**Charity No. 310815**
## **CHELMSFORD EDUCATIONAL FOUNDATION**
## **TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED**
## **31 DECEMBER 2022**
## **SPENCER FELLOWS & CO**
**Chartered Accountants 169 New London Road Chelmsford CM2 0AE**
**CHELMSFORD EDUCATIONAL FOUNDATION**
## **TRUSTEES’ REPORT**
## **YEAR ENDED 31[ST] December 2022**
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 £16,350 were awarded to 16 personal applicants.
Pursuant to the Charities Statement of Recommended Practice FRS102: Accounting and Reporting by Charities, 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 Chaplin Mr Paul Church
Mrs Pamela Fitch Mr Eric Hardy (Essex County Council)
Cllr Julia Frascona (Chelmsford City Council)
Mrs Gwen Hudson Mr Peter S Jackson Mr Peter Sawyer Mrs Jean Wensley Mrs Liz Ahmed (Chelmsford City Council) Mr Graham Seeley
Mr Peter Vicary (from 21/3/22)
Signed **Peter Jackson** (Chairman) Date: April 2023 **09/05/2023**
1
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CHELMSFORD EDUCATIONAL FOUNDATION**
I report on the accounts of the charity (registered number 310815) for the year ended 31 December 2022 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: 24 February 2023 **10 May 2023**
2
## **CHELMSFORD EDUCATIONAL FOUNDATION**
## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2022**
|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
Subscriptions
Data protection fee
Investments
**Total payments**
**Net payments**
**Cash funds at 1st January**
**Cash funds at 31st December**|**2022**
**£**
29,336
419
160
**29,915**
16,350
2,750
300
58
240
500
-
35
-
**-**
**20,233**
9,682
44,442
**54,124**|**2021**
**£**
28,624
4
240|
|---|---|---|
||16,350
2,750
300
58
240
500
-
35
-|**28,868**|
|||15,550
2,630
300
42
240
480
-
35
-
**-**
**19,277**|
||||
|||9,591
34,851|
|||**44,442**|
3
## **CHELMSFORD EDUCATIONAL FOUNDATION**
## **STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST DECEMBER 2022**
||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 9thMay 2023 signed on their behalf by:
**Peter Jackson**
Trustee (Chairman)**Peter Jackson**
**Paul Church**
Trustee**Paul Church**|**2022**
**£**
500
1,997
51,627
54,124
982,710
1,036,834
982,710
54,124
1,036,834|**2021**
**£**
500
1,151
42,791|
|---|---|---|---|
||||44,442
1,112,117|
||||1,156,559|
||||1,112,117
44,442|
||||1,156,559|
|||||
||**Peter Jackson**|||
|||||
## **CHELMSFORD EDUCATIONAL FOUNDATION**
## **Note 1. Investments and Income for the year ended 31 December 2022**
|**Investment income**
**COIF Charity Funds**
Investment Fund
Fixed Interest Fund
**Total**|**Cost**
Total
**Cost**
Unit
**Market**
Total
**Value**
Unit
£
£
633844
1233
1102257
2057
10000
131
9860
133
**643844**
**1112117**
**Holding at 1.1.22**|
**Cost**
Total
**Cost**
Unit
**Market**
Total
**Value**
Unit
£
£
633844
1233
974085
1817
10000
131
8625
116
**643844**
**982710**
**Holding at 31.12.22**|**Income**|**Units**
53595.06
7423.35|
|---|---|---|---|---|
||||
2022
2021||
||||29086
28341
250
283||
||||**29336**
**28624**||
## **Note 2. Grants paid in the year ended 31 December 2022**
A total of 16 grants were made totalling £16,350, an average of £1,022. Individual grants awarded were between £700 and £1,250.
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