REGISTERED CHARITY NUMBER: 309586
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 December 2023
for
Parrott & Lee Educational Foundation
Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW
Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Trustees' Report | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 11 |
| Detailed Statement of Financial Activities | 12 |
Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Trustees' Report for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 by:
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i) making available free of charge the site and buildings of Wootton CE Primary School
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ii) through financial grants to the school, and;
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iii) through awarding financial grants to young people in the parish to help them undertake further training or education.
For a number of years, Wootton Primary School has been the smallest in Oxfordshire. The numbers of primary school children in the parish has been in a long-term decline and insufficient children have chosen to come to the school from other local villages. Initially, in order to cope with the challenges of operating a school with so few pupils, Wootton had shared resources with another local primary school, but as pupil numbers further declined it became necessary to teach several year groups at the other school. Then all the year groups were taught there. With the Wootton school buildings unused for most of the week, and with no prospect of the roll increasing, the Academy Trust approached the DfE with view to securing the formal closure of the school. Following the required consultation, including with the Foundation and the Education Authority, the formal closure of the school in 2023 was approved by the Secretary of State. The site and buildings were legally returned to the Trustees of the Foundation on 20 November 2023.
The Trustees have already given notice to the Charity Commission of their inability to meet the charity's object of aiding the school and will be bringing forward proposals to amend the current objects and associated regulations contained in the Scheme.
Pending a decision on the future of the school site it has been added to the Foundation's existing portfolio of four investment properties.
The Foundation employs a professional firm to manage its properties, but has no offices or staff of its own.
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Trustees' Report for the Year Ended 31 December 2023
FINANCIAL REVIEW
In 2023 grants to Wootton School, the Foundation’s principal beneficiary, were £6,125 (2022: £20,465).
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In 2023, total incoming resources were £36,788 (2022: £39,407), total resources expended increased to £24,252 (2022: £35,060) and unrealised gains on investment assets were £3,915 (2022: losses of £5,606). This has resulted in a net gain of £16,451 compared to a net loss of £1,259 in 2022.
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Substantially all incoming resources comprised rents received from the four investment properties. In 2023, substantial rent arrears were incurred on School Cottage No. 2 as a result of the then tenant's diagnosis and subsequent treatment for serious illness. A payment plan has now been agreed for the repayment of the arrears, which will begin in April 2024.
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In 2023, seventeen grant (2022: one) for educational purposes totalling £5,100 (2022: £300) was made to young persons to assist them to embark on a career.
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If grants are excluded, total expenditure was £18,127 (2022: £14,297) and net incoming resources were £22,576 (2022: £19,507)
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The principal perceived risks are the destruction of the properties, bad tenants and fraudulent grant applications. These risks are mitigated by, respectively, insurance and the retention as managers of the properties of a leading local firm of letting agent and the assessment of all applications to ascertain that they are genuine and accurate.
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Looking ahead, with the closure of the Wootton-by-Woodstock Primary School and the return of the site to the Foundation on the 20 November 2023, it is anticipated that expenditure will rise in the short term as a result of increased insurance, maintenance and utility costs, offset by a reduction in the value of grants compared to previous years.
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 and as amended on 5 September 2017.
The trustees would also like to note in this year's report the sad and untimely loss of the recently joined trustee Reverend Dr John Reader and give thanks for his impressive but all too brief contribution to the Foundation and, more broadly, the Parish of Wootton.
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Trustees' Report for the Year Ended 31 December 2023
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 Mrs Mary Tuely (co-optative) Mr Miles Young Warden New College Oxford (ex-officio) Mr Christopher Elliott (co-optative) – appointed 1 June 2023 Rev Dr John Reader (ef-officio), from 1 June 2023 – deceased 2 October 2023 Sir Charles Ponsonby (co-optative)- resigned 30 May 2023
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
15/04/2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr John Harwood - Trustee
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
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 2023.
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
Date: ............................................. 18/04/2024
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Statement of Financial Activities for the Year Ended 31 December 2023
| 31/12/23 | 31/12/22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Investment income | 2 | 36,788 | 39,407 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 17,215 | 13,407 |
| Charitable activities | |||
| Youth education | 7,037 | 21,653 | |
| Total | 24,252 | 35,060 | |
| Net gains/(losses) on investments | 3,915 | (5,606) | |
| NET INCOME/(EXPENDITURE) | 16,451 | (1,259) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 931,013 | 932,272 | |
| TOTAL FUNDS CARRIED FORWARD | 947,464 | 931,013 |
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: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Statement of Financial Position
31 December 2023
| 31 December 2023 | |||
|---|---|---|---|
| 31/12/23 | 31/12/22 | ||
| Total | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | |||
| Investments | 6 | 46,519 | 42,604 |
| Investment property | 7 | 875,000 | 875,000 |
| 921,519 | 917,604 | ||
| CURRENT ASSETS | |||
| Cash at bank | 8 | 27,172 | 14,597 |
| CREDITORS | |||
| Amounts falling due within one year | 9 | (1,227) | (1,188) |
| NET CURRENT ASSETS | 25,945 | 13,409 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 947,464 | 931,013 | |
| NET ASSETS | 947,464 | 931,013 | |
| FUNDS | 10 | ||
| Unrestricted funds | 947,464 | 931,013 | |
| TOTAL FUNDS | 947,464 | 931,013 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 15/04/2024
............................................. Mr John Harwood - Trustee
............................................. Mr Christopher Elliott - Trustee
The notes form part of these financial statements
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Notes to the Financial Statements for the Year Ended 31 December 2023
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 | ||
|---|---|---|
| 31/12/23 | 31/12/22 | |
| £ | £ | |
| Rents received | 35,511 | 38,135 |
| Dividend income | 1,277 | 1,272 |
| 36,788 | 39,407 |
continued...
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31/12/23 | 31/12/22 | |
| £ | £ | |
| Property management | 7,192 | 5,870 |
| Property repairs | 3,519 | 4,832 |
| Property insurance | 3,742 | 2,705 |
| Property other | 2,762 | - |
| 17,215 | 13,407 | |
| GRANTS PAYABLE | ||
| 31/12/23 | 31/12/22 | |
| £ | £ | |
| Youth education | 6,125 | 20,766 |
| The total grants paid to individuals during the year was as follows: | ||
| 31/12/23 | 31/12/22 | |
| £ | £ | |
| Wootton-by-Woodstock School | 725 | 20,466 |
| Young people | 5,400 | 300 |
| 6,125 | 20,766 |
4. GRANTS PAYABLE
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
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 2023 |
2023 £ 26,662 19,857 46,519 42,604 3,915 46,519 |
2022 £ 24,419 18.185 42.604 48.210 (5,606) 42,604 |
|---|---|---|
There were no investment assets outside the UK.
continued...
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
7. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
£ 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 2023, 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 1/1/23 £ Unrestricted funds General fund 931,013 TOTAL FUNDS 931,013 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 36,788 (24,252) TOTAL FUNDS 36,788 (24,252) |
31/12/23 Total funds £ 27,172 27,172 31/12/23 £ 1,227 Net movement in funds £ 16,451 16,451 Gains and losses £ 3,915 3,915 |
||
|---|---|---|---|
continued...
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/22 £ 932,272 932,272 |
Net movement in funds £ (1,259) (1,259) |
At 31/12/22 £ 931,013 931,013 |
|---|---|---|---|
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 | 39,407 | (35,060) | (5,606) | (1,259) |
| TOTAL FUNDS | 39,407 | (35,060) | (5,606) | (1,259) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/22 £ 932,272 932,272 |
Net movement in funds £ 15,192 15,192 |
At 31/12/23 £ 947,464 947,464 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
as follows: |
||||
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 76,195 | (59,312) | (1,691) | 15,192 |
| TOTAL FUNDS | 76,195 | (59,312) | (1,691) | 15,192 |
Net movement in funds, included in the above, are as follows:
continued...
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d
Parrott & Lee Educational Foundation
| Parrott & Lee Educational Foundation | ||
|---|---|---|
| Detailed Statement of Financial Activities | ||
| for the Year Ended 31 December 2023 | ||
| 31/12/23 | 31/12/22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 35,511 | 38,135 |
| Dividend income | 1,277 | 1,272 |
| 36,788 | 39,407 | |
| Total incoming resources | 36,788 | 39,407 |
| EXPENDITURE | ||
| Investment management costs | ||
| Property management | 7,192 | 5,870 |
| Property repairs | 3,519 | 4,832 |
| Property insurance | 3,742 | 2,705 |
| Property other | 2,762 | - |
| 17,215 | 13,407 | |
| Charitable activities | ||
| Bank charges | 88 | 99 |
| Grants payable | 6,125 | 20,766 |
| 6,213 | 20,865 | |
| Support costs | ||
| Governance costs | ||
| Independent Examiner's fee | 824 | 788 |
| Total resources expended | 24,252 | 35,060 |
| Net income before gains and losses | 12,536 | 4,347 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 3,915 | (5,606) |
| Net income/(expenditure) | 16,451 | (1,259) |
This page does not form part of the statutory financial statements
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Document ID: afe8d3fe-1634-44fe-8d31-e90c3d07955d