Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

**REGISTERED CHARITY NUMBER: 309586** 

## **Trustees' Report and** 

**Unaudited Financial Statements for the Year Ended 31 December 2025** 

## **for** 

## **Parrott & Lee Educational Foundation** 

EQ Accountants Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

**Parrott & Lee Educational Foundation** 

## **Contents of the Financial Statements for the Year Ended 31 December 2025** 

||**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|





Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

**Parrott & Lee Educational Foundation** 

## **Trustees' Report for the Year Ended 31 December 2025** 

The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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 for the education and training of young people in Wootton, near Woodstock.  Historically, this has been primarily through the provision of the site and buildings of Wootton school and through financial grants to the school.  Following the permanent closure of the school in 2023, this objective is no longer possible and the Trustees will be approaching the Charity Commission with proposals to amend the Scheme to take account of the closure.  The Foundation's Scheme has always included a further discretionary objective to assist young people directly through the provision of grants for education and training, and Trustees are concentrating on using the charity's income for this purpose. 

Full legal possession of the school site and buildings was returned to the Trustees of the Foundation on 20 November 2023 and, pending a decision on the long-term future of the school site, it remains in the Foundation's existing property portfolio alongside its four investment properties.  In the meantime, agreement has been reached on the leasing of the site for artists' studios. 

The Trustees employ a professional firm to manage the residential properties but have no offices or staff.   Trustees are unpaid and do not receive expenses. 

Page 1 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

**Parrott & Lee Educational Foundation** 

## **Trustees' Report for the Year Ended 31 December 2025** 

## **FINANCIAL REVIEW** 

1. In 2025, total incoming resources were £60,085 (2024: £42,292), total resources expended increased to £66,056 (2024: £40,505) and unrealised losses on investment assets were (£2,277) (2024: £1,051 gains). This has resulted in a net loss of £8,248 compared to net income of £2,838 in 2024. 

2. In addition to the continued costs of maintaining the vacant school site, expenditure increased further in 2025 due to two primary drivers:- Significant maintenance works to the residential cottages driven by roof repairs at the beginning of the year (c. £6.5k) and electrical remedial repairs towards the end of the year (c. £7k)- Approximately £7k of initial costs to commence preparations (for example, developing specifications and seeking necessary planning consents) for the works to improve the energy efficiency of the residential properties.  This is driven by the Government's forthcoming changes to energy efficiency requirements for rental properties. In order for the Foundation's residential properties to continue to be let a multi-year programme of investment in improving energy efficiency is needed. This driver is considered further in paragraph 8 below. 

3. Substantially all incoming resources comprised rents received from the four investment properties. Progressive repayment of arrears by a former tenant of Cottage no. 2 has continued, albeit at the current rate full recovery of all arrears will not be complete until 2027.   Rental occupancy of all the properties remained healthy throughout the year. 

4. In 2025, thirteen (2024: eleven) grants for educational purposes totalling £6,100 (2024: £5,100) were made to young persons to assist them to embark on their future careers. 

5. If grants are excluded, total expenditure was £59,050 (2024: £34,634) and net outgoing resources were (£1,242) (2024: £8,709 net incoming resources). 

6. The principal identified risks are major damage to, or destruction of, the properties; bad tenants; and fraudulent grant applications. These risks are mitigated by, respectively, insurance, the retention as managers of the properties of a leading local firm of letting agents, and the assessment of all grant applications to ascertain that they are genuine and accurate. 

7. Looking ahead, as reported in the 2024 accounts, whilst still pursuing a change of use for the school site through the planning process with West Oxfordshire District Council to enable the optimal disposal of the site in the best interests of the Foundation's future beneficiaries, an opportunity has arisen to let the site in the short to medium term.  Change of use for the site to enable this letting has been successfully achieved and the expectation is that the site will be let by the end of the first quarter of 2026.  This will significantly reduce the Foundation's maintenance costs going forward and, following the expiry of an agreed rent-free period, additional income. 

8. With regard to the planned energy efficiency works referred to in Paragraph 2 above, given the impeding changes to legal requirements for energy efficiency standards for properties to be let, this remains a priority for the Foundation in order to maintain the real value of its rental income over the next 25 years.  Although the initial preparatory costs of c.£7k have been absorbed as operating expenditure this year, the costs of completing the full works are too significant to be contained in this way even by phasing the work over the next 2-3 years.  As reported in the 2024 accounts, the Foundation's intent would be to fund the works by liquidating a proportion of its investment assets in the short term, whilst then replenishing this in the medium term through the potential disposal of the school site and improved property rental income. 

## **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. 

As mentioned above, the Trustees are mindful of the need to secure amendments to the charity's Scheme of governance to take account of the closure of the school.  It is hoped to submit proposals to the Commission during 2026. 

Page 2 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

**Parrott & Lee Educational Foundation** 

## **Trustees' Report for the Year Ended 31 December 2025** 

## **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) Reverend Esther Lay, Rector of the Parishes of Wootton, Glympton and Kiddington (ex-officio) Mr Christopher Elliott (co-optative), Treasurer 

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

## **Independent Examiner** 

Victoria Ivinson BA (hons) CA EQ Accountants Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW 

## **Bankers** 

Barclays Bank plc 25 High Street Kidlington Oxon OX5 2DH 

27-04-2026 | 12:38 BST Approved by order of the board of trustees on ............................................. and signed on its behalf by: 


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

Page 3 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **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 2025. 

## **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. 


Victoria Ivinson BA (hons) CA 

EQ Accountants Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW 27-04-2026 | 12:40 BST Date: ............................................. 

Page 4 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

## **Statement of Financial Activities for the Year Ended 31 December 2025** 

|||31.12.25|31.12.24|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Donations and legacies||-|1,500|
|Investment income|2|60,085|40,792|
|**Total**||60,085|42,292|
|**EXPENDITURE ON**||||
|Raising funds|3|59,050|34,634|
|**Charitable activities**||||
|Youth education||7,006|5,871|
|**Total**||66,056|40,505|
|Net gains/(losses) on investments||(2,277)|1,051|
|**NET INCOME/(EXPENDITURE)**||(8,248)|2,838|
|**RECONCILIATION OF FUNDS**||||
|Total funds brought forward||950,302|947,464|
|**TOTAL FUNDS CARRIED FORWARD**||942,054|950,302|



## **CONTINUING OPERATIONS** 

All income and expenditure has arisen from continuing activities. 

The notes form part of these financial statements 

Page 5 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

## **Statement of Financial Position 31 December 2025** 

|Notes<br>**FIXED ASSETS**<br>**Investments**<br>Investments<br>6<br>Investment property<br>7<br>**CURRENT ASSETS**<br>Cash at bank<br>8<br>**CREDITORS**<br>Amounts falling due within one year<br>9<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>10<br>Unrestricted funds<br>**TOTAL FUNDS**|31.12.25<br>Total<br>funds<br>£<br>45,293<br>875,000<br>920,293<br>23,068<br>(1,307)<br>21,761<br>942,054<br>942,054<br>942,054<br>942,054|31.12.24<br>Total<br>funds<br>£<br>47,570<br>875,000<br>922,570<br>28,997<br>(1,265)<br>27,732<br>950,302<br>950,302<br>950,302<br>950,302|
|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 27-04-2026 | 12:38 BST 

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

The notes form part of these financial statements 

Page 6 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

**Parrott & Lee Educational Foundation** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **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**|||
|---|---|---|
||31.12.25|31.12.24|
||£|£|
|Rents received|58,755|39,497|
|Dividend income|1,330|1,295|
||60,085|40,792|



continued... 

Page 7 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** 

## **3. RAISING FUNDS** 

## **Investment management costs** 

|**Investment management costs**|||
|---|---|---|
||31.12.25|31.12.24|
||£|£|
|Property management|21,207|12,530|
|Property repairs|20,760|12,688|
|Property insurance|8,616|8,470|
|Property other|8,467|946|
||59,050|34,634|
|**GRANTS PAYABLE**|||
||31.12.25|31.12.24|
||£|£|
|Youth education|6,100|5,100|
|The total grants paid to individuals during the year was as follows:|||
||31.12.25|31.12.24|
||£|£|
|Young people|6,100|5,100|



## **4. GRANTS PAYABLE** 

## **5. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. 

## **Trustees' expenses** 

There were no  trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024. 

## **6. FIXED ASSET INVESTMENTS** 

|**MARKET VALUE**<br>**COIF Charity Funds**<br>A/C 103040001T - 1343.53 shares<br>A/C 103040002T - 1000.58 shares<br>Movement in investments during the year is as follows:<br>Market value at 1 January<br>Unrealised gain on revaluation<br>Market value at 31 December 2025|**2025**<br>£<br>25,960<br>19,333<br>45,293<br>47,570<br>(2,277)<br>45,293|**2024**<br>£<br>27,265<br>20,305|
|---|---|---|
|||47,570|
|||46,519<br>1,051|
|||47,570|



There were no investment assets outside the UK. 

continued... 

Page 8 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** 

## **7. INVESTMENT PROPERTY** 

|**INVESTMENT PROPERTY**||
|---|---|
|**FAIR VALUE**<br>At 1 January 2025<br>and 31 December 2025<br>**NET BOOK VALUE**<br>At 31 December 2025<br>At 31 December 2024|£<br>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 2025, 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<br>Total<br>**9.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Accrued expenses<br>**10.**<br>**MOVEMENT IN FUNDS**<br>At 1.1.25<br>£<br>**Unrestricted funds**<br>General fund<br>950,302<br>**TOTAL FUNDS**<br>950,302||31.12.25<br>Total<br>funds<br>£<br>23,068<br>23,068<br>31.12.25<br>£<br>1,307<br>Net<br>movement<br>in funds<br>£<br>(8,248)<br>(8,248)||31.12.24<br>Total<br>funds<br>£<br>28,997|
|---|---|---|---|---|
|||||28,997|
|||||31.12.24<br>£<br>1,265<br>At<br>31.12.25<br>£<br>942,054|
|||||942,054|



continued... 

Page 9 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** 

## **10. MOVEMENT IN FUNDS - continued** 

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|60,085|(66,056)|(2,277)|(8,248)|
|**TOTAL FUNDS**|60,085|(66,056)|(2,277)|(8,248)|



## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.1.24<br>£<br>947,464<br>947,464|Net<br>movement<br>in funds<br>£<br>2,838<br>2,838|At<br>31.12.24<br>£<br>950,302<br>950,302|
|---|---|---|---|



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|42,292|(40,505)|1,051|2,838|
|**TOTAL FUNDS**|42,292|(40,505)|1,051|2,838|



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

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.1.24<br>£<br>947,464<br>947,464|Net<br>movement<br>in funds<br>£<br>(5,410)<br>(5,410)|At<br>31.12.25<br>£<br>942,054<br>942,054|
|---|---|---|---|



continued... 

Page 10 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** 

## **10. MOVEMENT IN FUNDS - continued** 

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|102,377|(106,561)|(1,226)|(5,410)|
|**TOTAL FUNDS**|102,377|(106,561)|(1,226)|(5,410)|



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

## **11. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 December 2025. 

Page 11 



Docusign Envelope ID: 8B8108F4-8C30-4C5E-ABF5-0602F9B75839 

## **Parrott & Lee Educational Foundation** 

|**Detailed Statement of Financial Activities**|||
|---|---|---|
|**for the Year Ended 31 December 2025**|||
||31.12.25|31.12.24|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|-|1,500|
|**Investment income**|||
|Rents received|58,755|39,497|
|Dividend income|1,330|1,295|
||60,085|40,792|
|**Total incoming resources**|60,085|42,292|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Property management|21,207|12,530|
|Property repairs|20,760|12,688|
|Property insurance|8,616|8,470|
|Property other|8,467|946|
||59,050|34,634|
|**Charitable activities**|||
|Bank charges|-|(89)|
|Grants payable|6,100|5,100|
||6,100|5,011|
|**Support costs**|||
|**Governance costs**|||
|Independent Examiner's fee|906|860|
|Total resources expended|66,056|40,505|
|**Net (expenditure)/income before gains and**|||
|**losses**|(5,971)|1,787|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|(2,277)|1,051|
|**Net (expenditure)/income**|(8,248)|2,838|



This page does not form part of the statutory financial statements 

Page 12