2023-12-31-accounts

Charity number: 311022

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

RANDS EDUCATIONAL FOUNDATION

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RANDS EDUCATIONAL FOUNDATION

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees’ Report	Q=4
independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	vA
Notes to the Financial Statements	8-14
The following pages do not form part ofthe statutory financial statements:
Pages18-19

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

P Hurworth, Co-opted - Chairman J Carlyle, Co-opted - Vice Chairman J Barker, Co-opted P Crowe, Ickleford Parish Council (appointed 22 June 2023) W Harris, Holwell Parish Council J Hayes, Co-opted P Lazenby, Stondon Parish Council N Rowe, Pirton Parish Council C Strong, Co-opted C Thurstance, Co-opted R Gainsford, Holwell Parochial Church Council (resigned 22 June 2023)

Charity registered number 311022

Principal office Suite 2, The Granary Fairclough Hall Farm Halls Green Weston Hertfordshire SG4 7DP

Accountants Menzies LLP, Chartered Accountants Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP

Page 1

LSS ——— ee TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2023 to 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

a. Objectives and activities for the public benefit

The Foundation's objects are to promote education (including social and physical training) of young persons under the age of 25 years who live in the Parishes of Holwell, Ickleford, Stondon and Pirton.

The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Foundation's aims and objectives, in planning future activities. The foundation furthers its charitable purposes for the public benefit through the grants provided.

The principal aims of the Foundation are to support young persons in full time education fromthe age of 16-25 and when sufficient funds 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 takeup. Students have to provide documentary evidence of their 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 Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the foundation should undertake.

b. Public benefit

The trustees have complied with the duty in section 4 of the Charities Act 2011 and have regard to the public benefit guidance as issued by the Charity Commission as shown in the objectives above.

We have referred to the guidance on public benefit when reviewing our aims and objectives and in planning our future activities in particular, the Trustees consider how planned activities will contribute to the aims and objectives that they have set.

This public benefit statement forms the basis for all judgements regarding operational reports to the Board meetings, in order to be reassured that the facilities and services currently managed by the charity continue to meet these criteria. At these meeting, the Financial Controller also presents the quarterly financial position including taking account of any restricted funds and the Charity's status as a going concern.

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Ee TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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Achievements and performance

a. Achievements and performance

During the year under review the Foundation provided grants to local institutions and individuals totalling £104,170 (2022: £138,925).

In addition to this it received rents from its investment properties, dividends from various quoted investments and interest from its cash funds held.

Rental income has increased slightly from £106,241 to £115,066, whilst rental costs have increased from the previous year, from £34,541 to £77,381. Income from listed investments have decreased from £65,762 to £61,485.

Overall the management of the investment portfolio performed in line with the market trend over the year.

It is the policy of the Trustees to invest, when appropriate, surplus cash in investments and to fund the grant programme from the investment income and capital growth in the portfolio.

b. 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 future grants. The Foundation will continue to carefully manage its investments and monitor its reserve requirements in the future to ensure that there is sufficient funds available for the Foundation to achieve its objectives.

The Local Plans for North Hertfordshire District Council and Central Bedfordshire Council has outlined a number of potential new houses to be built in the local area. The Foundation has 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 population.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

a. Governing document

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, as amended 21st June 2021.

The Trustees meet four times a year with the annual meeting in June. All major policy decisions are taken by the Trustees.

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TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' Report 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 & Wales requires the Trustees 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• ° select suitable accounting policies and then apply them consistently; . observe the methods and principles of the Charities SORP (FRS 102);

• 8 make judgments and accounting estimates that are reasonable and prudent;

• ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities 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 members of the board of Trustees and signed on their behalf by:

P Hurworth Trustee

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VeSS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent Examiner's Report to the Trustees of Rands Educational Foundation (‘the Charity’)

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

! report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

| understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

| have completed my examination. | confirm that no 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 Charity as required by section 130 of the 2011 Act; or

2. 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.

| 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,

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the Charity's Trustees those matters | am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:é 5 7 Led ¢ eZh July LEA P= a te. Dated: tod j 1 James Fox ACA

Menzies LLP, Chartered Accountants Richmond House Walkern Road Stevenage Hertfordshire $G1 3QP

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

		Unrestricted	Total	Total
		funds	funds	funds
		2023	2023	2022
	Note	£	£	£
Income from:
Investments	S	177,113	177,113	172,067
Total income		W7A13	177,113	172,067
Expenditure on:
Charitable activities	5	200,841	200,841	198,519
Total expenditure		200,841	200,841	198,519
Netexpenditure before net gains/(losses) on investments		(23,728)	(23,728)	(26,452)
Net gains/{losses) on investments		90,993	90,993	(283,451)
Netmovement in funds		67,265	67,265	(309,903)
Reconciliation offunds:
Total funds brought forward		5,678,873	5,678,873	5,988,776
Netmovement in funds		67,265	67,265	(309,903)
Totalfundscarriedforward		5,746,138	5,746,138	5,678,873

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 8 to 14 form part of these financial statements.

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BALANCE SHEET AS AT 31 DECEMBER 2023

			2023		2022
	Note		£		z
Fixed assets
investment property	8		3,495,000		3,495,000
Social investments	9		2,116,553		2,070,283
			5,611,553		5,565,283
Current assets
Debtors	10	14,752		§,427
Cash at bank and in hand		123,733		112,063
		138,485		117,490
Creditors: amounts falling due within one year	11	(3,900)		(3,900)
Netcurrent assets			134,585		113,590
Total netassets			5,746,138		5,678,873
Charityfunds
Unrestricted funds	12		5,746,138		§,678,873
Totalfunds			5,746,138		5,678,873

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: mex soa dsaiacteaecs Trustee Date: MW Duae Aare

The notes on pages 8 to 14 form part of these financial statements.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

‘. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Rands Educational Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

• 1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably,

All income arising is from investment activities carried out in the United Kingdom.

1.3 Expenditure

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

• 1.4 Taxation

The charity is exempt from tax on its charitable activities.

1.5 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

• 1.6 Fixed assets investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

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——_———__ EO) > SS SS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.7 Financial instruments

The Foundation has elected to apply the provisions of Section11 ‘Basic Financial Instruments' and section 12 ‘Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised when the Foundation becomes party to the contractual 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 is an inflation to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

2. Critical accounting estimates and areas of judgment

In the application of the Foundation's accounting policies, the governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period inwhich the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Investment income

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Rents received	115,066	115,066	106,241
Income from listed investments	61,485	61,485	65,762
Interest receivable	562	562	64
	177,113	177,113	172,067

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

A: Analysis of grants

	Grants to Institutions	Grants to individuals	Total funds	Total funds
	2023	2023	2023	2022
	£	£	£	£
Grants to individuals	-	74,560	74,560	85,240
Otherorganisations	12,290	-	12,290	36,735
School facilities	17,320	-	17,320	16,950
	29,610	74,560	104,170	138,925
Total2022	53,685	85,240	138,925

1. Analysis of expenditure by activities

	Grant
	funding of activities	Support costs	Total funds	Total funds
	2023	2023	2023	2022
	£	£	£	£
Insurance	-	8,351	8,351	6,861
Sundries	-	7,242	7,242	7,136
Repairs and maintenance	-	56,861	56,861	16,131
Commissions and legal fees	-	12,169	12,169	15,004
Investmentmanagement fees	-	12,048	12,048	14,462
Grants to individuals	74,560	-	74,560	85,240
Other organisations	12,290	-	12,290	36,735
School facilities	17,320	-	17,320	16,950
	104,170	96,671	200,841	198,519
Total2022	138,925	59,594	198,519

6. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,900 (2022 - £3,900).

1. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - ENIL).

During the year ended 31 December 2023, expenses totalling £102 were reimbursed or paid directly to trustees. (2022 - £82).

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SS ESSSS.S.S80 00, OD —— ——— ——— —— ———————————__——————— ee ee, NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Investment property

Investment property £ Valuation At 1 January 2023 3,495,000 At 31 December 2023 3,495,000

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Investment properties
1 & 2 Rands Cottages, Holwell Road, Holwell	300,000	300,000	300,000
3 Rands Cottages, Pirton Road, Holwell	300,000	300,000	300,000
4-6 Rands Cottages, Pirton Road, Holwell	430,000	430,000	430,000
New Rectory, Holwell	480,000	480,000	480,000
47 The Broadway, Mill Hill, London	575,000	575,000	575,000
49 The Broadway, Mill Hill, London	500,000	500,000	500,000
374 Brixton Road, London	800,000	800,000	800,000
Other property:
Holwell Village Hall	60,000	60,000	60,000
John Rand Recreation Ground, Holwell	50,000	50,000	50,000
	3,495,000	3,495,000	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 Trustees having taken advice from Rumball Sedgwick Chartered Surveyors. Types of occupancy 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 towards 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. Accordingly the Trustees consider that these values remain appropriate at the balance sheet date.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Social investments

	Programme
	related
	investments	Total
	£	£
Cost or valuation
At 1 January2023	2,070,283	2,070,283
Additions	571,683	571,683
Disposals	(544,270)	(544,270)
Revaluations	18,857	18,857
	2,116,553	2:116,553
Net book value
At 31 December2023	2,116,553	2,116,553
At 31 December 2022	2,070,283	2,070,283
Fidelity Ucits ICA shareholding amounts to 6.27% oftotal shareholding.
Costorvaluationat31stDecember2023isrepresentedby:

1. Debtors

Other debtors

Equity	Total	Total
2023	2023	2022
£	=	£
	2023	2022
	£	£
	14,752	5,427

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asin‘‘i—_e—— NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Creditors: Amounts falling due within one year

Other creditors

2023	2022
£	£
3,900	3,900

12. Statement of funds

Statement of funds - current year

					Balance at 31
	Balance at 1			Gains/	December
	January 2023	Income	Expenditure	(Losses)	2023
	£	£	£	rf	£
Unrestricted funds
General fund	2,960,858	177,113	(200,841)	90,993	3,028,123
Revaluation reserve	2,718,015	-	-	-	2,718,015
	5,678,873	177,113	(200,841)	90,993	5,746,138
Statementoffunds - prioryear
	Balance at				Balance at
	1 January			Gains/	31 December
	2022	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Unrestricted funds
General fund	3,270,761	172,067	(198,519)	(283,451)	2,960,858
Revaluation reserve	2,718,015	-	-	-	2,718,015
	5,988,776	172,067	(198,519)	(283,451)	5,678,873

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Investment property	3,495,000	3,495,000
Social investments	2,116,553	2,116,553
Current assets	138,485	138,485
Creditors due within one year	(3,900)	(3,900)
Total	5,746,138	5,746,138
Analysis ofnetassets between funds- prioryear
	Unrestricted	Total
	funds	funds
	2022	2022
	£	£
Investment property	3,495,000	3,495,000
Social investments	2,070,283	2,070,283
Current assets	117,490	117,490
Creditors due within one year	(3,900)	(3,900)
Total	5,678,873	5,678,873

14, Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2023.

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INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

	2023	2023	2022	2022
	£	£	£	3
Investment income
Rents received	115,066		106,244
Income from listed investments	61,485		65,762
Interest receivable	562		64
		177,113		172,067
Gains/(Losses) on investments
Gains/(Losses) on investments	90,993		(283,451)
		90,993		(283,451)
Gross income in the reporting period		268,106		(111,384)
Less:
Charitable activities
Grants to institutions	29,610		53,685
Grants to individuals	74,560		85,240
		104,170		138,925
Support costs
Insurance	8,351		6,861
Sundries	7,242		7,136
Repairs and maintenance	56,861		16,131
Legal and professional fees	-		3,789
Commissions	12,169		11,215
Investment management fees	12,048		14,462
		96,671		59,594
Total expenditure		200,841		198,519
Net income/(expenditure) forthe reporting period		67,265		(309,903)
Surplus/(Deficit) forthe reporting period		67,265		(309,903)
Surplus broughtforward at 1 January 2023		5,678,873		5,988,776
Surpluscarriedforwardat31December2023		5,746,138		5,678,873

The notes on pages 8 to 14 form part of these financial statements.

RANDS EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023

NET RENTS SCHEDULE	2023		2022
	£	£	£	£
Income
Rents and charges received		115,066		106,241
Property outgoings
Repairs & Maintenance	56,861		12,676
Insurance	8,351		6,861
Commissions & legal fees	12,169		15,004
		77,381		34,541
		37,685		71,700

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RANDS EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023

NET RENTS ANALYSIS

		Rands Cottage:	MeadowView	The Broadway	Brixton	Road	Total
		£	£	£	£		£
Income
	Rents and charges received	32,292	16,200	66,024		550	115,066
Expenses
	Repairs& Maintenance	6,718	20,188	29,535		420	56,861
	Insurance	2,345	1,175	4,790		40	8,351
	Commissions & legal fees	3,876	1,944	6,291		58	12,169
		12,939	23,307	40,616		518	77,381
	Surplus/(Deficit) 2023	19,353	(7,107)	25,409		32	37,685
	Surplus/(Deficit)2022	327	9,952	42,525		3,570	56,374

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