THE CANEWDON EDUCATIONAL FOUNDATION
CHARITY COMMISSIONERS’ REFERENCE NUMBER 310718
TRUSTEES ANNUAL REPORT AND ACCOUNTS
YEAR ENDED 31 DECEMBER 2023
HOWARD & STAPLETON CHARTERED ACCOUNTANTS
THE CANEWDON EDUCATIONAL FOUNDATION YEAR ENDED 31 DECEMBER 2023
INDEX TO THE FINANCIAL STATEMENTS
| Page | |
|---|---|
| TRUSTEES’ REPORT | 1 to 3 |
| INDEPENDENT EXAMINERS’ REPORT | 4 |
| BALANCE SHEET | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 6 |
| NOTES TO THE ACCOUNTS | 7 to 12 |
CANEWDON EDUCATIONAL FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Report of the Trustees for the year ended 31 December 2023
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Charities Statement of Recommended Practice (FRS 102).
The Trust has taken advantage of the small charity exemption.
The attached financial statements show the current state of finances which the Trustees consider to be sound.
Legal and administrative information
Charity Commission registered number:
310718
Charity's principal address:
Trust House Anchor Lane Canewdon Essex SS4 3PA
Governing document:
The Trust is constituted under a 1964 trust deed revised on 8[th] January 1982. The Deed governs the work carried out by the Trust.
Charity's objects:
To apply income in promoting the general and religious education of Parish residents under the age of 25 years including the recreational and general welfare of persons receiving primary and secondary education and the supply of grants, scholarships and financial assistance in relation to education or preparation for a trade, profession or occupation on leaving an educational establishment.
To pay 20% of the unrestricted fund income, after deduction of expenses, to The Canewdon Poor’s Charity (No.210406) (a related charity controlled by the same Trustees);
During the year the Trustees have continued to meet monthly to pursue these objectives.
Trustees and governance
The work is carried out by the Trustees, none of whom draws a salary or expense allowance, and the appointed Clerk.
New trustees are appointed by the existing trustees. The Trust Deed provides for a minimum of 11 trustees to a maximum of 12 trustees. The current trustees have opted to appoint 11 trustees, the 12[th] trustee is always the current vicar of St Nicholas’ Church, Canewdon. Each is engaged for his/her ability, availability and suitability.
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CANEWDON EDUCATIONAL FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees:
| : | |||
|---|---|---|---|
| A Nickolls | Chairman | CPC Nominee | 07.11.2026 |
| C Argent | CPC Nominee | 01.01.2027 | |
| A Bax | CPC Nominee | 01.01.2027 | |
| J Bedford | CPC Nominee | 07.11.2026 | |
| L Clark | Co-opted | 06.12.2026 | |
| J Craven | CPC Nominee | 07.10.2027 | |
| Y Donovan | Co-opted | 03.12.2028 | |
| E Guest | Ex-officio | While incumbent | |
| H Kimber | Co-opted | 04.09.2028 | |
| A Lane | Co-opted | 03.10.2027 | |
| G Lunn | Co-opted | 04.04.2025 | |
| L Van Houten | CPC Nominee | 01.06.2027 | |
| J Carr | Co-opted | Resigned 28.04.23 |
Activities and achievements:
The Charity’s objectives are simply and clearly stated at above and the Trustees have no difficulty in complying with these directives.
The Charity’s income is limited and it is, therefore, not able to provide for full educational endowments as permitted by the Trust Deed. Following the closure of the Arbuthnot Latham investment fund towards the end of 2022 and the transfer of the investment management to Rathbones, the income generated from the investments has fallen by approximately £10000. As a consequence of this, the trustees have had to be cautious in the provision of grants to ensure that the reserves were not depleted.
After allowing for the Trust’s expenses and the endowment to the Canewdon Poor’s Charity, the income received is distributed in grants and necessary maintenance to Trust property and, in order to obtain maximum benefit from any monies expended, it provides assistance to the local primary school for items that are not provided by the Local Authority. In this manner, all the children at the school benefit from the Trust’s contribution. This demonstrates that the trustees have had due regard to the Charity Commission’s public benefit guidance.
The Trustees do not anticipate that there will be any major change to their objectives for the forthcoming year other than to regularly monitor income versus expenditure in order to reduce or eliminate any shortfall.
The trustees have continued to meet monthly.
Policies
Reserves:
Rents and Investment Income are used as received to fund grants required. The trustees have accumulated reserves to maintain the long term future of the foundation.
As at 31st December 2023, unrestricted reserves totalled £57895 (2022: £48808).
Assets:
The Foundation’s investments are held by Messrs Rathbones as nominee. The Land Title Deeds are held by the Foundation’s Solicitors, Messrs Tolhurst Fisher.
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CANEWDON EDUCATIONAL FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Advisers:
Independent Examiners:
The Charity uses the services of Howard & Stapleton, Chartered Accountants, 26-28 West Street, Rochford, Essex SS4 1AJ.
Bankers:
The Charity uses the banking services of Messrs. Arbuthnot Latham of 7 Wilson Street, London EC2M 2SN,
Investment advisers:
The Charity uses the investment advisory services of Rathbones who hold investments as nominee and operate on a discretionary basis subject to general policy direction from the Trustees.
Solicitors:
The Charity uses the services of Tolhurst Fisher, Trafalgar House, Nelson Street, Southend on Sea, Essex SS1 1EF.
Signature and declaration
I declare, in my capacity as charity trustee, that:
-
The trustees have approved the report above; and
-
Have authorised me to sign it on their behalf.
…………………………..
Mr A Nickolls – Chairman
Date: xx May 2024
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CANEWDON EDUCATIONAL FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Report to the trustees of the Canewdon Educational Foundation on the accounts for the year ended 31 December 2023, set out on pages 5 to 11.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this period and that an independent examination is needed (under section 144 of the Charities Act 2011 (the Charities Act).
It is my responsibility to:
-
examine the accounts (under section 145 of the Charities Act);
-
follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act); and
-
state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Graham Stapleton FCA Howard & Stapleton 26-28 West Street Rochford Essex, SS4 1AJ
Date: xx May 2024
4
THE CANEWDON EDUCATIONAL FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2023
| ALANCE SHEET S AT 31 DECEMBER 2023 |
||
|---|---|---|
| Notes FIXED ASSETS Non-monetary assets 7 Land and Buildings: ‘Booster Station’ and land at Gardiners Lane – at cost Improvements to ‘Trust House’ – at cost Equipment, Fixtures & Fittings: Used for the administration of the Charity Fixed asset investments 8 TOTAL FIXED ASSETS CURRENT ASSETS Prepayments and accrued income Cash at bank and in hand CURRENT LIABILITIES Creditors and accruals 9 NET CURRENT ASSETS NET ASSETS FUNDS Unrestricted funds Permanent endowment fund Revaluation reserve |
2023 £ -) 1068) 11467) 12535) -) 12535) 697011) 709546) 2667) 60901) 63568) (5673) 57895) £767441) 57895) 594647) 114899) £767441) |
2022 £ -) 1068) 11467) |
| 12535) -) |
||
| 12535) 676928) |
||
| 689463) | ||
| 1540) 53000) |
||
| 54540) (3623) |
||
| 50917) | ||
| £740380) | ||
| 48808) 594647) 96925) |
||
| £740380) |
Approved by the Trustees on xx May 2024
and signed on their behalf by:
...........................
Mr A Nickolls Chairman
5
THE CANEWDON EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2023 | 2023 | 2022 | ||
|---|---|---|---|---|---|
| Unrestricted Permanent | |||||
| Funds | Endowment | Total | Total | ||
| Note | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||
| Portfolio interest and dividends | 20126 | - | 20126 | 30536 | |
| Bank interest | 26 | - | 26 | 32 | |
| Rental income | 9465 | - | 9465 | 9340 | |
| Grants, donations and other receipts | - | - | - | - | |
| _____ | _____ | _____ | _____ | ||
| TOTAL INCOMING RESOURCES | 29617 | - | 29617 | 39908 | |
| _____ | _____ | _____ | _____ | ||
| RESOURCES EXPENDED | |||||
| Charitable activities | 3 | 7495 | - | 7495 | 21923 |
| Cost of generating funds | 4 | 2593 | - | 2593 | 9749 |
| Management and administration | 5 | 15851 | - | 15851 | 26928 |
| _____ | _____ | _____ | _____ | ||
| TOTAL RESOURCES EXPENDED | 25939 | - | 25939 | 58600 | |
| _____ | _____ | _____ | _____ | ||
| NET INCOMING/(OUTGOING) RESOURCES | 3678 | - | 3678 | (18692) | |
| Total funds brought forward | 48808 | 594647 | 643455 | 662147 | |
| Revaluation reserve brought forward | - | 96925 | 96925 | 181504 | |
| Revaluation reserve increase/(decrease) | 8 | - | 23870 | 23870 | (7434) |
| Realised (loss) profit on sale of investments | 8 | - | (487) | (487) | (77145) |
| Transfer between funds | 11 | 5409 | (5409) | - | - |
| _____ | ______ | ______ | ______ | ||
| Total funds carried forward | £57895 | £709546 | £767441 | £740380 | |
| _____ | ______ | ______ | ______ |
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THE CANEWDON EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies
-
(a) Basis of preparation
-
The financial statements of the charity 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.
-
(b) Funds structure
-
There are no Restricted Funds with specific restrictions imposed by a donor or the trust deed. All Funds are unrestricted income funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
-
(c) Incoming resources
-
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources have been received and the monetary value of incoming resources can be measured absolutely.
(d) Resources expended
-
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
-
(e) Irrecoverable VAT
-
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
-
(f) Allocation of overhead and support costs
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Overhead and Support Costs are minimal. (Trustees do not receive salaries, fees or expenses. The Clerk receives an allowance.) All such costs are written off against general charitable activities.
-
(g) Costs of generating funds
-
Other than the management fees, there are no direct costs of generating funds.
-
(h) Charitable activities
-
Costs of charitable activities are shown in the Accounts.
-
(i) Governance costs
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Governance costs comprise of all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory account examination together with overhead and support costs.
-
(j) Fixed asset investments
-
Fixed asset investments are stated at market value at the balance sheet date.
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(k) Realised gains and losses
-
All realised gains and losses are taken to the statement of financial activities.
7
THE CANEWDON EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies
(l) Operation procedures
At the regular Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the relevant sub-committee is delegated to the Clerk.
All Trustees give their time freely and no Trustee remuneration was paid in the year. No expense allowances were paid to Trustees.
(m) Risk management
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
(n) Objectives and activities for the public benefit
These are set out in the point (4) of the Trustees’ Report attached.
2. Trustees
The body of Trustees comprises a maximum of: -
One Ex-officio
Six nominated by Canewdon Parish Council
Five co-opted
The term of office as a Trustee is determined by the Trust Deed (revised 16[th] June 1992). The current Trustees are shown on page one.
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THE CANEWDON EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| 3. | Grants and Donations made | ||||
| Grants and donations were given to individuals as follows: | |||||
| 2023 2022 | |||||
| Number of | Purpose: | ||||
| Individuals | |||||
| - 2 |
Tuition fees | - | 248 | ||
| 1 14 |
Swimming, dance, drama etc. | 20 | 2593 | ||
| - 7 |
Travel expenses | - | 2323 | ||
| - 1 |
Special Educational Needs Pre-School | - | 2700 | ||
| - | College and course fees | - | - | ||
| - - |
Equipment for professional training | - | 1637 | ||
| - 1 |
Summer camp | - | 275 | ||
| __ | ____ | ||||
| 1 25 |
A | £20 | £9776 | ||
| __ | ____ | ||||
| Grants were given to the | bodies as follows: | ||||
| School | 4682 | 10547 | |||
| Toddler Group Hall Hire | - | 792 | |||
| Football team (floodlit pitch) | - | - | |||
| ____ | _____ | ||||
| B | £4682 | £11339 | |||
| ____ | _____ | ||||
| Endowment to Canewdon Poor’s Charity | C | £2793 | £808 | ||
| ____ | ___ | ||||
| Total Charitable Activities (A+B+C) | £7495 | £21923 | |||
| _____ | _____ | ||||
| 4. | Cost of generating funds | ||||
| Management fees | £2593 | £9749 | |||
| _____ | ____ | ||||
| 5. | Management and Administration | ||||
| Office costs | 7697 | 6950 | |||
| Repairs and maintenance | costs | 4494 | 16258 | ||
| Independent review fees | 2280 | 2280 | |||
| Insurance | 1380 | 1440 | |||
| Depreciation of office equipment | - | - | |||
| _____ | _____ | ||||
| £15851 | £26928 | ||||
| _____ | _____ |
9
THE CANEWDON EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. 2022 comparatives for the statement of financial activities
| Unrestricted fund Endowment fund £) £) INCOMING RESOURCES Portfolio interest and dividends 30536) -) Bank interest 32) -) Rental income 9340) -) Grants and donations received -) -) Release from restrictive covenant 6-) -) TOTAL INCOMING RESOURCES 39908) -) RESOURCES EXPENDED Charitable activities 21923) -) Cost of generating funds 9749) --) Management and administration 26928) -) TOTAL RESOURCES EXPENDED 58600) -) NET (OUTGOING) / INCOMING RESOURCES (18692) -) Total funds brought forward 67500) 594647) Revaluation reserve brought forward -) 181504) Revaluation reserve increase / (decrease) -) (7434) Realised profit on sale of investments (77145) Total funds carried forward 48808) 691572) |
Total funds £) 30536) 32) 9340) -) -) |
|---|---|
| 39908) | |
| 21923) 9749) 26928) |
|
| 58600) | |
| (18692) ) 662147) 181504) (7434) (77145) |
|
| 740380) |
7. Non-monetary Assets
GIFTED ASSETS (PERMANENT ENDOWMENT):
The Charity held the following land and buildings at nil book cost:
| Ordnance | ||
|---|---|---|
| Survey Area | Reference | |
| Canewdon school premises and land, including Trust House | 0.722 acres | 237/237a |
| School playing fields and allotments | 2.538 acres | 235/235a |
| Land adjoining Rest Cottages | 4.000 acres | 237b/241 |
| Land south side Gardiners Lane | 16.700 acres | 220/221/222 |
| Land north side Gardiners Lane | 2.038acres | 224 |
| Land adjoining Breade House, Apton Hall Road | 0.750 acres | - |
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THE CANEWDON EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Investments other than land
The movements on the investment portfolio managed by Rathbones may be summarised as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Value at 1 January 2023 | 676928 | 765463 |
| Income generated | 20125 | 30535 |
| Income withdrawn from the portfolio | (22224) | (34491) |
| Management fees | (1201) | - |
| Realised Gains/(Losses) | (487) | (77145) |
| Unrealised Gains/(Losses) | 23870 | (7434) |
| ______ | ______ | |
| Value at 31 December 2023 | £697011 | £676928 |
| ______ | ______ |
Portfolio Management Fees for the year amounted to £1201 and are included in Management Fees in Note 4.
9. Creditors and accruals
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Endowment (note 10) | 2793 | 808 |
| Accruals | 2880 | 2815 |
| ____ | ____ | |
| £5673 | £3623 | |
| ____ | ____ | |
| Related Parties | ||
| The Canewdon Poor’s Charity Endowment: | ||
| 2023 | 2022 | |
| £ | £ | |
| Creditor brought forward | 808 | 3083 |
| Paid in year | (808) | (3083) |
| Amount due for year | 2793 | 808 |
| ____ | ____ | |
| Creditor carried forward (note 9) | £2793 | £808 |
| ____ | ____ |
10. Related Parties
11
THE CANEWDON EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11. Funds
The charity held the following funds at the year end
-
General fund (G);
-
Permanent Endowment (PE)
| Fund Name | Type PE, EE or R |
Purpose and any restrictions | Purpose and any restrictions | Purpose and any restrictions | Purpose and any restrictions | Purpose and any restrictions | |
|---|---|---|---|---|---|---|---|
| General fund | G | Funds that can be spent on any charitable purpose | |||||
| Permanent endowment fund | PE | Fund reflecting the initial permanent endowment | |||||
| Revaluation reserve fund | PE | Fund reflecting the change in market value of investments | |||||
| Movements of major funds | |||||||
| Fund names | Fund balances brought forward £ |
Fund |
|||||
| Incoming resources £ |
Outgoing resources £ |
Transfers £ |
Gains and losses £ |
~~balances~~ carried forward £ |
|||
| General fund | 48808 | 29617 | -25939 | 5409 | - | 57895 | |
| Permanent endowment fund | 594647 | - | - | - | - | 594647 | |
| Revaluation reserve fund | 96925 | - | - | -5409 | 23383 | 114899 | |
| Total Funds | 740380 | 29617 | -25939 | - | 23383 | 767441 |
Transfers between funds
The transfers between funds during the year was required to restore the balance between the value of land, buildings and investments forming the permanent endowment and the permanent endowment fund.
12