Ewelme Exhibition Endowment
Charity number: 309240
Accounts
for the year ended 31st December 2020
Wenn Townsend
Chartered Accountants
Oxford
Ewelme Exhibition Endowment
Governors’ Report for the year ended 31st December 2020
Administrative details
The Governors (who are also Trustees) have pleasure in presenting their report and audited accounts for the year ended 31st December 2020. The accounts 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 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 published in October 2019.
| Governors:Permanent appointees | V J Angell (appointed to represent Berkshire) |
|---|---|
| N B Blake (appointed to represent Oxfordshire) | |
| D J Leonard (deceased 27 April 2020, appointed to represent | |
| Buckinghamshire, now vacant (see Structure, go | |
| and management on page 2)) | |
| Dr G C Trimble (appointed to represent Oxford University) | |
| Fixed term appointees | Mrs S Lyons (serving until January 2025) |
| Mrs S Maine (serving until April 2022) | |
| Mrs A Penney (serving until July 2021) | |
| Mrs V M Stattersfield (serving until October 2025) | |
| Clerk and Trust Manager: | J A Oliver |
| Principal address: | 126 High Street |
| Oxford | |
| Auditors: | Wenn Townsend |
| 30 St Giles | |
| Oxford | |
| Solicitors: | HMG Law LLP |
| 126 High Street | |
| Oxford | |
| Bankers: | Barclays Bank plc |
| Oxford |
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Ewelme Exhibition Endowment
Governors' Report (continued) for the year ended 31st December 2020
Structure, governance and management
As shown on page 1, 4 Governors are nominated by various bodies. Following the death of the representative for Buckinghamshire the position is vacant and a successor will be appointed once Covid-19 restrictions on interviews are lifted. There are normally 4 fixed term appointees who are appointed by the Trustees of God’s House in Ewelme (Charity No. 200581). New Governors are familiarized with the charity, provided with the latest accounts and are referred to the Charity Commission’s guidance document ‘CC3, The Essential Trustee’ in order to be made aware of their responsibilities as Governors.
Objects and activities for the public benefit
Under the Trust Deed, the Endowment receives yearly income from God's House in Ewelme at the discretion of the Trustees of that Charity. No funds are raised from the public.
Using these funds, the Endowment grants awards for educational purposes in one or more of the following ways:
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a. In awarding scholarships or maintenance allowances at any school, university or place of learning approved by the Governors.
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b. In providing financial assistance to beneficiaries on leaving school, university or other place of learning to prepare for, or to assist their entry into a trade, profession or calling.
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c. In awarding travel bursaries.
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d. In providing facilities of any kind not normally provided by the LEAs for recreation and social and physical training.
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e. In providing financial assistance for the study of music or other arts.
Beneficiaries are young people aged under 25 who, in the opinion of the Governors, are in need of financial assistance and those who have residential qualification in the Counties of Oxfordshire, Buckinghamshire and former Berkshire, with preference for residents in Ewelme, Marsh Gibbon and the other endowed Estate areas. The Governors have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Award making policy
The Governors pay grants and awards in accordance with the objects of the Charity, being mindful of the origin of the Endowment. The results for the year below, along with investment income and brought forward resources, provided sufficient funds with which to pay awards and grants of £222,673. 73 bursary and scholarship awards were funded at Independent schools and a further 29 young people in both State and independent education benefited from individual awards and grants during the year and a grant was awarded to three primary schools within the endowed estate areas to fund facilities and projects for which State funding was unavailable in order to benefit the pupils from financially disadvantaged families. 8 State primary schools serving particularly deprived communities within the areas of benefit were offered grants during the year to fund trips and other educational experiences for disadvantaged children. Because of the Covid-19 restrictions, however, most of these activities were delayed and the offers were not claimed. The offers will be reconsidered when the lifting of restrictions allows activities to resume.
Achievements and performance
The Governors are continuing to work with State and Independent schools in the areas of benefit to develop awards and grants in order to allow disadvantaged young people to experience the best available education. They are also developing the means of providing assistance to young people for skills training and in apprenticeships. They are improving partnership links with schools and other Charities.
Financial review
The Charity’s grant for the year from God’s House in Ewelme is £270,000. The Charity’s interest income for the year is £1. After grants and awards paid of £222,673 and support costs of £12,655 there was a surplus for the year of £34,673. The surplus was largely the result of delays in applications for Primary School awards due to Covid-19 restrictions on activities during the year. Other operations for the charity and the activities it supports have not been adversely affected by the Pandemic.
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Ewelme Exhibition Endowment
Governors' Report (continued) for the year ended 31st December 2020
Principal risks and uncertainties
The Governors have identified that the inability to meet committed award expenditure is the principal risk to which the Charity is exposed. In agreement with the Trustees of God’s House in Ewelme, systems have been established to project that expenditure to mitigate that risk.
Reserves
The Charity had unrestricted reserves of £143,118 at 31st December 2020. It is the policy of the Charity to maintain sufficient reserves to protect the Charity from unforeseen falls in income receivable from God’s House in Ewelme, so that the Charity can continue to perform its charitable objects. The reserves are considered to be at a prudent level.
Governors’ responsibilities statement
The Governors are responsible for preparing the Governors’ Report and the 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 Governors to prepare financial statements for each financial 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 that period. In preparing these financial statements the Governors are required to:-
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation;
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State whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the accounts.
The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity, and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Covid 19
Despite the recent controls due to Covid 19, the Governors expect the Charity to be able to operate for at least 12 months from the signing date. The Charity’s main source of income, God’s House in Ewelme, has a large endowment. It is planned that endowment and current Award commitments will be met in full.
Meetings, correspondence and interviews have been conducted online and routine business has not been affected by the Pandemic. Future development plans are under constant review.
Approved by the Governors on 27th April 2021 and signed on their behalf by:
J A Oliver
Clerk to the Governors
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Ewelme Exhibition Endowment
Independent Auditor’s Report to the Governors of The Ewelme Exhibition Endowment
Opinion
We have audited the financial statements of The Ewelme Exhibition Endowment (the ‘Charity’) for the year ended 31st December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charity’s affairs as at 31st December 2020, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt about the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Governors’ Annual Report, other than the financial statements and our auditor’s report thereon contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Governors’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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Ewelme Exhibition Endowment
Independent Auditor’s Report to the Governors of The Ewelme Exhibition Endowment (continued)
Responsibilities of Governors
As explained more fully in the Governors’ responsibilities statement set out on page 3, the Governors are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management, those charged with governance and the entity’s solicitors (where relevant) around actual and potential litigation and claims;
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Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charity’s Governors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s governors those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Governors as a body, for our audit work, for this report, or for the opinions we have formed.
Wenn Townsend , Statutory Auditor Oxford
27th April 2021
Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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Ewelme Exhibition Endowment
Statement of Financial Activities for the year ended 31st December 2020
| Note | 2020 | 2019 | |
|---|---|---|---|
| Income | |||
| From God's House in Ewelme | 270,000 | 253,660 | |
| Interest received | 1 | 61 | |
| _ | _ | ||
| Total income | 270,001 | 253,721 | |
| Expenditure | |||
| Charitable expenditure | 2 | (235,328) | (277,018) |
| _ | _ | ||
| Net movement in funds | 34,673 | (23,297) | |
| Total funds brought forward | 108,445 | 131,742 | |
| _ | _ | ||
| Total funds carried forward | £ 143,118 |
£ 108,445 | |
| ═════ | ═════ |
All of the above funds are unrestricted.
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Ewelme Exhibition Endowment
Balance Sheet as at 31st December 2020
| Note Current Assets Debtors 4 Cash at bank - Current Account - Deposit Account Less: Current Liabilities Creditors 5 Net Assets £ The funds of the charity: Unrestricted funds £ |
2020 6,224 99,935 45,239 _ 151,398 (8,280) _ 143,118 £ ═════ 143,118 £ ═════ |
2019 86,000 25,327 238 _ 111,565 (3,120) _ 108,445 ═════ 108,445 ═════ |
|---|---|---|
These accounts were approved at a meeting of the Governors on 27th April 2021 and signed on their behalf by:
N B Blake ) ) Governors V M Stattersfield )
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Ewelme Exhibition Endowment
Notes to the accounts
for the year ended 31st December 2020
1. Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Charity's accounts.
a) Basis of preparation
These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred rather than as cash is received or paid.
The accounts have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements 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 (FRS 102) published in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined in FRS 102.
The Governors consider that the main uncertainty about the Charity’s ability to continue as a going concern is the Covid 19 situation. The Governors expect to continue to operate for 12 months from the date of signature of the accounts, as described in the Governors’ Report.
b) Grants and awards payable
Grants and awards payable are included when the recipient has a reasonable expectation that they will receive a grant or award and when any conditions attached to the grant are fulfilled.
c) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably.
All expenses, including support costs and governance costs, are allocated to the applicable expenditure headings as shown in note 2.
d) Income recognition
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
e) Funds structure
The unrestricted funds consist of a general fund which the Governors may use to meet the objects of the Charity at their discretion.
f) Irrecoverable VAT
Irrecoverable VAT is charged to the expenditure heading for which it was incurred.
g) Debtors and creditors
Debtors and creditors are recognised at the transaction price.
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Ewelme Exhibition Endowment
Notes to the accounts (continued) for the year ended 31st December 2020
2. Charitable expenditure
| Awards and grants given 216,894 Grants made to Schools 5,779 _ Support costs (see note 3) £ 3. Support costs Administration salary costs borne by God’s House in Ewelme Awards advertisements Printing, postage and sundry expenses Trustee indemnity insurance Governance costs: Auditor’s fees - audit - other £ 4. Debtors Due from God's House in Ewelme Prepayments £ 5. Creditors Audit and accountancy Awards notified but unpaid £ |
2020 222,673 12,655 _ 235,328 ═════ 4,144 3,582 369 900 2,160 1,500 _ 12,655 ═════ 5,856 368 _ 6,224 ═════ 3,480 4,800 _ 8,280 ═════ |
244,359 21,700 _ £ £ £ £ |
2019 266,059 10,959 _ 277,018 ═════ 3,660 3,224 460 495 1,720 1,400 _ 10,959 ═════ 86,000 - _ 86,000 ═════ 3,120 - _ 3,120 ═════ |
|---|---|---|---|
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Ewelme Exhibition Endowment
Notes to the accounts (continued) for the year ended 31st December 2020
6. Connected charities
God's House in Ewelme provides the income of this Charity and that of the Ewelme Elementary Educational Foundation. The Governors consider that these three Charities are connected.
7. Remuneration of Governors
No remuneration was paid or expenses reimbursed to the Governors during 2020 (2019: Nil).
8. Commitments to pay awards in future periods
Each year the Governors make awards to students usually from age 11 to completion of GCSEs and, following review, to completion of A Levels.
The Governors, having made reasonable assumptions as to the number of years students remain at school, consider that the Charity has a financial commitment of £439,000 at the balance sheet date over a period of seven years.
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