Charity registration number 1169602 (England and Wales)
ASHFIELD EDUCATIONAL FUND (BUSHEY) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
ASHFIELD EDUCATIONAL FUND (BUSHEY)
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Fiona Waloff |
|---|---|
| Nigel de Costa | |
| Linda Silver | |
| James Craig-Gray | |
| Rosalyn Armitage-Brain | |
| Charity number (England and Wales) | 1169602 |
| Registered office | 5 Woodpecker Close |
| Bushey | |
| Hertfordshire | |
| WD23 1AW | |
| Independent examiner | Gary Howard FCA |
| Howard Wilson Chartered Accountants | |
| 36 Crown Rise | |
| Watford | |
| Hertfordshire | |
| WD25 0NE | |
| Bankers | CAF Bank |
| 25 Kings Hill Avenue | |
| West Malling | |
| Kent | |
| ME19 4JQ |
ASHFIELD EDUCATIONAL FUND (BUSHEY)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
ASHFIELD EDUCATIONAL FUND (BUSHEY)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025
The trustees present their annual report and financial statements for the year ended 31 July 2025.
The financial 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 governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
The objects of Charity are to:
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provide education for poor or disadvantaged children or adults in Bushey and its environs;
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provide support and funds to charitable organisations that provide education for poor or disadvantaged children or adults in Bushey and its environs;
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provide charitable grants or support for disadvantaged individuals in Bushey and its environs so that they may secure education appropriate to their needs.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities and performance
The charity’s large investments arise from the 2014-15 disposal of the Bushey Ashfield School Foundation’s “schoolmaster’s house”.
During the year Ashfield Educational Fund (Bushey) continued to make grants to local schools.
The charity has invested the bulk of its funds through a CAF managed portfolio which has performed satisfactorily during the period.
Financial review
During the year the charity received investment income of £12,210, most of which was rolled up into the investment portfolio. There were also gains on the investment portfolio of £4,513. Grants were paid to schools totalling £2,772. The net result for the year was a surplus of £11,622.
The unrealised gains in the investment portfolio at the year end were £12,691. The net sale proceeds from the sale of the School House in 2015 were £372,000. Both of these amounts have been set aside in designated funds. The total reserves carried forward at the year end were £430,254.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that is sufficient to support the charity's objects. This level of reserves has been maintained throughout the year.
Investment policy
The charity's funds are invested for long-term capital growth.
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Structure, governance and management
The charity is a Charitable Incorporated Organisation.
The trustees who served during the year and up to the date of signature of the financial statements were: Fiona Waloff
Nigel de Costa Linda Silver James Craig-Gray Rosalyn Armitage-Brain
The trustees' report was approved by the Board of Trustees.
Fiona Waloff Trustee
13 January 2026
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ASHFIELD EDUCATIONAL FUND (BUSHEY)
I report to the trustees on my examination of the financial statements of Ashfield Educational Fund (Bushey) (the charity) for the year ended 31 July 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Gary Howard FCA
Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 14 January 2026
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
| Restated | |||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 12,210 | 11,725 |
| Total income | 12,210 | 11,725 | |
| Expenditure on: | |||
| Raising funds | 4 | 1,669 | 1,613 |
| Charitable activities | 5 | 3,432 | 2,660 |
| Total expenditure | 5,101 | 4,273 | |
| Net gains/(losses) on investments | 8 | 4,513 | 9,572 |
| Net income and movement in funds | 11,622 | 17,024 | |
| Reconciliation of funds: | |||
| Fund balances at 1 August 2024 | 418,632 | 401,608 | |
| Fund balances at 31 July 2025 | 430,254 | 418,632 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
BALANCE SHEET
AS AT 31 JULY 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| as restated | |||||
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 10 | 430,810 | 415,757 | ||
| Current assets | |||||
| Cash at bank and in hand | 394 | 3,225 | |||
| Creditors: amounts falling due within | 12 | ||||
| one year | (950) | (350) | |||
| Net current (liabilities)/assets | (556) | 2,875 | |||
| Total assets less current liabilities | 430,254 | 418,632 | |||
| The funds of the charity | |||||
| Unrestricted funds | 13 | 430,254 | 418,632 | ||
| 430,254 | 418,632 | ||||
| The financial statements were approved by the trustees on 13 January 2026 | The financial statements were approved by the trustees on 13 January 2026 | ||||
| BAN@ | Nigel de Costa | ||||
| Fiona Waloff | Nigel de Costa | Nigel de Costa | |||
| Trustee | Trustee |
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1 Accounting policies
Charity information
Ashfield Educational Fund (Bushey) is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
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.
Designated funds represent unrestricted funds set aside for a specific purpose.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Investment income is recognised when recorded in the charity's investment portfolio.
1.5 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 recorded by its natural classification.
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments 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 statements, when there is a legally enforceable right to set 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised 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 discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
3 Income from investments
| 3 | Income from investments | ||
|---|---|---|---|
| Restated | |||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Income from unlisted investments | 12,175 | 11,549 | |
| Interest receivable | 35 | 176 | |
| 12,210 | 11,725 | ||
| 4 | Expenditure on raising funds | ||
| Restated | |||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Investment management | 1,669 | 1,613 | |
| 5 | Expenditure on charitable activities | ||
| Restated | |||
| Charitable | Charitable | ||
| activities | activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Grants to schools | 2,772 | 2,250 | |
| Bank charges | 60 | 60 | |
| Independent examiners fee | 600 | 350 | |
| 3,432 | 2,660 | ||
| Analysis by fund | |||
| Unrestricted funds | 3,432 | 2,660 | |
| 6 | Net movement in funds | 2025 | 2024 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 600 | 350 | |
| 7 | Trustees |
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
8 Gains and losses on investments
| Gains and losses on investments | ||
|---|---|---|
| Restated | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 4,513 | 9,572 |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Fixed asset investments
| Cost or valuation At 1 August 2024 Additions Valuation changes Net cash movement Disposals At 31 July 2025 Carrying amount At 31 July 2025 At 31 July 2024 11 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 12 Creditors: amounts falling due within one year Accruals and deferred income |
Unlisted investments £ 415,757 15,208 4,504 2,250 (6,909 430,810 430,810 415,757 2025 2024 £ £ 430,810 415,757 2025 2024 £ £ 950 350 |
Unlisted investments £ 415,757 15,208 4,504 2,250 (6,909 430,810 430,810 415,757 2025 2024 £ £ 430,810 415,757 2025 2024 £ £ 950 350 |
|---|---|---|
| 430,810 | ||
| 430,810 | ||
| 415,757 | ||
| 2024 £ 415,757 |
||
| 2024 £ 350 |
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 August | Incoming | Resources | Gains and | At 31 July | |
|---|---|---|---|---|---|
| 2024 | resources | expended | losses | 2025 | |
| £ | £ | £ | £ | £ | |
| Revaluation Reserve | 8,289 | - | - | 4,402 | 12,691 |
| Property Reserve Fund | 372,000 | - | - | - | 372,000 |
| General funds | 38,343 | 12,210 | (5,101) | 111 | 45,563 |
| 418,632 | 12,210 | (5,101) | 4,513 | 430,254 | |
| Restated | |||||
| Previous year: | At 1 August | Incoming | Resources | Gains and | At 31 July |
| 2023 | resources | expended | losses | 2024 | |
| £ | £ | £ | £ | £ | |
| Revaluation Reserve | - | - | - | 8,289 | 8,289 |
| Property Reserve Fund | 372,000 | - | - | - | 372,000 |
| General funds | 29,608 | 11,725 | (4,273) | 1,283 | 38,343 |
| 401,608 | 11,725 | (4,273) | 9,572 | 418,632 |
Revaluation Reserve represents unrealised gains on investments.
Property Reserve Fund represents the net proceeds from the sale of the School House. A contingent liability exists with respect to the net proceeds dependent on whether any ancestors of the original donor stake a claim within a twelve year period from the date of sale of the School House. The Trustees consider that the likelihood of such a claim being made is small but, to be prudent, have set aside the net proceeds in a designated fund.
14 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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ASHFIELD EDUCATIONAL FUND (BUSHEY)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
15 Prior period adjustment
Changes to the balance sheet
| At 31 July 2024 As previously reported Adjustment As £ £ Fixed assets Investments 414,783 974 Bank and cash 3,225 - Other creditors (350) - Net assets 417,658 974 Income funds Unrestricted funds 417,658 974 Total reserves 417,658 974 |
restated £ 415,757 3,225 (350) 418,632 418,632 418,632 |
|---|---|
Changes to the profit and loss account
| Period ended 31 July 2024 As previously reported Adjustment As £ £ Income from: Investment income 4 11,721 4 11,721 Expenditure on: Raising funds - 1,613 Charitable activities 2,660 - 2,660 (1,613) Net gains on investments 18,706 (9,134) Net movement in funds 21,370 974 |
restated £ 11,725 11,725 1,613 2,660 (4,273) 9,572 22,344 |
|---|---|
The prior period adjustment has arisen due to a misinterpretation of the accounting rules concerning disclosure of income and expenditure in investment prortfolios, this has now been corrected.
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