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2025-03-31-accounts

HENLEY EDUCATIONAL TRUST

ANNUAL REPORT

and

EXAMINED but UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 MARCH 2025

Charity Number 309237

HENLEY EDUCATIONAL TRUST

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

INDEX

Page
Trustees Annual Report 3 - 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10– 16

2

HENLEY EDUCATIONAL TRUST

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Reference and Administration Information

Trustees:
Co-opted Mrs A Heath (Chair)
Mrs E Hodgkin
Mrs I Morrow
Mrs D Wermann
Mrs S Bishop
Mr J Print
Ex-officio The Rector of Henley – Revd J C Tayler
The Mayor of Henley– Cllr Mr R Hunt (20/05/24)
Nominative Mr T Arnison
Cllr Mrs M Thomas
Mrs C Watkins
Clerk: Mrs C Gosby
Registered Office: 1A Coldharbour Close, Henley-on-Thames, RG9 1QF
Bank: Barclays Bank PLC, 90-93 Broad Street, Reading RG1 2AP
Solicitor: Gardner Leader LLP, First Floor, 7 Frascati Way, Maidenhead SL6 4UY
Investment Manager: Mr N McGregor MCSI
Redmayne Bentley LLP, 43 Market Place, Henley-on-Thames RG9 2AA
Property Adviser: Mr O Quinn
Simmons & Sons, 32 Bell Street, Henley-on-Thames, RG9 2BH
Independent Examiner: Mr Neil Major FCCA
Bruton Charles, The Coach House, Greys Green Business Centre,
Henley-on-Thames, RG9 9 4QG
Charity Number: 309237

3

HENLEY EDUCATIONAL TRUST

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their Annual Report and Financial Statements of the Trust for the year ended 31 March 2025. 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 Act 2011 and Accounting and Reporting for 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.

Structure, Governance and Management

The Trust is regulated by a Scheme approved by the Secretary of State for Education and Science dated 10 November 1969, and amended by further Deeds dated 20 February 1981 and 23 June 1983. By resolution dated 28 March 2011 the name was changed to Henley Educational Trust. The Henley Educational Trust has existed in one form or another since 1604 from various endowments, to provide educational support for deserving families in Henley, the provision of special benefits to local schools and generally promoting the education of young persons resident in Henley. The Trust does not actively fund raise and seeks to continue the educational based donations through careful stewardship of its existing resources. As such the Trustees believe they comply with the guidance published by the Charity Commission with regard to Public Benefit. The Trust is based in Henley on Thames.

The body of trustees when complete shall consist of eleven members, of whom six are co-opted, two are ex-officio and three are nominated; those ex-officio are the Rector and Mayor of Henley on Thames, whilst the nominated are two by Henley Town Council and one by Oxfordshire County Council. The nominated trustees are appointed for a term of four years, and the co-opted trustees for a period of five years, after which they may put themselves forward for re-appointment. Details of the arrangements concerning the appointment of trustees are given in the Deed dated 20 February 1981.

In appointing new co-opted trustees, the existing trustee board considers the make up of the board and the skills required and seeks to appoint persons for the experience, diversity, empathy and knowledge that they can contribute. The induction process for any newly appointed Trustee comprises meetings with the Chair of Trustees concerning the Trust purposes, investments, the grant making process and the powers and responsibilities of the trustee board. The welcome pack includes a brief history of the Trust and the provision of access to minutes of trustee meetings, Trust annual reports and accounts, the governing Trust deed, Trust policies and procedures and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What you need to know, what you need to do’.

The Trustees met eight times in the year, and at these meetings they agreed the broad strategy and areas of activity of the Trust, including consideration of grant making, investment, risk management, policies and performance. All trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. The day to day administration of the Trust is delegated to the Clerk, who is paid by the Trust, and is aided as appropriate by Trustees.

Objectives and Activities for the Public Benefit and Grant Making Policies

The objectives of the Trust are the promotion of educational benefit for those under 25 within the town of Henley on Thames and the parishes of Bix, Remenham and Rotherfield Greys.

The Trust carries out these objectives in line with the requirements of its 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:

4

HENLEY EDUCATIONAL TRUST

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Objectives, Activities and Grant Making Policies (continued)

requirement. The grants are for outfits, fees, travelling expenses etc as required in their advancement of life.

c) Section 28(4)

The trustees shall apply the remainder of the annual income in promoting the education of children and young people in the area as they think fit.

The area of benefit is restricted to the parishes of Henley, Bix, Remenham and Rotherfield Greys or the applicants must currently attend or have attended for a minimum of two years the nominated schools within the above areas. Individual 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.henleyeducationaltrust.com. The trustees confirm that they have regard to the Charity Commission guidance on public benefit when considering how grants should be made.

The trustees have adopted a Grant Giving Policy and procedures for managing grant applications to ensure grants meet Trust objectives and that each grant application is considered in a consistent manner.

Trustees’ Responsibilities in Relation to the Financial Statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charity Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Review of the Year, Progress and Achievements

In compliance with its objectives, the Trust awarded £17,779 (2024: £10,900) to six eligible schools in the provision of special i.e. non-personal, benefits. For one hundred and forty-nine deserving individuals there were grants totalling £44,767 (2024: £42,856). Further promotion of the education of children and young people was aided by the granting of £86,195 (2024: £82,582) for the funding of such matters as facilitating counselling services across the schools, special activities of local youth groups, and in support of two local schools which have been reclassified as they now receive funding from central government rather than the local authority. All applications meeting application criteria and being in line with the Trust’s Grant Giving Policy were met. The number of requests from individuals

5

HENLEY EDUCATIONAL TRUST

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Review of the Year, Progress and Achievements (continued)

remained at a similar level to the previous year.

Policies on Reserves, Investments and Risk Reserves

Investment Policy

Exposure to Risk

Subsidiary endowments

The trust administers two separate endowments, being the Brakspear Prize Fund, from which an annual grant is made in conjunction with the Principal, to students at The Henley College, and the Mary Clarke Music Award, which offers support for musical activities. A grant of £300 made from the Brakspear Prize Fund in 2025 (2024: £nil), and a grant of £1,000 from the Mary Clarke Music Fund (2024: £nil). These endowments are separately invested and accounted for.

Future Plans

The trust plans to continue the activities as outlined above in future years.

Approved by the Trustees on 19th January 2026

Signed on behalf of the Board of Trustees

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…..……………………………………….
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Mrs A Heath (Chair)

6

HENLEY EDUCATIONAL TRUST

INDEPENDENT EXAMINERS’ REPORT

TO THE TRUSTEES OF THE HENLEY EDUCATIONAL TRUST

I report to the charity trustees pm my examination of the accounts of the Trust for the year ended 31[st] March 2025, which are set out on pages 8 to 16.

Respective responsibilities of trustees and examiner

As the charity trustees of the Trust 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 Commission 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,

  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 charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK.

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.

Neil Major FCCA

Firm: Bruton Charles Chartered Accountants The Coach House Greys Green Business Centre Henley-on-Thames Oxfordshire RG9 4QG

Date:

19[th] January 2026

7

HENLEY EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Income Endowment
Total
Note Fund Funds
2025		 2024
£ £
£		 £
INCOMING RESOURCES
Rents 67,000 67,000 52,370
Dividends and Interest 2 115,056 711
115,767		 103,453
Reimbursement of property insurance 1,291 1,291 1,398
_ _
______		 ______
Total Incoming Resources 183,347 711
184,058		 157,221
RESOURCES EXPENDED
Charitable Activities:
Grants payable in furtherance of objects 3 148,741 1,300
150,041		 135,183
Cost of Generating Funds:
Investment management 10,997
10,997		 10,564
Property management 273 273 541
Property insurance 1,252 1,252 1,077
______ ______
______		 ______
1,525 10,997
12,522		 29,592
Governance costs 4 8,195 8,195 7,121
______ ______
______		 ______
Total Resources Expended 158,461 12,297
170,758		 154,486
Net Outgoing Resources 24,886 -11,586
13,300		 2,735
Net gain/(loss) on sale of investments 8 11,148
11,148		 -25,824
Net (loss)/gain on revaluation of investments 8 -14,207
-14,207		 47,578
______ ______
______		 _
Net Movement in Funds 24,886 -14,645
10,241		 24,489
Total funds brought forward 239,798 3,376,887 3,616,685 3,592,196
______ ______
______		 __
TOTAL FUNDS CARRIED FORWARD 9 264,684
______		 3,362,242
______		 3,626,926

______		 3,616,685
__

The notes on pages 10 to 16 form part of these accounts

8

HENLEY EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 MARCH 2025

Note Note 2025 2024
£ £ £ £
FIXED ASSETS:
Investments 8 8 3,598,422 3,588,262
CURRENT ASSETS:
Debtors 6 6
2,435		 2,993
Cash at bank & in hand 37,239 35,279
Vouchers 90 135
_ _ _
39,764 38,407
______ ______ _
CURRENT LIABILITIES:
Creditors:
Amounts falling due within one year Amounts falling due within one year
7		 7
11,260		 9,984
______ ______ _
NET CURRENT ASSETS 28,504 28,423
___ ___ ___ ___
TOTAL ASSETS LESS CURRENT LIABILITIES
 3,626,926
___		 3,616,685
___ ___
THE FUNDS OF THE CHARITY:
Unrestricted Income Fund 9 9 264,684 239,798
Endowment Funds 9 9 3,362,242 3,376,887
___ ___ ___ ___
3,626,926 3,616,685
___ ___

Signed on behalf of the Board of Trustees

Mrs A Heath (Chair)

9

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Basis of Accounting

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The Trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Income recognition

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Trust is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Trust and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case-by-case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the Trust.

Interest on funds held on deposit in included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment adviser of the dividend yield of the investment portfolio.

Expenditure recognition

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is accounted for an on accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the Charitable Objective of the Trust. Grants are accounted for when the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition. Provisions for grants are made when the intention to make the grant has been communicated to the recipient.

10

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

Irrecoverable VAT

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

Allocation of overhead and support costs

Overhead and support costs have been allocated between charitable activity and governance. Overhead and support costs related to Charitable Activities have been apportioned based on the number of individual grants made.

Governance costs

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees together with an apportionment of overhead and support costs.

Taxation

The trust is a registered charity and accordingly is exempt from taxation on its income and grants where they are applied for charitable purposes.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at balance sheet date using the closed quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.

Depreciation

There are no assets for which depreciation is provided.

Realised and unrealised investment gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sale proceeds and opening market value or purchase cost if later. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value. Realised and unrealised gains and losses are separated in the statement for financial activities.

Subsidiary endowments

The income and expenditure of the Brakspear Prize Fund and the Mary Clarke Music Award are dealt with in note 9 to the accounts.

11

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

2. INVESTMENT INCOME

INVESTMENT INCOME
2025 2024
£ £
Dividends and interest:
Dividends from UK securities 56,015 59,027
Interest on fixed interest stock 46,638 33,173
Interest on COIF deposit funds 13,114 10,962
Interest on bank and NS&I deposits - 291
______ ______
115,767 103,453
______ ______
Apportioned:
Brakspear Prize Fund 367 348
Mary Clarke Music Award 344 332
______ ______
711 680
Income Fund 115,056 102,773
______ ______
115,767 103,453
______ ______
DIRECT CHARITABLE EXPENDITURE
2025 2024
£ £
Grants: section 28(2)(b) (see note 10) 17,779 10,900
Section 28(3) (see note 10) 44,767 41,701
Section 28(4) (see note 10) 86,195 82,582
______ ______
148,741 135,183
Brakspear Prize Fund (see note 10) 300 -
Mary Clarke Music Award (see note 10) 1,000 -
_ ______
150,041 135,183
__ ______

3. DIRECT CHARITABLE EXPENDITURE

12

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

4. GOVERNANCE COSTS

Bank charges
Independent examiners fee
Insurance
Office sundries
Professional fees – clerk		 2025
£
-
1,220
620
1,315
5,040
______
8,195
 2024
£
-
1,500
611
210
4,800
______
7,121

The Trust has no employees. The Clerk role was carried out by a self-employed service provider.

5. TRUSTEES REMUNERATION AND RELATED PARTY TRANSACTIONS

No trustee, nor any person connected with them, received remuneration for their services as trustees; any duly authorised expenditure incurred on behalf of the Trust was reimbursed. Additionally. there have been no related party transactions in this accounting year or in the previous year.

6. DEBTORS

Investment manager re investment income
Property insurance paid in advance
Insurance paid in advance
7. CREDITORS
Independent Examiner’s fee
Clerk Fee
HMRC
Grants: Section 28(3)
Investment management fee
Property rent prepayment		 2025
£
1,706
304
425
______
2,435
______
2025
£
1,400
-
1,302
3,426
1,382
3,750
______
11,260
 2024
£
2,320
265
408
______
2,993
______
2024
£
1,500
400
1,302
5,385
1,397
-
______
9,984

13

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

8. FIXED ASSET INVESTMENTS

All investments were held in the UK and can be analysed as follows:

Cash
Investment
Deposit
Property
£
£
Valuation as 1 April 2024
261,513
875,000
Movement during year:
Interest
22,818
Invested
Withdrawn
-1,300
Net (loss)/gain on revaluation
_
_
21,518
-
_
_
Valuation at 31 March 2025
283,031
875,000
_
_
Equities
Fixed interest and Managed Funds		 UK Listed
2025
Investments
Total
£
£
2,451,748 3,588,262
22,818
209,606
209,606
-206,757 -208,057
-14,207
-14,207
_ _
-11,357
10,161
__
_
2,440,391 3,598,423
__
_
988,891
1,451,500
__
2,440,391
 2024
Total
£
3,534,406
20,475
253,915
-268,113
47,578
_
53,855
_
3,588,262
__
917,186
1,534,562
__
2,451,748

The investment property is 1 Market Place/2 Duke Street, Henley-on-Thames, and the value is the market value as provided in a report by Mr T B Dunn MRICS, Simmons & Sons, Chartered Surveyors, 32 Bell Street, Henley-on-Thames, Oxon, RG9 1BH, dated 10[th] May 2017.

The listed investments portfolio is comprised of equities and fixed interest securities as established on the advice of and in consultation with our independent professional adviser Mr N McGregor, Redmayne Bentley LLP, 43 Market Place, Henley-on-Thames, RG9 2AA. The portfolio is kept under review and is subject to annual formal reporting to and consideration by the trustees.

14

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

9. MOVEMENTS ON FUNDS

2024
Fund b/fwd
Endowment Funds
Periam
3,352,368
Brakspear
12,424
Mary Clarke
12,095
_
3,376,887
Unrestricted Funds
Income
239,798
__
3,616,685
__
PRIOR YEAR
Endowment Funds
Periam
3,343,065
Brakspear
11,132
Mary Clarke
10,820
_
3,365,017
Unrestricted Funds
Income
227,179
__
3,592,196
 Incoming
Resource
367
344
_
711
183,347
__
184,058
__
348
332
_
680
156,541
__
157,221
 Outgoing
resource
10,997
300
1,000
_
12,297
158,461
__
170,758
__
10,564
_
10,564
143,922
__
154,486
 Transfers Net gain (loss)
on investments
-2013
-522
-522
_
_
-3,058
__
__
-3,058
__
__
19,867
943
943
_
_
21,754
_
__
21,754

 2025
Fund c/f
3,339,358
11,968
10,916
_
3,362,242
264,684
__
3,626,926
__
3,352,368
12,424
12,095
_
3,376,887
239,798
__
3,616,685

Periam

This fund has existed in one form or another since 1604 arising from various endowments. The purpose of the fund is to provide income to:

Brakspear

This prize fund was donated in 1882 by the late William Henry Brakspear to be awarded annually, on the recommendation of the Principal, to students attending The Henley College.

Mary Clarke

This fund was created in 2000 by donations in memory of the late Mary Clarke. The purpose of the fund is to provide an annual music award at the discretion of the Trustees.

Income

This fund is unrestricted and is unallocated monies arising from the Periam Fund investments.

15

HENLEY EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

10. GRANT DETAILS
Section 28 (2) (b) – special benefit for schools (see Trustees Report)
Badgemore
Crazies Hill
Nettlebed
Sacred Heart
Trinity
Valley Road
Section 28 (3) - individuals in need
149 individual grants (2024: 140)
Section 28 (4) – wider educational support
Gillotts Academy
The Henley College
Henley Cricket Club
Henley Schools Partnership (counselling service)
Henley Youth Festival
Greener Henley Workshop
Henley Rugby Club
The Sacred Heart Playgroup
AFC Henley
Sub-Total
Income fund (as above)
Brakspear Fund
Mary Clarke Award
Less grant funds returned by recipients
Total Grants and Awards		 2025
£
3,484
250
425
3,000
7,700
2,920
__
17,779
__
__
44,767
__
17,871
4,608
-
54,716
5,400
-
3,000
-
600
__
86,195
__
148,741
300
1,000
-
__
150,041
 2024
£
1,500
500
500
1,800
5,000
1,600
__
10,900
__
__
42,856
__
15,120
3,500
1,500
54,462
4,140
360
2,500
1,000
-
__
82,582
__
136,3328
-
-
-1,155
__
135,183

16