2023-12-31-accounts - Chelmsford Educational Foundation

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Charity No. 310815

CHELMSFORD EDUCATIONAL FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED

31 DECEMBER 2023

SPENCER FELLOWS & CO

Chartered Accountants 169 New London Road Chelmsford CM2 0AE

CHELMSFORD EDUCATIONAL FOUNDATION

TRUSTEES’ REPORT

YEAR ENDED 31[ST] December 2023

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 £23,140 were awarded to 18 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 Chaplin

Mr Peter S Jackson

Mr Paul Church

Mr Peter Sawyer to 09/05/23

Mrs Pamela Fitch

Mrs Jean Wensley to 11/07/23

Mr Eric Hardy (Essex County Council) to 09/05/23

Cllr Sue Young (Chelmsford City Council) from 24/05/23

Cllr Julia Frascona (Chelmsford City Council)

Mr Graham Seeley

Mr Peter Vicary

Mrs Liz Ahmed

Mr John Burrow from 03/11/23

Signed Peter Jackson (Chairman)

Date: 15[th] April 2024

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 2023 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 FCA For and on behalf of Spencer Fellows & Co Chartered Accountants 169 New London Road Chelmsford Essex CM2 0AE

Date: 17 April 2024

CHELMSFORD EDUCATIONAL FOUNDATION

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2023

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 Insurance Bank Charges Data protection fee Other Expenses Total payments Net payments Cash funds at 1st January Cash funds at 31st December 3	2023 £ 29,406 1,963 - 31,369 22,140 3,012 300 39 240 520 195 38 35 162 - 26,681 4,688 54,124 58,812	2022 £ 29,336 419 160
	22,140 3,012 300 39 240 520 195 38 35 162	29,915
		16,350 2,750 300 58 240 500 - - 35 - - 20,233

		9,682 44,442
		54,124

CHELMSFORD EDUCATIONAL FOUNDATION

STATEMENT OF ASSETS AND LIABILITIES 31ST DECEMBER 2023

Note Cash Balances Nat West plc Current account Nat West plc Deposit account CAF Bank Current account CAF Bank 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 15thApril 2024 signed on their behalf by: Trustee (Chairman)Peter Jackson TrusteePaul Church	2023 £ 500 4,455 1,323 52,534 58,812 1,072,674 1,131,486 1,072,674 58,812 1,131,486	2022 £ 500 1,997 - 51,627
		54,124 982,710
		1,036,834
		982,710 54,124
		1,036,834

CHELMSFORD EDUCATIONAL FOUNDATION

Note 1. Investments and Income for the year ended 31 December 2023

----- Start of picture text -----
Investment income Holding at 1.1.23 Holding at 31.12.23 Income Units
Cost Cost Market Value Cost Cost Market Value
Total Unit Total Unit Total Unit Total Unit 2023 2022
COIF Charity Funds £ £ £ £
Investment Fund 633844 1233 974085 1817 633844 1233 1063594 1985 29199 29086 53595.06
Short Duration Bond
Fund 10000 131 8625 116 10000 131 9080 122 208 250 7423.35
Total 643844 982710 643844 1072674 29407 29336
----- End of picture text -----*

formerly Fixed Interest Fund

Note 2. Grants paid in the year ended 31 December 2023

A total of 18 grants were made totalling £23,140, an average of £1,286. Individual grants awarded were between £340 and £2,500. One cheque valued at £1,000 was not cashed at the year end.