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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 309586

Trustees' Report and

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Parrott & Lee Educational Foundation

Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Contents of the Financial Statements for the Year Ended 31 December 2021

Page
Trustees' Report 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Statement of Financial Position 5
Notes to the Financial Statements 6 to 10
Detailed Statement of Financial Activities 11

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Trustees' Report for the Year Ended 31 December 2021

The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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

Objectives and aims

The Foundation exists to provide financial support towards the education and training of young persons in Wootton, near Woodstock, primarily through the medium of Wootton-by-Woodstock C.E (Aided) Primary School, and also of former pupils of the School. The regulations as to the application of income are more fully set out in paragraphs 26 and 27 of the Scheme.

The Foundation owns four investment properties, which are let, but does not have offices of its own or staff.

FINANCIAL REVIEW

In 2021 grants to Wootton School, the Foundation’s principal beneficiary, were £17,500 (2020: £15,000), within their normal position in the £15,000-£20,000 bracket.

  1. In 2021, total incoming resources were £38,958 (2020: £33,211), total resources expended decreased to £33,506 (2020: £44,821) and unrealised gains on investment assets were £5,989 (2020: £2,538). This has resulted in net income of £11,441 compared to net expenditure of £9,072 in 2020.

  2. Substantially all incoming resources comprised rents received from the four investment properties. The increase in rents, to £37,718 from £31,996 in 2020, reflected there being no lengthly void in 2021.

  3. The principal variance in expenditure was the decrease in property repairs, to £4,604 from an exceptionally high £20,664 in 2020.

  4. In 2021, six grants (2020: three) for educational purposes totalling £1,800 (2020: £900) were made to young persons to assist them to embark on a career.

  5. If grants are excluded, total expenditure was £14,206 (2020: £28,921) and net incoming resources were £24,752 (2020: £4,290).

  6. The Foundation’s net assets are substantially represented by the freehold interest in School House and School Cottages 1,2 and 3, Church Street, Wootton-by-Woodstock, Oxon, OX20 1DH. These have a cost of zero and are stated at a valuation as at 31 December 2003 by Chancellors, Estate Agents, of Woodstock, of £875,000.

  7. The principal perceived risks are the destruction of the properties and bad tenants. These risks are mitigated by, respectively, insurance and the retention as managers of the properties of a leading local firm of letting agents.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The Foundation, in the Parish of Wootton in the District of West Oxfordshire in the County of Oxfordshire, was founded by will dated 26 April 1785 and comprised in Schemes of the Charity Commissioners of 24 January 1893 and 27 March 1907. It is now regulated by a Scheme including appointment of Trustees and vesting in the Official Custodian of Charities of 29 November 1982.

Page 1

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Trustees' Report for the Year Ended 31 December 2021

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

309586

Principal address

c/o Mr J Harwood West End House Wootton Woodstock Oxon OX20 1DL

Trustees

Mr John Harwood (nominative ), Chairman Sir Charles Ponsonby (co-optative ), Treasurer and Clerk Rev Stephen Jones, Rector (ex-officio) Mary Tuely (co-optative) Mr Miles Young , Warden, New College , Oxford (ex-officio)

The Trustees meet at least twice a year, normally in March and October.

Independent Examiner

Alan Drummond CA Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW

Bankers

Barclays Bank plc 25 High Street Kidlington Oxon OX5 2DH

07/03/2022

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Mr John Harwood - Trustee

Page 2

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Independent Examiner's Report to the Trustees of Parrott & Lee Educational Foundation

Independent examiner's report to the trustees of Parrott & Lee Educational Foundation

I report to the charity trustees on my examination of the accounts of Parrott & Lee Educational Foundation (the Trust) for the year ended 31 December 2021.

Responsibilities and basis of report

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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 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 accounts to be reached.

Alan Drummond CA Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW 25/03/2022 Date: .............................................

Page 3

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Statement of Financial Activities for the Year Ended 31 December 2021

31/12/21 31/12/20
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Investment income 2 38,958 33,211
EXPENDITURE ON
Raising funds 3 13,353 28,105
Charitable activities
Youth education 20,153 16,716
Total 33,506 44,821
Net gains on investments 5,989 2,538
NET INCOME/(EXPENDITURE) 11,441 (9,072)
RECONCILIATION OF FUNDS
Total funds brought forward 920,831 929,903
TOTAL FUNDS CARRIED FORWARD 932,272 920,831
CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 4

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Statement of Financial Position 31 December 2021

Notes
FIXED ASSETS
Investments
Investments
6
Investment property
7
CURRENT ASSETS
Cash at bank
8
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
TOTAL FUNDS		 31/12/21
Total
funds
£
48,210
875,000
923,210
10,317
(1,255)
9,062
932,272
932,272
932,272
932,272		 31/12/20
Total
funds
£
42,221
875,000
917,221
4,654
(1,044)
3,610
920,831
920,831
920,831
920,831

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 07/03/2022

.............................................

Mr John Harwood - Trustee

............................................. Sir Charles Ponsonby - Trustee

The notes form part of these financial statements

Page 5

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Notes to the Financial Statements for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

31/12/21 31/12/20
£ £
Rents received 37,718 31,996
Dividend income 1,240 1,215
38,958 33,211

Page 6

continued...

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

3. RAISING FUNDS

Investment management costs

Investment management costs
31/12/21 31/12/20
£ £
Property management 5,528 4,279
Property repairs 4,604 20,664
Property insurance 2,535 2,290
Property other 686 872
13,353 28,105
GRANTS PAYABLE
31/12/21 31/12/20
£ £
Youth education 19,300 15,900
The total grants paid to individuals during the year was as follows:
31/12/21 31/12/20
£ £
Wootton-by-Woodstock School 17,500 15,000
Young people 1,800 900
19,300 15,900

4. GRANTS PAYABLE

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

6. FIXED ASSET INVESTMENTS

MARKET VALUE 2021 2020
£ £
COIF Charity Funds
A/C 103040001T - 1343.53 shares 27,632 24,199
A/C 103040002T - 1000.58 shares 20,578 18,022
48,210 42,221
Movement in investments during the year is as follows:
Market value at 1 January 42,221 39,683
Unrealised gain on revaluation 5,989 2,538
Market value at 31 December 48,210 42,221

There were no investment assets outside the UK.

continued...

Page 7

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

7. INVESTMENT PROPERTY

FAIR VALUE
At 1 January 2021
and 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 £
875,000
875,000
875,000

These comprise School House and Cottages No 1, 2 and 3, Church Street, Wootton, Woodstock, Oxon, OX20 1DH. All were built in the period 1835-37, in Cotswold stone. School House has three bedrooms, whilst the Cottages have one bedroom. As at 31 December 2021, all four properties were in good structural and decorative condition.

Investments in properties are stated at the valuation by a local firm of estate agents at 31 December 2003.

8. CASH AT BANK

Barclays account
Total
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
10.
MOVEMENT IN FUNDS
At 1/1/21
£
Unrestricted funds
General fund
920,831
TOTAL FUNDS
920,831
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
38,958
(33,506)
TOTAL FUNDS
38,958
(33,506)		 31/12/21
Total
funds
£
10,317
10,317
31/12/21
£
1,255
Net
movement
in funds
£
11,441
11,441
Gains and
losses
£
5,989
5,989		 31/12/20
Total
funds
£
4,654		 31/12/20
Total
funds
£
4,654
4,654
31/12/20
£
1,044
At
31/12/21
£
932,272
932,272
Movement
in funds
£
11,441
11,441		 31/12/20
£
1,044
At
31/12/21
£
932,272
932,272
11,441

continued...

Page 8

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1/1/20
£
929,903
929,903		 Net
movement
in funds

£
(9,072)
(9,072)		 At
31/12/20
£
920,831
920,831

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 33,211 (44,821) 2,538 (9,072)
TOTAL FUNDS 33,211 (44,821) 2,538 (9,072)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1/1/20
£
929,903
929,903		 Net
movement
in funds

£
2,369
2,369		 At
31/12/21
£
932,272
932,272

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 72,169 (78,327) 8,527 2,369
TOTAL FUNDS 72,169 (78,327) 8,527 2,369

Net movement in funds, included in the above, are as follows:

continued...

Page 9

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

Page 10

Document ID: 6f89f5be-b2f2-4b8f-b49b-616d7f2f2bcd

Parrott & Lee Educational Foundation

Detailed Statement of Financial Activities
for the Year Ended 31 December 2021
31/12/21 31/12/20
£ £
INCOME AND ENDOWMENTS
Investment income
Rents received 37,718 31,996
Dividend income 1,240 1,215
38,958 33,211
Total incoming resources 38,958 33,211
EXPENDITURE
Investment management costs
Property management 5,528 4,279
Property repairs 4,604 20,664
Property insurance 2,535 2,290
Property other 686 872
13,353 28,105
Charitable activities
Bank charges 103 84
Grants payable 19,300 15,900
19,403 15,984
Support costs
Governance costs
Independent Examiner's fee 750 732
Total resources expended 33,506 44,821
Net income/(expenditure) before gains and
losses 5,452 (11,610)
Unrealised recognised gains and losses
Unrealised gains/(losses) on fixed asset investments 5,989 2,538
Net income/(expenditure) 11,441 (9,072)

This page does not form part of the statutory financial statements

Page 11

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