**Charity Registration No. 297846**
# **THE STOKENCHURCH EDUCATIONAL CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mrs M Shurrock MBE Mr A Palmer Cllr. Mrs C Baker Cllr. Mr D Davis Cllr. Mrs J Powis Reverend M Ackford **Charity number** 297846 **Principal address** Kinda Cool Wycombe Road Stokenchurch High Wycombe Bucks HP14 3RR **Independent examiner** Azets Audit Services Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 11|
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
The trustees present their report and financial statements for the year ended 30 September 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The t rustees shall apply the yearly income of the Charity, after payment of all proper costs, charges and expenses relating to the administration and management of the Charity, in one or more of the following ways:
1. In promoting the education and training of persons under the age of 25 years who reside in the Parish of Stokenchurch and in particular, but without prejudice to the generality of the foregoing in providing for such persons:
a) Exhibitions, bursaries, grants and maintenance allowances to such persons who are in need of financial assistance tenable at any school, university or other educational establishment approved for the purpose by the t rustees.
b) Financial assistance, outfits, clothing, tools, instruments or books to assist such persons to pursue their education (including the study of music and other arts), to undertake travel in furtherance thereof, and to prepare and train for and enter a profession, trade occupation or service on leaving school, university or other educational establishment.
2. If and in so far as income is not required in any year for application in the manner aforesaid the same may be applied as the t rustees think fit for any charitable purposes for the benefit of the inhabitants of Stokenchurch.
The t rustees consider that the charity has achieved its objectives during the year ended 30 September 20 21 .
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Advertising**
During each a cademic y ear the t rustees place notices in local media and public places in the Parish of Stokenchurch inviting applications for grants from residents.
## **Achievements and performance**
Investment income generated was £ 65,534 from which grants of £ 36,650 were paid in the year in accordance with the directions of the Charity's scheme, and after administrative and publicity costs there is a surplus for the year of £ 9,358 . Profits totaling £ 117,918 (20 20 : £ 35,188 ) were recorded on the sale of investments.
## **Financial review**
## **Reserves Policy**
The charity aims to invest its capital prudently to provide income for grants and to protect the initial capital investment. It does not have a policy of holding cash in reserve. Unrestricted funds at the year end were £ 2,803,358 .
## **Risk Policy**
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.
The charity's funds are managed by professional fund managers and are invested in medium high risk investments.
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## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
## **Accounts**
The accounts will be made available for public inspection at the annual parish audit.
## **Structure, governance and management**
The scheme for the operation of the Stokenchurch Educational Charity, previously known as the Board School Stokenchurch, was approved by the Charity Commissioners for England and Wales on 16 July 1987 and 5 October 1990.
The t rustees, named below, have been appointed in accordance with the scheme, as follows:
- 1 ex-officio Trustee, being the current vicar of St. Peter and St. Paul, Stokenchurch
- 3 nominative Trustees, two appointed by the Parish Council of Stokenchurch and one by Bucks County Council, each of whom serves for four years
- 2 co-optative Trustees, who through residence, occupation or employment, or otherwise, have special knowledge of the parish of Stokenchurch, each of whom serves for five years
The Charity is operated in accordance with the scheme.
The Charity owned land comprising approximately one acre, the site of the former Board School in Stokenchurch. That was sold by the t rustees in June 1988, realising £956,195 after costs of disposal.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mrs M Shurrock MBE Mr A Palmer Cllr. Mrs C Baker Cllr. Mr D Davis Cllr. Mrs J Powis Reverend M Ackford
The trustees' r eport was approved by the Board of Trustees.
## **Mr A Palmer**
Vice-Chair of the Trustees Dated: 24 March 2022
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## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE STOKENCHURCH EDUCATIONAL CHARITY**
I report to the trustees on my examination of the financial statements of The Stokenchurch Educational Charity (the charity) for the year ended 30 September 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 2011 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 financial statements to be reached.
Paul Laird FCCA Azets Audit Services Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH
Dated: 30 March 2022
- 3 -
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**d esignated**|d esignated|
|||**2021**|2020|
||**Notes**|
**£**|**£**|
|**Income from:**||||
|Investments|**2**|65,534|63,915|
|**Expenditure on:**||||
|Raising funds|**3**|14,471|13,489|
|Charitable activities|**4**|41,705|47,604|
|**Total resources expended**||56,176|61,093|
|Net gains/(losses) on investments|**8**|356,743|(212,112)|
|**Net movement in funds**||366,101|(209,290)|
|Fund balances at 1 October 2020||2,437,257|2,646,547|
|**Fund balances at 30 September 2021**||2,803,358|2,437,257|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2021**_
|**Notes**
**Fixed assets**
Investments
**9**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
**£**
2,513,783
295,234
(5,659)
289,575
2,803,358
2,803,358
2,803,358|**2020**
**£**
**£**
2,104,765
340,626
(8,134)
332,492
2,437,257
2,437,257
2,437,257|
|---|---|---|
The financial statements were approved by the Trustees on 24 March 2022
Mr A Palmer **Vice-Chair of the Trustees**
- 5 -
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The financial statements have been prepared in accordance 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.3 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **1.4 Resources expended**
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **1.5 Fixed asset investments**
Fixed Asset Investments are stated in the balance sheet at market value at the balance sheet date.
## **1.6 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. In making this assessment , the trustees have considered the impacts, and expected future impacts, of the Covid-19 pandemic on both the charity and the environment in which it operates.Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
- 6 -
## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
## **2 Investments**
|**Unrestricted**
**funds**
**d esignated**
**2021**
**£**
Dividends received
62,801
Government securities
2,500
Interest receivable
233
65,534
**Raising funds**
**Unrestricted**
**funds**
**d esignated**
**2021**
**£**
Investment management fees
14,471
14,471|Total
2020
£
60,655
2,738
522
63,915
Total
2020
£
13,489
13,489|
|---|---|
## **3 Raising funds**
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**THE STOKENCHURCH EDUCATIONAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
## **4 Grants payable**
|**Educational**
**grants**
**Community**
**grants**
**2021**
**2021**
**£**
**£**
Grants to institutions:
Stokenchurch Primary School
6,730
-
Radnage C of E Primary School
1,270
-
Stokenchurch Community Pre-School
95
-
Ibstone C of E Primary School
865
-
Stokenchurch Cricket Club
-
-
1st Stokenchurch Scout Group
-
-
Stokenchurch Fete Committee
-
-
1st Stokenchurch Rainbows
-
1,000
8,960
1,000
Grants to individuals
26,690
-
35,650
1,000|Total
2020
£
6,255
1,060
90
-
2,000
500
300
-
10,205
31,280
41,485|
|---|---|
## Educational grants
Grants have been paid in furtherance of the objective of promoting education. Total educational grants paid during the year were £ 35,650 (20 20 : £ 38,685 ). Grants totaling £ 475 (2020: £200) from year ended 30 September 20 20 were not banked and have been adjusted for in this years accounts.
After educational grants were made the remaining surplus of funds £1,000 was paid to other members of the community of Stokenchurch.
## **5 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Independent examination fee
-
1,555
Legal and professional
-
-
Postage and stationery
-
90
Meeting expenses
-
-
Secretary's honorarium
-
3,410
-
5,055
Analysed between
Charitable activities
-
5,055|**2021**
**£**
1,555
-
90
-
3,410
5,055
5,055|2020
£
1,500
876
273
60
3,410
6,119
6,119|
|---|---|---|
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## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
There were no employees during the year.
## **8 Net gains/(losses) on investments**
|**Unrestricted**
**funds**
**d esignated**
**2021**
**£**
Revaluation of investments
238,825
Gain/(loss) on sale of investments
117,918
356,743|Total
2020
£
(247,300)
35,188
(212,112)|
|---|---|
## **9 Fixed asset investments**
||**Li sted**|
|---|---|
||**investments**|
||**£**|
|**Market Value**||
|At 1 October 2020 & 30 September 2021|2,104,765|
|**Carrying amount**||
|At 30 September 2021|2,104,765|
|At 30 September 2020|2,104,765|
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## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
## **10 Cash at Bank**
||||20 21|
20 20|
|---|---|---|---|---|
||Capital fund|
Income fund|
Total funds|
Total funds|
||£|
£|
£|
£|
|Lloyds - 1567504|-|
20,453|
20,453|
14,924|
|Lloyds - 2469093|-|
1,438|
1,43 8|
1,4 38|
|Charles Stanley - 1900870|17,973|
-|
17,973|
71,147|
|Charles Stanley - 1900874|-|
14,128|
14,128|
21,517|
|Charles Stanley - 1900871|
156,841|
64,401|
221,242|
211,600|
|Lloyds fixed term deposits|-|
20,000|
20,000|
20,000|
||||||
|**Total**|**174,814**|
**120,420**|
**295,234**|
**340,626**|
The Lloyds Bank fixed term deposit account receives interest at 1.16%.
## **11 Creditors: amounts falling due within one year**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Accruals and deferred income|5,659|8,134|
Included within creditors are:
£300 Community grants 2019/2020 earmarked to Stokenchurch Fete Committee (Marquee Fund)
## **12 Unrestricted funds - designated**
These are unrestricted funds which are material to the charity's activities made up as follows:
|**Balance at**
**1 October 2020**
**£**
Capital fund
2,234,712
Income fund
202,545
2,437,257|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**30 September**
**2021**
**£**
**£**
**£**
**£**
-
-
356,818
2,591,530
65,534
(56,176)
(75)
211,828
65,534
(56,176)
356,743
2,803,358|
|---|---|
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## **THE STOKENCHURCH EDUCATIONAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_
|**13**|**Analysis of net assets between funds**|||
|---|---|---|---|
|||**Designated**|Designated|
|||**funds**|funds|
|||**2021**|2020|
|||**£**|£|
||Fund balances at 30 September 2021 are represented by:|||
||Investments|2,513,783|2,104,765|
||Current assets/(liabilities)|289,575|332,492|
|||2,803,358|2,437,257|
## **14 Related party transactions**
## **Transactions with related parties**
During the year the charity entered into the following transactions with related parties:
Stokenchurch Educational Charity granted £nil (2020: £2,000) to Stokenchurch Cricket Club, Mrs M Shurrock MBE is the Honorary President of Stokenchurch Cricket Club.
Stokenchurch Educational Charity donated £3,000 (2020: £nil) to St Peter & St Paul Stokenchurch in the year, Rev Mark Ackford is the Reverend and Mr A Palmer is the Church warden of St Peter & St Paul Stokenchurch. This amount had been earmarked in 2019, so the £3,000 was removed from creditors.
£nil (2020: £60) was paid to the church for use of the church room for four trustee meetings during the year.
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