2024-07-31-accounts

William Palmer College Educational Trust Report and Financial Statements Year ended: 318tJuly2024 Charity No: 310860

WILLIAM PALIIER COLLEGE EDUCATIONAL TRusr Reference and Administrative InfonTr Tntst8es as at 31st Ju 2024 at 314lJuly 2024 (Xr James Haklen CAr￿n Darren Barf(w (resigned December 2023) Senate rfthe Unfversty of L￿on Maureen Ch, Nlcie Hilebrandl. Fob Afelumo. Canon Eleen French. Cliff Carter (appoinled Novemb 2023), Ritchi& Tayknr (aplthfed November 2073). Denise Wakeling (appointed Man 2024). The Chain of the colp￿110n was Paul Waekng wlK> reFAaced Andrew Wluiams in May 2024. Tl Inslrument of Govemment of the Corporalion of USP Cdlw no knger [x0￿deS fDr the Trusle8S to nomirtate Fotsndation Govern￿ to Goveming B(oftr rt￿rged C￿0 for Ihe pury)ose of sec4JJing that the establis1￿ character of Palmerfs Couege {n•¥ty ts tharathr imnwl• bÉfrxe it began to be by the first C(Kwalion) is p￿SeNed and. wb parlicular, Ihat the I￿41tL￿n Is conduded in ac(xfftknce wilh the tyovws of any trust ￿ating lo L At presenL Ihwth. there ar8 no FourMlatKin Vle• Chalrnwn ol th• Thi•tso• Canon Darrnn Bartow (resigned December 2023) NKkie HlllelxaThtt {app(nled Juty 2024) Clare Whh8 (appr¥n￿ Jarnw 2024) Vk• Prfnclpal Cl•rk & S•crolary lo th• TNsl Denise Wakellng (appointed Novembor2(Y23) 310860 Charfty Ilumb•r Prfn31 Offlc• USP COL Grays RM17 5fD Raland Hall 44154 (knett Road RM17 SED

Referenc• and Admlnistrative Infomiatlon (Conllnued) Baw Ba￿ PLC RM17 6NL 19 Tqywn Sq￿￿e SS14 1BD kngel Lane EC4R 3AB

Report of the Trustees for the Year Ended 31StJuty 2024 The Tritslees presenl their rerort along wilh Ihe finarKl slalements ofthe charity for the year ended 31st July 2024. The finaned slateThnts have been prepared in aC(x)rr1an￿ ¥Yith Ihe ar as$Star￿e. The needs (rf Ihe evolve overllme and the aerk wil seek additkyd ways th which the puplls can be assisted by the Tn A kn baL¥me effective Up￿ the mew of Panws Colege wlth Seev Colege as 'Seevlc aThl Paknefs C(Wes Gw. on 1st Augts12017. Clive Tanl and Carey Ja(x)bs of Palmers Sjlrcitots ovetsaw the negolialion of a Surtable I￿se end a(fvised the Tntslees on ts vari￿ts a8p 8ates Wels Braithwaito (USP Cdlege) durlng the 201&19 afaemic year. To enalle ts kne lo be offwed. Ihe Trnstees drafted I￿￿￿95 to Ihe Twst SCI￿ne under advke from Ch A•Aw4al of Palmets SO&it0￿ These Changes were lodg•J wilh and agreed by the Charilies Commisslcffi pri lo the merger dale of 31sl Juty 2017. The mL)5t &grf¥xrt rt￿nge was the expar￿￿ of the area covered by the Trusl to the modem paKqhes of Grays Thurrock. North GTays and Sbffonl. as we# as the merger of the C• wllh ItAt of Seeit al BenlleeL The Tritst is an unl￿ted tru5( consliw under a Tru Deed daied 23rd January 1980 aThJ is a ofprovKling S￿delib of the Colegeand young pe(¥Ae of the rnodem Parishes of Gws Thurrock, Grays North aThJ Slifford vrith the besi round educalim thal Lan be arranged for Ihem ilvough orBftA stewardship ol tts At their fr5t onlinary Th￿1￿)9 in each year. the Truslees elecl one of the¥ numiw to be chairn￿n for ihe c¥rrent year and app)uit a ChaimHrn At and sutwuent meetuy. the Trustees agree the broaj slrdtegy and areas of a¢bvity tor the Tntsl. in(luding the rnnsideration of grant applicalions iogether wilh •weslmenl. Jwives risk management poliues and perfomiance. The day to day adfflinislration of the Tntsl Is dthgated lo Ihe Clerf( arml S• lo Ihe Trnstee&

WILLIAM PALIER COLLEGE EDUCATIONAL TRUST Report of the TTh￿tee$ for the Year Ended 31￿jUty 2024 (Continued) Struc￿￿ Governanc• and nagement (Continu Twstees are appointed fOrf￿r years by their NonNrpting &)dy and CowoPta￿ Trustees serv8 fi)r fve yea Binn Lthle was reded Chair of Ihe T￿￿t on 27th 2023 and Niiie Ff4ebrandt was apponW as Chair on 1st July 21Y24. TnKstees keep underrevivH th8 reappornlment of Nominalrwe Twstees wlv) may be. bul need not be. mem ol the College Cortfftti￿. CTropiative Twstees a￿ sought, who. Ihrough residence, occupakn, ernp￿ or otherwtse, ha¥e special knowkdge of arna oflhe parishes covered by the TrusL As pat ofthe inducticm worxs. nthYty-aNK￿ed Tnthes arn given an irmlucl#￿ whth includes a copy of th8 Scheme. mlnutss of the last meeting. rnpies ofthe registerofinterf ￿bMit to DBS Cl￿% arnl on Ihelr duty ofc4re. as and I¥1￿ become avarfa Grant AlalElng Pollcy When granl appleaibjns for brfps. vists aThJ Supp￿ aTr ￿CeIVed from Ihe USP Cdege. Palmer's Campus and S(￿￿5. they aTe ieviewed by the clerk and rf p￿pety IKepared and meet the Tnjsfs (yileiia. are c(msidered 8t the next Trustees. ￿￿eting. Dèlats of how kn aprty for grants are avalabkn frTrn the Tnffjt offlcé. the Tiitsl web site and the trust bThKhwe. The Trt￿ d(￿5 not aclivdy se8k grants from other tThes or from individu. Ho￿ar. some organisalior wlth links to the College and some IndNidu wt4) eittrw altended or had ￿labVe$ or friends who attended the Endowed Schools lx Ihe Co4ege. do provide for Ihe currenl sfyJdenl& The Hew Wall Famty clntst￿ Trusl Is pathlarfy generous lo our TntsL It provides prizes and. in the past, has provided c(￿51￿ble caFylal builth'ngs such as Ihe Hew & Molty Watt Dance Slutho. Through Ihe help of a ¢￿Thent Trnslee. Ihere have been two recent new Piizes set up by former students recognise the ol Iha TntsL Our (￿u9 and the donorn are Ihanked kn their generosty and h in $￿ting up Ihese f The Til￿ have ldenlir￿d the major risks lo which the ch• 15 exposed have revlewed those Ti8ks and e5tsNished systems and Pr[￿dureS io manage thert The arpas WI￿8 the matn iisks can be idenlt Inadequate buikjlng Maintenan￿ and insw Acceplance offraudtht grant daims Possibility of W adiM against Tnth. The Tntst has an Intefrd audit pofw that an inlemal audit of ts o)1* appkntions for grants and aths to be (wried ovl before at kast Iwo of T￿￿tee meetings w cakndar y￿. These audi15 WI CA)nsist of the dose VAamination of a represertsbve ￿dorn sample of AppticalThs for confoiriuty to the rekvarrt pry￿edu￿S. resutts ofthe intemal audtts shared with Ihe Twstees al the relevarrt [4]

V¥ILLIAM PALMER COLLEGE EThJCATIONAL TRiisr Report of the Trustees for the Year Ended 31st Juty 2024 (Continued) TnAes meelings in the form of a brief A4 intefrMI audits arE indepenthrt of the extem81 aud (aried out by the a￿11￿5 at the end of the finJL?al year. The Trust re￿iVed 01 £256.161 on its investrnents durfng Ihe 2023r2024 year {2022123 £249.160k Thern was addilional income in the form of dorgtions towing £1.600 (2022123.. £100). Underdause 29ri Ihe lolal amount pald to USP Qlege toa¢livety support sbjdents in their abifity to matntaln Ilw education and for pwtiwtion in trips arnl vfyts was £122.497. PTevthLS year £48.169. Thef8 was a ggnrfKanl fflcfease in the grants used to he￿ pu al k¥21 sthooLs- £172.790 instead of tha £71550 . the year to Juty 2023. Tl¢ exp￿dItUrn on prizes kn Paknefs stsjdents, uithr aa￿e 29(1). was £7.300 i>)mpaTed to last yea¢s £10.125. from ts quoted invesknerrts and 4sh de[K)S1￿ the main asset of the Tntst is the land and buildings Jwn as Palmefs C(e. Grays is ocojwl ty USP College under a 12&year lease (commen(%d 31sl J￿Y 2017) WIth￿rt fenL The com￿& C(wati￿ meets all the expenrfrture relating lo lh8 operation maint&wice of thè buildings from govemm8nt fundmg. Th￿ a￿angement satiSf￿S the aims and objeclives of Tn￿( has tn in ex￿1￿￿ lor many years and is evidenced in the l&ise agreed wilh the merg￿1 The Trnstees Conthll￿ lo fdknv a mL¥Jetste risk-avetse knvestmenl approach and they accepi the rec(rfTwdalion ffom CCLA Invesbnenl Managemenl Lifflited lh ihe Lx4k of Ihe Tfusfs k>ng4eryn capital sI￿ld remain invesled rl an equty-based fund such as Iha Charilies Offit?al Investrnent Fund (COIF). This exed to optlmise Ihe OPp￿tunitIeS for ¢aW ￿Owth offer wotrflwjn from the erosfve effeds of Ilali￿. The majorfty of the Tntsys Invested in InrAyr Units with srnaHer invesW kn G￿)￿1 E Unils and Propety Units. All recI￿pment payments a￿ Invesled in Global Equty UINts. It was agreed that the trNest￿ ofthe Tn&X wli￿ is reviewed 3nnu•, Ind￿le iems reknJ tt> Ihe allo(alion of assets and ￿ p)sitM?n rwardlng the Ethical Imiesbmnl FUNI. the year the Trusl fimded Th or 25% (subie¢i tr) a Cap of £250 per S&￿e￿} of Ihe u)st ol events for nts lo partiop in vists as part of Iheir Dra￿. Geogrdphy. Biokw. PE. Si￿%1 & LeisuTr Health & Social Carn and Busirtss Sludies Courses. Day visils to Gonferences, drarna Imuduclions. gaweties arKI concerls were part-funded by the Tfust as were the hockey, ftelball. football and umpirelreferee fees Y￿SSary for six¥ting e¥ents. The Trusl cx)nlin￿l lo pay half of the cost of (x)athes and mini buses lo swrkng fixlures and corn￿71￿￿ throughoutthe yew. BU￿aries were given to sknlents wh) sh(r￿j pnyAess support has rnntinued ￿rrent year at the discretion of the Colleg8 and ihe Twsiees. As part of Ihis been rwnrsed as a best piactice inltiative by assessors. Sclthrshryps given to sbJd8nts in ff￿d Hhjtw Eduolion Interview expenses were akn made avalablp. The Tntst awarded Kmizes torexfll￿￿ al A4èvel 0requ1￿enL Prlzes forarttievement at A level arKI EfEC aThJ the Legal Seixe&nes Course as well as proes for al BTEC Fwst DFpk)ma Awanl. The Tnjsl o>niinues to pn)vide grants towards trips and visits for pu￿5 in need of fmancial a5Sfjtsn￿ who bve in the [51

LLIAM PALMER COLLEGE EDUCATIONAL 7RUST Report of the Trustees for the Year Ended 31st Juty 2024 (Corrtlnued) Athiev•mert and P•rfonMnte Induthng PthNc Benafft {Conluiued) The Truslees have had due to the ￿ldan￿ on the Put Benefft ￿VIren￿l as i5￿￿j ty alral wass p￿thes. a￿ used by the h(Kkey dub. Tugby thb aThl varnus ff(￿ chjbs. aml Ihe The SpNts and FItr￿ Surte and the Tenni5 Court5. as well as gyin. are used at a very The Trust￿ CA￿1￿)u? to mainlain £30.(MJO as thing cawlal and make suffi¢SÈnt ryants kn dtspense lh8 has now been soen lo knl (yjt over the lasl ￿len yew5. The ￿Thent year O.e. 2023r24) saw r•) arnl achleVgm￿ backgr￿￿1. Iwgety to mosl k¥xl sery>ndwy sdxK4B havlng sgt ￿ Iholr sixlh ftvms over the last doiade. Trusfs inlentlw being ￿ provKle more funds to advan(¥ educalion in the knmjgh. rec4nt year5 have iectives. This woth Iwl Ixvne fmlt in Ihe slgnlncantlncrease In aThJ wov8d wants to a larger At al times. the Tni8lees wll cotinue to help and supwt the any approprfate mannw. Charity Law rewies ts T1￿1e85 lo Prepa￿ slatements for each financial year, which give a arrfl view of the sle of allary5 of thanty of fwwicial r8suts Ihe PUILMI. In Pre￿n9 IIKY prepare ihe fina￿la1 stalements on a going ajncem basls un18S8 h IB inapproprfate to preswne th8 finanual posits￿ of the tharity and fpthi¢h enable them to ensu￿ that the fi￿qncIal slatements compty with (6J

WILLIAM PALMER COLLEGE EDUCATIONAL TRUST Slatement of FinancAal Activilies for the Year Ended 31 St July 2024 Unrestiicted Resknied Incfft FuAd CaiMI Fuftd Pemianent Endowmenl Iloles Funds 2023 Incomino Res￿rceS Fiom Genèr31 INestfflent Fund Donab'ons Re￿Ived Interest rece￿able 256,161 1.600 150 256.161 1.000 150 249.160 100 18 T(rfal In¢omlng Rowjrces 257.911 257.911 249.278 Res￿[CO5 Expendod Chantable Aclths. Grants 4)proved Expendi￿re on Adtjth'onal Faolmes Maintenance- Buildings 302.786 302.786 97.584 1.254 1.254 1.104 Coglof Graftt Ilaklng 304.040 304.040 98.688 c￿manCe cosls 41.910 271.383 313.299 280.958 Tolal Ro%)tsrce• Eipended 345.956 271.383 617.339 37g.646 Ilel lneomlftgllc￿} Recognisèd Gains and .Y71283 -)K9.428 .1 ?0.348 Nel GaIn￿lI05$es} on In¥eslments 648.912 648.912 Mei Ilkninglflncorninll ReS￿[Cos. 8elore Trnn$l•r8 648.912 289.484 TT3nsfer oflncome Caprtalised 12.500 Ilet in Funds 601.412 289.484 ReconaliaDon of Funds Toll Funds at 151 2023 212.572 8.499.666 9.130.729 17.842.967 18.127.383 Funds at 31st July 2024 112.027 9.161.078 8.859.346 18.132.451 17.842.967

WILLIAM PALMeR COLLEGE EDUCATIONAL TRusr Balance Sheet as at 31•tJuly 2024 2024 FIXEDASSErs Fweehold Property Investrnents 8.859.347 9.161.079 9.130.730 8.499.667 CURRElff ASSErs Cash on deposit COIF ACC(￿nI Barclays 4ccount kcrned Income 18,020.426 17.630.397 114.631 4,437 743 119.81D 213.712 215.270 CVRREMTU￿Lll￿S Gfants Payable Olheruothlors 7.785 7.785 2.7110 2.700 IETCIIRIIBIT ASSETS 112.025 212570 IIET ASSETS 1&132A51 IT.841967 RestslLted Caprtal Fund PwmanerrtEndowrnenl iknresbl(*ed Incom• FITh1 9,161.079 8.859.346 112.026 8.499.666 9.130,729 212,572 1&132A51 17.842.96Y rtyxoved by the T11$5te8s cm 23nl May 2025 and 8kJned(m thekbehaff by: BrlanLllllo. Chairof th•Trust•es

WILUAM PALMER COLLEGE EDUCATIOPIAL TRUST Notss to the accounts year ended 31st 2024 A¢cwnllng Pollclos a) Basis ol Praparndon and Assess￿ of Going Concom The finanual 51atements have been pTepafed under the historical cost (x)nventKm with items recognised at or transathn u￿sS olhe•wi88 Stated in the relevant note(s) to these financial statements. The nrial slatements have been prepared in ax4)￿1￿ the Slatemenl of Rec(wTmended Pracbce" A(xx)unting and RewlirnJ by Charities preparfng I1￿ fmani?al ststeiirt in a￿XIrd￿ wilh the Ftswn(iai Reporting Standard appficable in the UK and Repubk of Iretsnd (FRS 102) issued on 16 Juty 2014 and Ihe Froncd RepothNJ Standard appfic8ble in Ihe Uiuted Kingdom and Rewblic of IrelaThJ {FRS 11Y2) aNI th8 Chaits Act 2011. Twst benefft entity as derm￿1 by FRS 102. Tnistees tho1 there no M8terf￿ unLlntss thul Ihe Tn￿r$ abity to continue as a goi Th6re ara no signfficant arth% of adjusknenl arhy key assufflplions that affe¢t items in the finaniaal slatwrnts. Wth respecl lo ts next ￿pOrting paM)d. 2024-25, the most swfKxnl areas of unrArtanty ihat affe¢l the Car￿n9 vahje of assels held by the Tn￿ arn Ihe level ot inves1M￿ relum and the perfoni)m crf investrnefil markets. All inccrfne ts recognised once Ihe charity has enl1ven￿nI lo the income. it is thal the ir￿9 •l bè In the evenl that a d(M￿lOn ts subjecl to condibons thal require a level of pwforrftance tefore the chanty is entit￿ to the fund& the in(m ts deferred and nol recognised unbl either lh¢￿ conditions are futy mel or the tulllmentof thosecondRK¥)s iswholy wilhln the cortrol of the charityand it k8probabtythat those conditions Il be fulfilled in the rewting p￿￿d. Leg¥ 9ifts are rnry)gntsed on a ose ty case basi8 fcrflowing Ihe granl¥ry of probale when the athnMisknlorlexe¢irtorftr Ihe Estste has conMuni￿ in wriling both amotmi and seldemenl dale. In the event that the gift is in the foThn of an asset other than or a financial asset traded on a rec(NJnised slod( exekory. recognition s subhd io the value ol the gol belng reliabty measurnble a degree of reaS￿blE a(urdCy and the litte lo Ihe asset having been transfeired lo the chanty. Internst on funds held on de￿slI Is in(Jded vthen re(xvabkn and the affl￿nt <zn be nwsured re￿a￿ty by the chaiity; this is n￿lY uw)n notifi(lion of the inleresl Dad or payable by Ihe bank Oividends are nised once the di¥i(lend has been d￿Ted and notftrtsil￿ has been ￿1ved of ihe dividend due. ThK5 Is uw)n notificati￿ by our investment athlisor of Ihe dividwKJ of fv investment p￿roth0. c) Exp•nditi•re R•wnlUon Lvblities are rv￿nIsed as expendi￿re as soon as there is a legal or construdive oN￿atIon ￿￿nIttIng the ttwity to thal expendilixK i is probaljle that seltseThwt ill be required and the am￿nt of Ihe obWlion can be m&Ktsred reliably. are al(Kaled or apk￿K)ned to the appkth expenditure headings. Grdnts payable are pay7nenls made to thir¢1 parties in the fiMlherar￿e of the tharital￿ obiects ol the TnksL In Ihe Ixe of an unco￿lI￿x￿ granl this is a(vued once the rectpient has been r￿[fied of the granl av*aFd. Grants avrarils thal arB subject lo Ihe recipienl fu￿n9 performance (l)￿1$1101￿ are only accfued Vrt￿n lhe lec?￿nI has been notified of the grant and any rema¥w Unf￿r￿ed (xxrflilion altaChy￿ lo Ihat grantis outslde of the cx)ntrol of the TrusL Ixrt ljwe is Un￿Inty as to Ihe ol Ihe grant ￿ lh8 a1￿Unt of grant pay [9]

WILLIAM PALMER C4XLEGE EDUCATIONAL TRUST Notes to the A¢counts Year Ended 31st July 2024 (continued) d) Irrec0￿mbkn VAT VAT 15 dwrged against Ihe eXpe￿Il￿￿e hea(ng far whkh it was inoJThed. e) Govemanc• Costs Governa￿ costs comwise al costs involving the publk ac￿￿￿tabl￿ty of the tharity and its cornpfjan￿ with regulation and good practice. Thesp costs include u)sts related to slalutory audit and legal fee5 togettw wilh fj FTrehold Lafftd. Bll￿ngS and Equ1￿1￿ The man asset of the Tn￿t Is the Land and BuH(fuws kn(Avn as Palmefs Ccthge at Grays. The buMFTrJ is ¢xcupred by the Cfwe (￿e of rent. The C4)Ilege meets all the exFWMliluJp relali)g to the operation and rnaintenan￿ of the bJildrpJs. This aThangement salisfies the Aims and Obiecves of the Tntst and has been in existen￿ for manyyeats. Unil 31st Juty 2017 agreemenl orleaseexi$tedto eslablsh a precdonl for Ihts arrangement or the period over which Ihis arrarJemenl wil exisL On 31stJuly 2017 the Trnst enlered into a183se Se8vk C(thge (now r8narn8d Unified Se8V￿ & Prfs e9eor USP Colege) for a of 125 ye A ftmfflal valuatlon was caokd oul by NPS Propety Consultants (Chartered SLwveyTrs) in Juty 2015 vthen valued the freeItt￿ land and bulldings at £13.268.IJ(10. The Trustees are nol aware ofany c1r1￿mS1art to matenaty impar thal valua￿0￿. Under Ihe Iran￿1￿81 provisions of FRS 102 this valuation is to be a(kpied as notwjnal ￿st to futtwe accountirYJ pwio( DewecIali￿ is provkjed lo rhTfte off the (Thts of assets by ewal ￿nUal irtslalments overlheiresknaled fve5 as f(Abw&' buikllng5 per iMMThJing up to 50 years Specif¢ per up h) 24 yea revalualion that took pkn adopted Intemationa FInar￿la1 Reporting sI￿dard 16 and splil the Val￿M)n ith￿en Larrfl. Buildings and Mechanical and EledrIC￿ Ekments. Tho useful Uves altributed lo these ekn￿lts. by the va￿. were (MsideralAy sh(x Ihan the 50 year vnite off prevK)usty adopted. hough the financtsl not been prepared under Intemational Financxal Reporfing Slandards the Tnlslees think it ts apwopffale lo depreciale Ihe freehokl property using the useful lives eslirnaled by Ihe r. This ha5 r&sulted in the deweciation charge &8 (ti$()￿ in note 3. g) Invaslmnts InVes1n￿lS are a form of basTc finanoal slatemenl arKI are inibalty re(y)gnised at Iheir transaction va￿& and subsequenty measured at ttir fair value as at the balan￿ sheet date using the ck)SMNJ quoted marfret prf The slatement of financial activitses Includes the nel ga5ns ar¢d losses arising on revaluation and disw)sals Il¥oul the year. Tl main 1￿M offff0n(j￿ risk faced by Ihe (*wity ts thatof vdatifity in equity markets invesbment markets to WiLler eix)nomic t¥)nthtions. the attrlude of investas to in¥estsnent rFsk. and thanges in senti￿￿1t [101

LUAM PALIBI COLLE￿ EDUCATKINAL TrUST Ilotes to the Accounts Year Ended 31stJuly 2024 (continued) they Wdlue if ar4ured subsequent lo Ihe fw51 day ofthe fin￿(?31 year. Umeaised gains axl are ca(x4ated as ts di1r￿ce tthen Ihe fair v al the year e￿1 and ttir (xrying valje. ReaJ and The tharity quafffies as a small errtity arxl advan been tsken of the exenyknn prov(ded by SORP IFRS 102) as arnen￿ by Bulelin 1 not to prewe a cash Ikrw statemenL [iiJ

WILUAM PALMER COLLEGE EDUCATIONAL TRUST Notes to the Accounts Year Ended 31st Juty 2024 (conlinued) N•. Ihe college aNI schLxAs have already pail grantsacc¥)rding to the Criteria presc¥bbed by the Tntstee As soon as the Trustees have approved an appfj(ztion. rnonies are transfe￿ed via BACS to the colleges or schLKts. as approwiat& If a grant has nol been paid by Ihe end of the financlal year. the amount approved is slxyATr under the headkng of current fiabilrlies. aau• 29(1) olth• xh•me.' 10.1 IhKl•r (Jause 29P) xhpm•: Cdly Stthts SclxMA Pup'ls Ollw iThfiwJua15 121497 172.9 48.169 71.& Grnntlo Cologe -32,260 Expendlture on AddlUoMI Faclllu Thwe no addhlonal fa￿lI18S expendilurn in tho yèar. 17.214 E￿￿nal Audi￿ 5,824 411 341 9.574 271.383 271.384 280.958 [12]

Noles to the Accounts Year Ended 31st July 2024 (coniinued) Total fees of £15.L126 (2023". (£6.600) pald to one who feceNed a fee in ￿Spect of seuelarial se1viL￿ and Sery1￿ as the Trustee5' ClerL An fee of £471 was pad lo ar￿ther Trustee for adrninistralive support seryi Ow legal Adviser Idenlifd fcdjr conditions that TAwe Meded to LYJ the reqwEmenb of Ihe Charilies Acl 2006 whÈch were: There is a knTlten agreemenL ft Is in the best r•ter8St d the Ch•. D￿Ing Ihe year. thwe a transfel of£12.5fM). reix8senlative of ix) yea5 from the C4Nrert deposit account lo Restricted Capitsl Fund. Tolal ValiJats￿ as al 1st 2015 13.26&1MXI 085￿1(￿ to 31st thjty 20rJ 4.137,270 IxM ￿ue as * 31s1 ￿lY 2tizJ Dwi￿1(￿ y8¥ to 31st w 3)24 Net IxY)k as at 31st ￿ 2(r24 -271.383 8.859,347 8) From 31st Juty 2017. Clause 22 of our Sclm provides that the Trusiees st￿1 pennit the Land Ith Ihe buKdings thereon. lo be used fcy Ihe purpos&s of a General Further Edl￿atiOn Colege CorpThion as defined within Ihe A4)prents¢e5hips Skdls Children and Learning Act 2009. b) The Colege is underthe terms of Ihe knegranted in 2017to adewatdy insure IhB buth and wemi5es. ¢) When major experrikn on Ihe Trusfs wopty is incurred out of thè of the Twsl th8 Cl commiss1w￿. in giving 8ppr(Nal lo an Onler. insist that the cawlal is ￿plaCed over a nMxiN pa￿d 0140 yea d) To I￿rnpty with this requiremenl, in 2(KlS, Ihe Charfty Commissionw5 agreed that the TWSIe￿ sell £29).000 of Ihe Restricted Caphal Fund io enable a Dance Studio lo be budt for the Cow. In this tsse, the Ca1 WH be replac£d over a wiod of 40 yeats by purchasing investments in Global EquFty Income Stwes of £6.250 each year. for Restsic18d Fund. The payir*nts made Ki 2024 a deEailed in note S (2023.. nh). There are 8 loft to be made. e) The Trustees that there is a o￿tingent kbilty in resped of a grant io Ihe CoHeg8 to make Ihe omstsuct¥)n of a fve-d￿￿ The liabilty wlll onty rf the College ceases b) Ixxiipy Ihe current The ar[￿1 of Ihe grant bwas £1414,147 on 241h Odober 2001 and the C•l rethces prDPOrtlor• overthe fdlowing fty yeary for intslhjn. [￿]

LLIAM PALMER COLLEGE EDUCATK>NAL TRusr Ilotss to the Accounts YearEnded 31stJuty 2024 (Cothinued) Al the Inve5tmrts areNh Chaftie5 Onbial 1rNestr￿ FuThJ (COIF) which15 m•ged byCCLA Ala￿et Vah In Gain4(Low¥ M•rk•t Va 41rA 6.626.835 1.636.7T8 498,610 164.075 -13.773 7.12&445 1.813,353 1ZS(K) 8.499.667 648.912 9 161.079 & Fund R•ld•d P•miaMnt ￿re￿£d Caph•l EThlowm¢nt Fw Total Bkn 1st Awl 2tr22 8.653.714 9.41Y2.113 71. 18,127.383 Yw 31st 2023 -154,(M7 -271.384 141.016 -284.415 8kn al 31st * 2023 499.667 9.1￿.729 212.5T2 17.841 Year 31st ￿lY 2024 681,412 -271,384 -IW.545 1&132451 a> The pern￿t endo￿o￿t ￿lateS to the freehokl land and bulklin￿ kTrAvn as Palmerfs Colkge Grays. wa5 revalued 2015. b) The pe1m￿nI eTh1Ow￿nI is with arnual depreciation in relalion lo the twlkjing $bu￿re$ Pemlon C(MnmitiMnts The Tntsthes have consKlered whether Ihere is a f￿b￿rtY to p8ns*)n wxler FRS 17. As Ihe TTUSt (kjes nol have any employees. there is no comfflitment with rag¥d to tuture p￿1(￿ (x)sts. 10. Related Part 1141

LLWa PAL•￿ COLLE¢% EDUCATIONAL Trusr INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE WILLIAM PALMER COLLEGE EDUCATIONAL TRUST Wè have audited Ihe fiiwnrial slalements of The Wdkm Pth￿r Colkge Edu(zlicThl Trust (the 'charlty'} for the year ended 31# July 2024 whrch CoMpr￿e the statemenl ol fowncial activilies. Ihe b￿r￿ sheel and notes to Ihe rmancial slaiements. in¢Auding a SU￿n￿ry of significant a(xwrting poficies. The finanL?al reporting frdrnevM￿ Ihai has been appr￿1 In their preparation is applicable law and United lfjngdom Accounling Standards. ind￿lIng Reporting Standard 102 The Financial Repoffjng SlaTrlanl applKable IYI Ihe UK and Republic of Ireland Tlvs re[￿rt is made solely to thartys truslees. 85 a Ix. in accordance with Part 4 of the charl￿8$ su The truslees are responsible for Ihe other infomialw)n. The other infonnation comprtses the Informallon Indu . the In￿. annual re￿r( other than the finanaal statements and our aud￿￿$ rewt thereon. Our opinion on the finarKial statements does not CO￿ the Other infomlalion and. except to the exienl otrerwise explioity slated In cxjnnethn wllh (wr audit of the fman(aal statemenLs. our wnsibiTrty 15 to read the olher infonnation and. in (loing so. consider whether Ihe othe( infom)alion ts Mat￿￿allY inconsistent wilh the fil￿nCial statements IY trnowl oblained in the audil or otheThY4se appears to be maleftalty misslated. If we identify such materi Inwtsistsnc<es or apparent maiertal misststements. Y*e are Tequired to deteTmine whether there is a matwiaj misstalernent in the financial statements or a malerial mi&slalemenl of Ihe other infomiation. 11, based on the wort rewt Ihat facL We nothing to TeFxxt in Ihls regard.

We IAve nothing io ffer￿ in resFd of the folowin9 fftatte￿ Fn relalion lo th8 Ch8rth8s (Accounls and ReFMxts) Regulations 2008 requ¥e us io rewt io il. in our I4)in￿: the inforn￿￿on given in Ihe Ilnancial statements Is wMx)nsistent in any materfal respect with Ihe trusls' reFMx¢ or Ihe fmartial slatements are not Iri agreement wilh the accounling records", or we have not reoived 81 inlmtion anfl explanalions requi￿ for f￿r authL for JKepardtion of finaniial staiements vthith gSve a and frair Vi&V. and for such iniemal o)ntrol as Ihe Inthes detemiine is n￿essary to enable the NePa￿lDn of financ4al statements frne from maknial mEst8lemenL whether due to fraud or eThor. In prepaling the fmancial slatements. the trustees are reS[￿￿1ble for assessing Ihe chanty's ability to continue as a going ￿n¢effi. disthing, as appllcable. rnatte￿ relaled to going con¢effl and uslng going concern basls of a(X￿￿￿ unless the I3￿leeS eiltw intend to fmwidate Ihft dwity or lo cease operalions. or have no reafBtic aknabve but to do so. We have been appokntsd as under sth 144 (rf the Clwrities Act 2011 ref￿ kn accordarKe w regulalions mad8 under sedK)n 154 of that Act Our 014ects¥es are io obtsin reasonable assuran￿ al)(xrt the financial statwnenis are free from maleiial Msslalemenl due io or em)r. aThJ to isw an aurfrtorfs reixwt that indud8s our opinic)n. Rea5￿al￿8 asATrico Is a l¥gh level of assurance bul Is not aguarantee that an audit conducted in ac£ordance with ISAS {UK)

Jered matwial rf. or in the aggregate. they (xx*J rEasonaNy be expthi to inlluence the Pox￿MiC

Irre9￿arItIe$. i￿￿￿[n9 fraud, are #￿nCeS of wlth laws and regula1￿$. We design procedtty fr￿￿￿ The specific prnCe{￿ for Ihis engagemeni and the exienl to whrth are capable of d8lectrvJ Reviewlng external (epots commi￿10ned by the Irusiees lor the wryJose5 of reviewlng fraud lis Perft)miing aurfrt the risk of manauement ov8ffle of (xjntrds. induding tssting offftxun entiies arKI other adjuslments for approwialenes& Be(xuse of the InheMI Ilmttations of an audit. there is a risk Ihat we win not detect al iffegularities. inckrfling those ad1￿ to a malerial mis-stslement in the finarwl stat￿￿nts or non-complan4x ilh regulatlon. This in Ihe fi￿￿￿81 slaternents. as be less fjkety to become aware of Instan¢e5 of rKJn-compliance. The risk is also grealer regarding irre9￿arlI1es OCCUFiing due b) fraud ralher th8n error. as fraud involves intenlional A fu(thef das(¥ithn ol o(r resp￿sIb￿lI1es for Ihe audil of the fina￿181 staiements is kncated ￿ the F￿a￿￿al [161