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2024-04-05-accounts

Charity number 292391

The Julian Bewick Educational Trust

(formerly The EAC Educational Trust)

Trustees' Report and Accounts

5 April 2024

The Julian Bewick Educational Trust Trustees' Report and Accounts Contents

Page
Reference and administration details 1
Trustees' report 2 - 3
Statement of Financial Activities 4
Balance sheet 5
Notes to the accounts 6 - 9
Independent Examiner's Report 10

1

The Julian Bewick Educational Trust

Reference and Administration Details

Trustees

Mr F W Murison - Chair Mr J M Bewick (died 21 August 2024) Mr C Rogers Mr C J Stafford Mr D M Valentine

Independent Examiner

Mr Reza Samii Reza Samii Chartered Accountant & Statutory Auditor 5 Calico Row Plantation Wharf Battersea, London SW11 3YH

Bankers

Cater Allen Private Bank 9 Nelson Street Bradford BD1 5AN

Investment managers

Canaccord Genuity Wealth Management 9th Floor, 88 Wood Street London EC2V 7QR

Principal address

Sherwood The Street Brook, Ashford TN25 5PG

Charity registered number

292391

2

The Julian Bewick Educational Trust Trustees' Report for the year ended 5 April 2024

The Trustees present their report and accounts for the year ended 5 April 2024.

The Trustees confirm that the Annual Report and accounts have been prepared in accordance with the accounting policies set out in Note 1 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 FRS 102 applicable in the UK and Republic of Ireland published on 16 July 2014.

Structure, governance and management

The charity was set up by a trust deed dated 17 July 1985. The charity changed its name from The EAC Educational Trust to The Julian Bewick Educational Trust on 9 February 2024.

The Trustees are highly experienced individuals and have a good understanding of what is involved in being a trustee of a charity.

The Trustees have regular contact during the year to consider recommendations for, and make final decisions on, the awarding of grants.

Julian Bewick

Julian Bewick sadly died on 21 August 2024. He had served as a trustee for almost 35 years, since September 1989 and will be greatly missed by his fellow trustees.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the investment strategy. They are satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance.

The Trustees have identified the following risks:

  1. Investments will drop in value - the Trustees have appointed a professional firm to manage the investments. The trust fund is invested with the objective of securing income and capital growth. In view of the Trustees' power to distribute capital, they will look at the total return on the portfolio when considering their ability to make grants

  2. Donations made will not be spent as the Trustees would like - Where appropriate the Trustees will seek confirmation that a donation has been appropriately applied by the donee.

Objectives and activities for the public benefit

The Trustees have power to apply the trust fund and income thereof for such charitable purposes or to pay the same to such charitable bodies, associations or institutions as the trustees shall from time to time in their absolute discretion determine. The Trustees have reviewed their policy of distributions to charities and decided that, subject to annual review, it would be their intention to distribute the income and additional amounts from net realised capital appreciations.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

The principal activity of the charity is the making of grants to relieve poverty and to advance education for the benefit of the public and particularly amongst the families of clergy of the Church of England, single parent families or other poor families.

3

The Julian Bewick Educational Trust Trustees' Report for the year ended 5 April 2024

Financial Review

The net expenditure before investment gains and losses for the year to 5 April 2024 was £172,912 (2023 : £84,882). The investment management costs in the year amounted to £20,787 (2023: £21,134).

The financial statements show the investments at market value. The loss on disposals of investments is based on their opening market value and resulted in a realised loss of £8,290 for the year ended 5 April 2024 (2023 loss: £74,668). At the year end the unrealised net profit amounted to £238,038 (2023 loss: £263,324)

Investment policy

The Trustees aim to preserve a balance between achieving modest growth in the Trust's investments and producing income adequate to maintain the desired level of grant-making. When necessary, investment units designed for growth will be sold to provide income above the level produced by income units.

Reserves policy

The Trustees do not consider that there is a need to maintain a specific level of reserves to achieve the objectives of the charity, other than to meet future commitments. Their policy is to distribute, on an annual basis, the whole of the net income together with a part of the capital.

Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity at any time, and to enable the trustees to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities

This report was approved by the Trustees on 7th October 2024

Mr F W Murison Trustee

4

The Julian Bewick Educational Trust

Statement of Financial Activities

for the year ended 5 April 2024

Notes
Income from:
Donations and legacies
- Legacy received
Investments
- Investment income
2
Total income
Expenditure on:
Raising funds
- investment management fees
Charitable activities
- grants payable
6
- governance costs
4
Total expenditure
Net expenditure before gains and losses on
investment assets
Net (losses)/gains on investment assets
Net (expenditure)/income
Transfers
Transfers between funds
Net movement in funds
Reconciliation of Funds
Total Funds at 6 April 2023
Total Funds at 5 April 2024		 Expendable
Unrestricted
Endowment
General
Total
Fund
Fund
2024
£
£
£
-
-
-
-
77,152
77,152
-
77,152
77,152
20,787
-
20,787
-
220,232
220,232
-
9,045
9,045
20,787
229,277
250,064
(20,787)
(152,125)
(172,912)
229,748
-
229,748
208,961
(152,125)
56,836
(152,125)
152,125
-
56,836
-
56,836
2,979,015
-
2,979,015
3,035,851
-
3,035,851
Year ended 5 April 2024		 Expendable
Unrestricted
Endowment
General
Total
Fund
Fund
2023
£
£
£
-
-
-
-
76,072
76,072
-
76,072
76,072
21,134
-
21,134
-
128,200
128,200
-
11,620
11,620
21,134
139,820
160,954
(21,134)
(63,748)
(84,882)
(337,992)
-
(337,992)
(359,126)
(63,748)
(422,874)
(63,748)
63,748
-
(422,874)
-
(422,874)
3,401,889
-
3,401,889
2,979,015
-
2,979,015
Year ended 5 April 2023

The Notes to the Accounts form part of the Financial Statements

5

The Julian Bewick Educational Trust

Balance Sheet as at 5 April 2024

Notes
Fixed assets
Investments
- Listed investments
7
- Cash held within portfolio
Current assets
Cash at bank
8
Creditors: amounts falling due within one year
9
Net current liabilities
Net assets
Represented by:
Unrestricted Funds
Expendable Endowment Fund
General Fund
Total Funds
10		 £
£
3,028,140
8,020
3,036,160
14,296
14,296
(14,605)
(309)
3,035,851
3,035,851
-
3,035,851
2024		 £
£
2,777,470
204,154
2,981,624
16,961
16,961
(19,570)
(2,609)
2,979,015
2,979,015
-
2,979,015
2023

Approved by the Trustees on 7th October 2024

Mr F W Murison Trustee

The Notes to the Accounts form part of the Financial Statements

6

The Julian Bewick Educational Trust

Notes to the Accounts

for the year ended 5 April 2024

1 Accounting policies

Basis of preparation and assessment of going concern

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are presented in sterling and are rounded to the nearest pound.

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

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Fund accounting

The Unrestricted General Fund is available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Income arising on the Expendable Endowment Fund can be used in accordance with the charity's objectives and is allocated to the Unrestricted General Fund as unrestricted income. Additional amounts from net realised capital appreciations arising on the Expendable Endowment Fund can be used in accordance with the Charity's objectives.

Income

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Investment income is recognised on a receivable basis once the amounts can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

The costs of raising funds consist of investment management fees.

The expenditure on charitable activities includes grants payable and support and governance costs.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price.

7

The Julian Bewick Educational Trust

Notes to the Accounts for the year ended 5 April 2024

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

3

Investment income
Interest received
Canaccord Genuity
Quoted investment income
Expenditure on charitable activities
Grants payable (see note 6)
Support and governance costs (see note 4)
Support and governance costs
Support costs
Bank charges
Governance costs
Accountancy
Independent examination
Legal
Total		 2024
£
2,718
74,434
77,152
2024
£
220,232
9,045
229,277
2024
£
25
7,760
1,260
-
9,020
9,045		 2023
£
1,222
74,850
76,072
2023
£
128,200
11,620
139,820
2023
£
-
6,820
1,200
3,600
11,620
11,620

The charity has no employees.

During the year, no Trustee received any remuneration or benefits in kind (2023: £nil). No trustees received reimbursement of expenses in the year (2023: £nil)

8

The Julian Bewick Educational Trust

Notes to the Accounts for the year ended 5 April 2024

6
Grants payable
Dean Close School
Hereford Cathedral School
Kingham Hill School
Monkton Combe School
Prior Park College
Rishworth School
Shiplake College
Other
7
Investments
Market value
At 6 April 2023
Additions at cost
Disposals at carrying value
Net (loss)/gain on revaluation
At 5 April 2024
Historical cost
Listed investments at fair value comprised:
UK government stock
Other debt & fixed interest
UK equities
International equities
Alternative investments
8
Cash balances
Cater Allen Private Bank
9
Creditors: amounts falling due within one year
Grants payable
Accruals
The grants paid relate to support for 22 students (2023: 20 students)		 2024
£
37,595
30,000
16,333
93,034
5,000
3,105
32,665
2,500
220,232
2024
£
2,777,470
250,316
(237,684)
238,038
3,028,140
3,012,341
2024
£
127,860
767,329
579,695
1,419,625
133,631
3,028,140
2024
£
14,296
14,296
2024
£
2,000
12,605
14,605		 2023
£
25,333
28,267
9,400
48,867
3,000
-
13,333
-
128,200
2023
£
3,269,070
664,788
(893,064)
(263,324)
2,777,470
3,020,284
2023
£
-
856,907
498,094
1,200,459
222,010
2,777,470
2023
£
16,961
16,961
2023
£
-
19,570
19,570

9

The Julian Bewick Educational Trust

Notes to the Accounts

for the year ended 5 April 2024

10

Analysis of Net Assets Between Funds
Fixed assets investments
Cash at bank
Other current assets
At 5 April 2024
Fixed assets investments
Cash at bank
Other current assets
At 5 April 2023		 Expendable
Endowment
Fund
£
3,036,160
-
(309)
3,035,851
Expendable
Endowment
Fund
£
2,981,624
-
(2,609)
2,979,015		 General
Fund
£
-
14,296
(14,296)
-
General
Fund
£
-
16,961
(16,961)
-		 Total
2024
£
3,036,160
14,296
(14,605)
3,035,851
Total
2023
£
2,981,624
16,961
(19,570)
2,979,015

11 Related Party Transactions

Mr D M Valentine has an interest in and is a director of Begbies Chettle Agar Ltd, accountants to the trustees. The firm charges for administering the trust's affairs at the usual trust rate. The amounts charged are shown in note 4.

12 Contingent asset

The Trustees are the residuary beneficiary of an estate. An interim distribution of £2.897m was received in the year ended 5 April 2022. However the balance of the legacy cannot be measured or estimated with sufficient reliability.

13 Grant commitments

At 5 April 2024, the Trustees had potential multi-year grant commitments totalling £667,263 (2023: £551,844). These grants are subject to annual review by the Trustees, pending receipt from the schools, of satisfactory student performance.

10

The Julian Bewick Educational Trust

Independent Examiner's Report to the Trustees for the year ended 5 April 2024

I report to the Trustees on my examination of the accounts of The Julian Bewick Educational Trust (the charity) for the year ended 5 April 2024 which are set out on pages 4 to 9.

Responsibilities and basis of report

As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trustees' accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

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.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or this report.

Mr Reza Samii

Reza Samii Chartered Accountant & Statutory Auditor 5 Calico Row Plantation Wharf Battersea, London SW11 3YH 3rd December 2024