2021-03-31-accounts

GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION

ACCOUNTS

31 MARCH 2021

GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION

YEAR ENDED 31 MARCH 2021

CONTENTS

	Page No
Report of the Governors	1-3
Report of the Independent Examiner	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7-11
Income and Expenditure Account	12

GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 MARCH 2021

The Governors present their report and unaudited financial statements of the charity for the year ended 31 March 2021.

The financial statements comply with the Charities Act 2011, the Governing Document 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.

Charity Name	Great Yarmouth Exhibition	Charity
Working Name	Great Yarmouth Exhibition	Foundation
Charity Number	801397
Registered Office	Great Yarmouth Charter Academy
	Salisbury Road
	Great Yarmouth
	Norfolk
	NR30 4LS
Governors	Mr M Boon	Chairman
	Mr A Hollis	Vice Chairman
	Rev A Cadmore
	Cllr A Grant
	Dr B Milner
	Mrs D King
	Dr H Taylor
	Mr C Rowland	(resigned 28 October 2021)
	Mr G Johnstone
Independent Examiner	Mark Proctor FCA DChA
	Lovewell Blake LLP
	Bankside 300
	Peachman Way
	Broadland Business Park
	Norwich
	Norfolk
	NR7 0LB
Bankers	Barclays Bank Plc
	40-42 Market Place
	Great Yarmouth
	Norfolk
	NR30 1LX

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION GOVERNORS REPORT YEAR ENDED 31 MARCH 2021

Objectives and Activities

General Fund

The Foundation's principal objective is to provide grants to assist current and former pupils and students of participating institutions within the Foundation to enhance their educational achievements. The participating institutions are Lynn Grove Academy, Great Yarmouth Charter Academy, Cliff Park Ormiston Academy, Ormiston Venture Academy and East Norfolk Sixth Form College.

Public Benefit

The governors have taken due regard to guidance published by the Charity Commission on public benefit. It is considered that the Foundation provides a public benefit through its payment of grants for to those students of outstanding educational achievement. The grants are available to all current and former pupils and students within the selected institutions.

Achievements and Performance

The Foundation maintained its usual higher education grant awards to the outstanding students.

Financial Review

The Foundation had an excess of income over expenditure in the year totalling £1,172 (2020: £143) as shown on page 5. In addition there were unrealised gains on investments amounting to £20,124 (2020: losses £3,162). The unrestricted funds at the year end amounted to £10,425 (2020: £9,254) with endowment funds amounting to £117,349 (2020: £97,224).

Reserves Policy

The policy on reserves is that there needs to be sufficient funds generated from the investments to service the principal objectives for annual grants to the four academies and the Sixth Form College year on year.

Investment Policy

The investments are managed by the governors in order to ensure sufficient income is generated to allow the foundation to provide grants as required.

The investments of the Foundation are held in the Charities Official Investment Fund.

Plans for Future Periods

The governor’s plan to continue to undertake the principal objectives of providing annual grants to the four academies and the East Norfolk Sixth Form College.

COVID-19

The Foundation’s governors do not believe that its’ Assets or Income will be significantly affected by the Coronavirus pandemic, but continue to monitor movements on a regular basis. However, it is anticipated that due to the many restrictions that are still in place and may be imposed on group travel in the foreseeable future, the Foundation may not receive many grant applications for extracurricular events and programs. If applications are received the Foundation’s Governors will carry out further scrutiny to ensure the Grants are appropriate and possible.

Structure, Governance and Management

Governing Document

The Foundation is registered with the Charity Commission. It is administered under a Scheme of the Charity Commission dated 31 March 1989 as amended on 13 March 2018.

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION GOVERNORS REPORT YEAR ENDED 31 MARCH 2021

Structure, Governance and Management (continued)

Recruitment, Appointment and Training of Governors

The method adopted for the recruitment and appointment of the governors is such that the members respectively represent:

The two local Parishes (in Great Yarmouth and Gorleston), The University of East Anglia, The Great Yarmouth Borough Council and Norfolk County Council.

A further four Governors shall be appointed following recommendations by current Governors, who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the Foundation.

All new governors are provided with

• The governing document of the Foundation

• The latest accounts of the Foundation

• Details of Charity Commission guidance notes The Essential Trustee “What you need to know, What you need to do.”

Risk Management

The governors acknowledge the Charity Commission’s recommendations that they undertake a review of the major risks to which the Foundation is exposed. This is carried out on an ongoing basis.

Related Parties

This charity is connected with The Great Yarmouth Grammar School Foundation. The two charities have common governors and are administered commonly at the same registered office. There are no material transactions between the charities and the governors do not consider it appropriate to consolidate the results as the charities have different objectives.

Organisational Structure

All decisions are made democratically at the governors meetings.

True and Fair Override

The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Independent Examiner

A resolution to reappoint Mark Proctor FCA DChA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

Signed on behalf of the Governors on 23 November 2021.

M BOON – Chairman

A HOLLIS – Vice Chairman

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INDEPENDENT EXAMINER’S REPORT TO THE GOVERNORS OF GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION

I report to the Foundation governors on my examination of the financial statements of the Foundation for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity’s governors 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:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. 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.

Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practices issues on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have no other 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.

Mark Proctor FCA DChA Independent Examiner Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

11 January 2022

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Endowment Notes Funds Funds £ £ Income Investments 3 3,235 202 Total income 3,235 202 Expenditure Charitable activities 4 (2,064) (201) Total expenditure (2,064) (201) Net income before gains on investments 1,171 1 Unrealised gains/(losses) on investments - 20,124 Net movement in funds for the period 1,171 20,125 Total funds brought forward7 9,254 97,224 Total funds carried forward7 10,425 117,349	Total 2021 £ 3,437 3,437 (2,265) (2,265) 1,172 20,124 21,296 106,478 127,774	Total 2020 £ 3,378 3,378 (3,235) (3,235) 143 (3,162) (3,019) 109,497 106,478

The notes set out on pages 7 to 11 form an integral part of these accounts

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION BALANCE SHEET AS AT 31 MARCH 2021

Notes FIXED ASSETS Investments 5 CURRENT ASSETS Debtors Bank balances CREDITORS - amount falling due within one year 6 Net current assets NET ASSETS FUNDS OF THE FOUNDATION Capital funds Endowments 7 Income funds Unrestricted 7	- 11,095	- 11,095		2021 £ 117,337 10,437 127,774 117,349 10,425 127,774	500 9,416 9,916 (651)	2020 £ 97,213 9,265 106,478 97,224 9,254 106,478
	11,095 (658)

These accounts were approved by the Governors on 23 November 2021.

M BOON – Chairman

A HOLLIS – Vice Chairman

The notes set out on pages 7 to 11 form an integral part of these accounts

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

1. General Information

The charity is an unincorporated charitable foundation, registered as a charity in England and Wales. The address of the registered office is as detailed on page 1 of the accounts.

2. Accounting Policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

(a) Basis of Accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation:

The accounts have been prepared using historical cost basis as modified for certain assets at fair value, in accordance with Charities Act 2011 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 (FRS 102) (effective October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2016) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

(b) Fund accounting

• Unrestricted funds are available for use at the discretion of the governors in furtherance of the general objectives of the Foundation.

• Endowment fund is invested in charitable bonds in order to produce income, which is then spent on furthering the charities activities.

(c)

Income

All income is accounted for on a received basis.

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

2. Accounting Policies (continued)

(d) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred.

• Charitable activities comprise those costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

• Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include accountancy fees and costs linked the strategic management of the Foundation.

(e) Investments

Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at their mid-market value at the year end. The differences between market value and the original cost of the investments are shown as unrealised investment gains or losses and transferred to the statement of financial activities.

(f) Grants payable

Grants are awarded at the discretion of the governors and are accounted for on a payable basis.

• (g) Cash at bank

Cash at bank includes cash and a short term highly liquid deposit account.

(h) Creditors

Creditors with no stated interest and payable within one year are recorded at transaction price.

• (i) Going concern

The financial statements have been prepared on a going concern basis as the Governors believe that no material uncertainties exist. The Governors have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern.

The Governors have considered the impact of COVID-19 and do not anticipate any significant impact on the charity’s ability to continue in operation.

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

3. Investments

Unrestricted Endowment Funds Funds £ £ COIF investment income 3,232 202 Deposit interest 3 - 3,235 202	Total 2021 £ 3,434 3 3,437		Total 2020 £ 3,366 12 3,378

During the year ended 31 March 2021, £202 (2020: £198) of investment income relates to the endowment fund, with the remaining being unrestricted.

4.

Charitable activities

Unrestricted Endowment Funds Funds £ £ Grants – Individuals 1,500 201 Insurance 114 - Governance cost 450 - Total expenditure 2,064 201	Total 2021 £ 1,701 114 450 2,265	Total 2020 2,668 115 452 3,235

All grants payable to individuals are made to their respective institutions for passing on to the relevant students.

During the year ended 31 March 2021, £201 (2020: £198) of charitable activity expenditure relates to the endowment fund, with the remaining being unrestricted.

Governance cost	Unrestricted	Endowment	Total	Total
	Funds	Funds	2021	2020
	£	£	£
Independent examination fee	450	-	450	452
	450	-	450	452

During the years 2020 and 2021 all governance costs were unrestricted.

5. Investments Market value at 1 April 2020 Revaluation Market value at 31 March 2021 Cost at 31 March 2021 All investments are with COIF Charities Investment Fund.	2021 2020 £ £ 97,213 100,375 20,124 (3,162) 117,337 97,213 12,286 12,286	2021 2020 £ £ 97,213 100,375 20,124 (3,162) 117,337 97,213 12,286 12,286	2021 2020 £ £ 97,213 100,375 20,124 (3,162) 117,337 97,213 12,286 12,286
			97,213 12,286

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

6.	Creditors				2021	2021		2020
						£		£
	Maths prize fund				202			201
	Independent examination	fees			456			450
					658			651
7.	Funds
	Year ended 31 March 2021
			Movements in Funds					Unrealised
		Balance						losses on	Balance
	Endowments	01.04.20	Income	Expenditure	Transfer			investments	31.03.21
	General fund	91,513	-	-			-	18,942	110,455
	Maths prize	5,711	202	(201)			-	1,182	6,894
	Total endowment fund	97,224	202	(201)			-	20,124	117,349
	Year ended 31 March 2020
			Movements in Funds					Unrealised
		Balance						losses on	Balance
	Endowments	01.04.19	Income	Expenditure	Transfer			investments	31.03.20
	General fund	94,490	-	-			-	(2,977)	91,513
	Maths prize	5,896	198	(198)			-	(185)	5,711
	Total endowment fund	100,386	198	(198)			-	(3,162)	97,224
	Endowment Funds

The endowment fund is from donations. The fund is mainly represented by investments. Year ended 31 March 2021

		Movements	in Funds	in Funds	Unrealised
	Balance				gains on	Balance
	01.04.20	Income	Expenditure		Investments	31.03.21
	£	£		£	£	£
Unrestricted Funds	9,254	3,235		(2,064)	-	10,425
Year ended 31 March 2020
		Movements	in Funds		Unrealised
	Balance				gains on	Balance
	01.04.19	Income	Expenditure		Investments	31.03.20
	£	£		£	£	£
Unrestricted Funds	9,111	3,180		(3,037)	-	9,254

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

7. Funds (continued)

The purpose of the general fund is to provide grants to students to enhance their education.

The above funds are represented by:-

General Endowment Funds Funds General Maths £ £ £ Investments - 110,444 6,893 Debtors - - - Cash and bank 10,881 11 203 Current liabilities (456) - (202) Total net assets 31 March 2021 10,425 110,455 6,894 General Endowment Funds Funds General Maths £ £ £ Investments - 91,502 5,711 Debtors 500 - - Cash and bank 9,204 11 201 Current liabilities (450) - (201) Total net assets 31 March 2020 9,254 91,513 5,711

Total £ 117,377 - 11,095 (658) 127,774 Total £ 97,213 500 9,416 (651) 106,478

8. Connected Charity

This charity is connected with The Great Yarmouth Grammar School Foundation. The two charities have common governors and are administered commonly at the same registered office. There are no material transactions between the charities and the governors do not consider it appropriate to consolidate the results as the charities have different objectives.

9. Governors Remuneration

The governors were not entitled to and received no remuneration or expenses from the charity during the year.

10. Financial instruments Financial assets Measured at fair value through net income / expenditure - Fixed assets investments (note 5)	2021 £ 117,337	2020 £ 97,213

11. Related party transactions

There were no related party transactions during the year ended 31 March 2021 or 2020.

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GREAT YARMOUTH EXHIBITION CHARITY WORKING AS GREAT YARMOUTH EXHIBITION FOUNDATION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

INCOME Charities Official Investment Fund Deposit interest EXPENDITURE University entrance grants Maths prize Students grants (ENSFC) Insurance Professional charges SURPLUS INCOME OVER EXPENDITURE	2021 £ 3,434 3 3,437 1,500 201 - 114 450 2,265 1,172		2020 £ 3,366 12 3,378 1,500 198 970 115 452 3,235 143

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