Charlty registrdtion number 1114120 THE COLLINS EDUCATIONAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE COLLINS EDUCATIONAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusts08 Mr F Colllns Mr J M Collard Mr K M Butcher Charlty number 1114120 Prlnclpal addre88 10 Collett Way Frome Somersel BA112XR Independont oxamin•r David Owen & Co 17 The Market Place Deviz8S Wiltshlre SN10 1BA Mogers Drewett LLP St James, House The Square L¢)wer Brislol Road Bath BA2 3BH Sollcltors
THE COLLINS EDUCATIONAL TRUST CONTENTS Page Trustees report Statemenl of trustees responsibilities Independenl examinels report Statement of financial activities Balance sheet Notes lo Ihe financial st8lement8 7-12
THE COLLINS EDUCATIONAL TRUST TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 The twstees present their report and accounts for the year ended 30 June 2024. The financlal statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charrties.. Statement of Recommended Practice applicable to charities preparing their a¢counts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Obje¢tlve8 and actlvltle• The Charity's objectives are to help young people and children in their education and training by way of awardlng Scholarships. exhibitions, bursaries or maintenance allowances tenable at any School. University or educational establishment approved by the Trustees to persons who are in need of financial assistance in order to attend such educational establishment and in otherwlse furthering the education of such persons. The Truste8s hav8 paid due regard to guidance issued by the Charity Commission in deciding what activitles the Charity should undertake. Achlevements and perforniance During the course of the year the Charity received donation5 from the Collins Family amounting to £82,783 gross. We assisted 14 GCSEIA-level students in the year together with 4 more in higher or other education, paying out grants tolalling £55,000 (2022-23 - £62,366) Al 30th June 2024 the Charity had made grant commitments for future assistance to students amountlng to £161,000 and our commilmenl8 for the 2024-25Academic Year are in excess of £60,000. Flnanclal revlew Our 'natural income, from investments was not sufficient lo cover the Bursaries awarded and the running cosls of the Charity but the shortfall was more than covered by growth In the value of the Investments, in line with the overall 'total return. pollcy, and the donations. The Charity's overall asset base grew by more than 10% over the cour8e of the year. This was in line with the Trustees strategy to grow the asset base to ensure the long-term suslainabilily of the Charity, recognising the effects of inflation on the value of the Bursaries awarded and a desire to try to grow over tim8 in a sustainable way the number of students who can be supported by the Charity. This followed two years where the value of the Charity's assets had declined, In part due lo poor perfomance of the investment portfolio. During 2023-24 the Truslees have undertaken a thorough review of the investment strategy. resulting in both a change of investment manager, and a complete change to the investment strategy, separating oul the need to generate cash flow for the bursary provision and day-lo-day expenses from the long- term growth needs. The Trustees are mindful both of the effects of inflation on education fees, and how this erodes the value of bursaries ov8r time, and also the effect of the forthcoming imposition of VAT on private school fees and will be reviewing the latter over the coming months in conjunction with the schools that the Charity works with. During the year the Charlty has a150 undertaken further brand development by commlssioning, using funds donated for the purpose, Iwo videos explaining the work of the Charity and its impact, which are available to view on the Charity's website. The Trustees have assessed the major risks to which th8 Charty is exposed, and are satisfied thal systems are in place to mrtigate exposure to the major risks.
THE COLLINS EDUCATIONAL TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Structure, govornancè and management The Charity was established by a charitable trust deed on 1 July 2005. The Truste8s who served during the year and up to the date of signature of the financial statements were,. Mr F Collins Mr J M Collard Mr K M Butcher Trustees are re¢ruited so as to ensure the Trustee Board continues to have the necessary range of skills to enable the Charlly to fulfil its charltable obj8Ctives. Where n8cessary the Trustees are given training in their role as a Trustee. There are no slaff. Day to day administration is carried out mostly by Mr F G Collins, one of the Trustees, and the Trustees meet as required. ustees report was approved by the 8oard of Trustees. Col Dated: 7 February 2025
THE COLLINS EDUCATIONAL TRUST STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 The truslees are responsible for preparing the Trustees Report and the financral statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practio). The law applicable to charities in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial Statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Chaflties SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial staternenls on the golng concern basls unless it is inappropriate to presume that the charity will continue in operation. The twstees are responsible for keeping sufficient accounting records thal dS8close wllh reasonable accuracy at any lime the financial position of the charfly and enable Ihern to ensure Ihal the financial statements comply wtth the Chariti8s Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provlsions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for tha prevenlion and detection of fraud and other Irregularities.
THE COLLINS EDUCATIONAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COLLINS EDUCATIONAL TRUST I report on th8 financlal statements of the charity for the year ended 30 June 2024, which are set out on pages 5 to 12. Respective re8pon81bllitle8 of trustee8 and examiner The charity's trustees are responsible for the preparation of the financial statements. The charitws 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.. examine th8 financial statements under section 145 of the 2011 Act,. (li) to follow the procedures laid down in the general Dir8clions given by the Charity Commission under section 145(5){b} of the 2011 Act,. and (ill) to state whether partlcular matters have come to my attention. Ba818 of Independent examlnetr8 report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparlson of the financial statements presenled with those records. It also includes consideration of any unusual it8ms or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The pro¢edures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether Ihe financial statements present a 'true and fair vlew, and the report is limited to those matters sel out in the next statement. Independent examlneff8 ststsment Your attention Is drawn lo the fact that the ¢harity has prepared financial statem8nls in accordance wilh Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able In the UK and Republic of Ireland (FRS 102) in preference to the A¢counling and R8POrting by Charities.. Slalement of Recommended Practlce issued on 1 April 2005 which is referred to in the exlanl regulations bul has now been withdrawn. l understand that Ihis has been done in order for the financial statements to provide a true and fair view in accordance with Gen8rally Accepted Accounting Practice effective for porting p8riods beginning on or after 1 January 2015. In connectlon with my examination. no other matter exc8Pt that referred to in the previous paragraph has Come to my allention.. (a) which give8 me reasonable cause lo believe thal In any material respect the requirements: (i) lo keep accounting records in accordance with section 130 of the 2011 Act,. and (11) to prepare financial slatements which accord with the accounting records and comply with the accounting requirements of the 2011 Act., have not been mel or (b) lo which, in my opinion, attention should be drawn in order to enable a proper understanding of the flnancial statements to be reached. Andrew Coombes FCCA David Owen & Co Chartered Accountants 17 The Market Place Devizes Wiltshire SN10 1BA Dated: 7 February 2025
THE COLLINS EDUCATIONAL TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unre3trfcted Unréstrleted funds funds 2024 2023 Notes Income from: Donations and legacies Investments 85,483 42,930 8,750 41,005 Totsl Income 128,413 49,755 Expendlture on: Raising funds Charitable activit18S 13,285 64,353 10,000 64,098 Total expenditure 77,638 74,098 Net galnsl(losses) on investments 11 64,027 (18,784) Net Incomel(•xpgndlture) and movoment In funds 114,802 (43,127) Reconclllatlon of funds: Fund balances at 1 July 2023 1,077,965 1,121,092 Fund balances at 30 Jung 2024 1,192,767 1,077,965 The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE COLLINS EDUCATIONAL TRUST BALANCE SHEET AS AT30 JUNE 2024 2024 2023 Notes Flxed assets Investments 13 1,141,231 1,067,006 Curront assets Cash at bank and in hand 52,832 12,328 Crodltors: amounts falllng dug wlthln one year 14 (1,296) (1,367) Net currant assets 51,536 10,959 Total a880ts1088 currgnt Ilabllltle8 1,192,767 1,077.965 The funds of tho charity Unrestricled funds 15 1,192,767 1,077,965 1,192,767 1,077,965 The financlal stalements were approved by the truste88 on 7 February 2025 ollins Mr J M Collard
THE COLLINS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ountlng polici08 Charlty Infomiatlon The Collins Educational Trust was established by a charrtabl8 trust deed on 1 July 2005. 1.1 Accountlng convention The accounts have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and 'A¢counling and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102)° las amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advanlage of the provisions in the SORP for charities applylng FRS 102 Update Bulletln 1 not lo prepare a Statemenl of Cash Flows. The financial statements a prepared In stertlng, whlch Is the functional currency of Ihe charlty. Monatary amounts In these financial statements are rounded lo the nearest £, The accounts have been prepared under the historical cost convention, modified lo include rtaIn financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving Ihe financial statements, the trustees have a reasonable expectation that the charlty has adequate resources lo continue in operatlonal existence for the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial statements, 1.3 Charltablè funds Unrestricted funds are available for use 8t the discretlon of the twslees In furtherance of their charitable objectives. 1.4 Income Income is recognised when the charlty Is legally entitled lo it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on reIpl or othetwise if the charity has been notified of an impending distributlon, the amount is known, and receipt is expected. If the amount is nol known, the legacy 18 treated as a contingent asset. Investment income is recognised when receivabl8 and can be measured reliably by the charity. 1.5 Expenditure All expendilure is accounted for on an accruals basis. 1.6 Fixed asset Investments Fixed asset investmenls are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting da18. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs ar8 expensed 8$ incurred.
THE COLLINS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policles (Contlnued) 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid inv8Stments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financlal in8truments Th8 charity has elected to apply the provislons of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial inslrumenls are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial stalements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal assets Basic financial ass8ts, which include d8blors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortlS8d cost using the effective Interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts dlscounted al a market rate of interest. Financial assets ciassified as receivable within one year are not amortised. Baslc flnanclal Ilablllties Basic financial liabilities. including creditors and bank loans are initially recogni8ed at transaction price unle88 the arrangement constilules a financing iransa¢lion, where the debt instrument is measured at the present value of the future payments discounted at a markel rate of int8r8$t. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, uslng the 8ffecliv8 Interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they ar8 presenled as non-current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derncognitlon of flnanclal Ilabllltles Financial liabilities are derecognised when the charily's contractual obligations expire or a discharged or canc8lled. 1.9 Unre8tr1cted Funds Unrestricted funds consist of income reiVed or generated for the objects of the Trust withoLrt fijrther specified purposes and thus available as general funds. Incom• from donation8 and legacies Unrestrlct•d Unrestrlcted fund3 funds 2024 2023 Donations and gifts 85,483 8,750
THE COLLINS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from Inv081ments Unrestricted Unrostricted funds funds 2024 2023 Inme from listed investments Interesl rec8ivab18 42,440 490 41,005 42.930 41,005 Ralslng fund8 2024 2023 Investment management 13,285 10.000 13,285 10,000 Charltable actlvltlos Grants 2024 Grants 2023 Grant funding of actlvities (see note 6) Share of governance costs (see note 7) 55,000 9,353 62,366 1,732 64,353 64,098 Grant8 payable 2024 2023 Grants lo individuals 55,000 62,366 55,000 62.366 Commitment8 The Trust has grant mMitMentS totalling £161,000. The amount payable in the year to 30 June 2025 amounts lo £58.000.
THE COLLINS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Support costs allocated to actlvitl98 2024 2023 Governance costs 9,353 1,732 Governance costs compr180: 2024 2023 Accountancy Charges Web hosling Branding 1.260 60 333 7,700 1,250 60 322 100 9,353 1,732 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediling)'. Fees payable for the independent examination of the charity's financial statements 1,260 1,250 Trust008 During the year to 30 June 2024, no Trustees recelved any funds from the Charity. Thls was the same for the year to 30 June 2023. 10 Employees There w8re no employees during the year. 11 Net gainsl{108808) on Inve8tmonts 2024 2023 Revaluation of Investments Gainl(loss) on sale of investments 39,732 24,295 74,525 (93,309) 64,027 (18,784> 10-
THE COLLINS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 12 Taxallon The charity is exempt from taxation on its activities because all the income 1$ applied for charrtable purposes. 13 Flxed asset Inve8tm8nt8 Ll8ted Inve8tments C08t or valuatlon At 1 July 2023 Additions Valuation changes Disposa18 1,067,006 1,447,564 39.732 (1,413,071) At 30 June 2024 1,141,231 Carrylng amount At 30 June 2024 1,141,231 At 30 June 2023 1,067,006 Flxed asset Invogtments revalued The historical cosl of ftxed asset investments wa8 £1,084,010 (2023 £1,049,516). 14 Creditor•: amount8 falllng due wlthln one year 2024 2023 Accruals and deferred Income 1,298 1,367 15 Unre8trlcted funds The unrestricted funds of the charity comprise Ihe unexpended balances of donations and grants which are nol subject to specifi¢ conditions by donors and granlors as lo how they may be used. These include deslgnated funds which have been sel aside out of unrestricted funds by the trustees for speafic purposes. At 1 July 2023 Incoming resOUe8 Resources expended Galn8 and At 30 June losseg 2024 General funds 1,077.965 128,413 (77,638) 64,027 1,192,767 11
THE COLLINS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 16 Unrestrfcted funds (Contlnued) Previous year: At 1 July 2022 Incomlng Resourc08 resourGeS expended Galns and At 30 June losses 2023 General funds 1,121,092 49,755 (74,098) (18,784) 1,077,965 16 Related party transactlons Payments totaling £7.500 were made to Mr J Collard, Trustee in respect to the development and production of a promotional video. Al 30 June 2024 there were no amounts outstanding between the charity and Mr J Collard. Cash donalions totaling £10,800 ware received from Mr F Colllns, Trustee during the year to 30 June 2024. In addition, shares valued at £71,983 were transferred lo charity by Mr F Collins. 12-