OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Annual Report for 2023 Annual Report for 2023
Trust Name: MENDLESHAM EDUCATIONAL FOUNDATION
Charity Commission
No.		 271762
Clerk to the Trustees Mr. Mike Favager,
2 The Old Orchard,
Front Street,
Mendlesham,
STOWMARKET, Suffolk. IP14 5TY
Trustees for 2022 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 H. Orton Nominative appointed
by Mendlesham Parish
Council. Commencing
March 2022
Mrs L Daniels Co-optative.
Commencing March
2022
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 Adrena Fox retired
March 2023, the trustees thanked Mrs Fox for her
valuable support over the years.
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.
The number of hirings throughout 2023 has now
returned to pre-pandemic use. The trustees wish to
thank Mrs. Daphne Lambert for continuing to manage
the bookings, and to Mrs Mo Favager for the care of
the rooms.
Performance in 2023 During the year educational grants totalling
£17,720.00 have been distributed to 29 students. A
further £2650.90 in grants were made to village youth
organisations. Mendlesham Primary School was
awarded £7100.00 to support the School Forest
Project, a new library project and Little Wandle
Phonics development.
The trust maintains a pledge of £6000 towards the
new Scout Headquarters to be built at Mendlesham
Green.
Four meetings were held during the year in the Old
School Room, the change in meeting time from a.m to
p.m. has worked well for working trustees.
A drive to recruit a more diverse group of trustees has
also proved successful with several new trustees
interested and will join in early 2024
The trust maintains its registration for Data Protection
with the ICO.

2 of 3

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. The portfolio valuation at the end of
2023 has shown a small increase in value throughout
the period.
Maintenance of Assets Minor maintenance work has been required in the Old
School Room to kitchen plumbing, Electrical repairs
for heating. Work to the Old School House is
scheduled to start in the spring of 2024, with
downstairs sash window repairs and replacement.
Work to pointing and roof line will also take place in
the spring, together with external repays and painting
to the OSR
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.

3 of 3

£
6,190.00
5,870.00
5,350.00
26.65
26.65
26.65
26.65
33.26
33.26
42.22
52.46
52.46
52.46
52.46
52.46
82.35
111.35
953.75
35.00
200.00
894.00
250.00
7,100.00
160.90
640.00
1,280.00
320.00
123.72
144.00
139.20
1,724.01
71.45
158.99
85.00
60.00
50.00
60.00
50.00
50.00
45.00
50.00
40.00
35.00
45.00
50.00
35.00
110.00
1,769.50
95.00
£
34,905.86
£
16,242.98
£
9,711.96
819.32
220.00
20.00
20.00
80.00
875.00
120.00
360.00
20.00
140.00
-935.00
27,694.26
62,600.12
£
30,324.25
£
32,667.96
£
2,343.71
Mendlesham Educational Foundation
General Account for year ended 31st December, 2023
2023 Income for 2023 Record £ 2023 Expense for 2023 Record £ £
Jan Student Grants - Winter 6,190.00
Jan 7IM Distribution Direct Credit
563.04		 Apr Student Grants - Summer 5,870.00
Feb 7IM Distribution Direct Credit
4,021.58		 Oct Student Grants - Autumn 5,350.00
Mar 7IM Distribution Direct Credit
4,137.10		 Jan OSR BT - Broadband and line rental DD 26.65
Apr 7IM Distribution Direct Credit
598.55		 Feb OSR BT - Broadband and line rental DD 26.65
May 7IM Distribution Direct Credit
1,016.73		 Mar OSR BT - Broadband and line rental DD 26.65
Jun 7IM Distribution Direct Credit
6,481.21		 Apr OSR BT - Broadband and line rental DD 26.65
Jul 7IM Distribution Direct Credit
518.90		 May OSR BT - Broadband and line rental DD 33.26
Aug 7IM Distribution Direct Credit
818.60		 Jun OSR BT - Broadband and line rental DD 33.26
Sep 7IM Distribution Direct Credit
6,479.28		 Jul OSR BT - Broadband and line rental DD 42.22
Oct 7IM Distribution Direct Credit
767.12		 Aug OSR BT - Broadband and line rental DD 52.46
Nov 7IM Distribution Direct Credit
2,352.52		 Sep OSR BT - Broadband and line rental DD 52.46
Dec 7IM Distribution Direct Credit
3,167.43		 Oct OSR BT - Broadband and line rental DD 52.46
Jan TSB Interest Credit Interest
10.35		 Nov OSR BT - Broadband and line rental DD 52.46
Feb TSB Interest Credit Interest
5.95		 Dec OSR BT - Broadband and line rental DD 52.46
Mar TSB Interest Credit Interest
5.01		 14/02/23 OSR Anglia Water Busi 501161150013 DD 82.35
Apr TSB Interest Credit Interest
6.37		 15/08/23 OSR Anglia Water Busi 501161150013 DD 111.35
May TSB Interest Credit Interest
6.84		 21/06/23 OSR npower - electricity DD 953.75
Jun TSB Interest Credit Interest
7.30		 17/03/23 I.C.O. Fee DD 35.00
Jul TSB Interest Credit Interest
7.64		 15/05/23 Mrs Julie Williams FridayWarm Space 1007 200.00
Aug TSB Interest Credit Interest
8.64		 06/06/23 Lovewell Blake 2022 Accounts 1009 894.00
Sep TSB Interest Credit Interest
10.62		 12/09/23 Bacton under 5’s Fence repair support 1017 250.00
Oct TSB Interest Credit Interest
10.47		 22/11/23 Mendlesham School Projects 1044 7,100.00
Nov TSB Interest Credit Interest
14.18		 22/11/23 Mendlesham PPC(JAM Rem Sunday) 1048 160.90
Dec TSB Interest Credit Interest
19.69		 22/11/23 Guides and Brownies £320 Each 1047 640.00
19/06/23 Old School House rent to Mar 23 500039
819.32		 22/11/23 Beavers, Cubs, Scouts, Explorers £320 each 1045 1,280.00
08/07/23 Old School House rent to Jun 23 500044
819.32		 22/11/23 Rainbows 1046 320.00
08/11/23 Old School House rent to Sept 23 500052
819.32		 03/05/23 OSR Flameskill - fire extinguisher maint 1004 123.72
01/02/24 Old School House rent to Dec 23 500050
819.32		 08/05/23 OSR Owl Electrical PAT Test 1006 144.00
19/06/23 Old School Room Hire 500039
20.00		 18/07/23 OSR PPL PRS renewal 1011 139.20
19/06/23 Old School Room Hire 500040
220.00		 29/08/23 OSR NFU Mutual 1014 1,724.01
19/06/23 Old School Room Hire 500041
60.00		 01/09/23 OSR Kitchen Drains and Fence repair 1016 71.45
08/07/23 Old School Room Hire 500043
200.00		 21/11/23 OSRClerk(Ovenglass,Hand Tools and Duster) 1020 158.99
08/07/23 Old School Room Hire 500044
20.00		 22/12/23 OSR Oven cleaning 1052 85.00
01/09/23 Old School Room Hire 500045
15.00		 02/02/23 OSR CleaningJan 23 972 60.00
01/09/23 Old School Room Hire 500046
50.00		 05/03/23 OSR CleaningFeb 23 973 50.00
22/11/23 Old School Room Hire 500048
45.00		 31/03/23 OSR CleaningMar 23 975 60.00
23/11/23 Old School Room Hire 500049
80.00		 08/05/23 OSR CleaningApr 23 1005 50.00
08/11/23 Old School Room Hire 500051
30.00		 02/06/23 OSR CleaningMay23 1008 50.00
08/11/23 Old School Room Hire 500053
160.00		 10/07/23 OSR CleaningJune 23 1010 45.00
01/02/24 Old School Room Hire 500054
220.00		 31/07/23 OSR CleaningJuly23 1012 50.00
01/02/24 Old School Room Hire 500055
20.00		 01/09/23 OSR CleaningAug23 1015 40.00
06/02/24 Old School Room Hire 500056
20.00		 01/10/23 OSR CleaningSept 23 1018 35.00
12/02/24 Old School Room Hire 500058
80.00		 03/11/23 OSR CleaningOct 23 1019 45.00
10/10/23 Land Rent JubyBrother Direct Credit
950.00		 03/12/23 OSR CleaningNov 23 1049 50.00
20/03/23 Land Rent: J. W. Davey& Sons 500038
1,750.00		 31/12/23 OSR CleaningDec 23 1053 35.00
08/02/24 Land Rent: J. W. Davey& Sons 500057
875.00		 09/02/24 OSR BookingClerk Allowance 2023 1083 110.00
18/10/23 Land Rent: H. E. Knock & Sons 500047
1,660.00		 21/12/23 Clerks Allowance 1051 1,769.50
08/11/23 Nat. Grid Wayleaves 500051
2.17		 09/02/24 Mrs Julie Williams FridayWarm Space(grant) 1082 95.00
30/05/23 Mid Suffolk VotingOSR BACS
150.00
29/04/23 Old School Room Hire Comp Club BACS
220.00		 Total Expense 2023 £
34,905.86
11/08/23 Old School Room Hire Comp Club BACS
140.00
15/11/23 Old School Room Hire Comp Club BACS
120.00
14/01/24 Old School Room Hire Comp Club BACS
120.00		 31/12/23 TSB Business Instant Access Acc. Balance £
16,242.98
05/02/23 Mendlesham CommunityCafe(Saturday) BACS
40.00		 31/12/23 TSB Club, Charityand Trust Account £
9,711.96
12/03/23 Mendlesham CommunityCafe(Saturday) BACS
40.00		 NB £8000.00 transferred between accounts Jan 2023
07/04/23 Mendlesham CommunityCafe(Saturday) BACS
40.00
05/06/23 Mendlesham CommunityCafe(Saturday) BACS
40.00
18/07/23 Mendlesham CommunityCafe(Saturday) BACS
40.00
07/08/23 Mendlesham CommunityCafe(Saturday) BACS
40.00
10/09/23 Mendlesham CommunityCafe(Saturday) BACS
40.00		 Cash paid into bank after 31st Dec 2023
23/10/23 Mendlesham CommunityCafe(Saturday) BACS
40.00		 01/02/24 OSH rent Dec 23 500050 819.32
09/11/23 Mendlesham CommunityCafe(Saturday) BACS
40.00		 01/02/24 OSR hire 500054 220.00
05/12/23 Mendlesham CommunityCafe(Saturday) BACS
40.00		 01/02/24 OSR Hire 500055 20.00
22/11/23 OSR First Aid Training- Favager BACS
40.00		 06/02/24 OSR Hire 500056 20.00
02/05/23 Mid Suffolk DC(Warm spacegrant) BACS
1,380.00		 12/02/24 OSR Hire 500058 80.00
22/05/23 Old School Room Hire PC BACS
240.00		 08/02/24 Land Rent: J. W. Davey& Sons 500057 875.00
10/09/23 Old School Room Hire PC BACS
130.00		 14/01/24 Old School Room Hire CompClub BACS 120.00
15/12/23 Old School Room Hire PC BACS
75.00		 25/01/24 MCC MondayCoffee BACS 360.00
03/02/24 Old School Room Hire PC BACS
140.00		 25/01/24 MCC OSR Hire BACS 20.00
25/04/23 MCC MondayCoffee BACS
360.00		 12/02/24 Old School Room Hire PC BACS 140.00
16/08/23 MCC MondayCoffee BACS
295.00
08/11/23 MCC MondayCoffee BACS
250.00		 Unpresented Cheques 2023
25/01/24 MCC MondayCoffee BACS
360.00
25/04/23 MCC OSR Hire BACS
120.00		 31/12/23 OSR CleaningDec 23 1053 -35.00
16/08/23 MCC OSR Hire BACS
70.00		 12/09/23 Bacton Under 5 Fence support 1017 -250.00
09/11/23 MCC OSR Hire BACS
15.00		 03/01/24 Student Grant Autumn 23 1022 -100.00
25/01/24 MCC OSR Hire BACS
20.00		 09/02/24 Mrs Julie Williams FridayWarm Space(grant) 1082 -95.00
09/02/24 OSR BookingClerk 1083 -110.00
Total Income 2023 £
45,434.57		 01/01/24 Student Grant Autumn 23 1023 -345.00 -935.00
Jan. 1st TSB Cash Balance Brought Forward From 2022 £
17,165.55		 TSB Total Cash Value in Bank 27,694.26
**Total ** £
62,600.12		 Total 62,600.12
COIF Charities Deposit Account 2023 COIF Charities Fixed Interest Fund 2023
01/01/23 Brought forward 17,641.19 Accumulation Units: Total holding3609.60
31/03/23 Deposited 145.22 Jan. 1st 2023 Valuation Brought Forward £
30,324.25
30/06/23 Deposited 180.36 Dec 31st 2023 Valuation Carried Forward £
32,667.96
30/09/23 Deposited 213.16 Net Increase in value for 2023 £
2,343.71
31/12/23 Deposited 234.38
Total 2023 from COIF £
18,414.31
Investments
Kingsfleet Wealth
01/01/23 7IM Total Portfolio Valuation: £ 794,979.65
31/12/23 7IM Total Portfolio Valuation: £ 806,864.69
Netgain on investments for 2023 £
11,885.04

CHARITY REGISTRATION NUMBER: 271762

Mendlesham Educational Foundation Unaudited financial statements

31 December 2023

Mendlesham Educational Foundation

Financial statements

Year ended 31 December 2023

Page
Trustee's annual report 1
Independent examiner's report to the trustee 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

Mendlesham Educational Foundation

Trustee's annual report

Year ended 31 December 2023

The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 December 2023.

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 Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

- 1 -

Mendlesham Educational Foundation

Trustee's annual report (continued)

Year ended 31 December 2023

Reference and administrative details

Registered charity name Mendlesham Educational Foundation
Charity registration number 271762
Principal office 2 The Old Orchard
Front Street
Mendlesham
Stowmarket
Suffolk
IP14 5TY

The trustee

The trustees who served during the year and at the date of approval were as follows:

Nominative appointed by D Nunn (Chair)
Mendlesham Parish Council R Fenning
H Orton (Appointed 9 March 2022)
Nominative appointed by A Stringer
Suffolk County Council
Co-Optative L Daniels (Appointed 9 March 2022)
A Fox
Ex Officio Rev P Gray (Vice Chair)
Clerk to the Trust M Favager
Financial advisor Kingfleet Wealth Management
Claydon Court
Old Ipswich Road
Claydon
Ipswich
IP6 0AE
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

- 2 -

Mendlesham Educational Foundation

Trustee's annual report (continued)

Year ended 31 December 2023

Objectives and activities

Income from the Trust assets is used to benefit students under the age of 25 years of age in need of financial 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 perpetuity.

Public benefit reporting

The Trustees are aware of the Charity Commission’s guidance in relation to delivering public benefit. The Trustees consider that they are fulfilling the requirements to deliver a public benefit.

Achievements and performance

During the year grants totalling £17,410 (2022: £17,035) have been distributed to students. A further £2,240 (2022: £2,400) in grants were made to village youth organisations. Mendlesham Primary School was awarded £7,100 (2022: £8,409) to support the School Forest Project and the purchase of new iPads. The trust maintains a pledge of £6,000 towards the new Scout Headquarters to be built at Mendlesham Green.

Four meetings were held during the year in the Old School Room with meeting times moved from mid morning to evening to accommodate, working trustees.

The Trust maintains its registration for Data Protection with ICO.

Investments policy

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 a downturn in the portfolio valuation at the end of 2023.

Financial review

The charity has income this year of £46,205 (2022: £39,134) creating a net income of £22,009 (2022: net expenditure £113,961). Gains on investments amounted to £10,816 (2022: losses on investments £115,763) and closing funds of the charity have increased to a balance of £884,641 compared to £862,632 in the previous year.

The financial advisor, Mr. Colin Low of Kingsfleet Wealth Management, delivered updates during the year using a live video link. Trustees were able to interact with the update and ask questions.

Reserves policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the charity should be 3-4 months of the resources expended which would equate to £10,003 (2022: £10,666) based on current levels of activity. At this level, the Trustees feel that it would be able to continue activities of the charity in the event of a significant drop in income. Additionally, a level of investment is maintained to generate income to to safeguard grant making in future periods. At present the total reserves less investments are £45,106 (2022: £33,913). The Trustees plan to expense the excess funds.

Plans for future periods

The Trustees plan to continue to grow the charity, with an aim to increase investment income in future years to safeguard future grants.

- 3 -

Mendlesham Educational Foundation

Trustee's annual report (continued)

Year ended 31 December 2023

Structure, governance and management

Mendlesham Educational Foundation was established by the will of Henry Jessop in 1516. The Governing documents are the Scheme of the 26th September 1983 and the Scheme of 4th 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 decisions on all matters of general concern and importance, including deciding on how the funds are to be spent.

Recruitment and appointment of Trustees

New Trustees are appointed from a recruitment and selection process to enhance the skills and experience of the board as a whole. Once appointed, Trustees are provided with all the information 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 regarding the responsibilities of being a charity Trustee. If Trustees request or require further input then the charity would arrange for them to attend external training as appropriate.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

True and fair override

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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice from 1 April 2005 which has since been withdrawn.

Independent examiner reappointment

A resolution to appoint L Thurston FCCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

The trustee's annual report was approved on .............................. and signed on behalf of the board of trustees by:

D Nunn (Chair) Trustee

- 4 -

Mendlesham Educational Foundation

Independent examiner's report to the trustee of Mendlesham Educational Foundation

Year ended 31 December 2023

I report to the charity trustee on my examination of the financial statements of the charity for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 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 charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) 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 since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

L Thurston FCCA Independent Examiner

Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA

- 5 -

Mendlesham Educational Foundation

Statement of financial activities

Year ended 31 December 2023

2023 2023 2022
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 4 1,380 1,380 600
Charitable activities 5 13,017 13,017 11,078
Investment income 6 31,808 31,808 27,456
  
Total income 46,205 46,205 39,134
  
Expenditure
Charitable activities 7 35,012 35,012 37,332
  
Total expenditure 35,012 35,012 37,332
  
Net income/(expenditure) and net movements in funds
before gains and losses on investments 11,193 11,193 1,802
Net gains/(losses) on investments 9 10,816 10,816 (115,763)
  
Net income/(expenditure) and net movement in funds 22,009 22,009 (113,961)
  
Reconciliation of funds
Total funds brought forward 862,632 862,632 976,593
  
Total funds carried forward 884,641 884,641 862,632
  

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 12 form part of these financial statements.

- 6 -

Mendlesham Educational Foundation

Balance sheet

31 December 2023

2023 2022
Note £ £ £ £
Fixed assets
Investments 13 839,535 828,719
Current assets
Cash at bank and in hand 46,108 34,807
Creditors: Amounts falling due within
one year 14 (1,002) (894)
 
Net current assets 45,106 33,913
 
Total assets less current liabilities 884,641 862,632
 
Net assets 884,641 862,632
 
Funds of the charity
Unrestricted funds 884,641 862,632
 
Total charity funds 15 884,641
		 862,632


These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

D Nunn (Chair) Trustee

The notes on pages 8 to 12 form part of these financial statements.

- 7 -

Mendlesham Educational Foundation

Notes to the financial statements

Year ended 31 December 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2 The Old Orchard, Front Street, Mendlesham, Stowmarket, Suffolk, IP14 5TY.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)), and the Charities Act 2011. The charity has applied Updated Bulletin 1 as published on February 2016.

The charity constitutes a public benefit entity as defined by FRS 102.

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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice from 1 April 2005 which has since been withdrawn.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Income tax

As an unincorporated charity, the activities are exempt from United Kingdom Income and Corporation taxation, provided that the income is applied to charitable purposes.

Fund accounting

Unrestricted funds are maintained by the charity as a general fund which represents funds which are expended at the discretion of the Trustees in furtherance of the objects of the Charity.

Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 8 -

Mendlesham Educational Foundation

Notes to the financial statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

Income (continued)

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the 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 future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities 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.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Grants
Mid Suffolk District Council 1,380 1,380 600 600
   

- 9 -

Mendlesham Educational Foundation

Notes to the financial statements (continued)

Year ended 31 December 2023

5. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Rents received 13,017 13,017 11,078 11,078
   
6. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Investment income 31,808 31,808 27,456 27,456
   
7. Expenditure on charitable activities
Activities
undertaken Total funds Total fund
directly 2023 2022
£ £ £
Grants 27,206 27,206 28,490
Support costs 6,804 6,804 7,918
Independent examination fees 1,002 1,002 924
  
35,012 35,012 37,332
  
8. Analysis of support costs
2023 2022
£ £
Clerk's salary 1,880 2,519
School room expenditure 3,200 3,766
Insurance expense 1,724 1,633
 
6,804 7,918
 
9. Net gains/(losses) on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
(Losses)/gains on investments 10,816
		 10,816
		 (115,763)
		 (115,763)


10. Staff costs

The average head count of employees during the year was Nil (2022: Nil).

No employee received benefits of more than £60,000 during the year (2022: £Nil).

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 consideration paid to key management personnel for services provided to the charity was £Nil (2022: £Nil).

- 10 -

Mendlesham Educational Foundation

Notes to the financial statements (continued)

Year ended 31 December 2023

11. Trustee remuneration and expenses

No Trustee received remuneration in the current or prior year, directly or indirectly from the charity. No expenses were reimbursed to the Trustees during the year (2022: £Nil).

12. Tangible fixed assets

The following freehold properties are owned which were willed to the Trust:

13. Investments

Listed
investments
£
Cost or valuation
At 1 January 2023 828,719
Additions –
Fair value movements 10,816

At 31 December 2023 839,535

Carrying amount
At 31 December 2023 839,535

At 31 December 2022 828,719


All investments shown above are held at valuation.

Financial assets held at fair value

The fair value of listed securities is determined by reference to the quoted price for these assets 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

2023 2022
£ £
Accruals and deferred income 1,002 894
 

- 11 -

Mendlesham Educational Foundation

Notes to the financial statements (continued)

Year ended 31 December 2023

15. Analysis of charitable funds

Unrestricted funds

Gains and At 31 Dec
At 1 Jan 2023 Income Expenditure (losses) 2023
£ £ £ £ £
General funds 862,632 46,205 (35,012) 10,816 884,641
    
Gains and At 31 Dec
At 1 Jan 2022 Income Expenditure (losses) 2022
£ £ £ £ £
General funds 976,593 39,134 (37,332) (115,763) 862,632
    

16. Analysis of net assets between funds

Year ended 31 December 2023

Net current
Investments assets Total
£ £ £
General funds 839,535 45,106 884,641
  
Year ended 31 December 2022
Net current
Investments assets Total
£ £ £
General funds 828,719 33,913 862,632
  

17. Related parties

There were no transactions with related parties during this or the prior year.

- 12 -