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2021-03-31-accounts

REGISTERED CHARITY NUMBER: 310397

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 FOR ANN BEAUMONT'S EDUCATIONAL FOUNDATION

ANN BEAUMONT'S EDUCATIONAL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13

ANN BEAUMONT'S EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. 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 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The general objectives of the Foundation are:-

i) to promote the education of persons under the age of 25 years, in need of financial assistance, resident in the area of benefit; and

ii) to assist persons who are under the age of 25 years, in need of financial assistance, resident in the area of benefit; and preparing for, entering or engaged in any profession, trade, occupation or service by such means for their advancement in life or to enable them to earn their living as the Trustees think fit.

iii) The Trustees must have regard to furthering education in accordance with the principles and doctrine of the Church of England

iv) Grants: during the year 37 grants were made to individuals and 3 were made to institutions.

The following grants were more than 5% of total grants:

2021 2020
£ £
St Mary's Church "Inspire" project - 2,325
S Edmundsbury & Ips MAT - 7,136
St Mary's C of E School 5,220 576
Hadleigh High School - 970

Future Plans

The Charity will continue to maintain the grant programme in the future.

Public Benefit

The trustees confirm that in setting the objectives and activities of the charity that they have given careful consideration to the Charity Commissions public benefit guidance.

The object of the Charity is to hold investments and apply the income to assist persons under the age of 25 years, in need of financial assistance, resident in the area of benefit.

The Charity carries out these objectives by carefully considering each grant application, and awarding grants which meet the criteria set out in its objectives.

Grants

The policy of the Trustees is to consider applications made to them by individuals and organisations, ensuring that they meet the criteria as laid down by the Trust Deed.

FINANCIAL REVIEW

Investment policy and objectives

Surplus cash, not required for immediate use is transferred to COIF and held on their investment account.

Reserves policy

It is the Trustees' intention to maintain sufficient reserves to meet the payment of grants as they are made by the Charity.

Going concern - COVID-19

The trustees are of the view that the charity will continue for the next 12 months despite COVID-19, as the charity has a large reserve of funds on which it can draw on, if required.

Page 1

ANN BEAUMONT'S EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

Ann Beaumont's Educational Foundation is an unincorporated charity formed under a declaration dated 5 August 1701. It is now governed by a Charity Commission Scheme dated 8 January 1999 as amended by special resolutions dated 5 September 2003 and 20 September 2007.

Organisational structure

When a vacancy occurs for a co-opted Trustee the remaining Trustees seek to appoint an individual with experience, which they feel, will be of benefit to the Charity and who will be acceptable to the Charity Commission.

On appointment the new Trustee is given copies of the original Trust Deed and of the latest Annual Report and Accounts. There is no formal induction and training programme.

Risk management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The charity has conducted its own review of the major risks to which the properties are exposed and systems have been established to mitigate those risks. The implementation of these procedures minimises the risks. These procedures are periodically reviewed to ensure that they still meet the needs of the Charity, and take account of the latest legislation and regulations.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

310397

Principal address

` C/O Mrs R Welham 55 Castle Road Hadleigh Suffolk IP7 6JP

Trustees

Mr M Cork Mrs L Turner Mr J Wilding Mrs S Monks Ms A Wiltshire Rev J H Delfgou Mrs J J Janas - appointed 22.10.20

Independent examiner

Mr M A Wallace TEP, CTA, FCA Walter Wright Chartered Accountants 89 High Street Hadleigh Ipswich Suffolk IP7 5EA

Bankers

Barclays Bank plc Leicester LE87 2BB

Page 2

ANN BEAUMONT'S EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Approved by order of the board of trustees on 22 July 2021 and signed on its behalf by:

Rev J H Delfgou - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANN BEAUMONT'S EDUCATIONAL FOUNDATION

Independent examiner's report to the trustees of Ann Beaumont's Educational Foundation

I report to the charity trustees on my examination of the accounts of the Ann Beaumont's Educational Foundation (the Trust) for the year ended 31 March 2021.

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.

Mr M A Wallace TEP, CTA, FCA Walter Wright Chartered Accountants 89 High Street Hadleigh Ipswich Suffolk IP7 5EA

26 July 2021

Page 4

ANN BEAUMONT'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
2021 2020
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 250 - 250 700
Investment income 2 58,414 - 58,414 56,988
Total 58,664 - 58,664 57,688
EXPENDITURE ON
Raising funds 3 5,666 - 5,666 6,136
Charitable activities
-
Grants payable 17,036 17,036 27,062
Other 1,122 - 1,122 3,485
Total 23,824 - 23,824 36,683
Net gains/(losses) on investments 101,596 88,706 190,302 (29,722)
NET INCOME/(EXPENDITURE) 136,436 88,706 225,142 (8,717)
RECONCILIATION OF FUNDS
Total funds brought forward 1,437,894 440,622 1,878,516 1,887,233
TOTAL FUNDS CARRIED FORWARD 1,574,330 529,328 2,103,658 1,878,516
----- End of picture text -----

The notes form part of these financial statements

Page 5

ANN BEAUMONT'S EDUCATIONAL FOUNDATION

BALANCE SHEET AT 31 MARCH 2021

----- Start of picture text -----
2021 2020
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
Investments
Investments 7 623,683 520,328 1,144,011 917,709
Investment property 8 905,000 - 905,000 905,000
1,528,683 520,328 2,049,011 1,822,709
CURRENT ASSETS
Debtors 9 1,466 - 1,466 1,671
Cash at bank 54,310 - 54,310 54,848
-
55,776 55,776 56,519
CREDITORS
Amounts falling due within one year 10 (1,129) - (1,129) (712)
NET CURRENT ASSETS 54,647 - 54,647 55,807
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,583,330 520,328 2,103,658 1,878,516
CREDITORS
- -
Amounts falling due after more than one year11 (9,000) 9,000
NET ASSETS 1,574,330 529,328 2,103,658 1,878,516
FUNDS 12
Unrestricted funds 1,574,330 1,437,894
Restricted funds 529,328 440,622
TOTAL FUNDS 2,103,658 1,878,516
----- End of picture text -----

The financial statements were approved by the Board of Trustees on 22 July 2021 and were signed on its behalf by:

Rev J H Delfgou -Trustee

The notes form part of these financial statements

Page 6

ANN BEAUMONT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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 2015)', 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.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

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 the most recent valuation. Any realised or unrealised gains from changes in market value are transferred to reserves.

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.

Page 7

ANN BEAUMONT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

2. INVESTMENT INCOME

Rental income - 12, 14 &16 Bridge Street
Rental income - Land and wayleave
Dividends
Deposit account interest
RAISING FUNDS
Investment management costs
Insurance
Property management fees
Property repairs and cleaning		 2021
£
25,038
1,404
31,972
-
58,414
2021
£
2,274
2,422
970
5,666		 2020
£
25,020
985
30,979
4
56,988
2020
£
2,292
2,402
1,442
6,136

3. RAISING FUNDS

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

5. STAFF COSTS

The average monthly number of employees during the year was as follows:

Clerk
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
700
Investment income
56,988
Total
57,688
EXPENDITURE ON
Raising funds
6,136		 2021
1
Restricted
fund
£
-
-
-
-		 2020
1
Total
funds
£
700
56,988
57,688
6,136

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Page 8

ANN BEAUMONT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
fund
£
Charitable activities
Grants payable
27,062
Other
3,485
Total
36,683
Net gains/(losses) on investments
(5,568)
NET INCOME/(EXPENDITURE)
15,437
RECONCILIATION OF FUNDS
Total funds brought forward
1,422,457
TOTAL FUNDS CARRIED FORWARD
1,437,894
7.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2020
Additions
Revaluations
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
COIF Accumulation shares
COIF Income shares
Unrestricted funds
Restricted funds		 6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
fund
£
Charitable activities
Grants payable
27,062
Other
3,485
Total
36,683
Net gains/(losses) on investments
(5,568)
NET INCOME/(EXPENDITURE)
15,437
RECONCILIATION OF FUNDS
Total funds brought forward
1,422,457
TOTAL FUNDS CARRIED FORWARD
1,437,894
7.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2020
Additions
Revaluations
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
COIF Accumulation shares
COIF Income shares
Unrestricted funds
Restricted funds		 continued
Restricted
Total
fund
funds
£
£
-
27,062
-
3,485
-
36,683
(24,154)
(29,722)
(24,154)
(8,717)
464,776
1,887,233
440,622
1,878,516
Listed
investments
£
917,709
33,768
192,534
1,144,011
1,144,011
917,709		 continued
Restricted
Total
fund
funds
£
£
-
27,062
-
3,485
-
36,683
(24,154)
(29,722)
(24,154)
(8,717)
464,776
1,887,233
440,622
1,878,516
Listed
investments
£
917,709
33,768
192,534
1,144,011
1,144,011
917,709		 continued
Restricted
Total
fund
funds
£
£
-
27,062
-
3,485
-
36,683
(24,154)
(29,722)
(24,154)
(8,717)
464,776
1,887,233
440,622
1,878,516
Listed
investments
£
917,709
33,768
192,534
1,144,011
1,144,011
917,709
2021
£
22,843
1,121,168
1,144,011		 2020
£
18,410
899,299
917,709
586,742 487,087
559,503
1,144,011		 430,622
917,709

Page 9

ANN BEAUMONT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

7. FIXED ASSET INVESTMENTS - continued

Cost
452,021
416,021
There were no investment assets outside the UK.
8.
INVESTMENT PROPERTY
£
FAIR VALUE
At 1 April 2020 and 31 March 2021
905,000
NET BOOK VALUE
At 31 March 2021
905,000
At 31 March 2020
905,000
Land and buildings comprise properties at 12, 14 and 16 Bridge Street, Hadleigh and 12.89 acres o
agricultural land, also in Hadleigh. The properties were professionally re-valued on 2 October 2015 b
Morton Smith and Girling, Estate Agents.
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Other debtors
1,466
1,671
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Other creditors
1,129
712
11.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021
2020
£
£
Other creditors
-
-		 452,021 416,021

Land and buildings comprise properties at 12, 14 and 16 Bridge Street, Hadleigh and 12.89 acres of agricultural land, also in Hadleigh. The properties were professionally re-valued on 2 October 2015 by Morton Smith and Girling, Estate Agents.

In 2006 the funds were used from the restricted fund with the permission of the Charity Commission. This is being repaid in annual instalments of £1,000. As at the year end the future instalments amounted to £9,000.

Page 10

ANN BEAUMONT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

12. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted fund		 Net
movement in
At 1.4.20
funds
£
£
1,437,894
136,436
440,622
88,706		 At 31.3.21
£
1,574,330
529,328
TOTAL FUNDS 1,878,516
225,142		 2,103,658
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
58,664
(23,824)
101,596
Restricted funds
Restricted fund
-
-
88,706		 Movement in
funds
£
136,436
88,706
TOTAL FUNDS
58,664		 (23,824)
190,302		 225,142
Comparatives for movement in funds
Unrestricted Funds
General fund
Restricted Funds
Restricted fund		 Net
movement in
At 1.4.19
funds
£
£
1,422,457
15,437
464,776
(24,154)		 At 31.3.20
£
1,437,894
440,622
TOTAL FUNDS 1,887,233
(8,717)		 1,878,516

Page 11

ANN BEAUMONT'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted fund		 Incoming
Resources
Gains and
Movement in
resources
expended
losses
funds
£
£
£
£
57,688
(36,683)
(5,568)
15,437
-
-
(24,154)
(24,154)		 Incoming
Resources
Gains and
Movement in
resources
expended
losses
funds
£
£
£
£
57,688
(36,683)
(5,568)
15,437
-
-
(24,154)
(24,154)
TOTAL FUNDS 57,688
(36,683)
(29,722)
(8,717)

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

Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS		 Net
movement in
At 1.4.19
funds
£
£
1,422,457
151,873
464,776
64,552
1,887,233
216,425		 At 31.3.21
£
1,574,330
529,328
2,103,658

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted fund		 Incoming
Resources
Gains and
Movement in
resources
expended
losses
funds
£
£
£
£
116,352
(60,507)
96,028
151,873
-
-
64,552
64,552
TOTAL FUNDS 116,352
(60,507)
160,580
216,425

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021

Page 12

ANN BEAUMONT'S EDUCATIONAL FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
2021 2020
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 250 700
Investment income
Rental income - 12, 14 &16 Bridge Street 25,038 25,020
Rental income - Land and wayleave 1,404 985
Dividends 31,972 30,979
Deposit account interest - 4
58,414 56,988
Total incoming resources 58,664 57,688
EXPENDITURE
Investment management costs
Insurance 2,274 2,292
Property management fees 2,422 2,402
Property repairs and cleaning 970 1,442
5,666 6,136
Charitable activities
Grants to institutions 6,231 11,007
Grants to individuals 8,930 16,055
15,161 27,062
Support costs
Management
Computer expenses 30 620
Postage and stationery and office costs 45 188
75 808
Governance costs
Wages 2,292 2,083
Accountancy 630 594
2,922 2,677
Total resources expended 23,824 36,683
Net income 34,840 21,005
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 13