HENLEY EDUCATIONAL TRUST ANNUAL REPORT and EXAMINED but UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Charfty Numb•r 309237 HENLEY EDUCATIONAL TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 INDEX Page Trustees Annual Report Independent Examlner's Report Statement of Flnancial Actlvities Balance Sheet Notes to th8 Accounts HENLEY EDUCATIONAL TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Rèferew and Admlni8traUon Information Trustee8: Ctropted Mr8 A Heath (Chair) Mrs E Hodgkin Mr8 l Morrow Mrs D Wermann Mrs S Bishop Mr J Print Ex-offlclo The Rector of Henley- Revd J C Tayler The Mayor of Henley- Cllr Mrs M Thomas (until 22105123) The Mayor of Henley- Cllr Mrs S Mlller (from 23105123 to 15110123) The Mayor of Henley- Cllr Ms K Hinton (from 18110123) Nomlnativé Mr T Arnison Cllr Mr8 M Thomas Mr8 C Watkins Clerk: Mr8 C Gosby Registered Offlce.. 1A Coldharbour Close, Henley-on-Thames, RG9 1 QF Bank.. Barclays Bank PLC, 90-93 Broad Street. Reading RG12AP Sollator.. Gardner Leader LLP, First Floor, 7 Frascati Way, Maidenhead SL8 4UY Investment Manager.. Mr N McGregor MCSI Redmayne Bentley LLP. 43 Market Plac8, Henley-on-Thame8 RG9 2A4 Propety Advlser: Mr O Qulnn Slmmons & Sons. 32 Bell Street, Henley-on-Thame8. RG9 28H Independent Examlner.. Mr Neil Major FCCA Bruton Charfes. The Coach House, Greys Green Bu8ines$ Centre. Henley-on-Thames. RG9 9 4QG Charlty Number.. 309237 HENLEY EDUCATIONAL TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their Annual Report and Financial Statements of the Trust for the year ended 31 March 21Y24. The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Aci 2011 arKI Accounting and Reporting for Chaflties.. 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. Structure, Governance and Management The Trust Is regulated by a Scheme approved by the Secretary of State for Education and S¢sence dated 10,November1969, and amended by further Deeds dated 20 February 1981 and 23 June 1983. By resolution dated 28 March 2011 the name was changed to Honley Educational Trust. The Henley Educational Trust has existed in one form or another slnce 1604 from various endowments, to provide educational support for deserving famllies in Henley, the provlsion of speclal benefits to Ioc81 schools and generally promoting the education of young persons re61dent in Henley. The Trust does not actively fund raisé and seeks to continue th8 educatronal based donations through careful stewardship of Its exlsting resources. As such the Trustees believ8 they comply with the guldance publlshed by th8 Charity Commission with regard to PubliG Benefit. The Trust is based in Henley on Thames. The body of trustees when complate shall consist of eleven members, of whom six are co-opted, bNo are ex-offoio and three are nominated,. those ex-officlo ar6 the Rector and Mayor of Henley on Thames, whilsl the nominated are two by Henley Town Councll and one by Oxfordshire County Council. The nominated truslees are appointed for a term of four years, and th8 Co-opted trustees for a perlod offwe years, after which they may put themselves forward for ￿-appOIntmOnt. Detalls of the arrangements conceming the appointment of trustees are given in the Deed dated 20 February 1981. In appointing new co-opted trustees. th8 exlstlng trustee board considers the make up of the board and the skills required and seeks to appoint P6v8ons for the 6xperience, diversity, empathy and knowledge that they can contribute. The induction process tor any newly appointed Trustee comprises me6tings wlth th8 Chair of Trustees conceming the Trust purposes, inveslmenls, the grant making process and the powers and responsibilities of the truste6 board. The welcome pack includes a brief history of the Trust and the provision of acce6S to mlnutes of trustee meetings, Trust annual reports and accounts, the goveming Trust deed, Trust pollaes and procedures and a copy of the Charity Commission's guidance 'The Essentlal Tru8te8'. What you need to know, what you need lo do,. The Truaees met eight times In the year, and at these meetings they agreed the broad strategy and areas of actlvity of the Trust, indudlng consideratlon of grant making, inveslmenl, risk management, policies and perfornance. All trustees give of their time freely and no trustee remuneration was paid In th8 year. Truslees are required to disclose all relevant Interests and withdraw from decisions whera conflict of interest arlses. The day to day administration of the Trust is delegat8d to the Clerk. who is paid by the Trust, and is alded a8 appropriate by Trustees. ObJectlve8 and Actlvltl•• for the Publlc Bonefit and Grant Maklng Poll¢le8 The obieetives of the Trust are the promotlon of educational b8nefit for those under 25 wlthln the town of Henley on Thames and the parishe8 of Bix. Remenham and Rotherfield Greys. The Trust carries out these objectlves in line w6th the requlremenls of ils Trust Deed.. according to the principles of the Church of England and Its Income, after payment of administration and management costs. Is applied as follows: a) Section 28(2)(b) Not more than one third In the provision of speclal benefits e.g. teachlng aids not nomially wovlded by a local education authority to 8ch¢)ols under theifjuri8diction and that are within the area of benefit b) Section 28<3) Up to one third In 88818ting children and persons underthe age of25 who are in need offinancial ass18tsnce in ragard to their edu¢￿tiOn and who meet resldential or school attendance HENLEY EDUCATIONAL TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 ObJo¢tlve8, Aellvltlo8 and Grant Making Pollcle$ {contlnued) requirement. The grants are for outfits, fees, trav8lllng expenses etc as required in their advancement of lif8. c) SectSon 28{4) The trustees shall apply the remainder of the annual Ineome in promoting th8 education of childr8n and young people in the area as they think fit. The area of benpfit is restricted to the parishes of Henley, Brx, Reme&am and Rotherfield Greys or the applicants must currently attend or have attended for a mlnimum of two years4he nominated schools within the above areas. Indlvidual applicants must be under 25 years of age. Full details for the application for grants can be found on the Trust's website at www.henle educalionaltrusl.com. The trustees confirm that they have regard to the Charity CommSssion guidance on public benellt when considering how grant8 should be made. The trustees have adopted a Grant Giving Policy and procedures for managing grant appllcatlons to ensure grants ￿eet Trust objectlves and that each grant 8pplicatln is consldered in a conslstent manner. Tru8tee8' Re8pon$ibllltlo8 In R•lation to the Flnanclal Stat•ments The charlty trustees are responsible for preparing a trustees. annual report and financlal statements In accordance wlth applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accountlng Practice). The law appllcable to Char￿leS In England and WaleB r8quire8 the cltyrity trustees to prepare ff nancial statements for éach year which give a true and falr view of the state of affairs of the charity 8nd of the incoming resources and application of resourc8s of the charlty for the period. In preparing the financlal statements, the trustees are required to.. Select suitable accounting policles and then apply them conslstently., Observe the methods and princlples in the appllcable Chadtles SORP., Make judgments and estimatss that are reasonable and prudent., étate whether applicable accountlng standards have been followed, subject to any materfal departures that must be disclosed and explained in the finartal statements., Prepare the financral statements on the going ¢on¢ern ba8is unle4 it is inappropriate to presume that the charity wlll continue in buslness. The trustees are responsible for keeping proper accountlng records that di8close wlth reasonable accuracy at any time the financial positlon of the charlty and to enable them to ensure that the financial statements comply wlth the Charity Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provlsions of the trust deed. They are also responsible for safeguardlng the assets of the chartty and taklng reasonable steps for the preventlon a•Y deteclion of fraud and other irregularities. The Iru$tee8 are responsible for the maintenance and integrity of yiè Charity and financial information included on the charlty s website In accordance with legislation In the United Kingdom governing the preparation and dis88minatton of finandal statements. Revlew of the Yaar, Progre88 and A¢hievement• In compliance with its obj8¢tive8, the Trust awarded £10,gJO (2023: £10,264) to slx ellglble schools In the provision of spècial i.e. non-personal, benefits. For one hundred and foty deserving Individuals there were grants totalling £42,856 {2023'. £38,696}. Further promotiy) of the education of children and young peop16 Was 8ided by the granting of £82,582 (2023.. £78,855) for the fun¢ing of such matters as fadlitating counselllng services across the schools, special activities of local youth groups, and In support of l)No local schools which have b&en reclassified as they now r8celve fvnding from Central government rather than the Ioc81 authorlty. All applicatlons meeting application criteria and being in Ilne wlth the Trust's Grant Giving Pollcy were m8t. The number of requests from Individuals HENLEY EDUCATIONAL TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Revlow gf tho Year, Progres8 and Achlevements (contlnued) remained at a slmllar level to the prevlous year. Pojlcles on Reserves, Inv88tm•nts and Risk Resorves The trustees establish reseNes at the end of each year a8 necessary to ensure that funds remaln available to meet commitmerrts that they have made but noi paid. Re88rves are also aside to meet the costs of partlcular initiative8. In 2020 the trustees wer8 of the opinion that the current amounl of the Income Fund was such that it was probably appropriate to release approximately £100,000 in furtherance of the Trust's approved activities over the coming years. However, an increase investment income in the year has offset the planned release. resulting in a net increase in the Income Fund for 2023124.. Inve8tmgnt Pollcy The trustees seek appropriate professional advice and undertake regular investment reviéws to ensure that a balance is kept belween maintaining capital values and the sustainable qeneration of income. The Trust's aim is to bè able to meet th8 claims of future applicants in an equivalent mann8r to the way it supports current beneficiaries. Exposure to Rlsk The trustees have reviewed the risks faced by the Trust and consider they have implemented action to mitigat8 these risks Each year a detailed review of investment poltcy is undertak8n in conjunctlon with independ8nt investment adviser Redmayne Bentley LLP. Consequ8ntly, there is a portfolio of equities and fixed interest securities, which is kept undar regular revlew and is subject to appropriate fonnal r}porting to and consideration by the trustees. Additionally, there is significant investment in a single property which is leased and from which a major source of Income is derlved. The propety is managed in consultatlon wlth our professional adviser Simmons and Sons, and it is fully insured against slructural damage and any consequent loss of rent. Each year the trustee8 review the financial control procedures, Subsldlary •ndowmonts Th8 trust administer8 5eparat6 endowments, being the 8rakspear Prize Fund, from which an annual grant is made in conjunction with the Princlpal. to students al The Henley College, and the Mary Clarke Music Award, which offers support for musical activiti8s. No grants were made from the Brakspear Prize Fund in 2024 (2023.. £300), or the Mary Clarke Music Fund (2023 £300). These endowments are separalely invested and accounted for. Future Plans The trust plans to continue the atxivities as outlined above in future years. Approved by the Trustees on 20th January 2025 Stgned on behalf of the Bo8rd of Truste8S Mrs A Heath (Chair) HENLEY EDUCATIONAL TRUST INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE HENLEY EDUCATIONAL TRUST I report to the charty trustees pm my examination of the account8 of the Trust for the year ended 318t March 2024, which are set out on pages 8 to 18. Re8POCtjve re8ponsiblliti08 of trustaa8 and examinèr As the charity trustees of the Trust you are responsible forth8 preparation ofthe accounts In accordance with the requirements of the Charlties Act 2011 (the Act) I report in respecl of my examlnation 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 dlrections gtven by the Charity Commission under section 145(5)(b) of th8 2011 Act. Indeponaent Examinerfs Stat•m•nt I have completed my examination. I confirni that no material matters have com8 to my attention In connection with the examination gNing me cause to bélieve that in any material re$ped: accounting record8 were not kept in respect of the Trust as required by Section 130 of the Act: or, 2. the accounts do not accord with those records; or, 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 20078 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by ch8riti8s (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK. I have no ￿nCernS and have come across no other matters In connection wlth the examinatlon to which attention should be drawn In this report In order to enable a proper understanding of the accounts to be reached. Neil Major FCCA Flm: 8ruton Chades Chartered Accountants The Coach House Greys Green Business Cerrtre Henl8y-on-Thames Oxfordshire RG9 4QG Date: 21yh January 2025 HENLEY EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 MARCH 2024 Incom• Endowm•nt Fund Fund8 Total 2024 2023 INCOMlhlG RESOURCES Rents Dlvldends and Interest Relmbursement of propety Insurance 52,370 102,773 1,398 52,370 680 103,453 1,398 47,849 98,295 531 Total InGomlng Re•ourceg 156.541 880 157,221 146,675 RESOURCES EXPENDED Charitable Activltie8: Grants payable in furtherance of objects 135,183 135,183 121,559 Cost of qenerating Funds.. Investment management Property management Propety Insurance 10,664 10,564 541 1,077 5,890 22,822 880 541 1,077 1.818 10,564 12,182 29,592 Governance costs 7,121 7,121 7,271 Total Resourcos Expended 143,922 10,564 154,486 158,421 Net Outgolng Ro8ourc88 12,619 -9,884 2,735 -11,747 Net loss on sale of investments Net gain (loss) on revaluatlon of Investments 8 -25,824 -25,824 -36,596 47,578 47,578 412.853 Net Movoment In Funds 12,619 11,870 24489 461,196 Total funds brought forward 227.179 3,385,017 3,592,196 4,053,392 TOTAL FUNDS CARRIED FORWARD 239,798 3,376,887 3,616,685 3,692.196 The note8 on pages 10 to 18 form part of the8e accounts HENLEY EDUCATIONAL TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 FIXED ASSETS: Investments 3.588,262 3.534,405 CURRENT ASSETS: Debtors National Savlngs Investment Cash at bank & in hand Vouchers 2,993 6,533 42,200 21,394 90 35.279 136 38.407 70,217 CURRENT LIABILITIES: Creditors.. Amowrts falling due within on8 year 7 9,984 12,426 NET CURRENT ASSETS 28,423 57,791 TOTAL ASSETS LESS CURRENT LIABIUTIES 3,616,685 3,592,196 THE FUNDS OF THE CHARITY: Unrestrlcted Income Fund Endowment Funds 239,798 3,376.887 227,179 3,365,017 3,616,686 3,592.198 Signed on behalf of the Board of Trustees Mrs A Heath (Chair) HENLEY EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Basls of A¢countlng The accounts (financial statements) have been prepared under the historical cost convention wlth Items recognised at cost or transaclion value unless otherwlse stated in the relevant note(s) to these accounts. The financlal statements have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charltJ'8s preparing their accounts in accordance with th8 Financial Reporting Stsndard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting StarKlard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011 and UK Generally Acc8Pted Accounting PractiFe. The Trust constitutes a public benefit entity as d8fined by FRS 102. The Twstees consider that therè are no material uncèrtainties about the Trust's abilty to