asset	investments
			Listed
			investments
Cost or valuation
At 1 April 2022			2,441,141
Additions			87,132
Valuation changes			(246,348)
Disposals			(88,150)
At 31 March	2023		2,193,775
Carrying amount
At 31 March	2023		2,193,775
At 31March	2022		2,441,141

15	Debtors
				2023	2022
	Amounts falling due		within one year:
	Trade debtors			40,631	31,956
	Other debtors			10,660	9,273
	Prepayments	and accrued income		7,131	4,409
				58,422	45,638
16	Creditors: amounts		falling due within one year
				2023	2022
	Trade creditors			77,818	42,214
	Other creditors			26,480	19,841
	Accruals and	deferred	income	23 277	22,875
				127,575	84,930

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	There were no disclosable related party transactions	There were no disclosable related party transactions	during	the year (2022 —none).
20	Cash generated from operations			2023	2022
	(Deficit)/surplus for the year			(262,659)	175,922
	Adjustments for:
	Investment income recognised	in statement offinancial	activities	(195,544)	(191,971)
	Gain on disposal ofinveshnents			(25,054)	(5,643)
	Fair value gains and losses on investments			246,348	(162,296)
	Depreciation and impairment oftangible fixed assets			200
	Movements in working capital:
	(Increase)/decrease in debtors			(12,784)	5,689
	Increase in creditors			42,645	19,615
	Cash absorbed by operations			(206,848)	(158,684)
21	Analysis ofchanges in net funds
	The charity had no debt during	the year.

				Unrestricted	Endotvmcnt	Total	Unrestricted	Endowment	Total
				fund	fund	2023	fund	fund	2022
Income from:
Investments				698		G98	516		516
Other income							1,000		1,000
Total income				698		698	1,516		1,516
Expenditure on:
Sundry expenses						40	40		40
Total resources	expended			40		40	40		40
Net income/(expenditure)			for the year	G58		658	1,476		1,476
Other recognised gains and losses
Unrealised investment		(losses)/gains			(611)	(611)		1,041	1,041
Net movement	in funds			G58	(GII)		1,476	1,041	2,517
Fund balances at I April 2022				3,G92	17,593	21,285	2,216	16,552	18,768
Fund balances	at31	Marcb 2023		4,350	16,982	21,332	3,692	17,593	21,285

			2023		2022
Fixed assets
Investments
900 Charibond	Income Units		13,865		14,217
2,672 Charibond	Income Units		2,895		3,154
Cash			222		222
(Historical cost	ofinvestments:	K4,862 (2022:K4,862))		16,982
Current assets
Cash at bank			4,350		3,692
Net current assets				4,350
Total assets less current liabilities				21,332
Capital funds
Endowment funds				16,982
Income funds
Unrestricted funds				4,350
				21,332

					2023	2022
Cash flows from operating			activities
Surplus for the year					47	2,5 I7
Investment	income recognised			in profit or loss	(698)	(516)
Fair value	gains and (losses) on investments				611	(1,041)
					(40)	960
Investing	activities
Interest received					698	516
Net increase/(decrease)		in	cash and cash equivalents		658	1,476
Cash and	cash equivalents	at beginning ofyear			3,692	2,216
Cash and	cash equivalents		at	end ofyear	4,350	3,692

				Bad debt
	Arrears at			write offs	Arrears at
	31March		Rent	and (write	31March
	2022	Rent due	received	backs)	2023
Property
202 Holme Lane (tenanted)		24,596	24,000		596
208 Holme Lane (vacant)	(1,186)			(1,186)
210Holme Lane (vacant)		4,052		4,052
220 - 222 Holme Lane (tenanted)	2,063	8,726	6,188		4,601
224 Holme Lane (tenanted)	(156)	10,000	10,000	(156)
226 - 228 Holme Lane (tenanted)	3,996	8,335	8,004	2,000	2327
234 - 236Holme Lane (tenanted)	9,877	8,588	6,000		12,465
238 - 240 Holme Lane (tenanted)	13,122	6,954	1,650	18,426
242 Holme Lane (tenanted)	4,557	10,280	9,996		4,841
&2 Loxley Road
	32,273	81,531	65,838	23,136	24,830
Flat above 2 Loxley Road		4,520	2,740	(445)	2,225
Flat 6 Loxley Road 4-6 Loxley Road	1,675 (2,858)	5,700 7,511	3,800 8,317	1,675 18	1,900 (3,682)
	(1,183)	17,731	14,857	1,248	443
55 Clarkehouse Road (untenanted)
59Clarkehouse Road and	1,000	1,000	1,000	1,000
Squash Court (vacant)
	1,000	1,000	1,000	1,000
186- 192Holme Lane (tenanted)	72	180		72	180
196Holme Lane (tenanted)	18	9	27
198Holme Lane (tenanted)	(51)	7			(44)
	39	196	27	72	136
Total	32,129	100,458	81,722	25,456	25,409