Charity number 292391
The Julian Bewick Educational Trust (formerly The EAC Educational Trust)
Trustees' Report and Accounts
5 April 2025
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 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 2025
The Trustees present their report and accounts for the year ended 5 April 2025.
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 and amended in October 2019.
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.
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:
-
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
-
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 2025
Financial Review
The net expenditure before investment gains and losses for the year to 5 April 2025 was £128,629 (2024 : £172,912). The investment management costs in the year amounted to £20,772 (2024: £20,787).
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 gain of £19,646 for the year ended 5 April 2025 (2024 loss: £8,290). At the year end the unrealised net loss amounted to £106,395 (2024 gain: £238,038)
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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
-
● prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 15 December 2025
Mr D M Valentine Trustee
4
The Julian Bewick Educational Trust
Statement of Financial Activities
for the year ended 5 April 2025
| Notes Income from: Donations and legacies - Legacy received - Tax reclaim on legacy 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 2024 Total Funds at 5 April 2025 |
Expendable Unrestricted Endowment General Total Fund Fund 2025 £ £ £ - - - - 59,475 59,475 - 79,305 79,305 - 138,780 138,780 20,772 - 20,772 - 236,257 236,257 - 10,380 10,380 20,772 246,637 267,409 (20,772) (107,857) (128,629) (86,750) - (86,750) (107,522) (107,857) (215,379) (107,857) 107,857 - (215,379) - (215,379) 3,035,851 - 3,035,851 2,820,472 - 2,820,472 Year ended 5 April 2025 |
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 |
|---|---|---|
The Notes to the Accounts form part of the Financial Statements
5
The Julian Bewick Educational Trust
Balance Sheet as at 5 April 2025
| 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 assets/(liabilities) Net assets Represented by: Unrestricted Funds Expendable Endowment Fund General Fund Total Funds 10 |
£ £ 2,746,433 22,318 2,768,751 73,149 73,149 (21,428) 51,721 2,820,472 2,820,472 - 2,820,472 2025 |
£ £ 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 |
|---|---|---|
Approved by the Trustees on 15 December 2025
Mr D M Valentine 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 2025
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 2025
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.
-
2
-
3
-
4
| 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 Total |
2025 £ 969 78,336 79,305 2025 £ 236,257 9,780 246,037 2025 £ - 8,580 1,800 10,380 10,380 |
2024 £ 2,718 74,434 77,152 2024 £ 220,232 9,045 229,277 2024 £ 25 7,760 1,260 9,020 9,045 |
|---|---|---|
5 Staff costs, Trustees remuneration and expenses
The charity has no employees.
During the year, no Trustee received any remuneration or benefits in kind (2024: £nil). No trustees received reimbursement of expenses in the year (2024: £nil)
8
The Julian Bewick Educational Trust
Notes to the Accounts for the year ended 5 April 2025
| 6 Grants payable Cranleigh School 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 2024 Additions at cost Disposals at carrying value Net (loss)/gain on revaluation At 5 April 2025 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 26 students (2024: 24 students) |
2025 £ 5,000 42,392 35,333 21,373 86,480 9,000 5,166 29,013 2,500 236,257 2025 £ 3,028,140 264,227 (439,539) (106,395) 2,746,433 2,862,734 2025 £ 134,277 883,237 562,710 1,027,984 138,225 2,746,433 2025 £ 73,149 73,149 2025 £ - 21,428 21,428 |
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 |
|---|---|---|
9
The Julian Bewick Educational Trust
Notes to the Accounts
for the year ended 5 April 2025
10
| Analysis of Net Assets Between Funds Fixed assets investments Cash at bank Other current assets At 5 April 2025 Fixed assets investments Cash at bank Other current assets At 5 April 2024 |
Expendable Endowment Fund £ 2,768,751 - 51,721 2,820,472 Expendable Endowment Fund £ 3,036,160 - (309) 3,035,851 |
General Fund £ - 73,149 (73,149) - General Fund £ - 14,296 (14,296) - |
Total 2025 £ 2,768,751 73,149 (21,428) 2,820,472 Total 2024 £ 3,036,160 14,296 (14,605) 3,035,851 |
|---|---|---|---|
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 2025, the Trustees had potential multi-year grant commitments totalling £387,128 (2024: £667,263). These grants are subject to annual review by the Trustees, pending receipt from the schools, of satisfactory student performance.
10 The JvliaD Bewick Educational IndepeDdent Examiner's Report to th¢ Trustees foT the ?'ear ended S April 2025 I report to the Trusttts on m). examit)ati¢)n of the a¢¢ounts of Th¢ Julian Be1¢k Educattonal Tnt (the charity) for the year ¢nd¢d 5 April 2025 uthich are set oui on page5 4 to 9. Re5pon5ibilities and basis of report As the chaTity'S Trustees you are responsible for the prepardtM)n of the accoutts in aceordance w'ith the requirements of the Charities Act 2011 Ilhe.4ei'l. I report in respe¢r of m). e¥amination of the Trumees, aCCour carried oui under section 145 of the 2011 A¢t and in carrying m). cxamination I hai"e followed all the applicable Directkons given b>. the Charity Cornmis5ioner under 5¢rtion 14515Xbl of the 2011 Act. Independent examiner's Statement I have completed rn). exarninaiion. I confinn that no material matters have come to my attention in connection wtth the examination wvin8 me cause believe that in 20y maierial respeci.. 11 l accountin8 fccoTds were not kept in respect of the TnLSt &s required by seciion 130 of the Act.. or 121 the accolmts do not accord with those records. or 131 the accounts do not comply with the applicable requirements concerning the forni and content of accouThts set out in the Charities 1.4ccounts and keportsl Rtgulation5 2008 other than any reqlliremeni that the accounts gil'e a and fair Niew, Which is [1 a matter considered Is part of an independent examination. I hav¢ no ¢on¢erns and have Come across no other moll¢rs in wnnection with the examÉnation to which attentiort should be drawij in this report in order to enable a PfDper undetstanding of th¢ a¢¢ounts to be reached. This report is made solely to th¢ ¢hariry's Trustre& &5 a tKx4y. in accordance with Part 4 of the Chariiies IA¢rouois and R¢portsl R¢gulations 21X)8_ My work has beek undertaken so that I might state to the ¢h2rtty's Trust¢es thos¢ matters I am required to $e to them in an Independent examiner's reJx)n and for no other pur5¢. To the fullesi exterki penllitted by laM". I do not assume responsibili¢V to anyone other than the charl. and the ¢hariry's Tnwe¢s as a trY. for my work or this retM)rt. Mr Reu Samii R¢za Samii Chartered Aecountani & Sthwkory Auditor 5 Calico Row Plantalitsn Wharf B2tt¢rsea. London SWII 3YH Date.. 1511212025