Charity registration number: 309645
Witney Educational Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2024
| 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 13 |
Governors : Joy Aitman (resigned 30 June 2023) Mike Alexander Jeanette Baker Robert Barton, Chair Liz Bryant Liz Duncan Duncan Enright Elizabeth Mills Toby Morris (resigned 30 November 2023) Rod Walker (resigned 31 March 2024) David Williams Chris Woodward Amanda Collicutt Lisa Cherry (appointed 1 July 2023) Rachel Crouch (appointed 1 December 2023) Keith Bird (appointed 1 April 2024)
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
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The Governors present the annual report together with the financial statements of the charity for the year ended 31 March 2024.
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 grants were awarded to seventeen local schools plus; Oxfordshire County Council Children and Families Sevices, The Hedgehog Club, Rotary Club of Witney, Yellow Submarine, Citizens Advice West Oxfordshire, Witney Buttercorss Scouts, Aspire, Witney Vikings Youth Football Clubl.
Grants of £10,800 and £600 were paid to Assisted Reading for Children (ARCh) on behalf of the Witney Partnership of Schools, for 26 volunteer readers in 14 schools.
The total expenditure on Grants for the year was £53,384 (2023: £61,086) 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.
The Governors hope that by supporting WPOS projects, a greater number of people will benefit.
The Governors gratefully acknowledge the help and support provided by Archetype Design in the setting up and maintenance of the WEF website.
The Governors were pleased to recceive a donation of £500 from Charles Stanley & Co Ltd
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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.
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.
The Governors have joint control of the Foundation
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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 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 Charities (Accounts and Reports) Regulations 2008, 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 charitable trust's website. Legislation 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 .................... and signed on its behalf by:
......................................... Robert Barton, Chair Trustee
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I report to the Governors on my examination of the accounts of Witney Educational Foundation for the year ended 31 March 2024.
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
Date:.............................
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| Income and Endowments from: | |||
|---|---|---|---|
| Donations and legacies | 690 | 10,113 | |
| Investment income | 11,120 | 13,269 | |
| Rental income | 13,767 | 13,768 | |
| Total Income | 25,577 | 37,150 | |
| Expenditure on: | |||
| Professional fees | 2,404 | 2,873 | |
| Isabelle Spencer Bursary Awards | 3,000 | 3,000 | |
| Website expenses | 120 | - | |
| Independent Examiner's fees | 1,388 | 1,320 | |
| Grant awards | 5 | 54,384 | 61,086 |
| Administrative expenses | 6 | 5,446 | 5,225 |
| Total Expenditure | 66,742 | 73,504 | |
| Net expenditure | (41,165) | (36,354) | |
| Other recognised gains and losses | |||
| Realised gains/(losses) on investment assets | 3,057 | (3,910) | |
| (Devaluation) of investment assets | (2,033) | (23,534) | |
| Net movement in funds | (40,141) | (63,798) | |
| Reconciliation offunds | |||
| Total funds brought forward | 611,234 | 675,032 | |
| Total funds carried forward | 4 | 571,093 | 611,234 |
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 13 form an integral part of these financial statements. Page 6
| Fixed assets | |||
|---|---|---|---|
| Investments | 2 | 564,795 | 595,348 |
| Current assets | |||
| Cash at bank and in hand | 14,409 | 24,026 | |
| Creditors: Amounts falling due within one year | 3 | (8,111) | (8,140) |
| Net current assets | 6,298 | 15,886 | |
| Net assets | 571,093 | 611,234 | |
| Funds ofthe charity: | |||
| Unrestricted income funds | |||
| General Funds | 571,093 | 611,234 | |
| Total funds | 4 | 571,093 | 611,234 |
The financial statements on pages 6 to 13 were approved by the Governors, and authorised for issue on .................... and signed on their behalf by:
......................................... Robert Barton, Chair Trustee
The notes on pages 8 to 13 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.
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.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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 pay that expenditure and the amount can be reliably measured.
All costs are allocated to the applicable expenditure heading aggregating similar costs to that category.
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These are the fees payable to the independent examiner.
Irrecoverable VAT is charged against the category of resources 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 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.
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.
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| £ | £ | |
|---|---|---|
| Listed investments | 300,795 | 331,348 |
| Investment properties | 264,000 | 264,000 |
| 564,795 | 595,348 |
| Listed investments | £ |
|---|---|
| At 1 April 2023 | 331,348 |
| Revaluation | 1,024 |
| Additions | 14,635 |
| Disposals | (46,212) |
| At 31 March 2024 | 300,795 |
No investment, comprised over 5% of the value of the portfolio. (2023 - None).
| £ | £ | |
|---|---|---|
| Accruals | 3,270 | 3,300 |
| Deferred income | 4,841 | 4,840 |
| 8,111 | 8,140 |
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| General | |||||
|---|---|---|---|---|---|
| General Funds | 611,234 | 25,577 | (63,685) | (2,033) | 571,093 |
| Balance at | Other | Balance at | |||
| 1 April | Incoming | Resources | recognised | 31 March | |
| 2022 | resources | expended | gains/(losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General | 675,032 | 37,150 | (77,414) | (23,534) | 611,234 |
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 (inc Cash) as at 31 March 2024 was £105,540 (2023 - £116,273).
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| General £ |
2024 £ |
2023 £ |
|
|---|---|---|---|
| Grants to individuals | - | - | 203 |
| Batt School | 1,175 | 1,175 | 1,050 |
| Blake School | 2,674 | 2,674 | - |
| Henry Box School | 7,950 | 7,950 | 4,511 |
| Madley Brook CP School | 325 | 325 | 542 |
| Our Lady of Lourdes School | 1,899 | 1,899 | 180 |
| Queens Dyke Cty Primary School | 1,296 | 1,296 | 492 |
| The Kings School | 1,598 | 1,598 | 1,385 |
| Tower Hill School | 2,591 | 2,591 | 9,570 |
| West Witney Primary School | 2,012 | 2,012 | 3,065 |
| Witney Community Primary School | 2,422 | 2,422 | 2,870 |
| Witney Partnership of Schools | 11,400 | 11,400 | 14,500 |
| Wood Green School | 3,793 | 3,793 | 1,911 |
| Yellow Submarine | 2,240 | 2,240 | 1,924 |
| The Rotary Club of Witney | 400 | 400 | 300 |
| Synolos Training | - | - | 3,040 |
| Finstock Primary School | 300 | 300 | - |
| Abingdon and Witney College | - | - | 3,150 |
| IMPS | - | - | 3,000 |
| Witney Buttercross Scouts | 2,544 | 2,544 | - |
| Witney Air Cadets | 40 | 40 | 2,956 |
| Citizens Advice West Oxfordshire | 730 | 730 | 100 |
| North Leigh Primary School | 800 | 800 | 270 |
| Witney Children and Family Centre | - | - | 350 |
| Oxfordshire County Council Children & Family | |||
| Care Services | 983 | 983 | 1,352 |
| Windrush CE Primary School | 412 | 412 | 645 |
| The Hedgehog Club | 3,520 | 3,520 | 3,520 |
| St Marys Church | 1,400 | 1,400 | - |
| Home Start Oxford | - | - | 200 |
| Ducklington Primary School | 1,080 | 1,080 | - |
| Aspire | 300 | 300 | - |
| Witney Vikings Youth FC | 500 | 500 | - |
| 54,384 | 54,384 | 61,086 |
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| £ | £ | |
|---|---|---|
| Registrar's fee | 5,339 | 5,110 |
| Bank charges | 107 | 115 |
| 5,446 | 5,225 |
No Governor, nor any persons connected with them, have received any remuneration or expenses from the charity during the year.
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