Ew￿me Exhibltlon EndowmMI Charlty number: 309240 Accounts for the year 31st August 2024 Wenn Townsond Evrtlme Exhlblllon Endowment for th• year ￿ded 31st August 2024 Admlnlstratlve details The Govemots are also TNstees) have pleasure in presenti￿￿ their feport and audit8d accounts for the year ended 31st August 2024. The accounts have b88n prepar8d In accordance ¥￿th the accountlng pollc 8et out in note 1 to the accounts and comply ￿1th the Charity's Trusl Deed, the Charities Act 2011 and A¢counting and ReportifwJ by Chatities: Statement of Recommended Pfactice appliGable to Charities preparing their &counts in aCCordar￿e wlth the Flnancial ReportlTrJ Standwd applicable In ttre UK arnl Republlc of IrelarMI publishgj in October 2019. Gov•rnors: Pennanent appointe8S V J Al￿814 (appointed to represent B8rkshir8). Retired April 2024 Gorrlon Ross (appoint￿1 to represent Bethshire) until June 2028 Adrienne Rosen (appointed to represenl OxfordskHre) until June 2028 S Kosler (appointed to represent BuckiNJhamghire) until October 2026 Dr G C Trimble (appointed to r8pres8nt Oxford Universlty) Lady B￿k￿￿se (servirvJ until October 2026) Mrs S Lyons (servirYJ until January 2025) Mrs S Maine (seDiing until April 2027) Mrs V M Stattersf ield (sep4ing until October 2025) Retired April 2024 Keith Settle - (seivirvJ until April 2028) Flxed tenn appoinl88s Awards Managor: Dr M Andrews (appointaj April 2023) Prfnclpal addrtss: 30 Sl Glles, Oxford Audilorn: Wenn Townsend 30 St Giles Oxford Barclays Bank plc Oxford Ew￿m0 Exhlbltlon Endowment Governors. Report (continued) for Ihe year 31st August 2024 Structurn, gov•rnance and management The sC￿me allows for 8 Govemors who are appoint•J to fepresert various areas and interests that serve. ObJ•cts and acdvllles for the publlc benefit Under the Trust Deed. the Endofftnt receives yeady income from God's House in E*elme at the discretion of ttr￿ Trustees of that Charity. No f urKls are raised f rom the public. Award rnaklng pollcy The Governo￿ pay grants *KI a￿8 in acconja￿A with the objects of the Ch•. Achlwgmonts and porfonnanc• The Govemors are ￿￿[kIng *ith an Ir￿reas1r￿j number of young people. and. continue to develop awards and grants which allow dIS￿1Vantag￿J youTrJ people to expwierTh ￿ best available educational opportunities. Flnanclal revlew The Charity's grdnt for the perfod from God's House In Ewelme is £3LX),IJXJ. The Charity's interest income for the period is £1.131. Aftergrdnts arvj awards paid of £227,247 8rKJ support costs of £48.427 there ￿ a surplus for period of £25,457. Ewelmo Exhlbitlon Endowmont Governors. Report (continued) for the y•ar ended 31st August 2024 Prlnclpal rlsks and uncertalntl The Govemors havè identif iwj that the inabilty to rn￿t commltt&J award experKliture is the principal risk to ￿1¢h the Charity is exposed. In agreement with the T￿￿teaS of God's House in EvAm8, systems have been estsbljsh￿ to prolect that expendlture to mitlgate thal dsk. The Chaiity had unrestricted reseNes of £231.459 at 31st August 2024. 11 is the policy of Ihe Charity to maintsln SLrff icient r8seNes to pmtect the Charity f mm unf oreseen falls in income receivable f rom God's House in E￿*1M8. so that the Charity can Gontinue to p￿￿OrM its charitable obje¢ts. The reseNes are considered to b8 at a prudent level and are adequale to cover all known f uture commitments Gov•rnord' rn8ponsiblllllos statam•nt The GoverrK)r8 are responsible f or preparirya the Gover￿rS, Report and the f inancial statements in accordance with appllcable law arKI Unit8d Kingdom AccountirwJ StarKlards (United Kingdom Generdlty Accepted Accounti Practice). The law applicable to Charities in ErYJland and Wales requires the Govemors to prepare f inanci81 statements for eaGh financial year %*hiGh give a trl￿ and fair view of the state of affairs of the Chaiity and of the inGomi resource5 arKI application of resources of the Charity for that period. In preparirg these f ironcial statem￿lS the Govemors are wuired to:. Sdect Suitable a¢¢ountir¥J policies arKI then apply them corBistentty; ObseNe the methods arKJ principles in the Charfties SORP; Make judgements arKI estimates that are wson&)le and prLKlent: Prepare the financial statements on the goirKJ concem basls unless it is ir￿lprOPriate to assume that the Charity will continue in operation: State whether applicable accounting standards have been follow*d subject to any material departures disclosed arKJ explain￿* in accounts. The Govemors are rosponsible for keeping propera¢¢ounting racords wthich disclose with rnasonabla accuracy the f inarKial position of the Charity. a￿1 which enable to e￿sure that f inanctal stalements comply with Ihe Chartties Act 2011, th8 Charity (Accounts Report5) Regulations 2(X>8 and provisi0r￿ of the Trust Deed. They are also responsible for safeguarding the assets of the Charity ar¥J henGe for takiry reasonable steps for the prevention and delection of f raud and other irregularities. The Governo￿ expect the Charfty to be able to operate forat least 12 months from the signiru date. The Charity's maln source of income, God's Fknuse In E%%elme. has a large erKIo*Tnent. It Is planned that erKlo*Thent and current Award commitments wtll be met in full. Approvod by thg Governorn on ........ .. 2025 and slgnod on their bthalf by: S Malno Chalr of Govwnor8 Ewalme Exhlblllon Endowment Ind•p•nd•nt Audltorfs R•port to th• Gov•rnors of Th• E*Ylm• Exhlbltlon Endowment Oplnlon We have audited the financial ststaments of EvKlme Exhibition Er￿10￿ (the 'Charity') for the year er¥Jed 31st August 2024 which comprise the Stalemerrt of Financial Activities. the Balance Sheet. and the related notes. including 8 summary of signif icant accounting policies. The financial worting f rdmewf>rk that has been applied in their preparation is applicable law and Unlted Klrodom Accountlng Standards. includiry Financial R8POrtiNJ StarKlard 102 Th& Financial Reporttng Standard applicablo in the UK arKI Republic of Ireland (United Kingdom Ger￿llY AGcepted AGcounting Practice). In our opinion ttr￿ f inar￿181 stst￿nts. give a tnje arKI f air view of ttr￿ state of Charlty's affairs as at 31st AUg￿812024, and of Its Incomtrg resources and application of resources, for the period then ended; have been propwly prepared in aCcO￿ance ¥Mth unit￿ Kir¥Jdom Gewaty Accept8d Accounlro P￿tice. arKI have been prepaed In accordance ￿th th8 wuiTrments of Q￿rItIeS Act 2011. Basls for oplnlon We Gonducted our aLMdit in aCcOrda￿e v￿th kntemational Standards on AuditirwJ (UK) (ISAS (UK)) and applicab law. Our responsibilities urKler tfrose standards are f urther descrfbed in ttE Auditorfs ￿SponSibl1111es for the audit of th8 f inancial statements section of our w>ort. We are Independent of the Charlty in accordance with the ethical N]uirements that are relevant to our a￿lit of the financial statements in the UK, including the FRC'S Ethical StarKJard. have fulflllwj our other ethlcal responsibilities in accordance IAilh these requlrements. We believe that the audit evidence ￿ have obtained is suff icient and appropriate to provide a basis f or our opinion. Concluslon$ r•latlng to golng concern auditiro the f inancial Statements, have concluded that the Govemor5' use of the goirvJ concem basis of countii¥J in the prepardtion of t*￿ financial statements is appropriate. Based on the worf( hav8 Perforni￿1, ￿ have not identif i￿1 any material uncertainties ￿latIrVa to events or conditions that. irKJividually or collectivdy. may cast signif icant doubt about the Charity's ability to continue a going concem f or a period of at least t￿1ve months f rom when the f inancial statements are authorised for issu8. Our responsibilities and ts respor6tbilities of ts G0vW￿r3 Imth respect to goirKJ concem are described in rdevant sections of this report. Other Inforniatlon The other infomalion comprises the inforniation included in the Gov8mots' Amual Report, Ott￿ than the f inancial statements arKI our auditorfs report thereon contair*d ￿thIn Annual Report. Our opinion on the financial staterneTrts d08s not cover the other infonnation aThl. except to the extent explicitly stat￿1 li our report. do rK)t express fonn of asswance COr￿lusion ttweon. Our responsibilty is lo re&1 the other infonnalion and, in doirg so. consider ￿ether the olher infonnation mat8rialty inconsistent with the financial statements or our knovAedge obtained in the audit orothep*vise appea to be materially misstated. If identrfy such material inconsistencies or apparent Mat￿la1 misstatements. we are required to d8termine ￿t￿her this gives rise to a material misstat8m8nt in th8 financial statom8nts themselves. If. based on the have performed. conCl￿e that ttr￿ is a matefial misstatement of tl other infomiation, ￿ are required lo report that fact. We have nothing to report in this regard. Matters on vthich we are required to report by exwllon We have Th)thing to report in respect of the f ollowing matters in relalion to vthich the Charities (Accounts Reports) Regulatiorns 2(M)8 require us to report to you rf. in our opinion: the information given in the financial statements 18 irwnsistent in any material rosp￿t wlh the . Governo￿. ￿pOrt. or suff Ic19nt accountirvJ reCo￿S have rnt b88n kept: or the f inanGial statements aro rK>t in agreement with the a￿OuntIng records. or e have r￿t ￿e1Ved all ttr￿ information a￿* explanation5 VK require f or our audit. Ewelme Exhlb115on Endowmont Ind•pandent Audltorfs Rap￿ to th• Gov•morn of Tha Evnlmo Exhlbltlon Endowm•nt (conllnu•d> R￿pOnsIbIlItIeS of Governorn As explained more fully in th8 Govemofs. rnsponsibilities statement set out on page 3, the Governo￿ are responsible f or the preparation of f inancial statements which give a true a￿$ fair view. a￿1 for such intemal control as the Govemors determine is necessary to enable the prepardtion of f inancial statements that are f from material misstalement, ¥thether due to f raud or error. In preparing the financial statements. the Govemors are responsible for assessing the Charity'8 ability to continue as a coing concem. disclosing. a8 applicable. matters related to going concem and usir#J the ooi concem basis of accounting unless the Governots either intend to liquidate the Chaiity or to cease operatior6. or have no realistic attgmalive but to do so. Audltorf5 responslbllltles for the audit of the flnanclal statements We hav8 b88n appotnted as auditor urKJer section 144 of the Chaiitiès Act 2011 and report in accordance wilh regulatiorL8 made undw section 154 01 ttHt Act. Our objeGtives are to obtain reasonable assurance about ￿t￿ther the f inanGial statements as a wtK)le are f from material misslatement. ￿thether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted accordance with ISAS (UK) %tsill always detect a material misstatement it exists. Misstatements can arise from fraud or ern)r and are considered material rf, individualty or in the agg￿ate, they couk1 reasonably be expected to influence the ecor¥)mic decisions of usets tak￿ on the basis of It￿e financial statements. Iwularitl8s. includirKJ fraud. are Instances of non/.... These accounts I￿re approved at a meeting of the Govwnorn on .... .. behalf by: 2025 and sigr*d on thelr S Malno (Chalr of Govornorn) Ewelme Exhlblllon Endowmont Notes to the accounts for th• year ended 31st August 2024 A￿Oun11n9 pollcl•s The follo￿Tr￿j ac¢ountiThJ policies have been US￿ cor6istentty in d8alir¥J Imth It￿nS ￿￿ch are cortsiderffll material in relation to the Charity's accounts. a) Basls of prnparatlon It￿e accounts have been prepared on an accn￿lS basis and include income arKJ 8xperKliture as t e eamed or incurred rnther than as cash is received or paid. Th6 &counts have been prepar￿1 under the historical cost Conv￿li0n ¥*ith Items recognlzed at cost or trartsaction value unless other%%ise stated In the relevant mtes to tl*se &counts. The financld statements have been prepared in acconlance wth St8temenl of ReCommer¥J￿1 Practic Accounting and Reporting by Charities preparing their accounts in accordance with the Fin8[￿la[ Reporting Slandard applicable Sn the UK and Republic of Ireland (FRS 102) publlshed in October 2019 and the Financial ReportirvJ sta￿lard applicable in the Unit￿1 Kingdom WKI Republlc of kdand (FRS 102) and the Charities Act 2011. Thè Charity constitutés a p￿11¢ benef it enw as def ined in FRS 11Y2. b) Grants and awards payabl• Grants and awards payable are incI￿led when the recipiwrt has a reasonable expectation that wlll receive a grant or awd and coThJitiorts attach&l to tha grant are f￿[Illed. c) EXpendI￿re recognlllon Liabilities a￿ recognIs￿ as expenditure as soon as there Is a legal orcortslructlve oblig81ion commitru the Charity to the expenditure. it is probabl8 that a settlement will b6 required WKI ttrp amount of the obligation can be measured reliably. All expenses, incltKliNJ support costs and goverrwKe costs, are allocated to applicable experxliture h8adings &s SIK>￿ in note 2. d) Ineomo r•wnlllon All income is recognised orKe the Charity has entitlement to Ihe income. it is probable that the incorre will be rnceived the amount of irwme receivable can be rn￿Ured reliabty. e) Funds Stru￿re The unrnstricted funds cortsist of a ger*ra fund ￿t￿Ch Ihe Govemors may use to meet the objects of Charity at their discretion. fj Irr•coverabl• VAT Irrecoverable VAT is charged to th8 expendtturo h8&Jlng for vthlch It Was Incuned. g) Debtorn ￿ crodltors Debtors and creditors are recognIs￿ at Ihe transaction price. Ewelm• Exhibltlon Endowmont Notes to the accounts (¢onllnued) for the year ended 31st August 2024 Charllablo expondl￿r• Y•ar •nded 31 August 2024 8 month8 •nd•d 31 August 2023 Awards and grarts giv Grants made to &twxJls 185.799 41.448 128.341 10.760 227.247 139.101 Support costs (see rM)18 3) 48,427 20,130 275.674 159.231 Support costs Administration salary A￿a￿S advertisements PrintirKJ. KM)stsge and expenses Trustee irKlemnity insuranc8 Gov8mance costs: Auditorfs f ees - audit payroll oth 20,371 13,036 2,392 419 318 1.682 719 4.100 2.708 Marwam8nt Infomlatlon System 17,952 48,427 20.130 Dobtorn Du8 from &>d's House in E￿￿me (see 5b) Prepayments Debts) 31.530 1.7 33.230 6a. Credltorn ACCn￿ls. Audit and accountancy Payroll Foes PAYEINI Administrator 8xpenses Awards notrfied but unpaid Due to God's House in E￿￿lMe (see 6b) 4,1(M) 152 233 14.763 2.433 2,443 9,538 21,681 15,881 6b. Amount Ipayable toyrncelvable from God'8 House In Ewelme E*Tlme Exhlbolion Endo*in•nt 2024 2023 Annual grant receivable f rom God's Fk)u8e in Ewelme Amount received in periodfyear Amount outstarKlirKJ at bffJinning of p￿l0dlYear Administrative salary paid by God's House arKI r￿harged 300,OfYJ (292.895) (9.538) 200,OCKI (200.000) (7,105) {2,433} Total duo at 31st Augugt 2024 (2.433) {9,538) Connected tharities God's House in E￿IMe provides the income of this Charity arKI that of the Ewelme Elementary Educational Foundation. The Govemors consider that these three Charities are COn￿Ct￿J. Rwnun•rallon of Gov•mors *) remuneration was paid or eXp￿￿eS reimburswj to ttr￿ Govemors duriro 2024 (2023: Ntl). 10. Commllments to pay awaryls In firture perfod8 Each year the Governors make avrards to St￿10nts usually f rom age 11 to completion of GCSE8 and, follobving review, to completion of A Levels. The Govemors. have revIe￿I all youro people that currentty TrK>kl a bu￿ary award arKJ gerwate a f uture liability of £149,4(M) for the f inancial year 202412025.