WILLIAM PALMER COLLEGE EDUCATIONAL TRUST USP College, Palmer's Campus. Chadwell Road, Grays, Essex RM17 STD Telephone 01375 370121 (College) or almerslrusl us colle e.ac.uk Registered Charity No. 310880 Rowland Hall 44154 Orsett Road Grays Essex RM17 SED 21 May 2026 Dear Sirs Wllllam P • Educatlonal T t- Flnan¢lal Statements to 31 Jul 2025 We confirm to the best of our knowledge and belief, and having made appropriate enquiries of other Trustees and officials ol the Charity, the following represent8ts.ons given lo you, in connection with your audit of the Charty's Financial Statements for the period ended 31 July 2025. GENERAL 1. We acknowledge as Trustees our respongibility under the Charllies Act 2011 for preparing Financial Statements which give a true and fair view and for making accurate repsentationS to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the Charity have been propedy reflected and recorded in the accounbng records. All other records and related information. including Minutes of all Tfustees, members and management meetings, have been made available lo you. 2. The Financial Statements are free of material mis-statements, including omissions. 3. We believe the effect of uncorrected misstatements is immalerial, both indlvidually and in totsl. INTERNAL CONTROL 4. We acknowledge our responslbility for the design and Implementalion of internal control systems to prevent and delect fraud. We have disclosed lo you the results of our Risk Assessment that the Financial Statements may be mis-ststed as a result of fraud. There have been no irregularities lor allegations of irregularities) involving management, employees who have a signlficant role in internal control or others thal could have a material effe¢l on the Financial Statements. ASSETS AND LIABILITIES 5. The Charlty has satisfactory title to all assets and there are no liens or encumbrances on the Charity's assets. except ft)r those that are disclosed in the notes to the Financial Statements. 6. We have recorded or disclosed, as appropriate, all liabilities, both aclual and contingent, and have disclosed in the notes lo the Financial Statements all guarantees that we have given to third part(es. 7. We have no plans or intentw)n$ that may materially alter the Carrying value or classification of assets and Ilabilities reflected in the Financial Statements. In 1706 William P8lmer established 8 Trust'to tOg¢h ten poor children of the P&rlsh to re8d and write 8ndc8sraccounts 8nd instruct them in the LBtin tongue,.
LOANS AND ARRANGEMEwf8 8. The Charity has not had nor entered into at any time during the year, any arrangerTEnt, transaction or agreemenl to provide credit facilities lincluding loans, qua-lOanS or credit facilities) for TTUStee5 nor to guarantee or provide security ft)r such matters. LEGAL CLAIMS 9. All Claims in conneclron wrth litigation that have been. or are expected to b8. received have been properly a¢¢rued for in the Finan¢Fal Statements. LAWS AND REGULATIONS 10. We are not aware of any irregularlties, Including fraud, involving management or employees of the Charity,. nor are we aware of any breaches or possible breaches of statute, regulations. contracts or agreements which might prejudice the Charity's going concern status or that might result in the Charity suffering significant penalties or other loss. No allegations of such irregularities, including fraud. or such breaches have come to our notice. TRANSACTIONS WITH RELATED PARTIES 11. All transactions with related parties have been disclosed in the Financial Statements. We have made available to you all relevant information concerning such transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of the Charities Act 2011 of Accounting Standards. POST4ALANCE SHEET EVENTS 12. There have been no ev8nts since the Balance Sheet dale which necessitate revlsion of the figures included in the Financial Statements or indusion of a note thereto. Should further materlal events occur. which may necessitate revision of the figures included in the Financial Statements or in¢lusion of a note thereto, we will advise you accordingly. GOING CONCERN 13. We believe the Charity's Financial Statements should be prepared on a going concem basis on the grounds that current and fvture sources of fvnding or support will be more than adequate for the Charity's needs. We have considered a period of tsvelve months from the dale of approval of the Financial Statements. We believe that no further disclosures relating to the Charity's ability to continue as a going concern need to be made in the Finaftcial Statements. GRANTS AND DONATIONS 14. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified lo you. There have been no breaches of tems or conditions in the application of each irscome. Yours failhfijlty Slgned by Brlan Robert Little on behalf of the Management Commillee The W'lliam Palmer College Educational Trust Dale.... In 1706 Williom Pslmer est&blished & Trust'ro te8ch ten poorchildren of the Pailsh to r88d write and c8staccounts and instruct th8m in the L8tin tongue,.
William Palmer College Educational Trust Report and Financial Statements Year Ended: 31StJuly2025 Charlty No: 310860
WILLIAM PALMER COLLEGE EDUCATIONAL TRLIST Refarenc• and Admlnlstrativo Inforniation Nomln Appolnung Body Chair & Senato of the Unlver8Ky ol Lrywjon VSc* Ch81r & Staff Repre8entatNe Brian Littjè Nlckl¢ Hillebrandt Clerk to Trust Denise WakdlThJ Vicar andlor Churchwwthn Non• at 3111 July 2025 Thurnck Councll 11 Cllr James Halden 21 Clk Cicl Manwa (Appointed 20.01.25) Coyt•dlCo•OPtallv• by th• oth•rTru•t••• Mourtsn Cha1118, Folo Afelumo, Canon Eifeen Frèrth, CIMI Corter, Ritch18 Naylor EXclO Tru•• Clare Whlto os PneoI of USP P8lmgrfB C8mpu8 Found•tloTr Qov•rnor• Th& In8lrumonl of Govemment of Ihe Corporation of USP College no long8r provld88 for tho TN819os to nominate F¢)undollon Govemors to the Gov8mlng Body ollhe merged College for th8 purpo$8 of securfng that the established charactèr of P81rner'8 College (namely 118 charaoter Immedlately b8fore M began to b8 onducted by the firBI Corporatlon) 1$ pre8grved And. kn particular, that th8 Insutullon 1$ conducted In accordancè wSth the provi8iong of any trust relatlng to IL At presen( Iher8for8, thw¢ arg no Foundabon Govemors as Tw8lee8. Oth•r Admlnhtrollv• Infornirtlon Ch#lr of th• Tru•t••• Brtan Littlg Vlc• Chalr of th• TN•l• Nlckle Hlllebr8ndt Prlnclp•l Clare Whlle CI•Tk to th• Tru•t••• Don18e W8kg1kn9 Charfty Numb•r 310860 Prlnclpal OIIIco usp cd Palmerfs Carnpu8 Chadwell Road Grays RM17 5fD Audltovs Rowland Hall 414154 Orsett R08d Grnys Essex RM17 SED
WLLIAII PALIIER COLLEGE EDUCATIONAL TRUST Ref•rnn¢• and Admlnlstratlve Inforniatlon (Contlnuod) Bank•r• Barclay$ Bank PLC 9 HI Street Grays RIA17 6NB L•g•l Athl*af Carey JaGobs Pdlmar8 Law Llmlted 19TownS B08iklon SS14 1BD CCLA InVlMOnt Manapment LImIj On8 Anpl Lanè London EC4R 3A8 121
WILLLAM PALMER COLLEGE EDUCATIONAL TRUST Report of the Trusteos for the Yoar Ended 31Ot July 2025 The Trustees PSent thelr report along with the financltl $t&tements ofthe chèty forthe yearended 31st July 2025. The financial statements h8ve been prepared in accordance wlth Ihe accounting policies $91 out on pages I12 and comply wlh the charity's TN8t Deed, the Charities Act 2011 and Ac¢ountin9 and Reporung by Charib'es.. Statement of Flnanclal Reporung Stsndard appllcable in the UK and Republlc of Ireland. Ob1¥0$, Alms and Acthiltle8 Wllliom Paimer established the Foundalon In 1706:'..toe8tsbltsh a school. provlde a sdK)olnwster8nd ten poor chlldren of the Parish to read and wllts and cast aco)unts and instru¢tth6m in the Latin tonguè.. Th8 current objects of the Trust are to provide prizes and spaclal be18 whlle promoung the education of the relevont beneflclaries. Th8 Tru81068d defines the alms as: Providlng not more than orvtsnth of tha nel yeady Inoom8 In provhJlng prIZ and 8peclal benefi of any klnd not nomally provlded by thè funding authority. Apptying th6 residu8 of the Income In promollng the educatlon of persons under tho ago of 25 ygars who arè In need ol financial asslstan¢e and either are resent In thè area of Parish8s of Grays Thurrock, North Grays or s16ffd or are ottendlng or have lor not less than two con&e¢ullve acadamk years at any time attended the school of tho charlty. These slralegk Blms shape the obleclfv88 for tho year. whkh aro quh8 modest and Involve on8urfng the Trust conunues lo support the students al Palmer'$ Collegg campu5 (now USP College) by subsldising trips and vis5t8. providing grants wharo nece$80ry, praS to oncouraga achigvemenl ond a8818tanco to slud8nts golng to unlvetsity or further tralnlng. The Truet w(11 also conllnue to help th089 pupll$ al local $choof8 who quallfy for 88818tsnco. Th• noed8 of the pupM8 awJlve ov¢riime ondthè Clerk wlll seek adilltlonal w8ys In whlch the pupll8 can be aSSted by the Tw$L A lease became off8ciiv8 upon the merpr of Palmerfs Collep wtth So8vlc ColgO a8 'Soevk and Palm8r'J Collegès Group. on Isl Augu$l 2017. Cllv8 Tanl and Carey Jacob8 of Palmers sol1cllo oversaw negOatn of 8 sultable joase and advlsgd the Truste8B on Its varlou8 8sp8ots, wlth B&tes Well$ 8raithwelt• acting for th8 mer98d Corporation. That Corporallon w88 rgnamed 'Unfflèd Soevlc and Palmetys Collgge, durlng the 207&19 acodemlc year. It Is now known as USP College. To en8bla th8 lease lo be offerèd. the Truste88 drnfted ¢hang88 lo Ihe Tiusl Scheme under advlce from Chr18 Mowal of Palmers Solicitors. The$e changos ware lodgéd with 8nd agre8d by Ihg Ch8ritigs Commlsslon prlor lo the merg6r date of 3151 July 2017. Th8 rnosl slgniflcanl change was the expanslon of the 8rea covered by the TnJ61 to the modem p8rish•s of Grays Thurrock, North Grays and Slttford. as wall as tha merger of the College wllh that of Saovlc al B#nfle8t. Strncturo, Gov•rnanM and Manag•m•nt Thg Trust an unlncorporaled trust. con8111uted under a Tru8t Deed dated 23rd January 1980 and Is raglslered charty. number 310860. The Trust does not tety (und r858e bul seeks to contSnue th8 tradition of providlng students ofthè College anij young people ofthe modem Parishes of Grays Thurrock, Grays North and Stfford with the best 811-round gduc8tlon that con be 8rranged lor them through carefijl stew8rd8hlp of Its ¢Xl8tlng resources. At Ihelr fir8t ordlnary meeting in each year. th8 Twstees elect one of thèir number lo be Chalman for the Jrrenl year and apFKdnt 8 Vtce Chalm18n. At this and Subsequent mengS, the Trustee$ agree the broad stratègy and areas of octivity for the Tnjst, including the conslderation of grant applicallons together wtth Inv8slm8nl, reserves and risk management pollcles and perfomiance. The day lo day 8dmlnl8lratlon of the TrLssI Is delegated lo the Clerk lo the Trustses. Trustees are appolnted forfwr years by thelr Nomlnatlng Body and CptatIV0 Truste¢$ sgrrfeforfive ygars. Brian Litmg was rolected ChaSr of thg Trust on 27th Febnjary 2023 and Nlckie Hillebrandl was appolnted as Vice Chair on 1ti July 2024.
LUAM PALMER COLLEGE EDUCATIONAL TRUST R•port of the Trustees for the Year Ended 3101 Juty 2025 (Continued) structuro. Gov•rnance and ManAg•m•Tht {Contlnu•d) Trustees ke8p underrevlaw the reappointment ofNomlnativ8 Trustogswho may be, butna8d not be. members of the College Corporotlon. C(p1alIve Trvsl¢es are sought. who. through rosld&nce. occupation. ¢mploymenl or otherwise, hava special knowlodg8 of the aroa of the parishes covered by the TNSL As part of the Inductlon process. any newfyThappoinled Twsle08 are glvon an Inductlon pack whlth includes copy oflho Stheme, mlnutos of th6 last meellng. copiesof the register of Interests forni, decL8ration of eliglblllty fomi, profomia of declaration to be sign8d al tha first meetirwJ, Tru81 brochure and 8 ¢opy of the annual accounts. Priorto thelr first TN51 me&llng as a Trusloe, new Trustees wlll usually undertake a tour of thè USP Colleg&. Palmerfs Campus and attend an informallon meedng provld8d by the Clerk Bnd Secrelary lo th• Trustees. on the hSstory of the Trust, the strucluro, govemanca a1 managemenL Ihe bongftciarles, the assets end investment8, on grant maklng procedure8 and pgsl, present ond future pr*ct8. All Trust888 are asked to submll to OBS checks. The Tru81 Is active In foM8rdlng Info0110 lo all Trustees rng8rdlng 8emlnars on TN8t8&8' reSrObl1165 8nd on thelr duty of ¢are, as and when they become 8v8llable. ¢3r•nt Maklng Pollcy When grant appllc81ions for Irlp$. vlstts and support are rec8ivod from the USP Collego Palmorfs Campus and qualifying Ioe81 schools. they 8re rgviowed by th8 Clerk and If propfjrty prapared and meèt Ihg Twsl's criteria are considered al the n8xl Trustses. me8ling. D8lall$ of how to apply for grants ore avallable Irom Ihg Clèrk lo the Trust. Gr•nt• R•c•l¥•d The Trust do8s not actively $9ok gr8nls from other bodies or from Indfvidual8. Howover, som8 organ180llons wllh Ilnks lo tho Collego and some Indlvlduals, who ellh8r attended or hod relatives or frlends who attfjnded thg Endowgd School8 or tho Collegg, provlde prfzes fortho curront 8tudenls. Th& Hew Watt Famlly Charftablg Tnjst Is partlcularty genarous to ¢)ur Trust. 11 provides SIX prlzes and. In the p98L h88 provided considera• capltal sums for buSldlng8 8uch as tha Hew & Molly Watt Dn Sludlo. Through the help of a curr8nt Tru81ee. th919 have been two racgnt new Prfzes sgt up by f¢xmor 8tudonts who rgcogn180 the work of the TrusL Our colloague and the donors aro thanked for their genero8ity 8fKI h8lp In Setting up thesè wbze8. Rl•k Man•g•m•nt The Twslees have Id•ntlffed the malor risks lo vthlch tho charlty18 exposed and h8ve reVw thoso risks and establlghed systems and procedures to mage them. Tha ornas whero th• maln rl¥k8 can bè Idenlllled ar8.. NoTrcompllanc6 wlth tho Truot 8chema, r•levanl1ggtslation and Trust'8 workkng Standwd Practlce Inadequate buildlng malntenan¢e and Insurancè B8d invlment tlecisknns Acceptance of Iiaudulent grant clalm8 Po8sltx'lity of legal acllon agalnst the TruBloe8. The Trust has an Inl8mo1 audtt policy th8t requir an inlom81 audlt of thè College 8pplicallons for grants and awards lo be carrfod out afteral least two ofthè Trustee Megllngs per calendar y8ar. These audlts will conslst of the close examlnalion of a representative random 88mple of applicatlons for ¢onfom)Ily lo tho relevant procedurels. The rosulls of the intemal audits are shared wth the Trustees at the r81gvanl Trust89 Meetlng8 in the fLYm of a brief report. All Internal audts are independent of tho exlemal audit carried out by the rolained audltors at the gnd of Ihe financld y•8r. 14]
WILLIAM PALMER COLLEGE EDUCATIONAL TRUST Report of the Tru8tees for the Year Ended 3181 July 2025 (Contlnued) Fln•ncl•l R•vl•w Tho Tru8t r8celved inGome of £257,722 on tls Inv88tm8nls durlng Ihe 202412025 year12023f24 £256,161}. The w88 addthonal income in tho forni of donatlons totsllng £1,85012023124: £1.6001 and bank interest £244 12023124: £1491. Under Clause 29121, the lotsl amount p8ld to USP College lo actively 8UPPOrt students In maintaining their educallon, as well a8 participation in trips and 51. was £79,68412024.' £122.497). Tho reductlon 18 PaTY attributabl8 lo add6tDnal fiJnd8 of £25.000 being allocatsd towards Improvements in toll8gg faclllty capitsl projeGts. A5 In prevlous year8. a slgnlllc8nl proportlon oftho annual grants aw8rded contlnu8S to support pupils 81 local 8chools. Grants lolalling £130,81512024.' £172.9901 were dlsthbutfjd lo 22 local schools arvj a community group. A further £20,00012024: nll) wa8 donated to $¢hool capltal prdects. Exp8ndSlLwe on PTIz88 for USP P81mals carnp Jtudents, urKl•r 29(1). anUnted lo £11,900. compared lo £7.300 In the prlor year. Apart from Its quoted Investmen18 and cash doposlts, the maln a888t of tho TN8t18 th8 1grKI and bulldln98 prevlously known 88 Palmefs College. Grays whlch 18 ¢xGupled by USP College undar a 12&yeBr leas8 {commencod 31st July 20171 without r&nl. Th8 college corporollon maats all the expgndiluro f8lating to the operallon and maintenanco of the bulldlngs from government funding. Th18 arrengemenl s4ll$fle8 the alm8 and oblect(vè$ of thè TrLf8t, has b88n In exl8ton¢e for many yfjar8 and i¥ now evldencgd In tha lea80 agd with the marged eollogo. Inv•8tm•nt Pollcy and P•rlornne• The Tnjstges conllnuo lo follow a moderala rl8k-averse Investment approach and Ihoy 8cc8pl the re¢ommendallon from CCLA Investment Managemgnl Llmlled Ihal tho bulk ol the Trusfs long-tgmi capital should rgmèin Invest8d In an 8quity-based fund such as tho Charilies Official Investm8nl Fund ICOIFI. This 18 expectod to opUm18e thè opportunttoos for capltal growth and offer proladon from thg er081vè 8ffgcts of Inflo11on. Tho malorfty of the Tw8V8 capSt81 Is Invested In Income Untts wtlh 8mèllei amounts inv8818d In Global Equity Unlls and Prop8ty Unlts. Al recoupment payments 8r& Invested In Glob81 Equlty Unit8. 11 wa8 agreed that th& Investment pollcy of the TnJ81, whlch18 reviewed annually, wlll Indude11oms rel4tlng to ¥llocaUon of assets and Ihg position regardlng the Ethical Investment Fund. Durfng the reportlno perl¢xl. tho Investment Fund p8ld dfvld8nd$ of £251.243 (2024.. £245,251} and reported capitsl gain$ of £148,20712024= £906.663}. resullln9 in a nel reducJon In the lo181 fund value of £103,035. Thls was less than the fund's targeted pgrfomian¢e delNOry of CPI +4%, bul con818t6nl wlth comparator benchmarks and peer group fund8. A¢hl•v•m•nt •nd Porlornwnc• Indudlng Publlc B•n•fft Durfng the yeor the TnJst funded 50% or 25% Isublect to a cap of £250 por stud8nl> of the cost of events for students lo particlpate in vlslls as part of Ihair Drama. Geography, 81ology, PE. Sport & Laisure. Heatlh & Social Core and Bu8ino88 Sludles Course5. Day vislts to conferences. drama producon$. gallgrle8 and concert5 Were part-lund9d by the Trust as were the hoGkgy, nolball, football and rugby umplrelrefsree fees nec8888ry for 8POrtSng ev&nts. The Trust ntInUed lo pay half of tha cost of coacheB and mini busas to Sporng flxtures and competsYon$ througtrv)Lrt the r. Prizts and aw8rd8 were gfvento 8tudgnt8 who Showed prowes$ In their cF¥)sen field8. The number of support grants made to students has Increa8ed Condelabfy over recent years: Ihls lovel of support has continued in the current year al the discretion of the College and the Trustees. As part of Ihls support the Trust funds a coll8g&based sbjdenl wellness and mental health awareness programm8 which has been recognised as * bost practtce initiative by extemal assessors. Scholarshlps given to Studènts In need and Higher Educatlon interviow expens9s were also made available. ISJ
WLLIAAI PALMER COLLEGE EDUCATIONAL TRUST Report of the Trustees for the Year Ended 31st July 2025 (Contlnued) Th8 Trust awarded prttes for excellence atA-level or equivalerrt. Prfzes for 8chbevement atA bvel an(J BTEC and th@ Legal Secretaries Course a5 W911 as prfz8s for dlstinction at BTEC Flrsl Olplom8 Award. The Twst continu8$ lo provi(J8 grants towar(Is trips and visits fci puiils In of flnanckgl a8Si5tance who Ilve In the relevant parishes of Thurr¢xk and 8ttend local schools. The Trustee8 h8ve had due regar¢J to the origlnol GLtidonc8 on the Public Benefit WLtiremenl a8 issued by the Chorsty Commisslon &nd conlinue to note the 8mend8d guldance. Th8 Twsteos appreclate the fact that thelr 1p lo the College al80 benefits the wider communlty. Exampl93 of this are the Astro turf pllch and natural grass pilchos, whlch arè usad by the local hockay club, wgby club and various football clubs, 8nd the Theatre wht¢h may be usefj by outs& groups for pèrformances to loc41 school children and the public in general. Thè Sports and Fltness Sijlts and tho Tennis Courts, a8 well 98 th9 gym. are used al a very roa80nable COBI by the publlG &nd School chlldrèn during Ihg y8ar and oven mor• exlen$lvety durlng Ihg summer holidays. The Trustees wlll con$lder whethèr therè should be any review of the Trust w)Ilclos fotlowing the revi80d guidance on the Publ benèfit from th• Ch8rity CommSB8lon, R•••r¥•• Pollcy The Trusl&&s conlSnue lo maintsin £30.000 as worklng capital and make suffident grants to dlsp8n88 Ihe annual Income of the Trust aftèr paylng exp8n$88, to provent the accumulallon ol oxc8801v8 re80pM In the form of ac¢umulaled income. Pl•n• for th• Pur• There Ilttle ehange to rncrultrnenl o18tudents lo the College. It Is understood the College conlSnues lo find 11 challenglng lo attr8cI new slud8nls each Saplembor 811hough 8 demogr8phic dlp In blrths In the eady 20008 h88 now been Seen lo18vol outovorth8 la8tfew 8cadomlc years. The current year saw no obseN•ble Increase to an exp¢cted 1,260 students. The 81udent cohort is drawn from a wide geogr8phkal and achiovomenl b8ckground, larply duo to mo81 locel 8ec¢)ndary 8choo18 havlng 8èt up tholr own slxlh form8 Ovor thè 1981 decade. The TnJ8Y8 Intanll¢)n belng to pyovlde more fund8 to advanco educalSon in tho Borough, r8c•nt years have 889n delgmilned work to mak8 more schools In tha enlarged Twst 8roa aware of the TnJ8t's alm8 and objectivos. This work had bomg fruit in the $lgntftc4nl Increase in oppllcallons and approvod grants to a larger range of schools and colloges in the Borough. At 811 tlmo8, th• Truste88 VAII ¢ontlnuo to h8lp 8nd Bupport the banlFIl•S In any Jpwopriate mannw. TN•tsM' R••pon•lbllJll•• In R•latlon to th• Flnand•l 8t•tem•nl• Chartty Law requlre8 the Trustees to prèpgre financlal 8ts1omonts for ch financl81 ygar. whlch give a true and falr view of the Stale ol affairs of the Charfty and of h8 tlnanclal re$ts for tho pe0d. In preparlng th080 fnanclal 8ts1gments Ihe Trustse8 are requlrvd lo: $elecl sultsblg a¢wunting polloles and than apply Ih8m con$lst8nty, observe th8 melhods and prlnclple8 in the 8ppllcabl8 Charities SORP-, make judgtrmgnts and eslimales that arg oasonable and prudent: Alatp whelh4r applicablo tsooounling 8taii¢Jdidts diid ¥i¥lgmonta of recommended praclice hgve b8en f[owed, subject tr) any departures dlsclos8d 8nd 8xplain8d In th8 ffinanckl slatements.. prèpare th8 Ilnanckql 818tgments on a golng c(Ycem basis unl986 It 18 Inappropriats to Pfesume th Chaty wlll conlnue in operatlon. The Tnjslees are re8ponsiblo for kteplng 8ccounllng records whlch disclo88 wlth reasonable acwracy the fir)ancSal positlon ofthe Ch8rity and whlch enabla them lo ensure the financial st8tgments rnmply wllh relevant laws and regulations. They are 0180 responslble for 88fegu8rdlng the assets of the Charity and henc8forth laklng reasonable stops for Ihe provention and dele¢tion of froud and other irrggul81itie8. 16]
LUAM PAUAER COLLEGE EDUCATIONAL TrUST Report of the Tru8t•88 lor tha Year End•d 31•t July 2025 (Contlnued) 4rA, Approved by the Trt8 11...¥4 Brlan Lltll•, clf Ol th• Tru•l••• and 81grnd on thètr b•haW by.. [7]
IYILLIAM PALMER COLLEGE EDUCATIONAL TRUST Statsment of Financlal Activllles for the Year Ended 31•1 Juty 2025 Unr••trlthd Rg•trfcted Pornian•nt Inc•m• CAplfal Endowrnt Fynd Fund {Proportyl Total Fund• 2024 IneomSng R••our¢•• From General Investrrwrt Fund Donatn8 R8cdved Int•re8t e1¥tsIe 257,722 1,850 244 257.722 1,8 244 256.161 1.6 150 Total Incomlng R••ourM• 259 816 259,818 R•oUrl Exp•nd•d ChaAtsbb Athltte& Grants Appr0¥8d Expandfturo on Addluonal 222,400 2r2,400 302.786 45,0(KS 1,345 maInten¢4- EIdIng¥ 45.0 1.345 1,254 Co•t ol Grant M•klng Gov•man¢e c 20.384 271,383 291.747 313,299 Expond•d N•t In¢omlno1(Outqolnq) R•oufC•8. 8oforfj Oth•r Rooognlg•rt G•lni and Lom 49,293 -271,383 00.676 Ngt (loss) cn Inve8trnw -103,036 .103.036 e48.912 Not IOutgolngVln¢omlnq Ro¥oUr¢. B•forn Tran&f•r¥ -103 03fj Tr8nsferof Irthme Capilall$od Il•t Mov•montln Funds -103 030 Reconc411allon of Fund& Total FuTrJB at 18t AUst 2024 112,027 9.161,078 8.859,348 18,132,451 17.842.967 Total Funds at 31atJuly 2025 8 587 963 17 728 739 18.132 451 181
Y•lLLIAM PALMER COLLEGE EDUCATIONAL TRUST Balance Sheet as at 310tJuly 2025 2025 FIXED ASSET8 Freeh Propgty InvthThts 8,587.963 8,859.346 9.161 078 17,646.006 CURRENT A88Ef8 Cash on d•po31t'. COIF kcount BarclayB Acco(Krt Aetswod Incthn? 18,020,424 89,583 IC6,537 513 114.VJ1 4,437 743 119.811 CURRENT UA81LmE8 Gr8ht8 PayAblg her erndftorn 103.086 113899 NET CURREpif A88ETS 82,734 112,027 I4A88Era 17728739 FUND8 R8strlct•d Caphal FuThJ P•m10nI EndOwMft Unre8triclgd lrtorne Fund 9,058.042 8.587.983 82,734 9.161.078 8,859.348 112,027 17 728 739 18,132.451 Appmved bythè Trustses onz I - %-knaLand slgned on theirb8haWby.' Brf•n Llttle. Chalrof the Tru8to9•
WILUAM PALMER COLLEGE EDUCATIONAL TRUST Notes to the Accounts Year Ended 31st July 2025 Accounting Polld a) BMIS of Pr•parntlon and Ass•sSMtt of Golng Conc•m Tho flnanci81 ststsmants have boen prepared under the historlcal C$1 2Vant10n wllh items recognisod at cost or trark8acllon v81u8 unless othgrwlso stated In Ihe rel8V8nt note(81 to Ihese fln8nc1818tatements. The financial slalements have wepared in acc>Jrdance wrth the Statement of R8commended Pr8Ctlce: Accounting and Reporting by Charities prgP8ring their financbal slalements in accordanc8 wlth the FinancEal Reportlng Stsnd8rd appllcable in the UK and Republlc of Irfyland {FRS 1021188ued on 16 Juty 2014 and the Financlal Reporn9 Stsnd8rd applicablg in th8 Unlted Kingdom and Republlc of Ireland (FRS 10218nd tho Chariti8s Act 2011. The Trust n$tutO$ a publlc bOnt antlty as dgfined by FRS 102. Th$ Trusi8ès wn81dér that there are no m8lerig1 uncertalntie¥ atjout th8 Tru$l's ablllty to conUnuè a¥ a golng ¢oncem. Thero are no $igniftC8nt arfjas of adjustmfrnl 8nd key assumpllons that affecl Items In thè flnanclol 8t8lements. With respect lo the next reportlng period. 2025-26. tho most significanl 8reas of uncertainly th81 affect the carrylng valuo of a$sets held by tho Tfust aro Iho levèl of Investment retum and the perfomance of Invgstmenl markets. b) Incom• R•cagnlt14)n All Incoma IB r8cognlsgd once tha Charity h88 •nliUemgnt to the Incom•, It18 prcthblg thg Inc(Mng wlll b recelved and thé amount of Incomg recelvabfo bè measLred rellably. DonaUon8 are recognl$od when the Tn1 has b••n nollfigd In wrftlng of the amount and 88tt18men¢ date. In the event a donatSon 18 subjocl lo condlllons requirlng o level of parformance before the enlity1& 6nlS118d to the funds. the Income Is doferred and not r¢wnl8ed unlll ellh8r those condition5 ar$ fvlly mel or the fulfllmenl of those condlllon8 18 wholly withln thelr control and 11 18 prob8ble those condllions will bo fuffilled in the reportirwJ pertod, Legacy gllts ar• rocognSsgd on a ca30 by casè basis, following tho gronllng ol probate when th gdmin18tralorlexeculorfor tha E81at8 has communlcated In wrlllng both th9 amount and 80ttlemenl dato. In th8 8vent the glft Is In tho fomi ol an asset other than cash or a flnanclal asset Iradad on a recognlsgd stock exchange, recognillon is subS8¢1 lo the valug of the gift belng reliably measurable with 8 d•gr of reasonable accuracy and thè Iiifo to os8al havSng been transferred lo the eharfty. Interest on fund8 held on deposll Is Included whtn rgcelvable and the amount can b8 measured rellably by th chaty,. this is nomi8lly upon nodficotSon of ihg Interest pald or payable by the bank. Dividend8 are iecognlsed once th8 dlvldend hgs beèn dgclarèd and nollficatlon has been recefvad ol the divldend due. Thi$18 normally upon nouficatlon by our Investrnenl advl8or of the dlvldgnd yleld of the Inve3tm9nt portfolio. The annual dividend return wa8 £251.243. cl Exp•ndltur• R•cognltlon LlabllMI89 ar8 recognl$ed a6 oxpendlture a8 soon 88 th8ro18 8 legal or con8trucUva obHg8tltsn commlttlng th• Charlty to that expenditure. it 1$ probablg settlemenl wlll b¢ requlred and the amount of the obtlgavon can bè maasurod reliably. All 8xpendllure Is accounted for on an acm18 ba31s. All exp8n¥es Includ¥wJ Bl4lW)rt ¢)Jsts and govemfjnce C06t8 arn èllocaled or apPorned to Ihg 8ppllcable èxp9nd1re hoadlngs. Grants payable are payments made to thlrd partles In Ihp furtheranco of tho charftsblfr obJ8Ct8 of tho Trust. In the case of an uncondilional granL Ihls is accrued once the recipient has bggn notified of Iho grant award. Gronls aw8rds th81 are subject to Ihg recSpi8nt fulfilling perfomance conditions are only a¢¢rLd when th8 reGSpient has been notlfied of thg grant and any rgmalnirffj unfulfilled condltion attachlng to that grant Is outsldg of the control of the Twsl. Provlsions for grants are mado when th& Intsntion to make a granl h88 been communicatsd to Ihe recipient but Ihero is uncertainty as to the tlming of the grant or the amount of grant payablè. iioj
WILUAM PALMER COLLEGE EDUCAlloNAL TRUST Notss to tho Accounts Year End•d 31st Juty 20251¢ontlnuod) d) Inecov•rabl• VAT Ir0VOrable VAT Is charged agaln8t the expandre heading for whith tt was Incurred. •) GOV•rnw Co•t8 Gov8mance costs ci)mprlse all costs Invofving the publk accounlabillty of the Charlty and its compllan¢o wfth regulation and good pr8cllc6. Theso C08ts include o)81s relatsd to statutory audit andlogal feès togethgrwlth an apportl¢)nment of ovgiho8d aTrJ $upport costs. Fr••hold Land, 8ulldlry and Equipm•nt The moin a5S8t of the Trust is tho Land and Bulldlngs known as P81rn0rf8 Campus in Grays. Tho bullding IB occupied by USP Colle98 fr98 of rent. The College meets all the e¥pendliur8 relating to th8 oper80on and malnlen8nce of the bulldlngs. Thls arranggmenl sallsfi88 the Alms Ind Qblectlve8 of Ihg Trust and has been In exlstencefor many year8. Until 318tJuly 2017 no fomial agreement or lease oxlstod lo e8tsbll8h a pr8c8denl for th58 arrangement or the p6rrod over whlch Ihl8 arranment wlll 8x18t. On 3181 July 2017 the Trtl entsred Into a leatsa for a porlod of 125 ygar8 whh Se8vlG Collego. There wa4 ren8rn• of Unlfl•d Seevk & PolmeV8 Cotyege. Now USP College. A fom)o1 valuatlon was carrled out by NPS Property Consullants {Chartered Surv8yorsl In July 2015 whgn they valu8d the frfghold land and buildlngs al £13,268,000. The Trustees 8r8 not awer8 of8ny ¢lrcumstance$ Ilkaly lo malerlally Impolr that valuauon. Undor the tran$lttonal provtslons of FRS 102 thls v81uatlon Is lo b8 dopled 88 notional cost to future accounllng partodi. Depreciation Is provldod lo wrlle off the co8t8 of 088et8 ty oqu91 annual In$tslmonts over th8lre811m8ted u8elul ves as lollows: Land Frn8hokl bulldlros Not dapreclaled Mfjchanlcal & El8Ctdc41 Ernent Speclflc per bulld5ng up to SO yoare s¢fiC per bjildlng up to 24 ye4r¥ The mvaluatlon that look placo odoplad Intomallonal FIn8r181 Rep(xtlng Standard 16 and $pltt lh8 valuallon bgfv4een Land, Bulldlngy and Mechanlcal ond El8¢tdcal El8ments. The useful IIvo8 #ttribulgd lo the80 •1gments, by the valuor, were conslderably shorter Ihan Ihg 50 year off poll¢y prevlou81y adopted. Allhougli Ili¥ firwiiulul stslements h8ve not b8en prepored undgr Intem811on81 Fln8nclal Reportlng Standard8, th& Tw$to08 thlnk ills approprf8te lo depreciate the fr09hold prop8rty u8lng tho useful li 051imaled by tho Volu•r. Th1$ h98 ro8ulted In lh8 depredallon Charge a8 dis¢losed In note 4. gl Inv•8tmortts Imi08trn9nts arg a fom) of ba81e flnanclal $latemant and are In111811y recognlgéd at Ihelr tranlIon v81ue and subsequenlly measured at their tslr valuè as at the balancg sheet dale uslng Ihe doslno quoted market prfce. The Stolem8nl of financial acflvlties In¢ludes Ihg net ijains and 1088es arising on rnvalu811on and d18posal$ throughout the year. Th8 Trust does not 8cquire pul opllon8. derlvaUve5 or other complex financial Ingtruments. Th6 maln forni of financial dsk feced by tho CharSty Is that ofvojatlllty In equty markets and Invè$tm8nt markets due to wlder economlc Coj1U0nS, the ottltude of Investorg to investrnenl th. and chang&8 In $entlm8nl Ccmcgming aquities and wllhin partrcular sectors or sub sectors. h) R••ll•ed Galn8 and LOM All galns 4nd10888s are lakgn tothe Statoment of Flnancial Acllvitle5 as IW ariso. Reall8ed galns and losses on investments are c8lculated 88 the difference beeen sales proceeds and Ihelr opening tarrying value or thelr purchase value If acqulred subsequent to Ihe firsl day of the financlal year. Unrealised galns and105ses are calculat&d as the drfference batween the falr value at the year end and Ihair carrying value. Reali8ed and unreallsed Invo8tmenl galns *nd lossès are comblned In the Statomenl of FlnAnclal Actlvltle$. Iiii
MIILLIAM PALMER COLLEGE EDUCATIONAL TRUST Notes to the Accounts Year Endod 31st July 2025 (continued) 11 Ca•h Flgw St•temont The Charity qualifles as a small entY and advantage has been laken of the eXeMp0n provlded by SORP (FRS 102) as amended by Bulletin 1 not to propare a cash11(M stslemgnt 2. Grants Approv•d Normally. the cdlege and schools hav8 already pald grants accordlng to the crlterl8 pre$c¥lbed bythe Trustee8. As soon 88 thè Trustees have approved an application. monies are transferred vla BACS lo the colleges or sch(Y)Is, as appropriate. If a granl has not been p8id by lh& ond of the financial yo8r, tho amount approved is shown under the hèadlng of current Ilabi111185. Tho 8pIIt of grant paymonts. dlocal8d by 99ch clause of thg scheme V•pre a8 follow8.' 2025 2024 Und•r Clau•• 29(1) of th• Kh•m•". Cc41898 11,900 7,300 Undw Cl•u•o 29121 of th• •¢h•m•: Colleg8 Studènts School Puplls Olher Indlvldua18 79,885 130,815 122,496 172.990 222 400 3. Exp•ndltur• on Addhlon•l F•cllltl•• 2025 2024 Collego Facifitl88 School I Communlty Project 25,000 20.oc Gov•rn•nc• clty 2025 2024 Clerk and Sgcretarfal SeTh6ce Fee Oiher Offlc8 Expen8es Ac¢x)untsncy And Bk Kegplng F888 Extemal Audltor C08ts L8gal and Prof8s*onal Costs Insurance$ 13,282 35 2,882 17,214 35 5,824 4.680 13,7S2 411 465 Derffociatlon 271,383 271.383 1121
YIILLIAM PALMER COLLEGE EDUCATIONAL TRUST Notes to the Accounts Y8ar Ended 31st Juty 2025 (continu) Govern•n¢• Costs (contknu•dl Total fves of £13,282 (2024.. {£15.026) wera pald to ono Trust89 who rocofvod a foè in mBpgGt of 5g¢retarial s8rvices and servlcas es the Clerk lo the Ttse$. our Lagal AdSer Idenlified four conditions that ngeded to be comptled w6th to S8tl8fy the wulr6m8nt8 of thè Charibas Act 2006 which w8re." Thera18 8 wrltten agreemènL The amount to be pald 1$ tjaflned or a m&xlmum payment Identified. The payment Is r88s0nable. 1113 in th8 bè51 Interost of the Charfty. Tho Trust996 ar• ofthe oplnbn the condiUon8 are complied wlth by th• cuffont arr8ng6rnnts. S. Tr•n•f•r• ol Ineom• CApft•ll••d Ourlng the year. there wore no tran8fers m8do from th& current der*Jstt account lo the Reslthtod Capltal Fund. Durlr4J 2023124, 8 lotgl of £12.500. MpresonlAtlvo of Iwo years contrlbudon8 w88 tran8f8fr. Land and 8ulldln9• Valuallon a8 8118t July 2015 13.268,000 Dewo¢ialkni accrued to 31st July 2024 4.408,6S4 Nel book valuè a8 al 3181 July 2024 8 859 346 Deprecl8tton for the yaar to 318t July 2025 -271,383 Net book value as 813181 JY 2025 8 587.963 a) From 3191 Juty 2017, C18UBO 22 of our Scheme now Pdes that th¢ Tru8tee8 8h811 permlt Ihtr Land, wlth the bulkllngs Ihereon, to be u59d for the purpo8e8 of 8 General Further Educ8tlon Collw Corporalkn ag defined wlthln the ApprenUeeshlp8 SkNI8 Children and Le8mlng A¢¢ 2009. b) Th• College Is rlqulred under tho l•m18 of th• leaBO grantsd In 2017 to adequat•ly InglK• thg bulldlngs and proml805. c) When ma5or expendlture on the propety Is Incurred out of the caWtsI of th9 TnJ81 the Charlty Comml¥8k)n&r3. In glvlng approval lo an Ordèr. Intht the c8Pit81 t8 fgplaced ovgr a m8xlmum pertod of 40 yeara. d) To comply with Ihls requlremenL In 2005. the Charity Commls8ion8r8 agreed the Trustses Id sell £250.000 of the Restricted Capltal Fund lo enable 8 Dance Sludlo lo be built for thè Con8ge. In Ihls case. the Capltal wlll be replaced over a period of 40 ye8ts by purchasing Inve3lmg1118 In Global Equty Income Shares of £6,250 each year, for the Restricted Fund. Thg payments made in 2024 ara detsiled in nole 5 (2023.. nil). Ther8 is one instalmènl of £6.25018ft to bg mad8. a) Th8 Trust6es report Ihgre 58 a contingont liablllty In respect of o grant lo the Coll8g& to mak8 pos$lbl8 thè construction of a fivevclassroom block. The liability will onty arlse If the Cdleg• cgases lo occupy the curr8nt site. The amount of the grant was £144,147 on 24th October 2001 and the conb'ngenl Ilablllty reducos ProwlonatelY over the followlng foty years, adjustgd for infialion. 1131
WILLIAM PALMER COLLEGE EDUCATIONAL TRUST Notes to the Accounts Year Ended 31st July 2025 (contlnuod) Invostm•nt• Al the Inv8stments are wlth the Charlti65 Official InvoBtmonl Fund (COIF) whlch L8 manage(I by CCLA Inveslm8ntM#naggm8ntLlmited. Marknt Valu• Trnnsf•r• In G•lng1{LoMM) Market Valu• 01m812024 to 3110712025 to 311071202S 3110712025 Incpme Untts Global Equity Unlts PrDpety Unlts 7,125.445 1,813.353 222.280 -113,643 5,098 5,509 7,011,802 1,818.451 227.789 9 181,078 -103 036 9 058.042 Fund• R••trfct•d P•mian•nt C•pltal Endowm•nt Unr••trlGtsd Fund Total Balance 181 Alust 2023 Net movement In Funds.. Year ofKled 3111 July 2024 8,499,887 9,130,729 212,572 17,842,988 661,411 -271,383 -100.545 289,483 Balance at 318t July 2024 Nèl movament In FundB.' Year endad 3181 July 2025 9,161,078 8,859,346 112,027 18,132,451 -103,036 -271.383 -29,293 403,712 9 058.042 8,587.963 82,734 17.728,739 a) The Pom)anent Endowmanl relalos to ts freetbJld land and bulldiNJs, known 88 Palmerf8 Campug Gray8. which wa6 revalu8d In July 2015. b) The Permanent Endowment Is Chaed wlth annual depreciatlon In r¢lgUon to tho bulldlng #truthires and the mochanic81 and electrlcal components of Ihose Structu. P•Tr•lon CommIthntI Tho have ¢on8kl&red whether Ihgre 18 8 Ilablllty to penslon costs undgr FRS 17. A8 tho Tru81 d008 not havo 8ny empfoyoe8, thgre18 no commllment wlth regard to fulLWe penskln costs. 10. R•l•t•d P•rth• Thorawere nolran$acllon8 wlth related paryes. 1141
WILLIAM PALMER COLLEGE EDUCATIONAL TRUST INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE WILLIAM PALMER COLLEGE EDUCATIONAL TRUST Opinlon We have audlled the financlal statement5 of Th8 Wllliam Palmer Coll8ge EdUcaOnal Trust {the 'Charft} for th& year ended 31At July 2025 which comprisg the staternerrt of financial acttvttlès, the balanca st8t and notes to tho ftnancial statements. Including a summary of slgnificanl accounting policAes. Thg finallcial reporting fr&mowork that has been applled In their preparatlon Is applicable law and United Kingdom ACCOUnng Standards. including Financlol Reporting Standard 102 The Financial Reporting Standard 8ppllcable In UK and RepublK ol Iroland (United Kingdom Gen8rally ApIed Accounts"ng Pra¢itca). This report Is mado $01oly lo the Ch8rlty's Truslg98, as o b)dy, in accordanc8 wlth Port4 of the charit IA¢oounts and Rgportsl R6gulatson8 2008. audit wk has undertaken so we might slate lo Ihe Charlty's Tfustaes those mattery we are required to stsle lo Ihgm In an Audltorfs feport and for no other purpose. To the fullést extent P8miitted by law, wa do not accept or assume responsSblllty to anyono olh8r Ih8n th6 Chwlty and tho Charlty'ts Truste88 as a body. for our audlt work. for Ihls report. or fu the opinions we have formed. In our oTrI0n the flnancial 8tatgmfjnts: glvo a 8nd fatr vlaw of lh• 8tat8 of the Ch8rlty'$ 8ff8lr8 as at 31•1 July 2025 and of It8 incomlng resources and appwcatjon of resources. for the year then onded.. havg been proporty preparod In accordance wrth Unlted Klngdom G•ner8lly A•d AuntIng Pracllce., and have b88n wepared In accordance vlth Ihe requiromgnts of tho Chor4tlea Act 2011. 8a•l• for Oplnlon Wa conduclad our audit In accordance Int•mallon81 Stsndard8 on AJ11n9 {UK} II&As (UK)) and 8ppll¢abl8 law. Our r88ponsI.1rtè8 under Iho8a standard8 are ftjrther de8Crit¢d In Ihg Auditor's r8sponslbililw for the audlt of the ftnancial statements 8ecUon of our report. Wo 8re Independent of the Charlty In occordance with the elhlcal roquiremanls that are ralgvanl lo our 8udil of the ftnancial statements in the UK, in¢luding the FRC'S Ethical St8ndord and wo have fullllled our other g1ttic81 rn$ponsiblltlg8 In aGlance wjth th98e requlr8men18. Wo b¢llevo the audll evidencg we have oblaln8d 1$ sufficent and approprlale lo provlde a basls for our oplnlon. Conclu•lon• R•J•tlng to Golng Con¢orn Wo h8Vo nothing to rewt In rn8PeCt Oftt follon9 mattar8 In reladon to whlch tho ISAS (UK) Tequlre u8 to rfjport lo you wh8re'. Trustees, of the golng concern ba¥ls of a¢counllrvJ In ts prep8r8tson of Ihe flnanclal statements 18 not opprowate- or Ihe Tru8te&$ havo riot d18closed In the fln8neJ818tatements any Idenllfled m810rf81 uncertainll8s that may cast $lgnlft¢anl doubl about th8 Charlty'8 abllSly to continu8 loadoptthg going concom basis of accounting for 8 period of al leasthvelve months from tha date whon the finandal ststsments are authorfsed lor Issue. Oth•r Inforniatlon The Trust8&8 arn respcfflsible for the othar Informatlon. Th9 other infi)m)atlon comprise3 th9 infomi8tion incILed In Ihe Trustses, 8nnual report, othor than th& flnanciBI 8latem8nts 8nd our 8uditoI6 report Ihereon. Our oplnSon on the lln8n¢lal statements does not cover the olhor Informatlon and. except to the extent olh8Thvi8e exp15c411y Statèd in our report, wg do not expr9$8 any fomi of assurance ClUsIon Ihereon. In connection with our audlt of the Ilnanclol statements, our responsibillty18 to read the oth&r Infomialtln 8ftd, in doing 80. consider whèther the other Information Ly materiolly inconsistenl with Ihg financ4d statements or our knowledge obtained In the audrt or olherwiso appaars to bg mated811y mi88taled. If we identify such maleriBI Incon$lslenciès or apparent material mlsstalements, we are requlred to determlne wtther there is a material mlsststemenl in the financl81 stalgments or 8 material misstslomnl of the other Infomiatlon. If. based on th& work we have perfomed. we conclud8 thal th8r6 FS a material nI83tatement of th18 other infwmation. we are required to report that fact. We have nothing to report in th1$ regard. 1151
LLIAM PALMER COLLEGE EDUCATIONAL TRUST Matters On Whlch Wfj Ar• R8qulr•d To Report By Exc•ptlon W8 have nothing to rèport In respect of the frjllowlng matters In relation to whith th8 charl {Account8 aThJ Reports) Regulallons 2008 requlre u8 to report to you If, In our opknlon.. the infonnallon given In th9 Itnancial 8tatemonts 15 inconsistent in any materiol respocl wilh the Trust80S' rgportr. or suffi¢18nt accthnliry record$ have not bggn kopL or the financial st8tem8nts arg not in agreem8nt wlth the accwnting fecords.. or we have not rec8lv8d 811 the Informatton and explanati¢)ns we reqLtlre for ¢xK alIt. R••pon•lbllltlw of Tru8t• As &xplalned morè fully In the TrLtslegs' responslbillties statemgnl sel out on page 3, the Trustee8 are respon$lblg for the preparalon of financial slalements whlch givg a tfue and fail view and for such Inlgm81 control as the Trustees delemlno18 ngCO88ary lo anable th& preparatton of ffnoncl81 statements that are fr00 from malerlal mi8- Ststemenl, whether due to fraud or gm)r. In w8p8rtng thè flnanclal statements. the Trustees are re8ponslble for Assessing Ihe Charlty's 8bllity lo conllnue 88 a going concem, dlsck)$lng. 8$ applkable, matters ftloted lo golng eoncem and uslng the golng Goncern bas18 of accounting unlèss the Tnle&S ehher intand to Ilquid8le tho Charity or to cea¥8 opwations, or have no iealisllc ollemalive but to do so. Audltorf• R•sponslbllltlo• For Th• Audlt Of Th• Flnancl•l 8t•t•rn•nl• We havè bgan appolnled as Audllor under 88¢Uon 144 of tho Ch8rltloB Act 2011 and report In accordanco wllh regulations mad8 under section 154 ofthat Act. Our oblectfv8# gre to obtsln rea$¢Mab16 assurance about whether the flnBn¢lal 8t8tements are fr88 from m81¢rlal mi&slalemenl, whethe¥ lo fraud or error. and to Issue on 8udllor'8 report thet Includes our opinion. Reasonable assurance 1$ 8 hlgh18vel of assurance bul is not 8 guar8nts& Ihat an 8udll nduCted In accordance %l ISAS IUKI WIII aayS delecl a m81erlo1 ml*stalemenl when It exl31s. Mls-8tslemenls can arlse from fraud or error end are onsldered malartal il. Indlvldually or In th9 aggregate, they could rea80nably bg expected to Influenc8 Ihe economlc d8cislons of users taken on the ba$ls of these financial stalomgnts. lffegularflles, Includlng fraud, 8re Instances of nonrfompllance with laws and regulBtk)n8. Wo deslgn procedures In15ne wlh our r8sponslbllllies. outlined 8bove, lo delect mal8rlal mlsst8tements In respectof Irrggularilles. Includlng fraud. The spèclftc procedures for Ihls ong898menl and the extonl lo whlch Ihaso are capablè of delecllng Irregul8rllle$. Includlng fraudls detsiled bel¢)W'. Enqulry of Trusteès coneemlng polentlol fraud 8CtfvIty. Revl8wlng minutes of mg&bngs of Trnsle8s and Ihoso charged with govemanc8. Ravl8win9 ex19mèl roports wnmisslongd by the Truste85 for the purposes of revI1ng fraud rl8k. Pèrforming audit work ovor thg risk of managèment overrkle of conlrds, including lastlng of Journal entrt•s and other adlu$tments for 8pproprlalgnes¥. 8ecausg ol the Inherent Ilmil8lions of an audll, thore Is a rf8k wo wlll not det6cI all Irr6gular6tie¥. Inchjding th089 leadlng lo o mat981 mls4talem6nl In th8 finonclal statemonts or non-compliance wlth regulallon. Thls rlsk Increases the morg that Compllance with # law or regulation Is romoved from the events and transactions refiected in the financial ststemenls. a8 we will be less likely lo become awar8 of instances of non-compliance. The rfsk 18 al$0 greal#r reg8rdlng Irrogularlli6s occuthng due lo fraud ralher lh error, 88 fraud Involv08 IntenOnal eonce8lment, forgery. colluslon, omlsslon or mlsrepresentsllon. A further dascripti of our re8p)nslb1151188 for the 8udlt of Ihe flnand81 statements 18 locatad on the Fln8nclal Reportfng Councll's b8fte at.. wMH.frc.org.uklaud1tor8rnsponslrl1[eS. This dgscrlpllon fomis part of our 8udltorfs rgport. Slwed by: On t>•haY of Zisk ROWLANDHALL. Chart8rod C8rtlfl•d Accountant R•gl8terodAudltors 44154 Or8ett Ro•d. Grays. Ese•x RM17 SED OL 1161
RowlandHall Our Ref. DF31AC1160290 CHARTERED CERTIFIED ACCOUNTANTS Dale 13 May 2026 Thurrock 44154 Orseti Road. Grays. Essex RM17 SED t: 01375 373828 f.. 01375 391375 The Trustees The Vvilliam Palmer College Educational Trust Palmers College Chadwell Road Grays Essex RM17 STD Castle Point Grovedell House, 15 Knighiswck Road. Canvey151and, E5scx $58 9PA t: 012&9 696878 f: 01268 511247 w- wvow rowlandhall co uk Dear Sirs. The William Palmer Colle e Educational Trust Audit Mana ement Re ort for thè vear ended 31 Julv 2025 We are pleased lo advise the Trustees that the audit of the Trust's financial slalemenls for the year ended 31 July 2025 is now complete. We are now drawing the following mallers to your allenlion in accordance with International Auditing Standards. ualitative As ects of the Trust's Accountln Practices and Financial Re ortin Contin ent Liabilit We note that the accounts contaln a disclosure on page 13 at note 6e relating to a conlingenl liability arising from a transaction in October 2001. Given that the likelihood of the contingent liability arising is extremely remote the Trustees may give consideration lo removing the disclosure in future financial statements. The inclusion of the disclosure is not in itself incorrect but may simply be considered excessive given the low probability of the liability arising. 2. Re resentations from Mana ement We enclose a Leller of Representation with regard to certain mallers relating lo the financial slatemenl5. We would be grateful rf the TrLJStees Could consider the enclosed Representation and rf in agreement with the conlenl, please replicate the Representation Letter on Trust headed paper and return a signed opy of this lo us as part of our formal sign off procedures. Uncorrected Mlsstatoments I can confirm that there were no Un¢orrected Misstslements identified as part of the audit process. 4. Ex ected Modrfications to the Auditors Re ort In anli¢ipation of receiving the signed accounts and signed Representation Leller we do not expect to issue any modificatio115 to the audit report and therefore the Report will be unqualified. partners David StrEel FC C A Dean Flood B A. FC C.A. Lynet Thompson F.C.C.A. Wayno Sfflilh FC C A ACCA., ACCA er
RowlandHall CHARTERED CERTIFIED ACCOUNTANTS Materlal Wgaknesse5 in the Internal Controls Identified Durin the Audlt We can advise that we have not iflentified any material weaknesses in the Trust's conlmls as a result of our audit work undertaken. other Matters to be communicated to those char ed with Governance We can confirm that there are no other matters lo communicate to the Trustees as part of our audtt work requirements. We would like lo lake this OPF)Ortunily of Ih2nklng the Trustees, the Clerk lo the Trustees and external advisors for their assistance throughout the audit process. Yours faithfully, ROWLAND HALL Thurrock Offico Enc www.rowlandhall.co.uk