||**Annual Report for 2024**|**Annual Report for 2024**| |---|---|---| |Trust Name:|**MENDLESHAM EDUCATION 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| ||Mrs L Daniels|Co-optative.| ||Mrs S Evans|Co-optative. Awaiting
appointment by Suffolk
County Council to
replace Mr A Stringer| 1 of 3 ||Mrs S. Carter|Co-optative.| |---|---|---| ||Mr S Crooks|Co-optative.| ||_Mr. A. Stringer_|_Awaiting replacement_
_by Mrs S Evans_
_Nominative appointed_
_by Suffolk County_
_Council_| ||The Trust is administered by the appointed Trustees.
The Trustees give their time voluntarily; the clerk is
paid an annual allowance.|| |Terms of Office|The terms of office for our Trustees is set out in the
Charity Commission Scheme dated
26thSeptember, 1983.|| |Assets|The Charity owns several parcels of land (37.448
acres) currently rented to Messrs H. E. Knock and
Son, Juby Bros. and J. W. Davey & Sons. J. W.
Davey and Sons have terminated their tenancy and
new tenants are being actively sought.
Old School House – Tenants Mr. & Mrs. R. Lambert.
The Old School Room – Hired out as a meeting room.
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.|| 2 of 3 |Performance in 2024|During the year educational grants totalling £15910.00
have been distributed to 26 students. A further
£5218.34 in grants were made to village youth
organisations and Mendlesham Primary School.
The trust maintains a pledge of £6000 towards the
new Scout Headquarters building to be sited at
Mendlesham Green.
Four meetings were held during the year in the Old
School Room, A drive to recruit a more diverse group
of trustees has also proved successful with several
new trustees starting in 2024: Mrs S Carter, Mrs S
Evans and Mr M Brennan were all co-opted 19th
March 2024, Mr S Crooks joined the trustees on16th
July 2024.
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. The portfolio valuation at the end of
2024 has shown a small increase in value throughout
the period.| |Maintenance of Assets|The Old School Room requires some updating of
decor and replacement of worn items, this work will be
undertaken during early 2025 Replacement of the
sash windows the front of the Old School House was
completed during the spring of 2024.Work to pointing
and rear roof line was also completed in the spring,
together with external repairs and painting to the OSR.| |Financial Reviews|The financial advisor, Mr. Colin Low of Kingsfleet
Wealth Management, delivered a financial update
during the period.| of 3 3 Numbers Sheet Name Numbers Table Name Edu Fn 2024Draft Table 1 Draft Summary 2024 Table 1 Table 1-1 ## Excel Worksheet Name ## Edu Fn 2024Draft Draft Summary 2024 - Table 1 Draft Summary 2024 - Table 1-1 ## **Mendlesham Educational Foundation** **Draft Account for year ended 31st December, 2024** |**2024**|**Income for 2024**|**Record**|**£**|**2024**|**Expense for 2024**|**Record**|**£**|**£**| |---|---|---|---|---|---|---|---|---| |||||Jan|Student Grants - Winter|||5,180.00| |Jan|7IM Distribution|Direct Credit|3,785.05|Apr|Student Grants - Summer|||5,180.00| |Feb|7IM Distribution|Direct Credit|2,512.59|Oct|Student Grants - Autumn|||5,550.00| |Mar|7IM Distribution|Direct Credit|5,384.62|Jan|OSR BT - Broadband and line rental|DD||52.46| |Apr|7IM Distribution|Direct Credit|1,114.76|Feb|OSR BT - Broadband and line rental|DD||52.46| |May|7IM Distribution|Direct Credit|1,224.15|Mar|OSR BT - Broadband and line rental|DD||52.46| |Jun|7IM Distribution|Direct Credit|6,120.98|Apr|OSR BT - Broadband and line rental|DD||52.46| |Jul|7IM Distribution|Direct Credit|1,359.65|May|OSR BT - Broadband and line rental|DD||56.62| |Aug|7IM Distribution|Direct Credit|1,520.25|Jun|OSR BT - Broadband and line rental|DD||56.62| |Sep|7IM Distribution|Direct Credit|5,770.93|Jul|OSR BT - Broadband and line rental|DD||56.62| |Oct|7IM Distribution|Direct Credit|1,999.09|Aug|OSR BT - Broadband and line rental|DD||56.62| |Nov|7IM Distribution|Direct Credit|735.76|Sep|OSR BT - Broadband and line rental|DD||56.62| |Dec|7IM Distribution|Direct Credit|7,490.77|Oct|OSR BT - Broadband and line rental|DD||56.62| |Jan|TSB Interest|Credit Interest|20.54|Nov|OSR BT - Broadband and line rental|DD||56.62| |Feb|TSB Interest|Credit Interest|21.02|06/09/24|Daisey Comms (new Broadband)|DD||71.10| |Mar|TSB Interest|Credit Interest|21.89|14/10,24|Daisey Comms (new Broadband)|DD||34.74| |Apr|TSB Interest|Credit Interest|23.55|15/11/24|Daisey Comms (new Broadband)|DD||34.74| |May|TSB Interest|Credit Interest|22.82|16/12/24|Daisey Comms (new Broadband)|DD||34.74| |Jun|TSB Interest|Credit Interest|24.38|Dec|OSR BT - Broadband and line rental|DD||58.42| |Jul|TSB Interest|Credit Interest|24.19|13/02/24|OSR Anglia Water Busi 501161150013|DD||62.64| |Aug|TSB Interest|Credit Interest|25.62|13/08/24|OSR Anglia Water Busi 501161150013|DD||107.36| |Sep|TSB Interest|Credit Interest|26.98|24/09/24|OSR Anglia Water Busi 501161150014|DD||23.19| |Oct|TSB Interest|Credit Interest|27.34|21/06/23|OSR E.ON electricity|DD||509.88| |Nov|TSB Interest|Credit Interest|28.31|18/07/24|OSR E.ON electricity|DD||125.12| |Dec|TSB Interest|Credit Interest|27.79|22/10/24|OSR E.ON electricity|DD||345.74| |20/05/24|Old School House rent to Mar 24|500059|819.32|18/03/24|I.C.O. Fee|DD||35.00| |02/08/24|Old School House rent to Jun 24|500063|819.32|20/09/24|Everflow Water bill|DD||31.99| |28/10/24|Old School House rent to Sept 24|500001|819.32|17/10/24|Everflow Water bill|DD||15.25| |15/01/25|Old School House rent to Dec 24|500006|819.32|18/11/24|Everflow Water bill|DD||16.02| |10/09/24|Land Rent Juby Brother|Direct Credit|950.00|16/12/24|Everflow Water bill|DD||16.02| |14/10/24|Land Rent: H. E. Knock & Sons||1,660.00|06/04/24|Lovewell Blake 2023 Accounts|1113||1,110.00| |08/11/23|Nat. Grid 2 year licence||1,000.00|23/01/24|OSR Heater replace|1080||76.98| |14/10/24|Nat. Grid Wayleaves||2.17|26/02/24|Tudor Sash windows deposit|1084||810.00| |20/05/24|Old School Room Hire Cash|500060|255.00|20/03/24|Tudor Sash windows OSH Windows|1086||2,430.00| |04/07/24|Old School Room Hire|500061|100.00|25/05/24|Tudor Sash windows OSH Windows|1117||3,264.00| |02/08/24|Old School Room Hire|500062|220.00|12/08/24|Jack Wate OSR Repairs|1125||2,035.00| |02/08/24|Old School Room Hire|500064|65.00|27/12/24|Mendlesham PPC (JAM Rem Sunday)|1163||172.52| |06/09/24|Old School Room Hire|500065|55.00|03/11/24|Guides and Brownies £350Each|1160||700.00| |28/10/24|Old School Room Hire|500002|215.00|03/11/24|Beavers, Cubs, Scouts, Explorers £350 each|1162||1,400.00| |03/12/24|Old School Room Hire|500003|45.00|03/11/24|Rainbows|1161||350.00| |30/12/24|Old School Room Hire|500004|30.00|29/04/24|OSR Flameskill - fire extinguisher maint|1114||118.62| |15/01/25|Old School Room Hire|500005|320.00|11/04/24|MPC Playing Field Support|1112||1,000.00| |22/01/25|Old School Room Hire|500007|80.00|01/07/24|OSR PPL PRS renewal|1120||154.80| |07/05/24|Mid Suffolk Voting OSR|BACS|200.00|02/09/24|OSR NFU Mutual|1127||1,804.00| |22/07/24|Mid Suffolk Voting OSR|BACS|150.00|20/03/24|Mendelsham Primary School Residential Trip|1085||620.00| |10/05/24|Old School Room Hire Comp Club|BACS|200.00|21/11/24|Mendelsham Primary School Trip|1158||800.00| |02/01/25|Old School Room Hire Comp Club|BACS|425.00|24/10/24|St Mary’s PCC School Armoury Book|1124||175.82| 3 |05/02/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|22/07/24|MEF Half Share Clerks Printer||1121||215.00| |---|---|---|---|---|---|---|---|---| |03/03/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|22/08/24|Gipping Press A5 Flyers (740)||1126||66.00| |11/04/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|30/07/24|OSR Cleaning Materials||1122||47.97| |07/05/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|04/10/24|OSR Cleaning Materials||1155||33.52| |04/06/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|03/01/|OSR Cleaning Jan 24||1081||30.00| |10/07/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|21/03/24|OSR Cleaning Feb 24||1087||40.00| |04/10/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|31/03/23|OSR Cleaning Mar 24||1088||45.00| |14/10/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|30/04/24|OSR Cleaning Apr 24||1115||60.00| |11/11/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|05/06/24|OSR Cleaning May 24||1118||55.00| |09/12/24|Mendlesham Community Cafe (Saturday)|BACS 40.00|02/07/24|OSR Cleaning June 24||1119||60.00| |13/05/24|OSR Hire St Mary’s PCC|BACS 40.00|31/07/24|OSR Cleaning July 24||1123||60.00| |19/02/24|Mid Suffolk DC (Warm space grant)|BACS 515.00|01/09/23|OSR Cleaning Aug 24||1128||45.00| |10/06/24|Old School Room Hire PC|BACS 160.00|01/10/24|OSR Cleaning Sept 24||1153||55.00| |13/08/24|Old School Room Hire PC|BACS 85.00|03/11/24|OSR Cleaning Oct 24||1157||60.00| |09/01/25|Old School Room Hire PC|BACS 225.00|03/12/24|OSR Cleaning Nov 24||1159||120.00| |14/10/24|Old School Room Hire Camera club Oct|BACS 20.00|31/12/24|OSR Cleaning Dec 24||1165||67.50| |29/12/24|Old School Room Hire Camera club Oct|BACS 15.00|30/12/24|OSR Booking Clerk Allowance 2024||1166||120.00| |30/12/24|Mendlesham Football Club OSR|BACS 15.00|18/12/24|Clerks Allowance||1164||1,769.50| |22/07/24|MCC Monday Coffee|BACS 245.00||||||| |07/11/24|MCC Monday Coffee|BACS 325.00||||||| |30/12/24|MCC Monday Coffee|BACS 660.00||||||| |22/01/25|RSPCA OSR|BACS 20.00||||||| |22/07/24|MCC OSR Hire|BACS 20.00||||||| |30/12/24|MCC OSR Hire|BACS 15.00||||||| |09/12/24|Rotary OSR Hire|BACS 25.00||||||| |31/12/24|Uncashed Cheque (Bacton Playgroup Fence 23|1017 250.00||||||| |1/10/23|Uncashed Cheque (Student GrantOct 23)|1022 100.00||||||| |31/12/23|Cash in hand|0.1||||||| ||**Total Income 2024**|**£ 51,697.58**||**Total Expense 2024**||||**£ 38,009.36**| |Jan. 1st|TSB Cash Balance Brought Forward From 2023|**£ 27,694.26**||||||| |||**Total £ 79,391.84**|31/12/24|TSB Business Instant Access Acc. Balance||||**£ 23,482.28**| ||||31/12/24|TSB Club, Charity and Trust Account Balance||||**£ 17,850.88**| |||||**Cash paid into bank after 31st Dec**|**2024**|||| ||||15/01/25|Old School House rent to Dec 24||500006|819.32|| ||||30/12/24|Old School Room Hire||500004|30.00|| ||||15/01/25|Old School Room Hire||500005|320.00|| ||||22/01/25|Old School Room Hire||500007|80.00|| ||||02/01/25|Old School Room Hire Comp Club||BACS|425.00|| ||||09/01/25|Old School Room Hire PC||BACS|225.00|| ||||22/01/25|RSPCA OSR||BACS|20.00|1,919.32| |||||**Unpresented Cheques 2024**||||| ||||03/11/24|Rainbows||1161|- 350.00|| ||||03/11/24|Scouts||1162|- 1,400.00|| ||||30/12/24|OSR Booking Clerk||1166|- 120.00|- 1,870.00| |||||**TSB Total Cash Value in Bank**||||**41,382.48**| ||||||**Total**|||**79,391.84**| Error= - 4 ||**COIF Charities Deposit Fund 2024**|||**COIF Charities Short Duration Bond Fund 2024**|| |---|---|---|---|---|---| |01/01/24|Brought forward|**18,414.31**|Accumulation Units: Total holding 3609.60||| |31/03/24|Deposited|236.78|Jan. 1st 2024 Valuation Brought Forward||**£ 32,667.96**| |30/06/24|Deposited|239.93|Dec 31st 2024Valuation Carried Forward||**£ 34,630.14**| |30/09/24|Deposited|238.55||Net Increase in value for 2024|**£ 1,962.18**| |31/12/24|Deposited|228.20|||| ||Total 2024 from COIF|**£ 19,357.77**|||| ||**Investments**||||| ||**Kingsfleet Wealth**||||| |01/01/24|7IM Total Portfolio Valuation:|**£ 806,864.69**|||| |31/12/24|7IM Total Portfolio Valuation:|**£ 823,934.68**|**31/12/2024 Net Education Foundation Value 2024**||**£919,395.07**| ||Net gain on investments for 2024|**£ 17,069.99**|||| 5 Table 1 ## **Mendlesham Educational Foundation** |**2024**
**Income for 2024**

Jan - Dec 24 7IM Distribution For 2024
D
Jan - Dec 24 TSB Interest for 2024
Jan - Dec 24 OSH Rent
Jan - Dec 24 Income from Land
Jan - Dec 24 OSR Hire Income
2023
Uncashed Cheques from 2023
Dec 24
Cash in Hand
**Total Income 2024**
Jan. 1st
TSB Cash Balance Brought Forward From 2023
**COIF Charities Deposit Fund 2024**
01/01/24
Brought forward
31/03/24
Deposited
30/06/24
Deposited
30/09/24
Deposited
31/12/24
Deposited
Total 2024 from COIF
**Investments**
**Kingsfleet Wealth**
01/01/24
7IM Total Portfolio Valuation:
31/12/24
7IM Total Portfolio Valuation:
Net gain on investments for 2024|**Draft Account Summary for year ended 31st December, 2024**
**Record**
**£**
**2024**
**Expense for 2024**
**Record**
**£**
**£**
2024
Student Grants (3 Terms)
15,910.00
irect Credit 39,018.60
Jan - Dec 24
OSR Broadband
839.92
294.43
Jan - Dec 24
OSR WATER Bills
272.47
3,277.28
Jan - Dec 24
OSR Electric
980.74
3,612.17
Jan - Dec 24
OSR Repairs
2,230.60
5,145.00
Jan - Dec 24
OSR Cleaning
778.99
350.00
01/07/24
OSR PPL PRS renewal
154.80
0.10
02/09/24
OSR NFU Mutual
1,804.00
25/05/24
OSH Sash Window Replace
6,504.00
Jan - Dec 24
Grants Village Groups
5,218.34
30/12/24
OSR Booking Clerk Allowance 2024
1166
120.00
22/07/24
MEF Half Share Clerks Printer
1121
215.00
22/08/24
Gipping Press A5 Flyers (740)
1126
66.00
18/03/24
I.C.O. Fee
DD
35.00
06/04/24
Lovewell Blake 2023 Accounts
1113
1,110.00
18/12/24
Clerks Allowance
1164
1,769.50
**£ 51,697.58**
**Total Expense 2024**
**£ 38,009.36**
**£ 27,694.26**
**Total £ 79,391.84**
31/12/24
TSB Business Instant Access Acc. Balance
**£ 23,482.28**
31/12/24
TSB Club, Charity and Trust Account Balance
**£ 17,850.88**
**Cash paid into bank after 31st Dec 2024**
15/01/25
Old School House rent to Dec 24
500006 819.32
30/12/24
Old School Room Hire
500004 30.00
15/01/25
Old School Room Hire
500005 320.00
22/01/25
Old School Room Hire
500007 80.00
02/01/25
Old School Room Hire Comp Club
BACS 425.00
09/01/25
Old School Room Hire PC
BACS 225.00
22/01/25
RSPCA OSR
BACS 20.00 1,919.32
**Unpresented Cheques 2024**
03/11/24
Rainbows
1161
- 350.00
03/11/24
Scouts
1162
- 1,400.00
30/12/24
OSR Booking Clerk
1166
- 120.00 - 1,870.00
**TSB Total Cash Value in Bank**
**41,382.48**
**Total**
**79,391.84**
**COIF Charities Short Duration Bond Fund 2024**
**18,414.31**
Accumulation Units: Total holding 3609.60
236.78
Jan. 1st 2024 Valuation Brought Forward
**£ 32,667.96**
239.93
Dec 31st 2024Valuation Carried Forward
**£ 34,630.14**
238.55
Net Increase in value for 2024
**£ 1,962.18**
228.20
**£ 19,357.77**
**£ 806,864.69**
**£ 823,934.68**
**31/12/2024 Net Education Foundation Value 2024**
**£919,395.07**
**£ 17,069.99**| |---|---| 7 **CHARITY REGISTRATION NUMBER: 271762** # **Mendlesham Educational Foundation Unaudited financial statements** **31 December 2024** ## **Mendlesham Educational Foundation** ## **Financial statements** ## **Year ended 31 December 2024** ||**Page**| |---|---| |Trustee's annual report|**1**| |Independent examiner's report to the trustee|**6**| |Statement of financial activities|**7**| |Balance sheet|**8**| |Notes to the financial statements|**9**| ## **Mendlesham Educational Foundation** ## **Trustee's annual report** ## **Year ended 31 December 2024** The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 December 2024. 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. ## **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| |**Nominative appointed by**|S Evans (Appointed 19 March 2024)| |**Suffolk County Council**|A Stringer (Resigned 16 July 2024)| |**Co-Optative**|M Brennan (Appointed 19 March 2024)| ||S Carter (Appointed 19 March 2024)| ||S Crooks (Appointed 16 July 2024)| ||L Daniels| ||A Fox (Resigned 21 March 2023)| |**Ex Officio**|Rev P Gray (Vice Chair)| |**Clerk to the Trust**|M Favager| **- 1 -** ## **Mendlesham Educational Foundation** ## **Trustee's annual report** _**(continued)**_ ## **Year ended 31 December 2024** **Financial advisor** Kingfleet Wealth Management Claydon Court Old Ipswich Road Claydon Ipswich IP6 0AE **Independent examiner** A Robinson FCA 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 2024** ## **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** In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commissions guidance on public benefit when setting the objectives for the year. The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011. ## **Achievements and performance** During the year educational grants totalling £15,910 (2023: £17,410) have been distributed to 26 students. A further £5,218 (2023: £2,240) in grants were made to village youth organisations and Mendlesham Primary School. The trust maintains a pledge of £6,000 towards the new Scout Headquarters building to be sited at Mendlesham Green. Four meetings were held during the year in the Old School Room, A drive to recruit a more diverse group of trustees has also proved successful with several new trustees starting in 2024: Mrs S Carter, Mrs S Evans and Mr M Brennan were all co-opted 19th March 2024, Mr S Crooks joined the trustees on 16th July 2024. The trust maintains its registration for Data Protection with the 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. The portfolio valuation at the end of 2024 has shown a small increase in value throughout the period. ## **Maintenance of Assets** The Old School Room requires some updating of decor and replacement of worn items, this work will be undertaken during early 2025. Replacement of the sash windows the front of the Old School House was completed during the spring of 2024. Work to pointing and rear roof line was also completed in the spring, together with external repairs and painting to the OSR. ## **Financial review** The charity has income this year of £52,638 (2023: £46,205) creating a net income of £33,283 (2023: net income £22,009). Gains on investments amounted to £19,030 (2023: gains on investments £10,816) and closing funds of the charity have increased to a balance of £917,924 compared to £884,641 in the previous year. The financial advisor, Mr. Colin Low of Kingsfleet Wealth Management, delivered a financial update during the period. **- 3 -** ## **Mendlesham Educational Foundation** ## **Trustee's annual report** _**(continued)**_ ## **Year ended 31 December 2024** ## **Financial review** _**(continued)**_ ## **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 £10,967 (2023: £10,003) 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 £59,359 (2023: £45,106). The Trustees plan to expend 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. ## **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 26th 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 A Robinson FCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting. **- 4 -** **Trustee's annual report** _**(continued)**_ ## **Mendlesham Educational Foundation** ## **Year ended 31 December 2024** The trustee's annual report was approved on .............................. and signed on behalf of the board of trustees by: D Nunn (Chair) Trustee **- 5 -** ## **Mendlesham Educational Foundation** ## **Independent examiner's report to the trustee of Mendlesham Educational Foundation** ## **Year ended 31 December 2024** I report to the charity trustee on my examination of the financial statements of the charity for the year ended 31 December 2024 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. A Robinson FCA Independent Examiner Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA **- 6 -** ## **Mendlesham Educational Foundation** ## **Statement of financial activities** ## **Year ended 31 December 2024** |||**2024**|**2024**|2023| |---|---|---|---|---| |||Unrestricted||| |||funds|**Total funds**|Total funds| ||**Note**|**£**|**£**|£| |**Income and endowments**||||| |Donations and legacies|**4**|865|865|1,380| |Charitable activities|**5**|11,517|11,517|13,017| |Investment income|**6**|40,256|40,256|31,808| |||``|``|``| |**Total income**||52,638|52,638|46,205| |||``|``|``| |**Expenditure**||||| |Charitable activities|**7**|38,385|38,385|35,012| |||``|``|``| |**Total expenditure**||38,385|38,385|35,012| |||``|``|``| |**Net income and net movements in funds before gains and**||||| |**losses on investments**||14,253|14,253|11,193| |Net gains on investments|**9**|19,030|19,030|10,816| |||``|``|``| |**Net income and net movement in funds**||33,283|33,283|22,009| |||``|``|``| |**Reconciliation of funds**||||| |Total funds brought forward||884,641|884,641|862,632| |||``|``|``| |**Total funds carried forward**||917,924|917,924|884,641| |||``|``|``| 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 9 to 13 form part of these financial statements.** **- 7 -** **Mendlesham Educational Foundation** ## **Balance sheet** ## **31 December 2024** |||**2024**||2023|| |---|---|---|---|---|---| ||**Note**|**£**|**£**|£|£| |**Fixed assets**|||||| |Investments|**13**||858,565||839,535| |**Current assets**|||||| |Cash at bank and in hand||60,739||46,108|| |**Creditors: Amounts falling due within**|||||| |**one year**|**14**|(1,380)||(1,002)|| |||``||``|| |**Net current assets**|||59,359||45,106| ||||``||``| |**Total assets less current liabilities**|||917,924||884,641| ||||``||``| |**Net assets**|||917,924||884,641| ||||``||``| |**Funds of the charity**|||||| |Unrestricted funds|||917,924||884,641| ||||``||``| |**Total charity funds**|**15**||917,924
``||884,641
``| 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 9 to 13 form part of these financial statements.** **- 8 -** **Mendlesham Educational Foundation** ## **Notes to the financial statements** ## **Year ended 31 December 2024** ## **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 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. **- 9 -** **Notes to the financial statements** _**(continued)**_ ## **Mendlesham Educational Foundation** ## **Year ended 31 December 2024** **3. Accounting policies** _**(continued)**_ ## **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: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - investment income consists of bank interest and amounts received from investment portfolios. ## **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: - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 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 payable 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. **- 10 -** ## **Mendlesham Educational Foundation** ## **Notes to the financial statements** _**(continued)**_ ## **Year ended 31 December 2024** |**4.**|**Donations and legacies**||||| |---|---|---|---|---|---| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2024**|Funds|2023| |||£|**£**|£|£| ||**Grants**||||| ||Mid Suffolk District Council|515|515|1,380|1,380| ||Other grants|350|350|–|–| |||``|``|``|``| |||865|865|1,380|1,380| |||``|``|``|``| |**5.**|**Charitable activities**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2024**|Funds|2023| |||£|**£**|£|£| ||Rents received|11,517|11,517|13,017|13,017| |||``|``|``|``| |**6.**|**Investment income**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2024**|Funds|2023| |||£|**£**|£|£| ||Investment income|40,256|40,256|31,808|31,808| |||``|``|``|``| |**7.**|**Expenditure on charitable activities**||||| ||||Activities||| ||||undertaken|**Total funds**|Total fund| ||||directly|**2024**|2023| ||||£|**£**|£| ||Grants||21,128|21,128|27,206| ||Support costs||15,769|15,769|6,804| ||Independent examination fees||1,488|1,488|1,002| ||||``|``|``| ||||38,385|38,385|35,012| ||||``|``|``| |**8.**|**Analysis of support costs**||||| |||||**2024**|2023| |||||**£**|£| ||Clerk's salary|||1,890|1,880| ||School room expenditure|||12,075|3,200| ||Insurance expense|||1,804|1,724| |||||``|``| |||||15,769|6,804| |||||``|``| |**9.**|**Net gains on investments**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2024**|Funds|2023| |||£|**£**|£|£| ||Gains on investments|19,030|19,030|10,816|10,816| |||``|``|``|``| **- 11 -** **Mendlesham Educational Foundation** **Notes to the financial statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **10. Staff costs** The average head count of employees during the year was Nil (2023: Nil). No employee received benefits of more than £60,000 during the year (2023: £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 (2023: £Nil). ## **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 (2023: £Nil). ## **12. Tangible fixed assets** The following freehold properties were appropriated in 1983 and are held on trust by the nominated individuals: - 37.448 acres of land - Old School House, Mendlesham - The Old School Room, Mendlesham No value has been attributed to the freehold properties in these accounts. ## **13. Investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 1 January 2024|839,535| |Additions|–| |Fair value movements|19,030| ||``| |**At 31 December 2024**|858,565| ||``| |**Carrying amount**|| |**At 31 December 2024**|858,565| ||``| |At 31 December 2023|839,535| ||``| 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** ||**2024**|2023| |---|---|---| ||**£**|£| |Accruals and deferred income|1,380|1,002| ||``|``| **- 12 -** ## **Mendlesham Educational Foundation** ## **Notes to the financial statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **15. Analysis of charitable funds** ## **Unrestricted funds** |||||||Gains and|**At 31 Dec**| |---|---|---|---|---|---|---|---| ||At|1|Jan 2024|Income|Expenditure|(losses)|**2024**| ||||£|£|£|£|**£**| |General funds|||884,641|52,638|(38,385)|19,030|917,924| ||||``|``|``|``|``| |||||||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| ||||``|``|``|``|``| ## **16. Analysis of net assets between funds** ## **Year ended 31 December 2024** |||Net current|| |---|---|---|---| ||Investments|assets|**Total**| ||£|£|**£**| |General funds|858,565|59,359|917,924| ||``|``|``| |**Year ended 31 December 2023**|||| |||Net current|| ||Investments|assets|**Total**| ||£|£|**£**| |General funds|839,535|45,106|884,641| ||``|``|``| ## **17. Related parties** There were no transactions with related parties during this or the prior year. **- 13 -**