THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2024
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION GOVERNING TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Trustees
During the financial year ended 31 March 2024, the Chair, Mr TM Sutton-Nelthorpe, arranged for the Foundation’s clerking responsibilities to be assumed by the Sir John Nelthorpe School, through its Service Level Agreement with its local authority. The school also provides support for the Foundation’s finance and book-keeping functions. The Chair, on a day-to-day basis, and the trustees, at their meetings twice a year, oversee these functions.
The following served as governing trustees during the year:
Mr T Sutton-Nelthorpe (Chair) Mr T P R Phipps (Vice-chair) Mrs P J Smith Mrs A B Kernon (resigned 1 November 2023) Ms J Taylor Mrs E D Wells Mr A J Hall (died 23 June 2024) Mr R Waltham MBE Mrs J E Gibbons Mrs C A Kelly (appointed 18 May 2023) Mrs L Anderson (appointed 18 May 2023)
In addition Mrs M D Raddings was appointed as a trustee on 25 September 2024.
Clerk: Mrs P Hodge (Mrs N Carolan from August 2024)
Headteacher: Mr R Biglands
Reference and Administrative Details
The name of the Charity is Brigg Sir John Nelthorpe School Foundation. The Governing Document is the Scheme made by the Charity Commissioners for England & Wales under Section 18 of the Charities Act 1960, of the 10 January 2002, replacing the scheme of the 28 March 1974.
The Charity registration number is 532330.
Bankers
NatWest, 119 High Street, Scunthorpe
Investment Manager
Blackrock Investment Management 12 Throgmorton Avenue, London.
Structure, Governance and Management
The names of all Governing Trustees who served at any time during the year ended 31 March 2024 are as shown above.
The Governing Trustees are appointed as follows, under the new scheme:
Four representative Governors:
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One by North Lincolnshire Council
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One by Brigg Town Council
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One by the Briggensians Association
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One by the Parent Association
Five Co - opted Governors are appointed by resolution of the Governors for the time being in office.
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION GOVERNING TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
Structure, Governance and Management (continued)
There are two ex-officio Governors, being the Lord of the Manor of Scawby for the time being, and the Chairman of the School Governors.
The income and property of the foundation shall be applied solely towards the promotion of its objects, as set out in the Scheme.
Achievements and Performance
The Objectives and Activities of the Charity have been achieved during the year 2023/2024. The Foundation has recruited two new trustees, who have contributed enormously to the charity’s effectiveness, and also serve as the Foundation’s representatives on the governing body of the Sir John Nelthorpe School. The Foundation continues to contribute to the life of the school.
The Foundation committed during the 2022-23 financial year to providing additional financial support for the school’s post-16 provision. However, the financial performance of that provision meant that this support was not eventually required. There are potential changes to the way in which the school’s post-16 provision operates, and the Foundation has offered to continue its support if required.
Objectives and Activities
The Governors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
After payment of any expenses of administration, the net yearly income of the Foundation shall be applied by the Governors in the manner and to the objects prescribed in Notes 4, 22 and 23 of the Scheme.
Financial Review
During the period under review, income exceeded expenditure from all sources by £35,686.92. A full summary is shown on page 4.
The Charity holds sufficient reserves in order to fulfill its policy objectives, set out in the Scheme.
ON BEHALF OF THE GOVERNING TRUSTEES:
Mr T Sutton-Nelthorpe
Date: 11 December 2024
Registered Address: SIR JOHN NELTHORPE SCHOOL GRAMMAR SCHOOL ROAD BRIGG DN20 8AA
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR JOHN NELTHORPE SCHOOL FOUNDATION
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 4 to 10.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns 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 accounts to be reached.
John Heeney BA (Hons) FCA RNS Chartered Accountants 50-54 Oswald Road Scunthorpe North Lincolnshire DN15 7PQ
12 December 2024
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Funds 2024 £ p INCOMING RESOURCES Investment income Rents 9,495.00 Dividends and interest 26,937.74 Wayleaves and licenses 163.95 Bank and building society interest 568.23 _ 37,164.92 RESOURCES EXPENDED Charitable activities 2 - Governance costs 3 1,478.00 _ 1,478.00 Net incoming/(outgoing) resources for the year before revaluations 35,686.92 Gains/(losses) on revaluation of investment assets - _ Net incoming/(outgoing) resources for the year 35,686.92 Transfers between funds - _ Net movement in funds 35,686.92 Fund balances brought forward 1 April 2023141,757.09 ___ Fund balances carried forward 31 March 2024 177,444.01 |
Restricted Funds Total Total 2024 2024 2023 £ p £ p £ p - 9,495.00 9,495.00 - 26,937.74 26,295.11 - 163.95 413.95 - 568.23 233.74 _ _ _ - 37,164.92 36,437.80 - - 62,049.00 - 1,478.00 780.00 _ _ _ - 1,478.00 62,829.00 - 35,686.92 (26,391.20) 19,439.21 19,439.21 (19,166.88) _ _ _ 19,439.21 55,126.13 (45,558.08) - - - _ _ _ 19,439.21 55,126.13 (45,558.08) 910,345.57 1,052,102.66 1,097,660.74 ___ _ ______ 929,784.78 1,107,228.79 1,052,102.66 |
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|---|---|---|
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
| £ p INCOME: Rents receivable: Farm and Land, Ulceby 6,075.00 Land, Firsby Woodside 3,420.00 __ Dividends and interest Wayleaves Humber Low Carbon Pipeline license Nat West compensation Bank interest: National Westminster bank Virgin Money ADMINISTRATION EXPENSES: Accountancy charges 780.00 Clerking and bookkeeping expenses 698.00 _ NET INCOME APPLICATION OF FUNDS: Benefits for School SURPLUS/(DEFICIT) transferred to Revenue Account |
2024 2023 £ p £ p £ p 6,075.00 9,495.00 3,420.00 9,495.00 _ 26,937.74 26,295.11 163.95 163.95 - 250.00 - 50.00 158.47 51.63 409.76 132.11 _ _ 37,164.92 36,437.80 780.00 - _ 1,478.00 780.00 _ __ 35,686.92 35,657.80 - 62,049.00 35,686.92 (26,391.20) |
|---|---|
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Note | £ p | £ p | £ p |
£ p | £ p |
|
| FIXED ASSETS | ||||||
| TANGIBLE ASSETS | ||||||
| LAND AND BUILDINGS: | ||||||
| Land, School House, Buildings, Workshop | ||||||
| at cost | 12,350.00 | 12,350.00 | ||||
| Farm and Land, Ulceby and Firsby | ||||||
| at professional valuation b/f | 4 | 127,000.00 | 127,000.00 | |||
| Land, Grammar School Road at cost | 45.00 | 45.00 | ||||
| ___ | ___ | |||||
| 139,395.00 | 139,395.00 | |||||
| FOUNDATION ACCOUNT INVESTMENTS | ||||||
| Per schedule, at valuation by Blackrock | 789,479.78 | 770,040.57 | ||||
| PRIZE FUND INVESTMENT – | ||||||
| Capital Reserve/National Savings Account | 910.00 | 910.00 | ||||
| ___ | ___ | |||||
| 790,389.78 | 770,950.57 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 5 | 3,037.50 | 3,037.50 | |||
| CASH AT BANK | ||||||
| Current | 114,896.30 | 78,299.61 | ||||
| Capital Reserve | 11,042.18 | 10,883.71 | ||||
| Virgin Money | 50,796.03 | 50,386.27 | ||||
| ___ | ___ | |||||
| 176,734.51 | 139,569.59 | |||||
| ___ | ___ | |||||
| LESS: REVENUE LIABILITIES | ||||||
| Creditors and accruals | 6 | 2,328.00 | 850.00 | |||
| ___ | ___ | |||||
| NET CURRENT ASSETS | 177,444.01 | 141,757.09 | ||||
| ____ | ___ | |||||
| NET ASSETS | 1,107,228.79 | 1,052,102.66 |
continued
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024(CONTINUED)
| RESTRICTED FUNDS: CAPITAL ACCOUNT REVALUATION RESERVE PRIZE FUND UNRESTRICTED FUNDS: REVENUE ACCOUNT Balance at 1 April 2023 Surplus/(deficit) for the year |
Note 2024 2023 £ p £ p 8 315,749.34 315,749.34 8 613,125.44 593,686.23 8 910.00 910.00 _ _ 929,784.78 910,345.57 8 141,757.09 168,148.29 35,686.92 (26,391.20) _ _ 177,444.01 141,757.09 _ ___ 1,107,228.79 1,052,102.66 |
|---|---|
APPROVED BY
Mr T Sutton-Nelthorpe
Date: 11 December 2024
ON BEHALF OF THE GOVERNING TRUSTEES
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION SCHEDULE OF INVESTMENTS
| SCHEDULE | OF INVESTMENTS | OF INVESTMENTS |
|---|---|---|
| Book Value | ||
| 31.3.23 and | ||
| 31.3.2024 | ||
| £ p | ||
| Nominal | ||
| 96.86 | BLK Charities UK Bond Fund A | 155.35 |
| (formerly Charinco Income Shares) | ||
| 46,810.71 | BLK Charities UK Bond Fund A | 81,479.25 |
| (formerly Charinco Income Shares) | ||
| 98,865.96 | BLK Charities UK Equity Fund A | 214,610.04 |
| (formerly Charishare Income Shares) | ||
| ___ | ||
| 296,244.64 |
| Market Value 31.3.24 £ p Nominal 96.86 BLK Charities UK Bond Fund A 141.09 (formerly Charinco Income Shares) 46,810.71 BLK Charities UK Bond Fund A 68,194.07 (formerly Charinco Income Shares) 98,865.96 BLK Charities UK Equity Fund A 721,144.62 Charishare Income Shares ___ 789,479.78 Market value of investments at 1 April 2023 770,040.57 Unrealised gains in year 19,439.21 Market value of investments at 31 March 2024 789,479.78 |
Dividend 2023/24 £ p 5.80 2,808.64 24,123.30 __ 26,937.74 |
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 ACCOUNTING POLICIES
(a) Basis of Accounting
The charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared on the accruals basis, in accordance with applicable accounting standards, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
(b) Funds
The revaluation reserve represents the excess over cost of the revaluation of land, buildings and investments. The revenue account is not restricted and is used to meet the Trust’s objectives. The capital account is restricted. The prize fund is restricted.
(c) Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
- (d) No depreciation has been provided on the freehold buildings.
2 CHARITABLE ACTIVITIES
3
| CHARITABLE ACTIVITIES | ||
|---|---|---|
| Benefits for school GOVERNANCE COSTS Accountancy charges Clerking and bookkeeping expenses |
||
4 REVALUATION OF FARM AND LAND
The Farm and Land at Ulceby and Firsby were professionally valued at 31 March 2007 at £202,000. During the year ended 31 March 2016 the Southern Farm Barn at Ulceby was sold at valuation of £75,000 leaving the remaining Farm and Land at a valuation of £127,000. The governing trustees believe that this is at fair value.
5 DEBTORS
| Debtors falling due within one year: Rent |
2024 £ p 3,037.50 3,037.50 |
2023 £ p 3,037.50 3,037.50 |
|---|---|---|
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THE GOVERNORS OF BRIGG SIR JOHN NELTHORPE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
6 CREDITORS
Amounts falling due within one year:
| Amounts falling due within one year: | |||
|---|---|---|---|
| Clerking and bookkeeping expenses Accountancy charges |
2024 £ p 768.00 1,560.00 2,328.00 |
2023 £ p 70.00 780.00 |
2023 |
| 850.00 |
7 TRUSTEES’ REMUNERATION AND EXPENSES
- There have been no payments to Trustees in respect of remuneration or expenses.
8 ANALYSIS OF MOVEMENTS OF FUNDS
| UNRESTRICTED REVENUE £ p At 1 April 2023 141,757.09 Net incoming resources 35,686.92 Balance at 31 March 2024 177,444.01 |
RESTRICTED CAPITAL £ p 315,749.34 - 315,749.34 |
RESTRICTED REVALUATION £ p 593,686.23 19,439.21 613,125.44 |
RESTRICTED PRIZE £ p 910.00 - 910.00 |
RESTRICTED PRIZE £ p 910.00 - 910.00 |
TOTAL FUNDS £ p 1,052,102.66 55,126.13 1,107,228.79 |
|---|---|---|---|---|---|
9 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Investments Current assets Current liabilities Total net assets |
RESTRICTED FUNDS £ p 139,395.00 790,389.78 - - 929,784.78 |
UNRESTRICTED TOTAL FUNDS FUNDS £ p £ p - 139,395.00 - 790,389.78 179,772.01 179,772.01 (2,328.00) (2,328.00) 177,444.01 1,107,228.79 |
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