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2024-08-31-accounts

SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

REGISTERED CHARITY 1019611

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS PERIOD ENDED 31 AUGUST 2024

SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

CONTENTS

Page
Charity information 1
Trustees’ report 2 – 3
Independent Examiner’s Report to the Trustees 4 – 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 - 11

SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

CHARITY INFORMATION

Trustees Dr Roger Chapman
Mr Andrew Millet
Mrs Nicola Marlow
Mr Antony Spencer
Masie Bassingthwaite
Charity Number 1019611
Principal office Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
Accountants Darnells Chartered Accountants
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
Bankers National Westminster plc
55 The Broadway
Mill Hill
London
NW7 3WF

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

TRUSTEES’ REPORT – PERIOD ENDED 31 AUGUST 2024

The Trustees present their report and the financial statements for the period ended 31 August 2024.

Constitution

The charity was constituted by a Trust Deed dated 10 February 1982 when 5,000 “A” Ordinary Shares in East Midland Allied Press Limited with a then value of £13,800 were transferred to the Trustees.

Trustees and principal officers

The charity trustees during the year to 31 August 2024 were:-

Dr Roger Chapman Mr Andrew Millet Mrs Nicola Marlow Mr Antony Spencer Masie Bassingthwaite

Objects of the charity

The Trust Deed provides that the income shall be applied in scholarships to members of Mill Hill School upon entering the sixth form for two years, who, but for the scholarship, might be unable for financial reasons to do so or where the effect might be financial hardship. The Trustees were directed to only award scholarships to a scholar who would be taking history and where possible with a personal or family non-conformist background.

By Scheme of the Charity Commissioners dated 14 November 1996, income not required to be applied as above may be applied in promoting the education of sixth form scholars studying any subject as the Trustees think fit.

Achievements and activities

This has achieved its objectives by:

  1. Providing funding to scholars who fulfil the criteria above.

  2. Promoting the education of sixth form scholars at Mill Hill School.

Financial Review

The income received for the period ended 31 August 2024 was £34,864 (2023: £21,392) and expenses totalling £930 (2023: £865). During the period ended 31 August 2024 no payments were due to Mill Hill School in respect of Scholarship Awards (2023: £0).

The market value of investments increased from £731,118 to £812,696. The overall net movement in funds during the year was an increase of £115,512 (2023: increase of £22,979).

Investments Policy

Under the Trust Deed the Trustees have wide powers of investment. The investments have been acquired in accordance with these powers.

In accordance with the Charity Commission’s latest regulations, the Trustees are satisfied that there are sufficient reserves to meet the need designated by the Charity’s Trust.

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

TRUSTEES’ REPORT – PERIOD ENDED 31 AUGUST 2024

There were no investment additions during the year.

Reserves Policy

It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a high level in order to generate sufficient investment income to be able to pay future awards out of income, and to provide sufficient funds to cover the costs of generating funds and support costs.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Award of scholarships

The Trustees seek the advice of the Head of Mill Hill School as to candidates for scholarships and then consult between themselves, bearing in mind the requirements set out above before awarding scholarships.

Charity law requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its financial activities for that period. In preparing those financial statements the trustees are required to:-

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

This report was approved by the trustees on ……3 June 2025………………..

Signed on behalf of the trustees

…………………………………

Mr A Millet

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

We report on the accounts for the period ended 31 August 2024 set out on pages 6 to 10.

Respective responsibilities of Trustees and examiner

The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.

Independent Examiner’s Statement

In connection with my examination, no matters have come to my attention;

  1. which give me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with Section 130 of the 2011 Act); or

  3. to prepare accounts which accord with these accounting records;

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

  1. 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

KOOfee

04/06/2025 Louisa Lulek FCA CTA ................................................... Independent Examiner Darnells Chartered Accountants Quay House Quay Road Newton Abbot Devon, TQ12 2BU

5

SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT – PERIOD ENDED 31 AUGUST 2024

Note
Incoming Resources
Investment income
3
Total Incoming Resources
Resources Expended
Direct charitable expenses:
Awards of scholarships to Mill Hill
School
4
Management and administration:
Independent examiners fees
Bank charges
Total Resources Expended
Net (Expended)/Incoming Resources
Transfer to unrestricted funds
7
Cost of Generating Funds:
Unrealised increase/(decrease) in
investment assets value
Net Movement in Funds
Funds brought forward at 6 April 2023
Funds carried forward at 5 April 2024		 2024
2024
2024
2023
Endowment
Funds
Unrestricted
Funds
Total
Total
£
£
£
£
34,864
-
34,864
21,392
34,864
-
34,864
21,392
-
-
-
-
-
-
-
-
-
930
930
865
-
-
-
-
-
930
930
865
34,864
(930)
33,934
20,527
(34,864)
34,864
-
-
81,578
-
81,578
2,452
81,578
33,934
115,512
22,979
731,118
183,930
915,048
892,069
812,696
217,864
1,030,560
915,048

The notes on pages 8 to 11 form part of these accounts

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

BALANCE SHEET – PERIOD ENDED 31 AUGUST 2024

2024 2024 2024 2023
Endowment Unrestricted Total Total
Note £ £ £ £
Fixed assets:
Investments 2 812,696 - 812,696 731,118
Current assets:
Short term deposits - 18,028 18,028 17,132
Bank current account - 173,157 173,157 157,964
Accrued Income 30,255 30,255 11,480
- 221,440 221,440 186,576
Liabilities due within one year 6 - (3,576) (3,576) (2,646)
Net current assets - 217,864 217,864 183,930
Net assets 812,696 217,864 1,030,560 915,048
Expendable Endowment Funds:
Capital account–Original Gift 13,800 - 13,800 13,800
Capital account–Realised Gains 322,165 - 322,165 322,165
Capital account–Unrealised Gains 476,731 - 476,731 395,153
812,696 - 812,696 731,118
Unrestricted Funds:
Income account - 217,864 217,864 183,930
812,696 217,864 1,030,560 915,048

Approved by the Board of Trustees on……3 June 2025……….and signed on its behalf by

…………………………..Trustee Mr A Millet

…………………………..Trustee Mrs N Marlow

The notes on pages 8 to 11 form part of these accounts

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2024

1. Accounting Policies

Sir Richard Winfrey Memorial Scholarship is an unincorporated charity, constituted under a trust deed on 10 February 1982 and is a registered charity, number 1019611.

1.1 Accounting Convention

The financial statements have been prepared in accordance with the 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sir Richard Winfrey Memorial Schlorship meets the definition of a public benefit entity under FRS 102.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Investments

Investments on a recognised stock exchange are valued at market value at the period end. Other investment assets are included either at the value shown on the statement or at trustees’ best estimate of market value.

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2024

1.5 Incoming resources

Any income from donations or grants would be included in incoming resources in the Statement of Financial Activities when they are receivable.

Investment income and any associated tax credits are included in the accounts when receivable.

Any unrealised gain on the annual revaluation of the investments is included in the accounts as an increase in the Endowment Funds.

1.6 Resources expended

Resources expended are included in the Statement of Financial Activities on an accrual’s basis, inclusive of any value added tax which cannot be recovered.

Costs relating to the management and administration of the charity are separately analysed within charitable expenditure.

Any unrealised loss on the annual revaluation of the investments is included in the accounts as a decrease in the Endowment Funds.

1.7 Liability recognition

Generally, liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.

1.8 Cash and Cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Allocation of costs

Costs are allocated between direct charitable and other expenditure according to the nature of the cost. Where items involve more than one category, they are apportioned between the categories according to the nature of the cost.

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2024

2. Investments

Holding
8,910.79
M & G Charifund
29,398.17
Blackrock Charishare
11,020.71
COIF Charity Funds
44,706.39
Schroders Equity Fund		 Cost
£
66,645
75,367
126,755
94,325
363,092		 2024
2023
Market
Market
Value
Value
£
£
137,234
123,889
228,130
205,493
224,694
207,710
222,638
194,026
812,696
731,118

Shareholdings: -

2024 2023
Holding Holding
M & G Charifund 8,911 8,911
Blackrock Charishare 29,398 29,398
COIF Charity Funds 11,021 11,021
Schroders Equity Fund 44,706 44,706

3. Investment income

M & G Charifund
Blackrock Charishare
COIF Charity Funds
Schroders Charity Equity Fund
Deposit interest		 2024
£
2023
£
9,633
5,605
9,143
5,291
6,050
3,001
9,142
6,952
896
543
34,864
21,392

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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP

NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2024

4. Awards of scholarships to Mill Hill School

Pupil
N/A		 2024
£
2023
£
-
-
-
-

5. Trustees’ Remuneration and Expenses

No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.

No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.

6. Liabilities within one year

Mil Hill School
Darnells Chartered Accountants		 2024
£
2023
£
2,976
600
2,046
600
3,576
2,646

7. Endowment Fund

The Endowment Fund is represented by the fixed asset investments.

The movement during the year relates to the decrease in the value of the investments.

During the year the following movements occurred between the endowment and unrestricted funds: -

£34,864 investment income was transferred from endowment to unrestricted funds.

11