**Charity No. 310815** ## **CHELMSFORD EDUCATIONAL FOUNDATION** **TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED** ## **31 DECEMBER 2020** **SPENCER FELLOWS & CO** **Chartered Accountants** **169 New London Road Chelmsford CM2 0AE** ## **CHELMSFORD EDUCATIONAL FOUNDATION** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31[ST] December 2020** The Chelmsford Educational Foundation (Charity Registration No 310815) was originally funded from the proceeds of the sale of the British School (latterly the Friars’ School) and is governed by a Scheme established by the Charity Commissioners in 1968 as since amended, most recently in 1995 (the scheme). The Foundation’s official address is 19 Rushleydale, Chelmsford, Essex, CM1 6JX. The Secretary of the Foundation is Mr R Emsden. The Foundation’s objects are detailed in the scheme and may be summarised as being to apply the net yearly income of the Foundation in the promotion of education within the geographical area prescribed by the scheme; including particularly to provide at any school benefit which is not provided from public monies; to promote by means of grants the education of persons resident in or who have been pupils at a school or sixth form college in the said area who in the Trustees’ opinion are in need of financial assistance; and to make grants to charitable organisations in the said area, the objects of which include promotion of education of persons in need of financial assistance. The area of benefit is the former Chelmsford Municipal Borough and Chelmsford Rural District and the civil parishes of Ingatestone, Fryerning and Mountnessing. The Trustees’ capital is an endowment to be invested to produce future income, thereby allowing payments of grant to be maintained in real terms in future years. The accounts also identify accumulated income which is required to ensure an adequate cashflow to fund grant payments and general expenditure pending receipt of further income from the endowment. CEF holds sufficient reserves to cover the budgeted payments throughout the forthcoming year. The grants budget for the year is made with reference to the reserves held and anticipated investment income. Investment income is received quarterly and as such reserves are reviewed to ensure there are always sufficient funds to cover payments. The reserves are reviewed annually. The Trustees achieve the objects of the Foundation by meeting three times in the year, to review policies, including the recruitment and training of new trustees, and to consider applications for and to authorise grants in one or more of the said categories. During the year grants totalling £21,598 were awarded to 24 personal applicants. Pursuant to the Statement of Recommended Practice: Accounting and Reporting by Charities, published in March 2005, the Foundation has elected to prepare only a receipts and payments account and a statement of assets and liabilities. ## Names of Trustees: Mrs Jackie Arnot Mrs Janet Butler Mrs Janet Chaplin Mr Paul Church Mrs Pamela Fitch Mr Eric Hardy (Essex County Council) Cllr Julia Frascona Mrs Gwen Hudson Mr Peter S Jackson Mr Peter Sawyer Mr Andrew Thorpe-Apps Mrs Jean Wensley Cllr Liz Ahmed (Chelmsford City Council) Signed ~~**……………………………..** Peter S Jackson~~ (Chairman) Date: 11 ~~May 2021 …………………………………~~ 1 ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CHELMSFORD EDUCATIONAL** ## **FOUNDATION** I report on the accounts of the charity for the year ended 31 December 2020 which are set out on pages 3 to 5. ## **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 year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the 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 you as 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 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 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. ## R. J. Harman R.J. Harman FCA For and on behalf of Spencer Fellows & Co Chartered Accountants 169 New London Road Chelmsford Essex CM2 0AE Date: 20 May 2021 2 **CHELMSFORD EDUCATIONAL FOUNDATION** ## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2020** |Note
**Receipts**
Investment income
1
Interest received
Donations
**Total receipts**
**Payments**
Grants
2
Secretary's fee
Accountancy fee
Secretary's expenses and stationery
Secretary office allowance
Use of premises
Data protection fee
**Total payments**
**Net payments**
**Cash funds at 1st January**
**Cash funds at 31st December**|**2020**
**£**
28,119
66
240
**28,425**
21,598
2,558
300
58
240
465
35
**-**
**25,254**
3,171
31,680
**34,851**|**2019**
**£**
27,567
141
240| |---|---|---| ||21,598
2,558
300
58
240
465
35|**27,948**| |||18,200
2,432
300
45
240
450
35
**-**
**21,702**| |||| |||6,246
25,434| |||**31,680**| 3 **CHELMSFORD EDUCATIONAL FOUNDATION** ## **STATEMENT OF ASSETS AND LIABILITIES 31ST DECEMBER 2020** |Note
**Cash Balances**
Nat West plc Current account
Nat West plc Deposit account
COIF Deposit account
Total Cash Balances
**Investment assets**
Investments at market value
1
**Total assets**
**Funds**
Endowment Fund
Accumulated income fund
**Total Funds**
Approved by the trustees on~~.....................~~signed on their behalf by:
~~11 May 2021~~|**2020**
**£**
500
2,584
31,767
34,851
975,877
1,010,728
975,877
34,851
1,010,728|**2019**
**£**
500
532
30,648| |---|---|---| |||31,680
917,506| |||949,186| |||917,506
31,680| |||949,186| |||| ~~…................................ Peter S JacksonPeter Jackson~~ Chairman Trustee ~~…................................~~ Trustee ~~E.J. HardyEric Hardy~~ 4 CHELMSFORD EDUCATIONAL FOUNDATION Note l. Inveslments and 1r￿Ornef0r the ar ended 31 December 2020 Holdiry4tl.l.EO ry•rket ValuE oldiwot31.12.20 M*Et ￿￿e Total Lhiits Toul 2020 2019 (OIFChaiityFthnd Invq5trn*nt FuTrd Fixed IntÈrÈSt 633844 1233 S07295 10211 1693 138 633844 1233 131 965322 IOS55 1801 142 Z7789 320 27237 230 53595.06 7422.25 Totsl 917506 975877 18119 17557 Atotal of24Erint5w*r*mad*totèlling£21.598. aftiv•rnyof£SL¥J. lndrrfiduilirintsiwirdqdw•r*￿tWi•￿ E3Wind£l,2W. Afurth•r3iriDtstotillifiE£2,5LYJw•f• awardEd butEhequE5llOtEa5hed ètyeaf end dat2.