REGISTERED CHARITY NUMBER: 309586
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
Parrott & Lee Educational Foundation
Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW
Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Contents of the Financial Statements for the Year Ended 31 December 2022
| 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: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Trustees' Report for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 2022 grants to Wootton School, the Foundation’s principal beneficiary, were £20,465 (2021: £17,500), just above their normal position in the £15,000-£20,000 bracket.
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In 2022, total incoming resources were £39,407 (2021: £38,958), total resources expended increased to £35,060 (2021: £33,506) and unrealised losses on investment assets were £5,606 (2021: gains of £5,989). This has resulted in a net loss of £1,259 compared to a net income of £11,441 in 2021.
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Substantially all incoming resources comprised rents received from the four investment properties.
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In 2022, one grant (2021: six) for educational purposes totalling £300 (2021: £1,800) was made to young persons to assist them to embark on a career.
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If grants are excluded, total expenditure was £14,294 (2021: £14,206) and net incoming resources were £19,507 (2021: £30,741)
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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.
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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.
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Trustees' Report for the Year Ended 31 December 2022
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) (resigned 30/4/22) 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 30 Market Square Witney Oxfordshire OX28 6BJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 24/04/2023
........................................................................ Mr John Harwood - Trustee
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
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 2022.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
08/05/2023 Date: .............................................
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Statement of Financial Activities for the Year Ended 31 December 2022
| 31/12/22 | 31/12/21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Investment income | 2 | 39,407 | 38,958 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 13,407 | 13,353 |
| Charitable activities | |||
| Youth education | 21,653 | 20,153 | |
| Total | 35,060 | 33,506 | |
| Net gains/(losses) on investments | (5,606) | 5,989 | |
| NET INCOME/(EXPENDITURE) | (1,259) | 11,441 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 932,272 | 920,831 | |
| TOTAL FUNDS CARRIED FORWARD | 931,013 | 932,272 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Statement of Financial Position
31 December 2022
| 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 |
31/12/22 Total funds £ 42,604 875,000 917,604 14,597 (1,188) 13,409 931,013 931,013 931,013 931,013 |
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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr John Harwood - Trustee
............................................. Sir Charles Ponsonby - Trustee
The notes form part of these financial statements
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022
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
| INVESTMENT INCOME | ||
|---|---|---|
| 31/12/22 | 31/12/21 | |
| £ | £ | |
| Rents received | 38,135 | 37,718 |
| Dividend income | 1,272 | 1,240 |
| 39,407 | 38,958 |
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continued...
Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31/12/22 | 31/12/21 | |
| £ | £ | |
| Property management | 5,870 | 5,528 |
| Property repairs | 4,832 | 4,604 |
| Property insurance | 2,705 | 2,535 |
| Property other | - | 686 |
| 13,407 | 13,353 | |
| GRANTS PAYABLE | ||
| 31/12/22 | 31/12/21 | |
| £ | £ | |
| Youth education | 20,766 | 19,300 |
| The total grants paid to individuals during the year was as follows: | ||
| 31/12/22 | 31/12/21 | |
| £ | £ | |
| Wootton-by-Woodstock School | 20,466 | 17,500 |
| Young people | 300 | 1,800 |
| 20,766 | 19,300 |
4. GRANTS PAYABLE
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. FIXED ASSET INVESTMENTS
| MARKET VALUE COIF Charity Funds A/C 103040001T - 1343.53 shares A/C 103040002T - 1000.58 shares Movement in investments during the year is as follows: Market value at 1 January Unrealised gain on revaluation Market value at 31 December |
2022 £ 24,419 18,185 42,604 48,210 (5,606) 42,604 |
2021 £ 27,632 20,578 48,210 42,221 5,989 48,210 |
|---|---|---|
There were no investment assets outside the UK.
continued...
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
7. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
£ 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 2022, 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 1/1/22 £ Unrestricted funds General fund 932,272 TOTAL FUNDS 932,272 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 39,407 (35,060) TOTAL FUNDS 39,407 (35,060) |
31/12/22 Total funds £ 14,597 14,597 31/12/22 £ 1,188 Net movement in funds £ (1,259) (1,259) Gains and losses £ (5,606) (5,606) |
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|---|---|---|---|
continued...
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/21 £ 920,831 920,831 |
Net movement in funds £ 11,441 11,441 |
At 31/12/21 £ 932,272 932,272 |
|---|---|---|---|
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 | 38,958 | (33,506) | 5,989 | 11,441 |
| TOTAL FUNDS | 38,958 | (33,506) | 5,989 | 11,441 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/21 £ 920,831 920,831 |
Net movement in funds £ 10,182 10,182 |
At 31/12/22 £ 931,013 931,013 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above, are as follows:
| A current year 12 months and prior are as follows: |
year 12 months combined n | et movement in | funds, included | in the above, |
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 78,365 | (68,566) | 383 | 10,182 |
| TOTAL FUNDS | 78,365 | (68,566) | 383 | 10,182 |
continued...
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98
Parrott & Lee Educational Foundation
| Parrott & Lee Educational Foundation | ||
|---|---|---|
| Detailed Statement of Financial Activities | ||
| for the Year Ended 31 December 2022 | ||
| 31/12/22 | 31/12/21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 38,135 | 37,718 |
| Dividend income | 1,272 | 1,240 |
| 39,407 | 38,958 | |
| Total incoming resources | 39,407 | 38,958 |
| EXPENDITURE | ||
| Investment management costs | ||
| Property management | 5,870 | 5,528 |
| Property repairs | 4,832 | 4,604 |
| Property insurance | 2,705 | 2,535 |
| Property other | - | 686 |
| 13,407 | 13,353 | |
| Charitable activities | ||
| Bank charges | 99 | 103 |
| Grants payable | 20,766 | 19,300 |
| 20,865 | 19,403 | |
| Support costs | ||
| Governance costs | ||
| Independent Examiner's fee | 788 | 750 |
| Total resources expended | 35,060 | 33,506 |
| Net income before gains and losses | 4,347 | 5,452 |
| Unrealised recognised gains and losses | ||
| Unrealised gains/(losses) on fixed asset investments | (5,606) | 5,989 |
| Net (expenditure)/income | (1,259) | 11,441 |
This page does not form part of the statutory financial statements
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Document ID: 2239530f-5a4c-414a-b156-ab320c16dc98