Charity registered number 1159522
OKS EDUCATIONAL AND BENEVOLENT TRUST
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
| OKS EDUCATIONAL AND BENEVOLENT TRUST | Page 1 |
|---|---|
| CONTENTS | Page |
| Reference and administrative details of the charity, | |
| its trustees and advisers | 2 |
| Trustees' report | 3 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
| Independent Examiner's report | 13 |
OKS EDUCATIONAL AND BENEVOLENT TRUST
Page 2
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
Trustees
Bankers
Mr P. F. W. Venn Mrs F. R. Lyons Mrs C. F. P. Fliedner Lady A. I. Robertson Mrs J. S. Hinves Mr D. C. Peters Mrs F. Pritchard (Resigned 21 June 2023)
National Westminster Bank 11 The Parade Canterbury Kent CT1 2SQ
Charity registered number
Solicitors
1159522
Independent Examiner
Wedlake Bell 71 Queen Victoria Street London EC4V 4AY
Stephen Meredith FCA, DChA
Alliotts LLP, Friary Court 13 - 21 High Street Guildford GU1 3DL
Investment Manager
Brewin Dolphin Blenheim Road Marlborough Wiltshire SN8 4AN
OKS EDUCATIONAL AND BENEVOLENT TRUST
Page 3
TRUSTEES' REPORT
For the year ended 30 September 2023
The trustees present their annual report together with the financial statements for the year 1 October 2022 to 30 September 2023
OBJECTIVES AND ACTIVITIES
a. POLICIES AND OBJECTIVES
The principal objective of the charity is to pay all or part of the school fees payable in respect of deserving boys and girls who are in education at the King's School, Canterbury, and, who but for the help of the charity, would be unable to be or remain at the school.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
The objectives are achieved by managing a portfolio of investments and raising donations to provide an annual income.
c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
The main activity undertaken is the provision of scholarships and bursaries to pupils at the King's School, Canterbury. Also, to provide support for post graduate former King's School, Canterbury students. Also, to relieve want amongst former King's pupils, their widows and children.
ACHIEVMENTS AND PERFORMANCE
a. REVIEW OF ACTIVITIES
The trustees manage the charity's investment portfolio and raise donations to enable them to award scholarships and bursaries to pupils at the King's School, Canterbury and make other donations in order to meet its objectives.
Page 4
OKS EDUCATIONAL AND BENEVOLENT TRUST
TRUSTEES' REPORT (Continued)
For the year ended 30 September 2023
b. INVESTMENT POLICY AND PERFORMANCE
The trustees are satisfied that the investments held by the charity have been managed in accordance with their investment powers, with the intention of generating suitable income in the current year whilst at the same time protecting the capital base to allow for future income generation.
The trustees consider the value of the investments and the income generated during the year is satisfactory.
FINANCIAL REVIEW
a. RESERVES POLICY
The trustees have a policy of maintaining reserves to allow future investment returns to generate the income required to continue running the trust. A designated investment fund has been set up and at the year end stood at £542, 286. Unrestricted general fund (free) reserves stood at £45,371, which the trustees regards as satisfactory.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. CONSITUTION
The OKS Educational and Benevolent Trust is goverened by three Trust Deeds: Trust Deed dated 17 June 1966
Supplemental Trust Deed dated 23 June 1998 Deed of Variation dated 12 February 2020
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The charity has a maximum of eight trustees, with four forming a quorum. The trustees are appointed by unanimous decision of all of the trustees.
c. ORGANISATIONAL, STRUCTURE AND DECISION MAKING
The direction of the charity is under control of the trustees, whose decisions are implemented by the Hon. Secretary and the Hon. Treasurer
This report was approved by the Trustees on 28 November 2023 and signed on their behalf by F. R. Lyons
Page 5
OKS EDUCATIONAL AND BENEVOLENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 30 September 2023
| Note INCOME Donations and legacies 2 Investments 3 TOTAL INCOME EXPENDITURE Raising funds Charitable activities TOTAL EXPENDITURE 5 NET EXPENDITURE BEFORE INVESTMENT GAINS/(LOSSES) Net gains/(losses) on investments 7 NET INCOME BEFORE OTHER RECOGNISED GAINS/(LOSSES) NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD The notes on pages7 to 12 form part of these financial statements |
Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 £ £ £ 306 5,000 5,306 20,386 0 20,386 20,692 5,000 25,692 5,521 0 5,521 15,612 10,000 25,612 21,133 10,000 31,133 (441) (5,000) (5,441) 3,292 0 3,292 2,851 (5,000) (2,149) 2,851 (5,000) (2,149) 584,806 5,000 589,806 587,657 0 587,657 |
Total Funds 2022 £ 5,319 19,217 |
|---|---|---|
| 24,536 | ||
| 5,924 20,612 |
||
| 26,536 | ||
| (2,000) (50,034) |
||
| (52,034) | ||
| (52,034) 641,840 |
||
| 589,806 | ||
Page 6
OKS EDUCATIONAL AND BENEVOLENT TRUST
BALANCE SHEET As at 30 September 2023
| BALANCE SHEET As at 30 September 2023 |
||
|---|---|---|
| Note 7 8 9 FIXED ASSETS Investments CURRENT ASSETS Debtors Cash balances TOTAL CURRENT ASSETS CURRENT LIABILITIES Creditors falling due within one year NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds TOTAL FUNDS |
Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 £ £ £ 542,286 0 542,286 2,617 0 2,617 49,747 0 49,747 52,364 0 52,364 (6,993) 0 (6,993) 45,371 0 45,371 587,657 0 587,657 587,657 0 587,657 587,657 0 587,657 |
Total Funds 2022 £ 536,675 6,793 46,338 |
| 53,131 | ||
| 0 | ||
| 53,131 | ||
| 589,806 | ||
| 589,806 | ||
| 589,806 |
The financial statements were approved by the trustees on 28 November 2023 and signed on their behalf by F. R. Lyons
The notes on pages 7 to 12 form part of these financial statements
OKS EDUCATIONAL AND BENEVOLENT TRUST
Page 7
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these acocunts The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) applicable from January 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 and Charities Act 2011).
OKS Educational and Benevolent Trust constitutes a public benefit entity as defined by FRS 102
1.2. FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
1.3 INCOME
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain services or facitlities of equivalent economic benefit on the open market, a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
OKS EDUCATIONAL AND BENEVOLENT TRUST
Page 8
1. ACCOUNTING POLICIES (continued)
1.4. EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources
Costs of generating funds are costs incurred in attractng voluntary income, and those incurred in investment management that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.
1.5. INVESTMENTS
Fixed asset invetsments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading "Gains/(losses) on investments" in the Statement of financial activities.
1.6. INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, which is normally upon notification of the interest paid or payable by the bank.
1.7. DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8. CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquistion or opening of the deposit or similar account.
1.9. FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 9
OKS EDUCATIONAL AND BENEVOLENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
| 2. INCOME FROM DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Dividends Bank interest 4. SUPPORT COSTS Bank charges |
Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 £ £ £ 306 5,000 5,306 20,138 0 20,138 248 0 248 20,386 0 20,386 12 0 12 |
Total Funds 2022 £ 5,319 |
|---|---|---|
| 19,206 11 |
||
| 19,217 | ||
| 12 |
Page 10
OKS EDUCATIONAL AND BENEVOLENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
| NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2023 |
|
|---|---|
| Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 £ £ £ 5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Expenditure on investment management 5,521 0 5,521 COST OF GENERATING FUNDS 5,521 0 5,521 Bank charges 12 0 12 Scholarships and bursaries 15,000 0 15,000 Individual grants 0 10,000 10,000 Donations and education 600 0 600 CHARITABLE ACTIVITIES 15,612 10,000 25,612 TOTAL 21,133 10,000 31,133 |
Total Funds 2022 £ 5,924 |
| 5,924 | |
| 12 20,000 0 600 |
|
| 20,612 | |
| 26,536 |
6. NET INCOME/EXPENDITURE
During the year no trustee received any remuneration. (2022 - £ NIL) During the year no trustee received any benefits in kind. (2022 - £ NIL)
During the year no trustee received any reimbursement of expenses. (2022 - £ NIL)
7. FIXED ASSET INVESTMENTS
| 7. FIXED ASSET INVESTMENTS | ||||
|---|---|---|---|---|
| Listed | ||||
| securities | ||||
| MARKET VALUE | £ | |||
| At 1 October 2022 | 536,675 | |||
| Net additions | 57,965 | |||
| Disposals | (55,646) | |||
| Revaluations | 3,292 | |||
| At 30 September 2023 | 542,286 | |||
| INVESTMENTS AT MARKET VALUE COMPRISE | ||||
| UK | Overseas | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Listed investmnets | 258,743 | 283,543 | 542,286 | 536,675 |
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OKS EDUCATIONAL AND BENEVOLENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
7. FIXED ASSET INVESTMENTS (continued)
VALUATION
The listed investments have been valued by Brewin Dolphin on 30 September 2023
| MATERIAL INVESTMENTS Dodge & Cox Worldwide Funds PLC US Inc NAV J P Morgan Fund ICVC JPM US Equity Inc C2 SSGA SPDR EFTS US Div Aristocrats Vanguard Funds PLC S & P 500 US Dis 8. DEBTORS Other debtors |
2023 31,808 39,661 30,763 37,870 2023 2,617 |
2022 30,179 41,867 33,182 35,556 2022 |
|---|---|---|
| 6,793 |
9. STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTEDFUNDS Designated - Investment fund Generalfunds Total of funds RESTRICTED FUNDS |
Balance at Transfers Gains/ Balance at 01 October 2022 Income Expenditure In/Out (losses) 30 September 2023 £ £ £ £ £ £ 536,675 0 0 2,319 3,292 542,286 53,131 20,692 (21,133) (7,319) 0 45,371 0 5,000 (10,000) 5,000 0 0 |
|---|---|
| 589,806 25,692 (31,133) 0 3,292 587,657 |
OKS EDUCATIONAL AND BENEVOLENT TRUST
Page 12
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
9. STATEMENT OF FUNDS - PRIOR YEAR
| 9. STATEMENT OF FUNDS - PRIOR YEAR | |
|---|---|
| UNRESTRICTED FUNDS Designated - Investment fund Generalfunds RESTRICTED FUNDS Total of funds |
Balance at Transfers Gains/ Balance at 01 October 2021 Income Expenditure In/Out (losses) 30 September 2022 £ £ £ £ £ £ 617,396 0 0 (30,687) (50,034) 536,675 24,444 19,536 (26,536) 30,687 0 48,131 0 5,000 0 0 0 5,000 |
| 641,840 24,536 (26,536) 0 (50,034) 589,806 |
Designated funds
The investment fund represents tangible fixed assets in the form of an investment portfolio which is used by the charity for both the purposes of income generation and capital appreciation and thus do not form part of the charity's free reserves
The Unrestricted general fund represents the charity's freely available assets to spend on charitable activities.
Page 13
OKS EDUCATIONAL AND BENEVOLENT TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
________________
I report on the accounts of the charity for the year ended 30 September 2023, which are set out on pages 2 to 12.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under s. 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under s. 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; (2 )the accounts do not accord with those records; or
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Friary Court 13 - 21 High Street Guildford Surrey GU1 3DL
Stephen Meredith FCA DChA ALLIOTTS LLP Chartered Accountants
Date: …26/7/24…