CHARITY NUMBER: 1006630 THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE TEMPLETON EDUCATION AND CHARITY TRUST CONTENTS FOR THE YEAR ENDED 31 JULY 2024 Page Legal and adminislralive informatlon Report of Ihe Trustees Auditor's raporl statement of financlal acllvltl8s Balance sheet 10 Notes to Ihe financial statements
THE TEMPLETON EDUCATION AND CHARITY TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2024 Charlty number 1006630 Reglslered office Green Ternpleton College Woodstock Road Oxford OX2 6HG Trustees Mr. John W Scholt MD Mr. John Webster Mr. Robert Hughes-Penney Mrs. Heather Templeton Dill Or. Rory Knight (appointed 18 August 2023) (appolnled 18 August 2023) Secretary to the Truste8S Dr TIM Clayden OBE Solicitors Dechart 160 Queen Victoria Street London EC4V 4QQ Inveslment Managers Llndsell Train Llmiled 66 Bucklngham Gata London SWIE 6AU Balllie Gifford & Co Calton Square 1 Greenside Row Edinburgh EH13AN Audllor Wenn Townsend 30 St Giles Oxford OX13LE Page 1
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their report and the audlted financlal statements of the charlly for the year ended 31 July 2024. The trustees have adopted the provisions of the Statement of Recommended Practic (SORP) "Accounting and Reporllng by Charities" In preparing the annual report and financlal statemenls of the charily, Objectives and activities The objective of the Trust is to pay or apply income and capital lo or for the charllles for such charitable purposes in such proportions and in such manner in all respects as the Trustees may in thelr absolute discretion think fil. In particular, the Trust seel<s to advance education in business management and to advance religion. In furtherancé of the above objectives the Trust supports Green Tampleton College (GTC). wllhin the context of the College's Charter which specifies "further study, learning, educatlon and research wlthln the Unlversity and to be a College whereln men and women may carry out advanced study and research particularly in management studies, medical and life solences, 80Gial sciences and a range of other subject areas approved by Ils Governing Body" The Trust provldes flnance (the TECT programme) for - scholarships for doctoral students in management and business research activities of graduate students of the College support grants for professional laught graduate students (students engaged on the MBA, Execulive MBA, and Masters In Financlal Economics al the Said Business School) academlc inltl8tives (recently funded initiatives have included a workshop on entrepreneurship and Iralnlng for medical sludents and others working in the health syslem on Management In Medicine) hostlng and supporling academic visitors to lh8 College Green Templeton College follows principles that fil with the Trust's values, particularly relating to the furtherance of human wèlfare, equity and transparency, in raspe¢t of decislon maklng. How has thè Trust trled to further the publlc beneflt alms7 The achievement of publlc beneflt lies in the academiG quality of th8 research of students and vlsitors as well as the efflcacy with which Ihelr findlngs Inform the public debate. Publlc benefll also accruas from the educallon of the graduate students, most of whom go on lo contrlbute slgniflcantly lo soclaty in the UK and overseas. The Trustees conflrm that they have complled with the duly in Secllon 17 of th8 Charities Act 2011 and have taken due regard of the Charity Commlsslon's general guidance on public benefll. Implementation and Governance of the TEGT programme by Green Templeton College The Chalr of the College's TECT committee is Dr Rlchard Cuthberlson {GTC Governing Body Fellow, former member of Templeton College and senlor member of Ihe Sal'd Business School). Olher members are Professorsue Dopson {S8id Business School and formerseniorm&mber ofTemplelon College), Dr. Fellx Reed-Tsochas {Chalr of the GTC Academic Committee, member of Said Business School and former member of Templeton College). And Dr Abrar Chaudhury (Research Fellow of Green Templeton Collage and Said Buslness School) Internally, the Committee raporls to the College's AcademlG Committee. The Prlnclpal of the College has the responsibility for th6 dellvery of the programmè. An annual I'eport Is submllted to the Trustees contalning the detalls of the use of the funds over the previous twelve months and suggestlng how this might be adjusted in the forthcomlng perlod. Page 2
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 strateglc framework The Trusl's decisions are made withln a strategic framework agreed by the Truslees annually. Funds are allocated on the basls of the agreed formula for their disbursement determined by the TECT Trustees. The 2013 report to the Trustees specified that the dislributlon of funds should alm very approximately for the following allocation: student support Academic Initiatives Visitor programme 70°/0 22¥0 8¥. All commitments must be funded out of the exlstlng cash b81ance held by th6 College, whlch benefits from an annual income from the fund. A notional contribution of £250k per annum from the Trust has boen used for indicatlv8 planning purposes, but It Is the actual cash balanca less existing commltments that determin8S the funds avallable at any given tlme. In Acknowledgement The College remalns extremely grateful to TECT and to the Templeton famlly for thelr generous support. Plans for the future The Truslees plan for Templeton Education and Charity Trust to conllnue, for the foreseeable future, to support Green Templeton College, Oxford, in line wlth Its charitable objeclives. structurep governanco and management Organlsation The Present membership of the Board of Trustees 18 set out on page 1. The numb8r of Trustees shall not ba more than nln@ or lessthan thra6. The Trust allows for automatlc reappointment of Trustees for a term of three years. The dayto day running of the Trustls carried out for the Reglsterad Office and Is delegated through the Trustees to the Secretary, Dr. TIM Clayden OBE, Trustees, recruitment and trainlng The appointer (a Committee of the eldest sul lurls bloodlln8 descendants of the Founder) screens proposals received from existing Trustees and members of the Governing Body of Green Templeton College and has the power to appolnl new Trustees. New Truslees are selected based on their knowledge and exparience in the charity sector, investment managemenl and business community. The appointer seeks to ensure a mix of experience and knowledge is maintained within the Board of Trustees. On recruitment, new Trustees receive an Information paclc detailing Ihe background of both Green Templeton College and th8 Trust. On-going training is provided through th8 disseminallon of information identifled by the Sècrolary to tha Trustees, typlcally through the fact sheets provlded by the Charily Commission. Page 3
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Investment powers and restrictions The TrLfStees have the power, in accordance wilh Ihe Trust deed, to Invest in such stocks, shares and Inveslmenls as, In their absolute dlscretion. they think fil. The Trustees appoint an Investment advlser on a yearly basis whose duly it is lo review the Inv8Stmenl porlfolio of the Trust and to report thereon and make recommendations al the annual Trustees, meeting. The following investment policy, which is unchangad from the previous year, Is as follows: To invest prlmarily to generate Income and thereafter maximise total return wlth a target of Improvlng on, or at leasl over a reasonable perlod, matching a benchmark of RPI +3 % To bear In mind the need for prudent dlverslfication of Investment risk. There have been no changes lo the investment managemont arrangements during the year. Achievements and performance Investment performance At 31 July 2024 a total of £5,553,788 (2023.. £5,343,083) was held wlth Investment managers, which represents an increase in valu8 of £183.971 (2023.. Increase £365, 123) in the investments value over the year. No monies were held as cash awaiting investment. Financlal Performanc8 In agreement with the Trustees and Green Templeton College, no gr8nls were made from the fund to Coll6g8 in Ihe year. Instead the College drew on the funds it holds on balance from previous years. Of this £126,000 Is already committed to ongoing DPhll student support and research grants. Fundlng The Trustees are satisflod that the Trust's assets attributable to each of its individual funds are avallable and adequate to fulfil its obligations in relatlon to those funds. Page 4
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Risk assessment Therislisto which theTrustisexposed havebeen identlfied bytheTrusteesandthe processof review is carried out annually. The Trustees ensure that steps are talcen to mitigate the major risks idenlified. It is recognised that implementation of controls and appointment of professional advisers can onlyprovide reasonable assurance that major risks have been adequately m8naged. Re5enies The Trust aim8 to spend 811 its fre8 (non-endowment) funds evéry period in support of its direct charilable expenditure. The endowment funds are expendable and can therafore be used to provide, as in pravlous years, for the excess of the Trust's expendlture overinGome. Whllst the Trustees wish to contlnue Ihe Trust's activltl8s at curr8nt level, they are mlndful that any decrease In the endowment will lead to a futur8 decrease In the income generated by the endowmenl. Therefore, the Trustees will continue to try and fund the expenditure of the Trust from the income generated and only draw on the endowment when necessary to meet the Trust's deslre to suppori its current. sole beneficiary. Statement of Trustees, Responsibilities The Trustees are responsible for preparlng the Trustees, Report and Ihe accounls in accordance wilh applicable law and Unlled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charlty law requlr8S tha Trustees to prepare accounts for each financlal period which glvea tru6 and fair vi8w of th6 stale of affairs of the Trust and of the surplus or deflclt of the Trust for that perlod. In preparing thos8 accounts, the Trustees are required to- selecl sultable accounting policies 8nd apply Ihem conslstently; obs6rve th8 methods and prinGSples in the Charities SORP 2019 (FRS 102); makejudgements and estimates that are reasonable and prudent., stale whelher applicable accounting standards and statements of recommended practice have been followed. subject to any deparlures disclosed and explained in the financial statements; and prepare Ihe accounts on the going-concern basis unless it is Inappropriata to presume Ihat the Trust will Continue in operatlonal existence. The Trustees are responsible for keeping proper 8ccounting records that disclose wllh reasonable accuracy at any lime the financial position of the charily and enable them to ensure that the accounts comply with th8 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Ihe provisions of the Scherne which governs the Charlty. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and deteclion of fraud and other irregularltles. Thls report was approved by the Trustees on 161h December 2024 and slgned on Its behalf by: Mr. John Webster Trustee Page 5
INDEPENDENT AUDITOR'S REPORTTO THE TEMPLETON EDUCATION AND CHARITY TRUST We have audlled the financial slalements of The Templeton Education and Charity Trust {'Ihe charlly'l for Ihe year ended 31 July 2024 which comprise the Slalement of Financial Activities. Balance Sheet and notes lo the financlal slalement8, including significant a¢counllng policies. The financial reporting framework that has been applled in Ihelr preparation is applicable law and United Klngdom Accounting Standards, Including Financial Reporting Standard 102 The Financlal Reportlng Standard applicable In the UK and Republlc of Ireland {Uniled Klngdom Generally Accepted Accounting Practice). In our oplnlon the financlal statements: giv6 a true and fair viow of the slatg of the charlty's affalrs as at 31 July 2024 and of Ils Income and expondlture, for the year then ended; have been properly preparad in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared In accordance with the requirements of the Charitles Act 2011. Basis for oplnion We conducted our audit in accordance wllh Internallon81 Standards on Auditing (UK) {ISAs {UKI) and applicable law. Our responsibilities under Ihose slandards are further described in the Auditor's responsibilities for the audil of the financial stalements sectlon of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of Ihe financi81 statements in the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that Ihe audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the flnancial statements, we have concluded that the trustaas use of the going concern basls of accounting In the preparatlon of the financial statements IS 8pproprlat6. Based on tha work we have performed, we havo not identlfied any material uncertalnli8s relating to events or conditions that, individually or collectively, may cast signlflcant doubt on the charlty's ablllty lo contlnue as a golng conc8rn for a perlod of al188St twelve months from when the financial stalemonls are authorlsed for issua. Our r6sponsibllilies and the responsibllllles of the Irus1688 Wlth respect to golng concern are descrlbed in th8 relevant seGlions of this report. other Informatlon Thè trustees are responslble for the other informatlon contaln8d wilhln the annual raport. The other Informallon comprlses the informatlon Included In the annual report, other than the financial statements and our audllor's report Ihereon. Our oplnion on the flnancial statements does not cover the other Informatlon and, except to the exlenl othe1$6 explicitly slated In our reporl, we do not express any form of assurance concluslon thereon. Our r6sponsibility Is lo read tho other informatlon and, In dolng so, Consider whether the other Information Is materially inconsislenl with the financial slalemenls or our knowledge oblalned in the audit or otherwise appears to be materially misstated. If we Idenllfy such material inconslstencies or apparent material mlsslalements, we are required to delermlno whether this gives rise lo a material misstalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a Material misstatemenl of this olher information, we are required to roporl that fact, We have nolhlng to report in Ihls regard. Page 6
INDEPENDENT AUDITOR'S REPORT TO THE TEMPLETON EDUCATION AND CHARITY TRUST Matters on which wa are required to report by exceptlon We have nothlng to report In respect of Iha followlng matters In relation to whlch the Charlties (Accounts and Reports) Regulations 2008 requlr6S US to report to you If, In our opinlon: (he information glven in the flnancial statements is Inconslslenl In any malerlal respect wllh Ihe trustees, report. or 8ufficienl and proper accountlng records have not been kept by the charity, or the financlal slat8ments are not In agreement with the accounting records and returns., or wè have not recelved all tha information and explanations we requlre for our audil. Responsiblllties of trustees As explained more fully in the trustees, responslbilities statement sel out on page 5, Ihe Irustees are responsible foi- Ihe preparation of Ihe financial statements and for being satisfied that they give a true and fair view, and for such intern81 control as the trustees determine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe truste8s are responsible for assessing the charily's ability lo conllnue as a golng concern, disclosing, as applicable, matters related to going concern and uslng Ihe golng concern basis of accounting unless Ihe Irustees either intend to liquidate the charity or lo cease operalions, or have no realistic alternalive but to do so. Auditor's responsibllitles for the audlt of the financial statements We have been appolnted as audltor under section 145 of Ihe Charlties Act 2011, and report In accord8nGe wllh Ihe Acts and relevant regulations made or having effect Ihereunder, Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatament, whether due to fraud or 8rror, and to issue an auditor's report that includes our opinion. Reasonable assurance is 8 high level of assurance, but is not a guarantee Ihat an audlt conducted in accordance wlth ISAS (UK) wlll always detect a materlal misstatement when It exists. Mlsslatements can arlse from fraud or error and are considered material If, indlvidually or In the aggregate, they could reasonably be expected to Influence thè economlc d8cislon8 of users taken on the basls of these Itnancial stat8ments. Detalls of th6 extent to whlch the audlt was consldered capable of d6tècling Irregularllles, Includlng fraud and non-compliance wlth laws and regulatlons are set out below. A further descrlptlon of our responslbllltles for the audit of the financlal statements Is located on the Financial Reporting Council's webslte al: ww.frc.or .uklauditorsres onsibililies, Thls descrlpllon forms part of our auditor's report. Extent to whlch Ihe audit was considered capable of detectlng irregularlties, includlng fraud Irregularlties, includlng fraud, are instances of non-compliance wlth laws and regulatlons. We Idenllfied and assessed the rlsks of materlal mlsstatemenl of the flnancial statements from Irregularillas, whether duo to fraud or error, and discussed these belween our audit team members. We then deslgned and performed audit procedures responsive to those risks, including obtaining audil evidence sufficient and appropriate to provlde a basls for our opinion. We oblalned an understanding of the legal and regulatory frameworks wlthln which the charity operates. focusing on those laws and regulations that have a dlrecl effect on the de18rmination of material amounls and disclosures in the financial slatemenls. The laws and regulallons we consldered in this context were the Charities Act 2011 together with the Charllles SORP IFRS 102). We assessed the required compliance with Ihes8 laws and regulallons as part of our audit procedures on the related financial stalemenl items. In addition, we considered provislons of other laws and regulations th81 do not have a direct effect on the financlal slalements but compliance with which might be fundamental to the charlty's ability lo operate or to avold a material penalty. We also consldered the opporlunllles and Incentlves that may exlsl within Ihe charity for fraud. The laws and regulations we consldered In thls context for its operations were General Data Protection Regulation and Taxallon legislalion. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE TEMPLETON EDUCATION AND CHARITY TRUST Audlllng standards limlt the requlred audlt procedures to Identify non-compllance wllh these laws and regulallons to enqulry of the Trustees and other management and inspectlon of regul8tory and legal correspondence, if any. We Identified the greatest risk of material impact on the financlal stataments from irregularltles, Includlng fraud, lo be withln the recognition of income and the overrlde of conlrols by management. Our audlt procedures to respond lo Iheso risks included enqulries of management about their own idenlificallon and assessrnenl of the risks of Irregularllies, sample testing on the posllng of Journals, ravlewing accounting eslimales for blases, sample testing of income Iransactlons to supporting documentation and reading Minutes of moetlngs of those charged with governance. Owlng lo the Inherent limitations of ali audit, there is an unavoldable rlsk Ihat we may not have detected some material misslatemenls in the flnancial slatemenls, even though we have properly planned and performed our audit In accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {Irregularities) is from the events and transactions reflected in the flnancial slalemenls, the less likely the inherently limited procedures required by auditing standards would idenllfy it. In addition, as with any audll, there remalned a higher risk of non-deteclion of irregularllies, as these may involve collusion, forgery, intentlonal omisslon8, misrepresentations, or the ov8rride of Snlernal controls. We are not responsible for prevenling non- compllance and cannot be expected lo delecl non-compliance with all laws and regulations. Use of our report This report is made solely to the charity's trustees, as a body, in accordance wlth Part 4 of the Charlties (Accounts and Reports) Regulations 2008. Our audlt worl( has been undertaken so that we mlghl state to the charlty's trustees those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullast extent permltted by law, we do not accept or assume rosponsibilily to anyona other than the charity and the charity's trustees as a body, for our audit work, for this roport, or for the opinions we have formed. Wenn Towiisend statutory Audllor Oxford 171D2/zog< Wenn Townsend is eliglble for appoinlrnenl 8s auditor ol Ihe charfly by vlrtuts of Ils ellglbillly lor appolntmenl as audllor of a conipany under seclion 1212 01 tlie Compani8s Act 2006. Page 8
THE TEMPLETON EDUCATION AND CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Notes Unrestrlcted Endowment Funds Funds 31 July 31 July 2024 2024 Total Funds 31 July 2024 Tofal Funds 31 July 2023 Income from: Gifts in kind Investment income 276 Total Incomè 276 Expenditure on: Charitable activlties Total expendlture Not galnsl(loss6s) on inv8slmenls 183 971 365 123 182 070 365,123 Net incomel(expenditure) Transfers between funds 2,177 2Q8,528 210,705 Net movement in funds 2,177 208,528 210,705 365,123 Reconclliation of funds: Tot81 funds brought fonmard Total funds carried forward 28 All of tho above results are derived from continulng activltles. All galns and losses recognlsed in the period are included above. Page 9
THE TEMPLETON EDUCATION AND CHARITY TRUST BALANCE SHEET (CHARITY NUMBER: 1006630) AS AT 31 JULY 2024 Notes 2024 2023 Fixed assets Investments 5,553,788 5,343.083 Credltors: amounts falllng due within one year Net current assetsl(liabilitles) Total net assets 11 yi Funds Endowment funds Unrestricted funds 5,496,378 5,28T,850 Total funds The financial stalamenls were approved and 8ulhoriz&d for Issue by tha Board of Trustees on 161h December 2024 and signad on thelr behalf by.. Mf. John Webster Trustee The Templelon Education and Charity Trust The notos on pages 1110 14 form an integral part of these financi81 statements Page 10
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES 1.1 General informatlon and basls of preparation The Templeton Education and Charity Trust is a Gharitable Irust in England I Wales. The address of the principal office and the nalure of the charlly's operalions and principal activilies are included in the Truslees Report earlier In this documenl. The charlty constllutes a public benefit entlty as defined by FRS 102. The financlal statements have been prepared in accordance with Accountlng and Reporting by Charllles.. statement of Recommended Practlce applicable to charltles pr8pa¥lng their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard appllcable in the United Kingdom and Republic of Ireland {FRS 102), Ihe Charlties Act 2011, and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the hislorlcal cost Convention, modified to include certain ilems al fair value. The flnancial statements are presented in sterling which Is the functional currency of Ihe charity. The signiflcant accounting policies applied in the preparation of these financial slatements are sel out below. These policies have been conslslently applied lo all years presented unless otherwlse stated. 1.2 Golng concern The Irustees have considered the funding requirements for the charlty and belleve there ar8 no material uncertalnties over the charlly's ability to continua in operallon for the foreseeabla futur8. 1.3 Income recognltlon All Incomlng resources are included on the Statem8nt of Financlal Actlvltles when tha charlty is legally entitled to the incom8 and the amount can be quantified with reasonable accuracy. 1.4 Expenditure recognitlon Costs are accounted for on an accruals basis and are included under the appropriate category. Grants are recognlsed in expendlture when a commilment has been made and Ihls has been communicated and agreed wilh the beneficiary. 1.5 Investments assèts Assets held for investment purposes are valued at market value at the Balance Sheet date. Net gairbs and losses arlsing on revaluation and disposals during the pèrlod are Included in Ihe Statement of Financial Actlvilies. 1.6 Liabilltles Llabllilies are recognlsed as soon as there is a legal or conslru¢llve obllgallon to commllllng the Trust lo the expenditur& Page11
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES (cont.) 1.7 Fund accountlng Expendablo endowm6nt fund The endowment fund represanls those assets whlch the Trustees are requlred lo hold as capital. The terms of the present endowment are that It Is an expendabla endowment and therefore In cerlaln clrcumstances the endowed fund may be spent at the dlscretion of the Trustees. The expendable endowment fund Is held to support Green Templeton College through the mal(ing of annual and other granls. On each fifth anniversary of the grant date (last date being 31 December 2022), the value of the expandable endowment fund is averaged. If 50 of the value so taken exceeds the amount actually paid lo the College over the previous five years, the surplus will be transferred lo a deslgnaled fund. The designated fund is then avallable, at the Trustees, discretion, for emergencies or for the costs of developing new programmes at Green Templeton College, The trustees reserve the right to not formally transfer funds into thls deslgnated fund, followlng a quinquennial review. Unrestricted funds Unreslrlcted funds represent Income recalved or generated for expendlture on the general obleclives of th8 Trust. Deslgnatad funds are unrestrlcted funds which have been designated for speclfic purposes by the Trustees. 2. TOTAL EXPENDITURE 2024 2023 Charltable actlvltles Grants payable to Green Templeton College, Oxford INVESTMENTS 2024 2023 Market value at 1 Augusl Purchases Nel (loss)Igain on revaluations 5,343,083 26,734 183 971 4,977,960 365 123 Valu8 al 31 July FUNDS Tha unreslrlcled funds are funds available to the Trustees to apply for the gen&ral purposes of the Trust as set out In Its governlng document. Income generated from the assets In the fund is unreslricled Income. Page 12
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 31 July 2024 are represented by: Unrestrlcted Endowment funds Funds Total Funds 2024 ,Inveslments Current liabllilies 57,410 11 5,496,378 5,553,788 11 Total net assets 2023 Comparatives Unreslrlcted funds Endowment Funds Total Funds 2023 Investménts Current liabllltl8S 55,233 11 5,287.850 5,343,083 Tot81 net ass8t8 TRUSTEE REMUNERATION None of the Trustees recelved remuneration or were reimbursed for expenses durlng Ihe period (2023.. £nil). RELATED PARTY TRANSACTIONS Mr. John Websler is a Iruslee of Gre8n Templelon Collegp as well as thls charity. Consequenlly, Green Templeton College is a related party. There is an £11 Cf8dilor with th8 College as at 31 July 2024 (2023: £11), In addltlon, the cost of professlonal fees for thls charity were borne by Green Temploton College. Total costs relaling lo the year end under review were approxlmalely £5,400. of whlch £2,400 (including Irrecovèrable VATI related lo the preparation of the accounting records and preparation of Ihe Statutory accounts, and £3,000 (Including irrecoverable VAT) for the audit of the statutory accounts (2023.. £11,700 in total). There were no other related party transaGllons in Ihe period, Page 13
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CONTINGENT LIABILITIES There were no conllngent Ilabilllles as al 31 July 2024 (2023: £nll) CAPITAL COMMITMENTS There were no capltal Commitments as at 31 July 2024 (2023.. £nlll 10. CHARITY INFORMATION The charlty is unlncorporated. The reglslered offlce of the charity Is Green Templeton College, 43 Woodstock Road, Oxford, OX2 6HG. Page 14
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 I I. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 July 2023 Notes Unrestricted Endowment Funds Funds 31 July 31 July 2023 2023 Total Funds 31 July 2023 Income from: Gifts in Kind Total return allocated to Income Total Income Expendlture on: Charilablo activities Total expendlture Net galnsl{losses) on inveslments 361 349 365 123 Net Incomel{expendlture) 3,774 361,349 365,123 Transfers botween funds Nel movement in funds 3,774 361,349 365,123 Reoonclllation of funds: Total funds brought fOard 4 926 501 4 977 949 Total funds carried forward Page 15
CHARITY NUMBER.. 1006630 THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE TEMPLETON EDUCATION AND CHARITY TRUST CONTENTS FOR THE YEAR ENDED 31 JULY 2024 Page Legal and administrative Information Report of the Trustees Auditor's report Statement of financlal acllvllles Balance sheet 10 Notes to the financial slalements 11- 15
THE TEMPLETON EDUCATION AND CHARITY TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2024 Charlty numbar 1006630 Reglslered office Green Templeton Colleg8 Woodstock Road Oxford OX2 6HG Trustees Mr. John W Schotl MD Mr. John Webster Mr. Robert Hughes-Penney Mrs. Heather Templeton Dill Dr. Rory Knlght (appointed 18 August 2023) (appointed 18 August 2023) Secretary to the Truste8S DrTlm Clayden OBE Solicltors Dechert 160 Queen Victoria Street London EC4V 4QQ Inveslment Managers Llndsell Train Llmited 66 Bucklngham Gata London SWfjE 6AU Baillie Glfford & Co Calton Square 1 Greenside Row Edinburgh EH13AN Audltor Wenn Townsènd 30 St Gllos Oxford OX13LE Page 1
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their report and th8 audited financlal stalem6nls of the charlly for the year ended 31 July 2024. The trustees have adopted the provisions of the Statement of Recommended Practic (SORP) "Accountlng and Reporling by Charilles" in preparing the annual report and financial statements of the charily. Objectives and activitles The objectlve of the Trust Is to pay or apply income and capital lo or for the charitles for such charitable purposes in such proportlons and In such manner in all respects as the Trusloes may in their absolule discretion Ihlnk fit. In particular. the Trust seeks lo advance education in business management and to advance religlon. In furtherance of the above oblectives the Trust supports Green Templeton College {GTC), wlthln the context of the College's Ch8rter whlch specifles "further study, learning, educatlon and research wilhln the Unlverslty and lo be a College whereln men and women may carry out advancad study and research particularly in management studies, medical and life sclances, soclal sciences and a range of other sublecl area8 approved by its Governing Body" The Trust provldes finance (the TECT programme) for- scholarships for doctoral students in management and business research aclivllies of graduale students of the College support grants for professional taught graduate students {students engaged on the MBA, Executive MBA, and Masters in Financial Economics at the Said Business School) academlc initiatives (recently funded initiatives have Included a workshop on entrepreneurship and Iralnlng for medical sludents and others working In the health syslem on Management In Medicin8) hosting and supporting academlc vlsitors to the College Green Templeton College follows prlnciples Ihat fil with the Trust's values, particularly relallng to the furtherance of human walfare, equity and transparency, in respect of decision making. How has the Trust tried to further the publlc benoflt alms7 The achlevement of publlc benefit lies in the academic quality of the research of students and vl8llors as wéll as the efflcacy wllh whlch th8ir flndlngs inform the publlc debate. Publlc benefit also accrues from the educatlon of th8 graduate students, most of whom go on to contrlbute slgniflcantly to soclaly in the UK and overseas. The Trustees confirm thal they have complied wlth the duty in Section 17 of the Charltles Act 2011 and have taken due regard of the Charity Commlssion's general guidance on publlc b8nefil. Implementatlon and Governance of the TECT programme by Green Templeton College The Chair of the College's TECT committee is Dr Richard Culhberlson (GTC Governing Body Fèllow, former member of Templeton College and senior member of the Said Business School). Other members 8re Professor Sue Dopson {Said Buslness School and formersenior member ofTemplelon College), Dr. Felix Reed-Tsochas (Chair of the GTC Academic Committee, memb8r of Sald Buslness School and former rnember of Templeton College). And Dr Abrar Chaudhury (Research Fellow of Green T6mplelon College and Said Buslness School) Internally, the Commlllee I'eporls lo tho College's Academlc Commlllee. The Prln¢lpal of the College has the responsiblllly for the d8llvery of the programme. An annual report Is submltted lo the Trustees contalnlng the deta518 of the use of tha funds over the pr8VlOUS twelve months and suggesting how this might be adjusted in the forthcomlng period. Page 2
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Strateglc frarnework The Trust's decislons are made wlthin a slrategic framework agreed by the Truslees annually. Funds are allocaled on the basis of the agreed formula for their dlsbursement determlned by the TECT Trustees. The 2013 report to the Trustees specified that the dislributlon of funds should alm very approximately for the following allocation: Student support Academic Initiatives Visitor programme All commltments must be funded out of the exlstlng cash balance held by the Collége, whlch beneflts from an annual Income from the fund. A notlonal contrlbutlon of £250k per annum from th8 Trust has baen used for Indicatlve planning purposes, bul It Is the actual cash balanco less existing commitments that determln85 the funds available at any glven tlme. 22°/0 In Acknowledgement The College remalns extremely grateful to TECT and to the Templeton famlly for thelr generous supporl. Plans for the future The Trust8es plan for Templeton Education and Charity Trust to conlinue, for the foreseeable fulure, to support Green Templeton College. Oxford, In Ilne with its charitable objectives. structure, governance and management Organlsation The Presenl membership of the Board of Trustees is set out on page 1. The number of Trustees shall not be mor8lh8n nine or lessthan three. Th8 Trust allows for automatlc reappointment of Trustees for a term of Ihree years. Th8 dayto day runnlng of the Trustls carrled out for th8 Registared Office and Is dèlegated through the Trustees to th8 Secretary. Dr. TIM Clayden OBE. Trustees. recruitment and training Th@ appointer (a Gommlltee of the eldest sul jurls bloodline descendants of the Founder) screens proposals received from existing Trustees and members of the Governing Body of Green Templeton College and has the power to appolnt new Truste8s. N8w Trustees are selected based on their knowledge and experienoe in the charily sector. investment management and business communlty. The. appointer seeks to ensure a mix of experience and knowledge Is malnlained wilhin the Board of Trustees. On recruitment, new Trijslees receive an information pack detailing the background of both Green Templeton College and the Trust. On-going training is provlded through the dissemination of information identified by the Secretary to th8 Trustees. lyplcally through the fact sheets provided by lh8 Charity Commisslon, Page 3
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Investment powers and restrictlons The Trustees havo the power, In accordance wllh th8 Trust deed, to invest in such stoclcs, shares and Investments as, In their absolute discretion. they Ihlnk fil. The Trustees appolnl an Investment adviser on a yearly basis whose duty il is lo revlew the inveslmenl portfolio of the Trust and to report thereon and make recommendations al Ihe annual Trustees, meeting. Th8 following invastmenl policy, which is unchanged from the previous year, Is as follows,. To invest prlmarily to generat8 Inoome and thereaftèr maxlmlse total return wllh a target of Improving on, or at leasl ovei. a reasonable period, matchlng a benchmark of RPI +30/0 To bear In mind the need for prudent diverslficalion of Investment rlsk. There have been no changes to the investment managemenl arrangements during the year. Achievements and performance Investment performance At 31 July 2024 a lotal of £5,553,788 (2023.. £5.343,083J was held with investment managers, which represents an increase in value of £183,971 (2023.. Increase £365, 123) in thé investments value over the year. No monl8s were held as cash awaiting investment. Flnancial Performanco In agreement wlth the Trustees and Greon Templeton College, no grants were made from the fund to College in the year. Instead Ihe College drew on the funds it holds on balance from previous years. Of this £126,000 Is already commilled lo ongolng DPhll student support and research grants. Funding The Trustees are satisfied that the Trusl's assets attrlbulable to each of Ils Individual funds are available and adequate lo fulfil ils obligations in relalion to those funds. Page 4
THE TEMPLETON EDUCATION AND CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Rlsk assessment Therisksto which the Trustisexposed havebeen identified bytheTrustees andtheprocessof review is carried out annually. The Trustees ensure that steps are tal<en to mitigate the major risks Identified. It is recognised that implementation of controls and appointment of professional advisers Can onlyprovide reasonable assurancethat major rlsks have been adequately managed. Reservès The Trust aims to spend 811 its free Inon-endowment) funds évery period in support of ils direct charitable expenditure. The endowment funds are 8xpendable and can therefore be used to provide, as In previous y88rs, for th6 excess of the Trusl's expendlture overincome. Whilst the Trusteos wish to continue the Trust's activltles at current level, they are mindful that any decrease In the endowment will lead lo a future decrease In lh8 Income generated by the 8ndowmant. Therefore the Trustees will continue to Iry and fund the expenditure of the Trust from the income generated and only draw on the endowment when necessary to meel Ihe Trust's desire to support its current. sole beneficiary. Statement of Trustees. Responslbilities The Trustees are responsible for preparing the Trustees, Report and the accounts In accordance wlth 8pplicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charlty law requlres the Trustees to prepare accounts for 8ach fin8nclal perlod which glve a trua and fair view of the state of affairs of the Trust and of the surplus or deflclt of thé Trust for that perlod. In preparing those accounts, the Trustaas are required to.. select sultable accounting pollcies and apply them conslstently. observ8 the mathods and princlpl6s In the Charities SORP 2019 (FRS 102)., makejudgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of reoommended practica have been followed, sublect to any departures disclosed and explalned in the financial statements,. and prepare the accounts on the going-concern basis unless it Is Inappropriate to presume that Ihe Trust will continue in operational existence. The Trustees ar8 responslble for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure Ihat the accounls Gomply with Ihe Charities AGt 2011, the Charlty (Accounts and Reports) Regulations 2008 and the provisions of the Scheme which govarns Ihe Charlty. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and deleclion of fraud and other irregularitles. Thls report was approved by the Trustees on 161h December 2024 and signed on Its beh81f by.. Mr. John Webster Trustee Page 5
INDEPENDENT AUDITOR'S REPORTTO THE TEMPLETON EDUCATION AND CHARITY TRUST We have audlted the financlal statements of The T8mpleton Education and Charity Trust ('the charity,) for the year ended 31 July 2024 whlch ¢ompris8 the Statement of Flnancl81 Aclivilies, Balance Sheel and notes lo the financlal s18temants, including signlficant accounling policies. The financial reporting framework that has been applied in thelr preparatlon is applicable law and United Kingdom Accounting Standards, including Flnancial Reportlng Standard 102 The Flnanclal Reporting Standard appllc8ble in the UK and Republic of Ireland {Uniled Klngdom Generally Accepted Accounllng Pracllce}. In our oplnlon the financial slal@m8nls: give a true and fair vi8w of the slate of the charity's affairs as at 31 July 2024 and of Its Income and expendlture, for tha year then ended. have been properly prepared in accordance with Unlled Kingdom Generally Accepted Accountlng Practlce. and have been prepared In accordance with the requirements of the Charilles Act 2011. Basis for oplnion We conducted our audit In accordance with International Standards on Auditing {UKI (ISAS {UK)18nd appllcable law. Our responslbililies under Ihose standards are further descrlbed in the Audltor's responsibilities for the audit of the financial stalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requlremenls. We believe that the audit evidence we have obtalned Is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the flnancial statements, we hav& concludéd that thé trustees use of the golng concern basls of accounting in the prep8ration of th8 financlal staloments is approprralo. Bas8d on th8 work we have porformed, we have not Identified any material uncertalnlies relating to 6v8nls or conditions that, indlvldually or collectively. may cast slgnlficant doubl on the charity's ablllty lo contlnue as a golng concern for a perlod of at least twelve months from when tha financial statements are authorlsed for Issue. Our responsibililles and the responslbllltles of the trustees with respect to golng conc6rn are descrlbed In the relevant sections of this r6port. othor Informatlon Thè trustees are responslble for the other informallon contained wilhln the annual raport. The other information comprlses the information Included In the annual report, other than the financial statements and our audltor'8 report thereon. Our opinion on the financial slalemenls does not cover Ihe other Information and, except to the exlenl othe[Se explicitly staled in our report, we do not express any form of assurance concluslon Ihereon. Our responsiblllty Is to road the olher Informatlon and, In dolng so, consider whether the other Informallon Is materially inconsislenl wllh the financial statements or our knowledge obtalned in the audit or olhetwise appears to be materially misstaled. If we Identify SLfch material inconslstencies or apparent malerial mlsslatemanls, we are required to deterrnine whether this gives riso to a material misslalemenl in the financial statements themselves. If, based on the worl( we have performed, we conclude that there is a material rnlsslalement of thls other Informalion, we are required lo report that facl, We have nollilng lo report In this regard. Page 6
INDEPENDENT AUDITOR'S REPORT TO THE TEMPLETON EDUCATION AND CHARITY TRUST Matters on which we are requlred to report by exception We have nothlng to report In resp8Ct of the followlng matters In relation to whlch the Charitles {Accounts and Reports) Regulations 2008 requlres us to report to you If, In our opinlon.. the information given in the financial statements is inconsislent in any malerlal respeci with the trustees, report. or sufficienl and proper accounting records have not been kept by the charily; or Ihe financial slatemenls are not in agreement with the accounting records and returns; or W8 have not received all the information and explanations we requlre for our audlt. Responsibilities of trustees As explained more fully In Ihe trustees. rasponslbilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for belng gatislled that Ih8y give a true and fair view, and for such internal control as the trustees determine Ss necessary to enable the preparation of financial slatemenls that are free from material misstatement, whelh8r due to fraud or error. In preparing Ihe financial statements, the trust86s are responsible for assessing Ihe charily's ability lo ¢onlinue as a going concern, disclosing, as applicable, mallers related to going concern and using the golng concern basis of accounling unless Ihe Irustees either intend to liquidate Ihe charily or to cease operations, or have no reallstic alternative bul lo do so. Audltor's responsibilities for tho audlt of the financlal statements We have been appolnted as auditor under seclion 145 of Ihe Charities Act 2011, and report In accordance wlth the Acts and relevant regulations made or having effect thereunder. Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free ffom material misstatement, whether due to fraud or error, and to ISSU8 an auditor's report that include8 our opinion. Reasonable assurance is a high level of assurance, but is not a guarante8 that an audlt conducted in accordance wlth ISAS (UK) wlll always detacl a material misslalement when It exists. Misstatements can arlse from fraud or error and are consldered materlal if, Individually or In the aggregate, thèy could reasonably be exp8Cted to Influence Iha economlc declslons of users taken on the basls of these flnanci81 statements. Detalls of Iha extent to whloh th8 audlt was consldered capable of detecting Irregularities, Includlng fraud and non-cornpliance with laws and regulation8 are set out below. A further descrlpllon of our responsibilili6s for the audit of the flnanclal statements Is located on the Flnanclal Reporting Council's webslle at- www.frc.or .uldauditorsres onsibililies. This descriptlon forms part of our auditor's report. Extent to whlch tha audit was consldered capable of detectlng irregularltles, Includlng fraud Irregularities, Includlng fraud, are Instanc8s of non-compliance with Saws and regulatlons. We Identified and assessed the rlsks of materlal misstatement of the flnanclal statements from irregularlties, whether due to fraud or error, and discussed these between our audit team members. We then design8d and performed audit procedures responsive to those rlsl<s, including oblaining audit evidence sufficient and approprlate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks wllhln which Ihe charily operates, focusing on those saws and regulations that have a direcl effect on the determlnalion of material amounts and disclosures in Ihe financial slalements. The laws and regulallons we consldered in this contexl were the Charities Act 2011 together with the Charllies SORP (FRS 102). We assessed the required compliance with thesè laws and regulatlons as part of our audil procedures on Ihe related financial staternenl items. In addition, we consldered provislons of other laws and regulations that do not have a direct effect on the flnancial statements but compllance with which might be fundamental to the charlty's ability lo operate or to 8void a material penalty. We also considered the opportunities and Incenlives that may exist within Ihe charity for fraud. The laws and regulatlons we consldered In this context for ils operatlons were General Data Protection Regulatlon and Taxation legislatlon. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE TEMPLETON EDUCATION AND CHARITY TRUST Audlling standards limlt the required audll procedures to Idenllly non-compllance with these laws and regulallons lo enqulry of the Trustees and other management and inspection of regu181ory and legal correspondonce, it any. We Idenliflèd the greatest rlsk of matei'ial impact on the financlal sla16ments from Irregularilles, including fraud, lo be within the recognition of income and the overrlde of controls by managomenl. Oui. audll procedures lo respond lo Ih6se risks included enquir185 of management about their own idenlificatlon and assessment of the risks of Irregularllle8, samplo testing on the posllng of Journals, revlewing accounting 8slimates for blases, sample testing of income Iransacllons to supportlng documentation and reading minutes of meetings of Ihos& charged with governance. Owlng to the inherent limilallons of an audlt, there is an unavoldable rlsk that we may not have detected 80me malerial misstatements in the financial slalemenls, even though we have properly planned and performed our audil in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflecled in the financial slalemenls, the less lil(ely the inherently Ilmiled procedures required by auditing standards would idenllfy it. In addition, as with any audlt there remained a highèr risk of non-deleclion of irregularllies, as these May involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compllance and cannot be expected lo delecl non-compliance with all laws and regulalions. Uso of our report This report Is made solely lo the charlly's trustees, as a body, in accordanc8 with Pari 4 of the Charlties (Accounts and Reports) Regulallons 2008. Our audlt work has been undertak6n so that we might stale to the charity's Iruslees those matters we are required to state to Ihem in an auditor's report and for no other purpose. To th8 full8St exlenl permitted by law, we do not accept or assuma r8sponsibilily to anyone other than the charity and thé charily's trustees as a body, for our 8udil work, for this report, or for the oplnions we have formed. W_ Wenn Towi)send statutory Auditor Oxford 171DI/8Dg Wenn Town36nd Is eligible lor appolnlm8nl &8 audllor ol Ihe eharily by vlrtuè ol Ils eliglblllly lor appolnlmenl as auditor of a company undèr secllon 1212 01 th8 Companles Acl 2006. Pag8 8
THE TEMPLETON EDUCATION AND CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Notes Unrestrlcted Endowment Funds Funds 31 July 31 July 2024 2024 Total Funds 31 July 2024 Total Funds 31 July 2023 Income from: Gifts in kind Investment Income 276 Total income 276 Expenditure on: Charitable activities Total expèndlturè Net gainsl(losses) on inv8slments 182 070 183 971 965 123 Net incomellexpenditure) 2,177 208,528 210,705 365,123 Transfers between funds Net movement in funds 2,177 208,528 210,705 365, 123 Reconcillatlon of funds.. Total funds brought fOard 22 85 Total funds carried forward 07 All of the above results are derived from continuing activities. All galns and losses recognised in the pei'iod are included above. Page 9
THE TEMPLETON EDUCATION AND CHARITY TRUST BALANCE SHEET (CHARITY NUMBER.. 1006630) AS AT 31 JULY 2024 Notes 2024 2023 Fixed assets Investments 5,553,788 5,343,083 Credltors: amounts falllng due within one year 11 11 Net current assetsl{Ilabilities) 11 Total net assets Funds Endowment funds Unrestricted funds 5,496,378 5,287, 850 Total funds The financial statements were approved and aulhoriz@d for issue by tha Board of Trustees on 161h December 2024 and signed on thelr behalf by: Mr. John Webster Trustee The Templeton Education and Charily Trust The notes on pages 1110 14 form an integral part of these financial stalgn7ents Page 10
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES 1.1 General informatlon and basls of preparation The Templeton Education and Charity Trust Is a charitable trust in England I Wales. The address of the princip81 office and the nalure of the charity's operatlons and principal aclivitles are included in the Trustees Report earlier in this document. The charity constitutes a public ben6fit entlty as defined by FRS 102. The financlaS statemants have been prapared In accordance wllh Accounting and Reporting by Charllles: statement of Recommended Praclice applicable to charllies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Issued in October 2019. the Financial Reporting Standard appllcable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the hislorlcal cost convenllon, modlfled to include certain items at fair value. The financial statements are presented in sterling which is the functlonal currency of the ch8rlty. The significant accounting policies applled in the preparation of these financia5 statements are set out below. These policies have been consistently applled to all years presented un18SS Otherwlse statod. 1.2 Golng concern The trustees have considered the fundlng requlrements for the charity and believe there are no malerial uncertaintles over the charity's abillty lo contlnue in operation for the foreseeable futur8. 1.3 Incomo recognltlon All incomlng resources are included on the Statement of Flnanclal Activltles when the charlty is18gally antitled to the income and the amount can be qU8Tltified with reasonable accuracy. 1.4 Expenditure reGognition Cosls are accounted for on an accruals basis and are included under the appropriate category. Grants are recognlsed In expendlture when a commitment has been made and thls has been communicated and agreed with the beneficiary. 1.5 Investments assets Assets held for investment purposes are valued al market value at the Balance Sheet data. Net gains and losses arlsing on revaluation and dlsposals during the perlod are Included in the Statement of Financial Acllvities. 1.6 Liabllltles Llabilities are recognlsed as soon as there Is a legal or constructiv8 obligation to commltllng the Trust to the expenditura Page11
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES {cont.I 1.7 Fund accountlng Expendable endowment fund The endowment fund reprèsents those assets which the Trustees are requlred to hold as capital. The terms of the present endowment are that It Is an expendable endowment and therefore In cerlaln clrcumstances the endowed fund may bo spenl at the dlscretion of the Trustees. The expendable endowment fund is held to support Green Templeton College through the mal<ing of annual and other granls. On each fifth anniversary of the granl date (last date belng 31 December 20221, the value of the expendable endowment fund Is averaged. If 5 % of the value so taken exceeds the amount actually paid to the College over the previous flve years, the surplus will be transferred lo a deslgnated fund. The designated fund is then available, at the Trustees, discretion, for emergencies or for the cosls of developing new programmes al Green Templelon College. The trustees reserve the righl to not forrn811y Iransfer funds inlo this deslgnated fund, following a quinquennial review. Unrestricted funds Unrestricted funds represent Incoma received or generated for expondlture on the general obSectlves of the Trust. Deslgnated funds are unrestricted funds which have be8n designated for speclfic purposes . by the Trustees. 2. TOTAL EXPENDITURE 2024 2023 Charltable actlvltles Grants payable to Green Templeton College, Oxford INVESTMENTS 2024 2023 M8rl<et value 8t 1 August Purchases Net (loss)Igain on revaluations 5,343,083 26,734 183 971 4,977,960 365 123 Value at 31 July 08 FUNDS The unrestricted funds aro funds available to the Trustees to apply for Ihe general purposes of the Trust as set out In Ils governlng document. Incomo generated from the assets In the fund Is unreslricled incorne. Page 12
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 31 July 2024 are represented by.. Unrestricted Endowment funds Fuiids Total Funds 2024 Investmonls Current liabilillas 57,410 11 5,496,378 5,553,788 11 Total net assets 2023 Comp8r8tives Unrestrlcl6d funds Endowment Funds Total Funds 2023 Investmenls Current liabillt18S 55,233 5,287,850 5,343,083 11 Total net assets TRUSTEE REMUNERATION None of the Trustees received remuneration or were relmbursed for expenses durlng the period (2023.. £nll). RELATED PARTY TRANSACTIONS Mr. John Webster is a trustee of Green Templelon Colleg8 as well as this charlty. Consequently, Green Templelon Coll8gÈ is a related party. Thare is an £11 ¢redllor with the College as at 31 July 2024 {2023'. £11). In addltion, tho cost of professlonal fees for Ihls charity Were borne by Green Templ8lon College. Total costs relating lo the year end und8r review were approximately £5,400, of which £2,400 (including Irrecoverable VAT) related to the preparation of the accounting records and preparation of the statutory accounts, and £3,000 (Including irrecoverable VATI for the audit of the stalutory accounts {2023', £11,700 in total). There ware no other related party transactions In the period. Page 13
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CONTINGENT LIABILITIES There were no conllngent Ilabllllles as at 31 July 2024 {2023'. £nll) CAPITAL COMMITMENTS There were no capltal commitments as at 31 July 2024 <2023; £nil) 10. CHARITY INFORMATION The charity is unincorporated. The registered offlce of the charity Is Green Templeton College, 43 Woodstock Road. Oxford, OX2 6HG. Page 14
THE TEMPLETON EDUCATION AND CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 July 2023 Notes Unrestrlcted Endowmont Funds Funds 31 July 31 July 2023 2023 Total Funds 31 July 2023 Income from: Gifts in Kind Total relurn allocated to Income Total Income Expandlture on: Charltable activities Total expendlture Net gainsl(losses) on Investments 361349 385 123 Net incomellexpendlture) 3,774 361,349 365,123 Transfers betwe6n funds Nel movement In funds 3,774 361,349 365,123 Reconclllatlon of funds: Total funds brought forward 4 926 501 4 977 949 Total funds carried forward Page 15