Charity registration number: 309645
Witney Educational Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2022
| Reference and Administrative Details | 1 |
|---|---|
| Governors' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
Joy Aitman Mike Alexander Jeanette Baker Robert Barton, Chair Craig Brown Liz Bryant Liz Duncan Duncan Enright Elizabeth Mills
Toby Morris Rod Walker
David Williams
Chris Woodward
Neil Morrison
309645 24 Church Green Witney Oxfordshire
J M Russell FCA Just Audit & Assurance Ltd 37 Market Square Witney Oxfordshire OX28 6RE
Messrs John Welch & Stammers 24 Church Green Witney Oxfordshire
Page 1
The Governors present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
The income of the charity, after defraying the administration and management costs of the charity, is used in the following ways:
To provide items, services and facilities for The Henry Box School and any other school that substantially serves Witney.
To further the education of persons under the age of 25 who are in need of financial assistance and who live (or whose parents live) within the area of benefit or have attended a school in the area of benefit.
To provide, or assist in the provision of, recreational and other leisure-time facilities for the inhabitants of Witney with the object of improving their condition of life.
During the year applications were received from eleven local schools, Witney Buttercross Scout Group, Injury Minimization Programme for Schools, Oxfordshire County Council Children and Families Service, Connection Support and St Mary's Church.
The total expenditure on Grants for the year was £40,965 (2021: £32,833) plus three Isabelle Spencer Bursary Awards of £1,000 each
The Governors confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The Governors continue to support local schools, support agencies and individuals, thus providing a valuable service to the local community.
The Governors wish to support activities that are of benefit to all the schools in the Witney Partnership of Schools (WPOS)
The Governors hope that by supporting WPOS projects, a greater number of people will benefit.
Page 2
Reserves are currently significantly in excess of the level required to ensure that the Charity can meet its commitments over the next twelve months. Definite requirements in any one year are difficult to predict but all are at the discretion of the Governors – in recent years the total of grants has varied between £32,000 and £66,000.
The Governors review all applications for appropriateness and have advertised the availability of the funds in all appropriate educational establishments. The Governors are concerned about this excess of reserves in the balance sheet and continued efforts are being made to find appropriate beneficiaries.
To obtain a reasonable long term overall return at a medium to high risk. Review of the portfolio is made by professional advisers every six months and their recommendations are considered by the Governors. In the light of the stock market performance over the past year, it is considered that this is being achieved.
We expect to continue to support educational needs in Witney and the surrounding villages.
The Charity Commission confirmed that their permission was not required to include all the schools, including those in villages surrounding Witney, in the Witney Partnership of Schools if the Governors agreed that clause 1 of the objects of the Charity met this requirement.
The Governors consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Deed of Trust
Vacancies for Governors are filled by the five nominating authorities from individuals considered by them to be suitably qualified, or in the case of co-opted Governors, by recommendation by the existing Governors on the basis of their knowledge of them as individuals with an interest in the educational need of the community.
When appointed they receive formal advice of their responsibilities, together with copies of the Trust Deed, most recent accounts, up to date minutes and a synopsis of the function and financial boundaries within which the Foundation must operate. Subsequent initial knowledge is augmented by participation in the deliberations which arise when the Governors consider applications received.
Page 3
The Governors have joint control of the Foundation
Managed by obtaining regular professional advice and review of investment portfolio.
The Governors are responsible for preparing the Governors' Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Governors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures which have been disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Governors are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the Governors of the charity on 4 October 2022 and signed on its behalf by:
......................................... Robert Barton, Chair Trustee
Page 4
I report to the Governors on my examination of the accounts of Witney Educational Foundation for the year ended 31 March 2022.
As the Governors of Witney Educational Foundation 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 Witney Educational Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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 Witney Educational Foundation 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 accounting 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.
...................................... J M Russell FCA
Just Audit & Assurance Ltd 37 Market Square Witney Oxfordshire OX28 6RE
7 October 2022
Page 5
| Investment income Rental income Total Income Professional fees Isabelle Spencer Bursary Awards Website expenses Independent Examiner's fees Grant awards 6 Administrative expenses 7 Total Expenditure Net expenditure Realised gains on investment assets Revaluation of investment assets Net movement in funds Total funds brought forward Total funds carried forward 4 |
12,641 13,767 26,408 3,758 3,000 132 1,239 40,965 5,293 54,387 (27,979) 9,859 (6,231) (24,351) 699,383 675,032 |
8,737 13,768 |
|---|---|---|
| 22,505 | ||
| 2,973 3,000 4,800 1,029 32,833 4,868 |
||
| 49,503 | ||
| (26,998) 5,792 110,251 |
||
| 89,045 610,338 |
||
| 699,383 |
All of the charity's activities derive from continuing operations during the above two years. The funds breakdown is shown in note 4.
The notes on pages 8 to 12 form an integral part of these financial statements. Page 6
| Investments 2 Cash at bank and in hand 3 Accumulated unspent income fund Other reserves 4 |
665,219 16,712 (6,899) 9,813 675,032 63,900 611,132 675,032 |
687,611 21,460 (9,688) |
|---|---|---|
| 11,772 | ||
| 699,383 | ||
| 82,020 617,363 |
||
| 699,383 | ||
The financial statements on pages 6 to 12 were approved by the Governors, and authorised for issue on 4 October 2022 and signed on their behalf by:
.........................................
Robert Barton, Chair Trustee
The notes on pages 8 to 12 form an integral part of these financial statements. Page 7
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Witney Educational Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The charity opts to adopt Bulletin 1 published on 2 February 2016 and therefore does not include a cash flow statement in these financial statements.
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has an entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Rental income is recognised on a straight-line basis over the lease term.
All expenditure is recognised once there is a legal or constructive obligation to that expenditure and the amount can be reliably measured.
All costs are allocated to the applicable expenditure heading aggregating similar costs to that category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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These are the fees payable to the independent examiner.
In the financial statements, expenditure is shown inclusive of VAT. Such irrecoverable VAT is charged against the category of resource expended for which it was incurred.
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable concern for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by the Governors, giving due regard to observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are charged or credited to the Statement of Financial Activities.
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
The funds currently held are all unrestricted. Within Other Reserves on the Balance Sheet is a segment designated by the Governors as the Isabelle Spencer Portfolio as a result of her generous bequest. The capital and income from this portfolio are used primarily to support activities deemed dear to Isabelle Spencer.
Page 9
| Listed investments Investment properties |
401,219 264,000 665,219 |
423,611 264,000 |
|---|---|---|
| 687,611 |
Investment Properties comprises land settled in the charity in part to protect it from development and primarily for use of local schools and colleges. It is considered by the Trustees integral to delivery of charity's objectives and hence no need to revalue.
| At 1 April 2021 Revaluation Additions Disposals At 31 March 2022 |
423,611 3,627 51,635 (77,654) |
|---|---|
| 401,219 |
One investment, Shell plc ORD EUR0.7 ( £18,534) comprised over 5% of the value of the portfolio. (2021 Synthomer Plc ORD GBP0.10 - £21,692).
Accruals 6,899 9,688
Page 10
| Accumulated unspent income fund [A] Other reserves [B] |
82,020 617,363 699,383 |
26,408 - 26,408 |
(44,528) - (44,528) |
- (6,231) (6,231) |
63,900 611,132 |
|---|---|---|---|---|---|
| 675,032 |
Detailed records had been perused as far back as 1955 to ascertain the figures shown above as accumulated unspent income brought forward, fund A.
A legacy was received from the estate of Miss Isabelle Spencer in 2011 and 2012 amounting to £257,233. The Governors wish to both preserve for future educational use and distribute to those currently in education this generous sum. To this end, although the monies were not restricted in any way, the Governors invested £127,000 of the legacies in a portfolio of shares and since 2012 numerous grants have been awarded to projects supporting the arts. In addition, three bursaries of £1,000 each have been awarded annually and these are expected to continue for the foreseeable future in accordance with the Public Benefit policy. The value of the portfolio holding as at 31 March 2022 was £145,930 (2021 - £148,086) and is included within unrestricted fund B above.
No Governor, nor any persons connected with them, have received any remuneration or expenses from the charity during the year.
During the year, expenses of £51 (2021 £nil) were reimbursed to one governor
Page 11
| Batt School Blake School Henry Box School Madley Brook CP School Our Lady of Lourdes School The Kings School Tower Hill School West Witney Primary School Witney Community Primary School Witney Partnership of Schools Wood Green School The Rotary Club of Witney Injury Minimization Programme for Schools Witney Buttercross Scouts Witney Children and Family Centre Oxfordshire County Council Children & Family Care Services Connection Support Got2B Mayor of Witney ARCh Windrush CE Primary School The Hedgehog Club St Marys Church Registrar's fee Bank charges |
1,275 2,283 5,500 450 191 2,999 3,780 1,500 3,843 - 8,907 - 3,000 2,775 393 400 150 - - - 2,394 875 250 40,965 5,088 205 5,293 |
360 2,757 3,000 70 - 389 - - - 12,150 3,907 1,500 3,000 1,350 - 865 436 449 1,000 1,600 - - - |
|---|---|---|
| 32,833 | ||
| 4,678 190 |
||
| 4,868 |
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