REGISTERED CHARITY NUMBER: 311022 REPORT OF THE TRUSTEES AND UNAUDITED FINANaAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 FOR RANDS EDUCATIONAL FOUNDATION Wags LLP Va Wagstaffs Richmond House Walkern Road Stevenage HertFordshire SGI 3QP RANDS EDUCATIONAL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 Page Refe￿nce and Adminlstrative Detsils Report of the Trustees Independent Examiner's Report ststement of Financlal Activities Balance Sheet Notes to the Financ5al Statsments 7 to 16 RANDS EDUCATIONAL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2020 TRUSTEES P J Hurworth - Governor (Co-opted) - Chairman J Carlyle - Governor ICo-optedl- Vice Chairman J Hayes - Governor (Co-opted) C Thurstance- Ickletord Parish Council C Cropley- Holwell Parochial Church Councll M Cooper- Governor (Co-opted) W Harris- Residents of Holwell C P A Strong- North Hertfordshire District Council R Gain5ford- Holwell Parochial Church Council J Barker - Governor (Co-opted) C A Everett- Holwell Parish Council N L Rowe - Pirton Parish Council P Lazenby- Stondon Parish Council PRINCIPAL ADDRESS Suite 2. The Granary Fairclovgh Hall Fam Halls Green Weston Hertford5hire SG4 7DP REGISTERED CHARITY NUMBER 311022 INDEPENDENT EXAMINER Wags LLP t/a Wagstaffs Richmond House Walkern Road Stevenage Hertfordshire SGI 3QP Page I RANDS EDUCATIONAL FOUNDATION REPORT OF THE TRusfEES FOR THE YEAR ENDED 31ST DECEMBER 2020 The trustees present their report with the financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJEcfivES AND AcfiviTIES Objectlves and activitles for the publk benefit The Foundation's objects are to promote education (including social and physical training) of youn8 person5 under the age of 25 years who live in the Parishes of Holwell, Ickleford, and Stondon. The Governors confirm that they have ￿ferred to the Charity Commission's 8uidance on public benefrt when reviewing the Foundation's aims and objectives, in plannin8 future adivities. The foundation furthers its charitable purposes for the public benefit through the grants provided. The principal aim5 of the Foundation are to support YOLtng person5 in full time education from the age of 16-25 and when sufficFent fLtnds are available to support local voluntary groups providing recreational and Social activities. An annual grant is awarded to the three primary schools and the pre school groups in the residential area. The grants awarded to full time students are based on a recognised scheme administered by the Clerk. The level of grant is reviewed periodically with an annual review of the take up. Students have to provide documentary evidence of thelr attendance on the course and end of year reports in order for a grant to be renewed. Voluntary organisations are encouraged to submit applications on an annual basis. The Governors have paid due regard to guidance issued by the Charity Commission In deciding what activities the foundation should undertake. ACHIEVEMENT AND PERFORMANCE Achievements and perforniance During the year under review the Foundation provlded grant5 to local institution5 and individuals totalling £105,793 12019.. £103,2651. In addition to this it received rents from Its investment properties, dividends from variou5 quoted investments and interest from its cash funds held. Rental inoime has decreased slightly from £102,119 to £l(X),832, whilst rental costs have a150 decreased from the previou5 year, from £30,377 to £29,435. Income from listed investments have increased from £58.852 to £60,364. Overall the management of the investment portfolio performed in line with the market trend over the year. Pa8e 2 RANDS EDUCATIONAL FOUNDATION REPORT OF THE TRusfEES FOR THE YEAR ENDED 31ST DECEMBER 2020 FUTURE PLANS The Foundation are continually reviewing the future requirement of funds in light of a growing population in the local area, continuous consideration is given to new housing developments in the area and the impact that may have on fLtture grants. The Foundation will continue to carefully manage its investments and monitor its reserve requirements in the future to ensure that there is sufficlent funds available for the Foundation to achieve its object5ves. The Local Plans for North Hertfordshire District Council and Central Bedford5hire Council has outlined a number of potential new houses to be built in the local area. The Foundation ha5 taken a long term view and invested further funds in their investment portfolio. The resulting increase in investment income will be used to meet the anticipated increase In grant applications as a result of the increased local POPLAlation. STRucfuRE, GOVERNANCE AND MANAGEMENT Go¥erningdotument The Foundation was established by the will of John Rand who died in 1706, but is now regulated by a charitable trust deed dated 8 August 1986. The Governors (Trustees) meet three times a year with the annual meeting in May. All major policy decisions are taken by the Governor& STATEMENT OF TRUSTEES, RESPONSIBIL￿lEs The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed requires the trustee5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incomlng resources and application of resources, includin8 the income and expenditure. of the charity for that period. In prepari￿ those financial statements. the trustees are required to selert suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP: make judgements and estimates that are reasonable and prudent; prepare the financial ststements on the going concern basis unle55 it is inappropriote to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on ..................-.. and signed on its behalf by.. PJ H￿￿Orth - Trustee Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RANDS EDUCATIONAL FOUNDATION** ## **Independent examiner's report to the trustees of Rands Educational Foundation** I report to the charity trustees on my examination of the accounts of Rands Educational Foundation (the Trust) for the year ended 31st December 2020. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. James Fox ACA Wags LLP t/a Wagstaffs Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP 1st September 2021 Date: ............................................. Page 4 RANDS EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020 2020 Unrestricted fund5 2019 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 161,207 161.079 EXPENDITURE ON Charitable actlvltles General grant 3/4 194,099 175,815 Net gains on investments 57,823 622,646 NET INCOME 24,931 607,910 RECONCIUATION OF FUNDS Total funds brought forward 5,677,436 5,069,526 TOTAL FUNDS CARRIED FORWARD 5,702,367 5,677,436 The notes fom7 part of these financial statements Pa8e 5 RANDS EDUCATIONAL FOUNDATION BALANCE SHEET 31ST DECEMBER2020 2020 Unrestrirted fvnds 2019 Total funds Notes FIXED ASSETS Investrnents Irwestment property Social investments 3,495.0(Kl 2,078,800 3,495,000 2,104,356 5,573,800 5.599,356 CURRENT A55ETS Debtors Cash at bank io 5,879 126,588 12,024 69,955 132,467 81.979 CREDITORS Amount5 falling due within one year li 13,900) 13,8991 NET CURRENT ASSETS 128,567 78,080 TOTAL ASSETS LESS CURRENT UABIUTIES 5,702,367 5,677.436 NET ASSETS 5,702,367 5,677,436 FUNDS Unrestricted funds 12 5,702,367 5,677,436 TOTAL FUNDS 5.702.367 5.677.436 The financial statements were approved by the Board of Trustee5 and authori5ed for issue on - and were signed on its behalf by- PJ Hurworth- Trustee The notes form part of these financial statements Page 6 RANDS EDUCATIONAL FOUNDATION NOTES TO ThE FINANCIAL STATEMEfrirs FOR THE YEAR ENDED 31ST DECEMBER 2020 ACCOUNTING POLICIES Basls of preparing the flnancial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities 50RP IFRS 1021 'Accounting and Reportlng by Ch8ritie5= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Crltlcal accounting Judgements and key sources of estimation uncertalnty In the application of the Foundation's accounting policies, the governors are required to make judgements, estimates and assumptions aljout the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assoclated assumption5 are based on historical experience and other factors that are considered to be ￿leVant. Actual results may differ from these estimate5. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the peri015 in whlch the estimate is revised where the revlslon affects onty that period, or in the period of the revislon and future periods where the revision afferts both current and future periods. Incorning resouKes Income is recognised when the FoundatDn is legal￿ entitled to it after any performance conditions have been met, the amount5 can be measured reliably and it is probable that income will be received. All income arising is from investment activities carried out in the United Kingdom. Resource5 expended Resources expended are included in the Statement of Financial Activities on an accrua15 basis. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Investment propertv Investment property, which is property held to eam rentals and/or for capital appretlation. is initially measured at cost and subsequently measured usin8 the fair value model and stated at its fair value at the reporting end date. The surplus or deftcit on revaluation is recognised in net incomellexpenditurel for the year. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used irtr accordance with the charltable objective5 at the discretion of the trustses. Restricted funds can onty be used for particular restricted purposes within the objects of the charFty. Restrictions arise when specified by the donor or when ftjnds are raised for particular restricted Pufposes. Pa8e 7 RANDS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2020 ACCOUNMNG POLiaES- continued Fund accountin Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Flxed asset investment5 Fixed asset investments comprise of listed investments and are initialw measured at transaction price eKcludin8 transaction costs. and are subsequently measured at fair value at each reporting date. Transaction c05t5 are expensed a5 incurred. Changes in fair value ère recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net incomellexpenditurel, or a loss exceeds the accumulated gains recognised in equity,. such gains and loss are recogni5ed in net income/lexpenditurel for the year. Financlal Instruments The Foundation has elected to apply the provisions of Section 11 'Basic financial Instruments, and section 12 'Other Financial Instruments Issues, of FRS 102 to all its financial instruments. Financial instrument5 are recognised when the Foundation becomes party to the contrartual provisions of the instrument. Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there 15 an inflation to settle on a net basis or to realise the asset and settle the liability simultaneously. INVEsfMENT INCOME 2020 2019 Rents recelved Income from listed investments Interest receivable 100,832 60,364 li 102,119 58,852 108 161,207 161,079 Pa8e 8 RANDS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2020 CHARITABLE ACTIVITIES COSTS 2020 2019 Repa¥r5 dnd maintenance Insurance Comrnissions 37.760 5.468 10.081 13.009 5.465 11,903 Property investment cost5 Other Investment management costs 53J09 12,860 30,377 19,817 Support and governance costs 1214 2,236 Total Investment management Costs 68.383 52,430 2020 2019 Grants to Institutlons School facilitie5 Other or8anisation5 16070 11,785 16,975 10,430 28A55 77338 27.405 75,860 Grants to individuals Total dired costs 105,793 103,265 Support and governance costs allocate(I 19.923 20.120 Total granl costs 125,716 123,385 Pa8e 9 RANDS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2020 DIRECT COSTS OF CHARrrABLE ACTIVITIES Grant mak5ng Investment management 2020 2019 Management and admini5tr4tion Accountancy 16,413 3,510 1,824 390 18,237 3,900 17,856 4,500 19.923 2,214 22,137 22,356 The allocation of support and governance costs have been allocated to the Foundation's two charitable tivities, being grant making and investment management on a 90%110% basis re5pectivety. This allocation has been made based on the volunteer time involved in the respective charitable activities. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019. Trustees, expense5 There were trustees, expenses paid for the year ended 31st December 2020 amountin8 to £9212019= £381. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestrirted fund5 INCOMEAND ENDOWMENTS FROM Investment income 161,079 EXPENDITURE ON Charitable artlvltles General grant 175,815 Net gains on investments 622,646 NET INCOME 607.910 RECONCIUATION OF FUNDS Total fund5 brought forward 5,069,526 Page IQ RANDS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES- continued Unrestritted funds TOTAL FUNDS CARRIED FORWARD 5,677,436 NET GAINSI{LOSSESI ON INVESTMENTS 2020 2019 Realised and unrealised gains /11055esl on investments Gains1 Ilossesl on disposal of investment property 57,823 210,845 391,801 57,823 587,910 INVESTMENT PROPERTY 2020 2019 1 & 2 Rands Cottages, Holwell Road, Holwell 3 Rands Cottages, Pirton Road, Holwell 4 - 6 Rands Cottages, Pirton Road, Holwell New Rectory, Holwell 47 The Broadway, Mill Hill, London 49 The Broadwayi Mill Hill, London 374 Brixton Road, London 3(M).OCKI 3￿,000 430,000 480,000 575,000 500.0(KI 800,0 300,CK)O 3(K),(K)O 430,(X)O 480,1K)O 575,CQO s￿,c￿0 8LKJ,LIKJ Other property: Holwell Village Hall John Rand Recreation Ground, Holwell 60,000 50.000 60,C(K) 50,Crf)O 3,495,0th) 3,495,000 Investment property comprises 12 properties situated in Hertfordshire and London. These properties have been revalued at tenanted market value as at 31 December 2018 by the Governors having taken advice from Rumball Sedgwick Chartered SuNeyors. Type5 of OCCLtpancy range from statutory tenants to assured shorthold tenancies and as with some charities. the word rent was not mentioned as the Trustees accepted a contribution toward5 the overall costs by the occupiers. The properties will be restricted under the Rands Educational Foundation scheme and prevailing legislation as to the user and sale rights. The above is therefore prepared on the understanding these properties are unlikely to be sold and does not take into account the benefit of alternative use, particularly that of residential development subject to any changes in planning use. Accordin8ly the Governors consider that these values remain appropriate at the balance sheet date. Page 11 RANDS EDUCATIONAL FOUNDAT70N NOTES TO THE FINANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 31ST DECEMBER 2020 SOCIAL INVESTMENTS Programme related Investments equity Market value At Istjanuary 2020 Additions Disposals Revaluations 2,104.356 248,918 1325,290) 50.816 At 31st December 2020 2,078.81X) Net book value At 315t December 2020 2,078,800 At 31st December 2019 2.104,356 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Other debtors 5,879 12,024 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Other creditor5 3,899 12. MOVEMENT IN FUNDS Net movement in funds At 31.12.20 At 1.1.20 Unre5trirted funds General fund Revaluation reserve 2,959,421 2,718.015 24.931 2,984,352 2,718,015 5,677,436 24,931 5.702,367 TOTAL FUNDS 5,677,436 24,931 5,702,367 Page 12 RANDS EDUCATIONAL FOUNDATION NOTES TO THE FINANaAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST DECEMBER 2020 12. MOVÉMEf+lT IN FUNDS- continued Net movement in funds, included in the above are as follows.. I￿Oin11)g resources Re50urces expended Gains and losses Movement in funds Unre5trirted funds General fijnd 161,207 1194,099) 57.823 24,931 TOTAL FUNDS 161,207 1194.0991 57.823 24,931 Comparatlve5 for movement In fvnds Net movement in funds At 31.12.19 At 1.1.19 Unrestrirted funds General fund Revaluation reserve 2,351.511 2.718,015 607,910 2,959,421 2.718,015 5,069,526 607,910 5,677,436 TOTAL FUNDS 5,069,526 607,910 5,677,436 Comparative net movement in funds, included in the above are as follows.. Incoming resour￿5 Resources expended Gains and losses Movement in funds Unrestricted funds General fund 161.079 1175.8151 622,646 607,910 TOTAL FUNDS 161,079 1175,8151 622,646 607,910 Pa8e 13 RANDS EDUCATIONAL FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS- coTrtlnued FOR THE YEAR ENDED 31ST DECEMBER 2020 13. RELATED PARTY DISCLOSURES There were no related party tran5action5 for the year ended 31st December 2020 nor for the year ended 31st December 2019. Page 14 RANDS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlrtued FOR THE YEAR ENDED 31ST DECEMBER 2020 NETRENTS SCHEDULE 2020 2019 IrKome Rents and tharge5 received IIKIA35 102.119 Property outBoiiigs Repairs & Maintenance Insurance Ctsmmissions 37,760 13,(Y)9 5,465 11.903 10,081 53.309 30.377 47,526 71,742 Pa8e 15 R4NDS EWCATIONAL FOUNDATIOII NOTES TO THE FIIIAACIAISTATEMEtITS- ¢ontlnued FOR THE YEAR EF4DED 31ST tJECEMBEA2020 NET REN75 ANALYSIS ds Cottases Meadowview The8Madway Brlxton Road Total Income Rent5 and tharges retefved 28,793 14,4DJ 56,392 1,250 IW,835 expehses Rep3lrs & Malntenance Insurance Commissions 12,073 1,473 3,455 17.IX)I 934 742 1.728 24.753 3,222 4,832 32,807 37.760 5,468 10,081 53.309 31 66 97 Swplu$ 2020 11,792 10,996 23,584 1,153 47.526 5uvplus2019 10,015 11,406 49.857 463 71,741 Thk pa8e t*)es nor forrn part of the siaiutoryfinanaal statemwts Pa8e 16