||**Annual Report for 2021**|**Annual Report for 2021**| |---|---|---| |Trust Name:|**MENDLESHAM EDUCATIONAL FOUNDATION**|| |Charity Commission
No.|271762|| |Clerk to the Trust|Mr. Mike Favager,
2 The Old Orchard,
Front Street,
Mendlesham,
STOWMARKET, Suffolk. IP14 5TY|| |Trustees for 2021|Mr. D. Nunn
(Chairman)|Nominative
appointed by
Mendlesham Parish
Council| ||Rev. P. T. Gray (V.Chairman)|Ex Officio| ||Mr. R. M. Fenning|Nominative appointed
by Mendlesham Parish
Council| ||Mrs. A. Fox|Co-optative| ||Dr. P. Head|Co-optative| ||Mr. A. Stringer|Nominative appointed
by Suffolk County
Council| 1 of 3 ||The Trust is administered by the appointed Trustees.
The Trustees give their time voluntarily; the clerk is
paid an annual allowance. Mrs D Smith retired from
the Foundation during the period| |---|---| |Terms of Office|The terms of office for our Trustees is set out in the
Charity Commission Scheme dated
26thSeptember, 1983.| |Assets|The Trust owns 37.448 acres of land which is rented
to Messrs H. E. Knock and Son, Juby Bros. and J. W.
Davey & Sons.
Old School House – Tenants Mr. & Mrs. R. Lambert.
The Old School Room – Hired out as a meeting room.
There were only 83 hirings during 2021, although a
slight improvement on 2020 the effects of COVID-19
remained extant. The Trustees are very grateful to the
caretaker and booking secretary, Mrs. Daphne
Lambert for her continued care of the building.| |Performance in 2020|During the year educational grants totalling £17725.00
have been distributed to 25 students. A further
£2200.00 in grants were made to village youth
organisations. £240.00 was granted to two other
recipients to support specialist educational
requirements. Mendlesham Primary School was
awarded £6250.00 to support the School Forest
Project. The trust maintains a pledge of £6000
towards the new Scout Headquarters to be built at
Mendlesham Green.
Three meetings were held during the year initially
using Zoom and laterly face to face in the Old School
Room
The trust maintains its registration for Data Protection
with the ICO.| |Investments|The Foundation continues to have its portfolio
managed by Kingsfleet Wealth. The portfolio of
investments remains with 7IM. Part of the portfolio is
invested for growth and the dividends on the
remainder are paid monthly as income to support the
grants made for education and village youth
organisations. There has been an improved return on
investments affected during the pandemic.| 2 of 3 |Maintenance of Assets|Minor maintenance work has been required in the Old
School Room, kitchen light repairs, fence repairs and
plumbing repairs in the toilet.| |---|---| |Financial Reviews|The financial advisor, Mr. Colin Low of Kingsfleet
Wealth Management, delivered two updates during
the period using a live video link. Trustees were able
to interact with the update and ask questions.| |Time for Change|The trust seeking to appoint new Trustees during
2022.| 3 of 3 |||||**Mendlesham Educational Foundation**|**Mendlesham Educational Foundation**|**Mendlesham Educational Foundation**|**Mendlesham Educational Foundation**||||| |---|---|---|---|---|---|---|---|---|---|---|---| |||||**General**|**Account for year ended 31st December, 2021**||||||| ||||||||||||| ||||||||||||| |**2021**|**Income**|**Record**||**£**||**2021**|**Expense**|**Record**|**£**|**£**|| |Jan. 1st|Balance Brought Forward From 2020||15,308.99|||Jan 4th|Student Grants - Winter|729-760||6,150.00|| |Jan 19th|7IM Distribution|Direct Credit|
2,346.02|||Apr 12th|Student Grants - Summer|762-791||6,150.00|| |Feb. 17th|7IM Distribution|Direct Credit|
711.09|||Sep 19|Student Grants - Autumn|798-821||5,425.00|
17,725.00| |Mar. 17th|7IM Distribution|Direct Credit|
3,812.44|||Jan 4th|BT - Broadband and line rental|DD||21.60|| |Apr 19th|7IM Distribution|Direct Credit|
421.93|||Feb 2nd|BT - Broadband and line rental|DD||21.60|| |May19th|7IM Distribution|Direct Credit|
638.28|||Mar 5th|BT - Broadband and line rental|DD||21.60|| |Jun 17th|7IM Distribution|Direct Credit|
4,836.67|||Apr 6th|BT - Broadband and line rental|DD||21.60|| |July19th|7IM Distribution|Direct Credit|
538.85|||May4th|BT - Broadband and line rental|DD||24.00|| |Aug18th|7IM Distribution|Direct Credit|
1,880.52|||Jun 2nd|BT - Broadband and line rental|DD||24.00|| |Sep 17th|7IM Distribution|Direct Credit|
4,311.35|||July5th|BT - Broadband and line rental|DD||39.80|| |Oct 19th|7IM Distribution|Direct Credit|
714.14|||Aug2nd|BT - Broadband and line rental|DD||22.74|| |Nov 17th|7IM Distribution|Direct Credit|
1,231.81|||Sep 2nd|BT - Broadband and line rental|DD||22.74|| |Dec 17th|7IM Distribution|Direct Credit|
1,758.45|||Oct 4th|BT - Broadband and line rental|DD||22.74|| |Jan. 10th|TSB Interest|Credit Interest|
2.94|||Nov 2nd|BT - Broadband and line rental|DD||22.74|| |Feb. 10th|TSB Interest|Credit Interest|
3.53|||Dec2nd|BT - Broadband and line rental|DD||22.74|
287.90| |Mar. 10th|TSB Interest|Credit Interest|
2.05|||Feb 16th|Anglia Water Busi 501161150013|DD||96.41|| |Apr 10th|TSB Interest|Credit Interest|
2.26|||Aug16th|Anglia Water Busi 501161150013|DD||68.90|
165.31| |May10th|TSB Interest|Credit Interest|
2.22|||Mar 18th|npower - electricity|DD||171.58|| |June 10th|TSB Interest|Credit Interest|
2.48|||Jun 15th|npower - electricity|DD||190.73|| |July10th|TSB Interest|Credit Interest|
2.44|||Dec 21st|npower - electricity|DD||492.40|
854.71| |Aug. 10th|TSB Interest|Credit Interest|
2.76|||Mar 8th|Mendlesham PC Paints Skate Park|761||220.00|| |Sept. 10th|TSB Interest|Credit Interest|
2.92|||Mar. 18th|I.C.O. Fee|DD||35.00|| |Oct. 10th|TSB Interest|Credit Interest|
2.82|||Apr 24th|Lovewell Blake 2020 Accounts|792||720.00|| |Nov. 10th|TSB Interest|Credit Interest|
3.51|||Apr 26th|Flameskill - fire extinguisher mtnce.|793||45.72|| |Dec. 10th|TSB Interest|Credit Interest|
1.91|||May19th|Plumber OSR Toilet Valve|794||60.00|| |Jun 7th|Mid Suffolk VotingOSR|Direct Credit|
120.00|||May31st|Window Cleaner(Paid byClerk cash)|795||35.00|| |May1st|Old School House rent See note 1.|500007|
803.25|||July21st|School Support Travel|796||100.00|
100.00| |Aug2nd|Old School House rent|500009|
819.32|||Aug23rd|NFU - Insurance|797||1,411.00|| |Oct 27th|Old School House rent|500012|
819.32|||Oct 21st|Mendlesham Football Club|822||285.00|
285.00| |Dec. 31st|Old School House rent|500015|
819.32|||Nov 22nd|St Marys PCC - JAM Bibles|862||80.00|
80.00| |May1st|Old School Room Hire|500007|
15.00|||Dec 1st|IRLENS|826||140.00|
140.00| |Dec 20th|Old School Room Hire|500014|
215.00|||Dec 1st|PPL PRS renewal|828||48.56|| |Jan 29th 22|Old School Room Hire|500016|
325.00|||Dec 1st|Guides|830||285.00|| |Feb 15th 22|Old School Room Hire|500018|
130.00|||Dec 1st|Brownies|829||285.00|| |Feb 15th 22|Old School Room Hire|500019|
93.00|||Dec 1st|Explorers|834||285.00|| |Feb 16th 22|Old School Room Hire|500020|
11.00|||Dec 1st|Cubs|832||285.00|| |Oct 11th|Land Rent JubyBrother|Direct Credit|
950.00|||Dec 1st|Beavers|831||285.00|| |July1st|Land Rent: J. W. Davey& Sons|500008|
875.00|||Dec 1st|Rainbows|827||285.00|| |Oct. 14th|Land Rent: H. E. Knock & Sons|500011|
1,660.00|||Dec 1st|Scouts|833||285.00|
1,995.00| |Oct 4th|Nat. Grid Wayleaves|500010|
2.17|||Dec 14th|Clerks Allowance|835||1,653.75|| |Nov 15th|Suffolk Eurojam Refund|500013|
200.00|||Dec 15th|Mendlsham PrimarySchool Forest Project|836||6,250.00|| |31st Dec|2020 S Dempsey712 Cheque not submitted 2021|Chq 712|
150.00|||Jan 19th 22|OSR Lights and Paper Towels|861||64.43|| |31st Dec|2020 Explorers 726 Cheque not submitted 2021|Chq 726|
275.00|||Feb 15th 22|BookingClerk Allowance 2021|863||110.00|| |Feb 2nd 22|Land Rent: J. W. Davey& Sons(2021 Rent)|500017|
875.00|||Feb 15th 22|Caretaker Allowance 2021|863||263.00|| |Feb 22|Old School Room Hire PC|BACS|
169.00|||Feb 15th 22|Caretaker expenses OSR 2020/21|863|47,991.76|
22.08|| ||Old School Room Hire Comp Club|BACS|
78.00|||Nov 17th|Cash Transfer CharityAccount to BIA Account|||12,000.00|
21,632.92| 1 of 2 ||Old School Room Hire SAT CAFE|BACS|
45.00|||**Total Expense 2021**|||**£**
**44,571.46**|| |---|---|---|---|---|---|---|---|---|---|---| |||||||||||| ||||||31 Dec 21|TSB Business Instant Access Acc. Balance|||3,307.05|| ||||||31 Dec 21|TSB Club, Charityand Trust Account|||10,677.44|| |Nov 17th|Cash Transfer CharityAccount to BIA Account||12,000.00|||Cashpaid into bank after 31st Dec 2021||||| |||||||JW Daveyand Sons Land rent|500017||875.00|| |||||||OSH Rent|500015||819.32|| ||Note|||||OSRHire|500016||325.00|| ||1. OSH Rent underpaid May1st by£16.07 to be recovered in 2022|||||OSRHire|500018||130.00|| |||||||OSRHire|500019||93.00|| |||||||OSRHire|500020||11.00|| |||||||OSR Hire PCS|BACS||169.00|| |||||||OSR Hire CompClub|BACS||78.00|| |||||||OSR Hire SAT Cafe|BACS||45.00|
2,545.32| |||||||||||| ||||||31 Dec 21|Unpresented Cheques 2021|||-1109.51|| |||||||1st Mendlesham Rainbows|827|-285.00||| |||||||Primate Explorers|834|-285.00||| |||||||Jam Bibles|862|-80.00||| |||||||OSR Repair Lights and Paper Towels|861|-64.43||| |||||||BookingClerk Allowance 2021|863|-110.00||| |||||||Caretaker Allowance 2021|863|-263.00||| |||||||Carteaker expenses OSR 2020/21|863|-22.08||| |||||||**Total Cash in Bank**|||**£**
**15,420.30**|| |||||||||||| ||**Total Income 2021**||**£**
**59,991.76**|||**Total**|||**£**
**59,991.76**|| |||||||||||| ||||||**Accessible Funds**|||||| ||**COIF Charities Deposit Account 2021**||||**COIF Charities Fixed Interest Fund 2021**|||||| |Jan. 1st|Brought forward||17,468.62|||Accumulation Units: Total holding3609.60||||| |March 31st|Deposited||0.49||Jan. 1st 2021|Brought Forward|||£
35,162.56|| |June 30th|Deposited||0.51||Dec 31st 2021|Carried Forward|||**£**
**33,737.85**|| |Sept. 30th|Deposited||0.57|||Net Decrease in Value for 2021||-£1,424.71||| |Dec. 31st|Deposited||0.54|||||||| ||||**£**
**17,470.73**|||||||| |||||||||||| ||**Investments**|||||||||| ||**Kingsfleet Wealth**|||||||||| |1 Jan 21|7IM Portfolio Valuation:||£ 858,005.82|||||||| |31 Dec 21|7IM Portfolio Valuation:||**£ 910,744.68**|||||||| ||Netgain on investments for 2021|£
52,738.86||||||||| 2 of 2 CHARITY REGISTRATION NUMBER: 271762 Mendlesham Educational Foundation Unaudited financial statements 31 December 2021 Mendlesham Educational Foundation Flnanclal statements Year ended 31 December 2021 Page Trustees, annual report Independent examinerf6 report to the trustees Statement of financial activities Balance sheet Notes to the financial statements Mendlesham Educational Foundation Trustees, annual report Year ended 31 December 2021 The trustees present their report and the unaudited financial statements of the charity for the yoar ended 31 December 2021_ The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities". Statement of Recornmended Practi￿ applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administrative details Registered charity name Mendlesham Educational Foundation Charity reglstration number 271762 Principal office 2 The Old Orchard Front Street Mendlesham Stowmarket SLrffolk IP145TY The trustees The trustees who servèd during the yè8r and 8t thè datè ef 8pproval were as follows.. D Nunn (Chair- Nominative appointèd by M*ndlesham Parish Council) Rev P Gray (Vice Ghair- Ex Officiol R Fenning (Nominative appointed by Mendlesham Parish Council) A Fox ICtr-OPtalivel Dr P Head Ico-optslivel A Stringer (Nominative appointed by Suffolk County Council) Clerk to the Trust M Favager Financial advisor Kingfleet Wealth Management Claydon Court Old Ipsv4ich Road Claydon Ipswich IP6 OAE Independent examiner L Thurston FCCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA Bankers TSB 7 Market Street Stowmarket IP14 1DY Mendlesham Educational Foundation Trustees, annual reportlconllnued) Year ended 31 December 2021 ObjÈetivè$ and activitiès Income frorn the Trust assets is used to benefit students under the age of 25 years of agè in need of rinancial assistance for educational needs. The charity is for the benefit of Mendlesham residents only. Grants are made at the discretion of the Trustees and are subject to the financial position of the Trust. The Trustees endeavour to maintain sufficient funds to enable the work of the Trust to continue in peipeluily. Public benefit ￿PortIng The Trustees are awaie of the Charity Corntni55ion's guidance in rel8lion lo delivering public benefrt. The Trustees consider that they are fulfilling the requirements to deliver a publie benefit. Achievèments and performance During the year grants tot811ing £17,72512020." £18,450) have been distributed lo 25 sludenls12020.' 321. A further £2,200 in gr8nts were made to vi118ge youth organisations. £240 was granted lo iwo other recipients to support specialist educational requiremènts. Mendlesham Primary School was awarded £6,250 to support the School Forest Projed. The trust malntains a pledge of £6,000 towards the new Scout Headquarters to be built at Mendlesham Green. Three meetings weFe held during the year initially using Zoom and laterly faGe lo fa￿ in the Old School Room. The Trust maintains ils registr8lion for Dela ProleGtion wtth ICO_ Investmènts policy The Foundation CC>ntinues to have its portfolio managed by Kingsfleet Wealth. The portfolio ol investments remains with 71M. Part of the portfolio is invested for growth and the dividends on the remainder are paid Monthly as income to support the grants made for education and village youth organisatations. The￿ has been an improved return on investments affected during the pandemic. In the opinion of the Trustees the portfolio has perfomed satisfactorily as the value of the investments has increased slightly to £961.95312020.' £910,638) at the year end date. Financial review The charity has income this year of £32,48212020'. £33,834) creating a nel incorne of £51,33612C>19.' net expenditure £39.5521. Gains on inveslrnents amounted lo £51.31312020.' losses on investments £10,487) and closing funds of the charity have increased to a balance of £976,593 compared to £925,257 in the previous year. Reserves policy The Trustees have established a policy whereby the unie5tricted fund5 nDt committed oi invested in tangible fixed assets I'the free reserves") held by the charity should be 34 months of the iesourGes expended which would equate to £9.274 12020.. £11.5361 based on current levels of activity. Al this level, the Trustees feel that it would bé ablÉ to etsntinue 8Ctivitiès of the d)arity in the event of 8 significant drop in income. Additionally. a level of Investment is maintainèd to generatè incomè to to safsguard grant making in future periods. At present the total reserves less investments are £14,640 {2020.. £14,619), The Trustees plan to expense the exGe55 funds, Plans for future pèriods The Trustees plan lo continue to glow the char5ty. with an aim to increase investment income in future years to safeguard lulure grants and are tllindful of the global pandemic Covid-19, which other than the Irnpact on the investments values has had a minimal impact on charitles activrties or pérform8ne&. Mendlesham Educational Foundation Trustees. annual report (contlnu8dJ Year ended 31 December 2021 Structur•, govèrnance and management Mendlesham Educational Foundation was establlshed by the will of Henry Jessop in 1518. The Governing documents are the Scheme of the 26th September 1983 and the Scheme 014th July 1991. The terms of office for Trustees are set out in the Charity Commission Scheme dated 26 September 1983. The Trustees are responsible for making deci5iolls on all matters of general concem and irnportance, induding deciding on how the funds are to be spent. The Board met 3 12020". 31 times during the year with an average attendance of 67Yo12020'. 66%). Recruitment and appointment of Trustees New Truslees are appointed from a recruitment and selection process to enhance the skills and experiencè of the board as a whole. Once appointed, Trusteès are provided with all the infomatiun required to assist them in performing their role as Trustees covering all aspects of the organisation. Trustee induction and training Following an induction by the charity and on request Lovewell Blake LLP provides Trustees with training regardin9 the responsibilitiès of being a charity Tiuslee. If TrusteÈs request or rèquire further input then the charity would arrange for them to attend exlemal training as appropriate. Risk management The Trustees have &%sessed the major risks to which the charity 15 exposed. and are satisfied that system5 are in place lo mitigate exposure to the major risks. True and fair override The financi81 statements have been prepared lo give a "trug and faiff view and h8ve dèparted from the Charitie$ (Accounts and Reports) Regulations 2008 only to thé extent ￿quIred to provide a true and fair view.. This departure has involvèd following the Accounting and Reporting by Charities. Statement of Recomrnended Practice applicable in the UK Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities. Staterllent of Recommended Practice from 1 April 2005 which has since been withdrawn. Independent examiner reappointment A re501ulion to appoint L Trurston FCCA of Lovew811 Blake LLP 85 independent examiner will be proposed al the next Annual General Meeting. The trustees. annual report was approved on trustees by.. and signed tsn bèhalf of the board of D Nunn (Chairl Trustee Mendlesham Educational Foundation Independent examiner's report to the trustees of Mendlesham Educational Foundation Year ended 31 December 2021 I report lo the charity trustee5 on rHy ex8rnin8lion of the financial statements of the charity for the year ended 31 December 2021 which cornprise the statement of financial activities, balance sheet and the related notès. Responsibilities and basi8 of report As the charity's trustees you are responsible for the prepar8tion of the finan¢i81 sl8lernents in accordance with the requirements of the Charities Act 2011 I'thb Act'i. I report in respect of my ex8min8ti(>n of thè eh8riWs financial stalements cerried out under section 145 of the Act and in carrying out rny exarnination I have followed all the applicable Directions given by th¢ Charity Commission under section 14515llbl of the Act. Independent 8xarninerfs 8t8tement I have completed my examination. I confirm that no material matters have come to rny attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by sèction 130 of the Act., or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements conceming thè forrn and content of accounts sel 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 mattel considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examin3lion lo which attention should bè drawn in this rep(>rt in ordèr to en8ble a propèr underst8nding of the accounts to be rèachèd. Your attention is drawn to thé f8Ct that the Chanty h88 prepared the accounts (financial statements) in accordance with Accounting 8nd Reporting by Ch81ilies'. Staternent of Recommended Practice applicable to ¢h8rilies prepa￿￿9 their accotjnts ill accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in prefeienGe lo the Accounting and Reporting by Charities.. Statement of Recornrnended Practice issued on 1 April 2005 which is referred lo in the exlanl regulations but has since been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting period5 beginning on or after 1 January 2015. L Thurston FCCA Independent Examiner Lovewell Blake LLP Chartered accountsnts First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA Mendlesham Educational Foundation statement of financial activities Year ended 31 December 2021 2021 Unrestricted funds 2020 Total fund5 Total funds Note Income and endowments Donations and legacies Charitable activities Investment income 5,000 8,434 20,400 33.834 9,247 23,235 9.247 23.235 Total ineomè 32,482 32,482 Expenditu Charitable activiti¢s 32,459 32,459 32,459 39,552 Totsl èxpenditure 32,459 39.552 Net ineomèllexpènditurel and net movements in funds before gains and losses on investments 23 23 {5,718) Net gains11￿$ses) on investments 51.313 51,313 {10,4871 Net incomgllexpendlturel and net movement in fund$ 51,336 51,336 (16,205) Re¢onciliation of funds Total funds brought fo￿ard Total funds carritd forward g25,257 925,257 941.462 976.593 976,593 925,257 The statement of financial adivilies includes all gains and losses ￿CogniSed in the year. All income and expenditurè derive from Gontinuing activities. The note5 on pages 7 to 11 forrn part of these financial ststements. Mendlesham Educational Foundation Balance sheet 31 December 2021 2021 2020 Note Fixed assets Investments 13 961,953 910,638 Current asseig Cash at bank and in hand 15,420 15,309 Creditors- Amounts falling duè wsthirt one year f4 17801 16901 Net current assets 14,640 14,619 Total assets le￿ ¢urrènt liablliti•s g76.593 925,257 925,257 Net assets 976,593 Funds of the charity Unrestricted funds 976.593 925,257 Totsl ¢harity fund$ 1S 976,593 925,257 These fi ncial statements were approved by the board c*f trustees and 8ulhorised for issue on ndar igned on behalf of the board by.. Mr D Nunn (Chairl Trustee Th? notas on pag•s 7 to 11 forni part of these financial statements. Mendlesham Educational Foundation Notes to the financial statements Year ended 31 December 2021 General information The charity is a public benefit entity and a registered charity in England and Wale5 and is unincorporated. The address of the principal office is 2 The Old Orchard. Front Street. Mendlesham. Stowmarket. Suffolk. IP14 STY. Statèmènt of eomplianee These finanaal statements have been prepared in compliance with FRS102. 'The Financial Reporting Standard applicable in the UK and the Republic of Iieland,. the Statement of Recommended Practice, applicable to charities prèparing thèir aeeounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ICh8rities SORP IFRS 10211, and the Charities Act 2011. The charity has applied Updated Bulletin 1 as published on February 2016. The charity con$lilules a public benefit entity a5 defined by FRS 102. The f&nan¢ial slalemenls have been prepared to give a 'lrue and fairt. view and have ¢Jeparted fiom 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 Aecounting and Reporting by Charities.. Statement of Recommended Pr8Ctice 8pplicable in the UK 8nd Republic of Ireland Issued in October 2019 rather than the Accounting and Reporting by Chaflties." St8lement of Recommended Practice from 1 Apiil 2005 which has since beèn withdrawn. Accounting pollcles Basis of preparation The financial statement8 have been prepared on the hi51oric31 cost basis, as modified by the revaluation of certain financial assets and liabilities and invèstment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional curr8ncy of the entity. Going Concèrn The financial statements have been prepared on a going concern basis as the Trustees believe that no materi81 uncertainties exist. The Truste8s have considered the level of funds held and the expected level of incorne and expenditurÉ for 12 rnonth5 from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the chafity to be able to continue as a going concern. Twstees have tsken into a¢¢ounl the impact of Covid-19 when assessing going concem. Fund accounting Unre5tricled funds are rnainl8ined by the charity as 3 general fund which ￿presents funds which are expended at the discretion ol the Trusleos in furtherance of the objects of the Charity. Income All income is induded in the Statement of financial activities when entitlement has passed to the charity. it is probable that the econurllic benefits 8ss0¢iated with the transaction will flow to the charity and the arnounl can be reliably measured. The following specific policies are applied to particular ¢ategories of incorne. incorne from donations or grants is recognised when the￿ is evidence of entrtlement to the gift, receipt is probable and its amount can be measured reliably. Mendlesham Educational Foundation Notes to the financial statements (conllnu8dJ Year ended 31 December 2021 Aeeounting policiès (tontlnued) Expènditurè Expenditure is recognised on an accruals basis as a liability is incurréd. Expenditure includes any VAT which cannot be fully recovered, and is dassified under he8dings of the statement of financial activities lo which il ielates.. expenditure on charitable adivilies includes 811 costs incurred by 8 charity in undertaking activities th81 further ils charitable aitlls for the benefit of its beneficiaries. inGluding those support costs and costs relating to the governancè of the ehaity apportioned to charitable actiVTt188_ AII c0518 are 811ocated to expenditure categoiies reflecting the use of the resource. Direct cost5 attributable to 8 singlè aetivity ale 8IIoc8ted directly to that activity Shared costs are apprortioned betweèn the activities they contribute to on a reasonable. Justifiable and consistent bas18. Investments Unlisted equity investments are initially recorded al cost, and subsequently measured 81 fair value. If fair value ¢annol be reliably measured, assets aE measured al cost less impaimienl. Listed investments are measured al fair value with changes in fair value being recognised in incorne or expenditure. Financial instrurnents A financial asset or a financial liability is recogni5ed only when the entity becomes a party to thè contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the lulure payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilitie5 are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Donations and legacies Unrestricted Total Funds Fund5 2021 Unrestricted Total Funds Funds 2020 Grants Mid Suffolk District Council 5,000 5.000 Charitable activitie¥ Unrestricted Totsl Funds Funds 2021 Unrestricted Total Funds Funds 2020 Rents re￿iVed 9,247 9,247 8.434 8,434 Mendlesham Educational Foundation Notes to the financial statements (contintsedj Year ended 31 December 2021 Investment income Unrèstricted Total Funds Unrestricted Total Funds Funds 2021 Funds 2020 nvestment income 23.235 23.235 20.400 20,400 Expenditure on charttable activities Activities undertaken ￿1￿ctlY Total fund 2021 Total fund 2020 Grants Support costs Independent examination fees 26.555 5,094 810 26.555 5.094 810 32,455 5,717 1.380 32.459 32.459 39,552 Analy$i$ of support co$ts 2021 2020 Clerk's salary School foom expenditure Insurance expense Sundry costs 2,049 1,599 1,411 35 2.223 2.188 1.271 5,094 5,717 Net gainslllossesl on investments Unrestricted Totsl Fund5 Funds 2021 UnrestriGted Totsl Funds Funds 2020 Gainslllossesl on investments 51,313 51,313 110,48n 110,4871 10. Stsff costs The avèragè head cou4)t of employees during the year was Nil12020.' Nill. ND employÉe receivèd benefits of more than £60,000 during the year12020'. £Nill. Key management personnel Key management personnel include all personnel that have the authority and responsibility for planning, directing and controlling the activities of the charity. Total considerats'on paid to key man8gemènt personnèl for services provided to the charily was £Nil12020'. £Nill. 11. Trustee rgmuneration and expens No Trustee received remuneration in the current or prior year, directly or indiredly from the Charity. No expenses were reimbursed lo th8 Trustees during the year12020.. £Nill. Mendlesham Educational Foundation Notes to the financial statements (Collllnu Year ended 31 December 2021 12. Tangible fixed assets The following freehold properties are owned which were willed to the Trust.. 37.448 acres of land Old School House, Mendlesham The Old School Room, Mendlesharn 13. Investments Listed investments Cost or valuation At 1 January 2021 Additions Fair value movements 910,638 51,313 At 31 December 2021 961,953 At 31 December 2020 910,638 All invèstmènts shown above are held at valuation. The fair value of listed sècuritiès is detèrmined by rÈfÈrènce to the quoted price for these 8sset5 in an active market at the balance sheet date. Investments are shown at the fair value market rate. 14. Creditors: Amounts falling due within one year 2021 2020 Accruals and deferred income 780 690 15. Analysls of charitsble funds Unrestricted funds Gains and At 31 Dec Ilosses) 2021 At 1 Jan 2021 Income Expenditure General funds 925.257 32,482 132,4591 51,313 976,593 Gains and At 31 Dec Ilosses) 2020 At 1 Jan 2020 Income Expenditure General funds 941,462 33,834 139.5521 110.48n 925,257 10 Mendlesham Educational Foundation Notes to the financial statements (contlnued) Year ended 31 December 2021 16. Analysis of net assets bets¥een funds Year ended 31 Decémber 2021 Net current assets Investments Total General funds 961,953 14,640 97e,593 Yè•r ended 31 December 2020 Net current assets Investments Totsl General funds 910,638 14.619 925,257 17. R•latèd parties There were no Iransactions with related parties during this or the prior yeaf. 11