CHARITY REGISTRATION NUMBER: 311263
Thetford Educational Foundation Trust Unaudited financial statements
31 August 2023
Thetford Educational Foundation Trust
Financial statements
Year ended 31 August 2023
| Page | |
|---|---|
| Trustee's annual report | 1 |
| Independent examiner's report to the trustee | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
Thetford Educational Foundation Trust
Trustee's annual report
Year ended 31 August 2023
The trustee presents its report and the unaudited financial statements of the charity for the year ended 31 August 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
Registered charity name Thetford Educational Foundation Trust Charity registration number 311263 Principal office Friars Close Castle Lane Thetford Norfolk IP24 2ER
The trustee
The trustees who served during the year and at the date of approval were as follows:
| Thetford Educational Trustee Limited | |
|---|---|
| Insurance brokers | HJ Boswell Insurance Brokers |
| Carrow Hill | |
| Norwich | |
| NR1 2AH | |
| Independent examiner | Mark Proctor FCA DChA |
| Lovewell Blake LLP | |
| Chartered accountants | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business Park | |
| Norwich | |
| NR7 0LB | |
| Bankers | Lloyds Bank Plc |
| 35 King Street | |
| Thetford | |
| Norfolk | |
| IP24 2AX | |
| Solicitors | Rudlings Wakelam |
| 1 Well Street | |
| Thetford | |
| Norfolk | |
| IP24 2BL |
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Thetford Educational Foundation Trust
Trustee's annual report (continued)
Year ended 31 August 2023
Objectives and activities
The charity's objective is the giving of grants and bursaries that promote the education of boys and girls in Thetford. The charity previously owned Thetford Grammar School, selling it in July 2017, and invested the sale proceeds in order to generate income to provide educational support to boys and girls in Thetford.
The trustee has had regard to the Charity Commission's guidance on public benefit.
Achievements and performance
The Charity has again been able to continue its purpose this year and has increased its awarded grants to in excess of £70,000.00 to Thetford Schools in this y/e 31/8/23. TEFT was also pleased to be able to make an award of £10,000.00 to Norfolk Community Foundation as a contribution to its work with Thetford pupils with the Literacy Project. We also presented some book tokens as achievement awards to some very young people too.
Financial review
Income totalled £86,879 (2022: £98,290) during the year with expenditure of £91,500 (2022: £60,665). The market value of investments decreased during the year by £80,875 (2022: decreased by £159,349). This resulted in net expenditure of £85,496 (2022: net expenditure £121,724) during the year.
Investment Policy and Objectives
The charity has appointed Barratt and Cooke and JM Finn to manage the investments on a low-medium risk to provide income and grant giving.
Reserves Policy
The objective of the trustee is to maintain the capital funds in reserves so they can be invested to provide investment income to enable the charity to meet its objectives. As the trustee only makes awards subject to investment income and reserves held, in effect the trustee regards all charity funds as free reserves. The charity has no ongoing commitment to any grant that cannot be satisfied from charity funds. That said the trustee endeavours to hold free cash reserves in excess of £20,000 at any point in time. At the year end total reserves were £2,114,609 (2021: £2,200,105) with no restricted reserves held at the year end (2022: £Nil). Free reserves amounted to £135,434 (2022: £132,552).
Plans for future periods
We are looking forward to continuing all our current programmes along with expanding our grants awarded to other local institutions who also might provide Bursaries to Thetford Pupils.
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Thetford Educational Foundation Trust
Trustee's annual report (continued)
Year ended 31 August 2023
Structure, governance and management
Governing document
The charity is governed by the provisions of the Scheme established in 1981 and last amended in July 2017.
Trustee
In May 2020, the trustees decided to incorporate a company to act as the sole trustee of the charity. Thetford Educational Trustee Limited was incorporated on 21 May 2020, with the trustees of the charity at that date also being members and directors of the limited company. On the 10 June 2020 Thetford Educational Trustee Limited was appointed as a corporate trustee of the charity and all other trustees resigned.
The directors of Thetford Educational Trustee Limited are as follows; Mrs M E Eade (Chairman) Mrs K Colborn (Vice Chairman)
Mr S McGrath Mr J Pearson
Mr T Lamb (resigned 9 March 2022)
New directors and members of the corporate trustee are appointed at a meeting of the full member body following nomination and recommendation by two current members. The members serve for a term of 5 years and are eligible for re-election.
True and fair override
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 atrue and fair view'. This departure has involved following the 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 issued 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.
Independent examiner
A resolution to reappoint Mark Proctor of Lovewell Blake LLP as independent examiner for the ensuing year will be proposed at the Annual General Meeting.
The trustee's annual report was approved on 15 January 2024 and signed on behalf of the board of trustees by:
Mrs M E Eade on behalf of Thetford Educational Trustee Limited Mr J Pearson
on behalf of Thetford Educational Trustee Limited
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Thetford Educational Foundation Trust
Independent examiner's report to the trustee of Thetford Educational Foundation Trust
Year ended 31 August 2023
I report to the charity trustee on my examination of the financial statements of the charity for the year ended 31 August 2023 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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 since been withdrawn.
I 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.
Mark Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
17 January 2024
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Thetford Educational Foundation Trust
Statement of financial activities
Year ended 31 August 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 7,500 | 7,500 | 15,000 |
| Investment income | 5 | 79,379 | 79,379 | 83,290 |
─────── |
─────── |
─────── |
||
| Total income | 86,879 | 86,879 | 98,290 | |
═══════ |
═══════ |
═══════ |
||
| Expenditure | ||||
| Raising funds | ||||
| Investment management costs | 6 | 7,503 | 7,503 | 7,907 |
| Charitable activities | 7 | 83,997 | 83,997 | 52,758 |
─────── |
─────── |
─────── |
||
| Total expenditure | 91,500 | 91,500 | 60,665 | |
═══════ |
═══════ |
═══════ |
||
| Net expenditure and net movements in funds before | ||||
| gains and losses on investments | (4,621) | (4,621) | 37,625 | |
| Net losses on investments | 8 | (80,875) | (80,875) | (159,349) |
─────── |
─────── |
───────── |
||
| Net expenditure and net movement in funds | (85,496) | (85,496) | (121,724) | |
═══════ |
═══════ |
═════════ |
||
| Reconciliation of funds | ||||
| Total funds brought forward | 2,200,105 | 2,200,105 | 2,321,829 | |
─────────── |
─────────── |
─────────── |
||
| Total funds carried forward | 2,114,609 | 2,114,609 | 2,200,105 | |
═══════════ |
═══════════ |
═══════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
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Thetford Educational Foundation Trust
Balance sheet
31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 12 | 1,979,175 | 2,067,553 | ||
| Current assets | |||||
| Debtors | 13 | 8,243 | 8,587 | ||
| Cash at bank and in hand | 129,987 | 126,557 | |||
───────── |
───────── |
||||
| 138,230 | 135,144 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 14 | (2,796) | (2,592) | ||
───────── |
───────── |
||||
| Net current assets | 135,434 | 132,552 | |||
─────────── |
─────────── |
||||
| Total assets less current liabilities | 2,114,609 | 2,200,105 | |||
─────────── |
─────────── |
||||
| Net assets | 2,114,609 | 2,200,105 | |||
═══════════ |
═══════════ |
||||
| Funds of the charity | |||||
| Unrestricted funds | 2,114,609 | 2,200,105 | |||
─────────── |
─────────── |
||||
| Total charity funds | 15 | 2,114,609═══════════ |
2,200,105═══════════ |
These financial statements were approved by the board of trustees and authorised for issue on 15 January 2024 and are signed on behalf of the board by:
Mrs M E Eade on behalf of Thetford Educational Trustee Limited
Mr J Pearson
on behalf of Thetford Educational Trustee Limited
The notes on pages 7 to 12 form part of these financial statements.
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Thetford Educational Foundation Trust
Notes to the financial statements
Year ended 31 August 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Friars Close, Castle Lane, Thetford, Norfolk, IP24 2ER.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
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 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 issued 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.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis and the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's
purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
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Thetford Educational Foundation Trust
Notes to the financial statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 7,500 | 7,500 | 15,000 | 15,000 | |
══════ |
══════ |
═══════ |
═══════ |
||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from investments | 78,574 | 78,574 | 83,290 | 83,290 | |
| Bank interest receivable | 805 | 805 | – | – | |
─────── |
─────── |
─────── |
─────── |
||
| 79,379 | 79,379 | 83,290 | 83,290 | ||
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Thetford Educational Foundation Trust
Notes to the financial statements (continued)
Year ended 31 August 2023
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Portfolio management | 7,503 | 7,503 | 7,907 | 7,907 | |
══════ |
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══════ |
══════ |
||
| 7. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Grants and bursaries | 81,305 | – | 81,305 | ||
| Support costs | 2,692 | – | 2,692 | ||
─────── |
──── |
─────── |
|||
| 83,997 | – | 83,997 | |||
═══════ |
════ |
═══════ |
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Grants and bursaries | 49,998 | 1,289 | 51,287 | ||
| Support costs | 1,471 | – | 1,471 | ||
─────── |
────── |
─────── |
|||
| 51,469 | 1,289 | 52,758 | |||
═══════ |
══════ |
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|||
| Analysis of Support costs | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Independent examination fees | 2,796 | 2,592 | |||
| Insurance | 1,125 | 1,062 | |||
| Legal and professional costs | 771 | 583 | |||
| Bad debts | (2,000) | (2,766) | |||
────── |
────── |
||||
| 2,692 | 1,471 | ||||
══════ |
══════ |
||||
| 8. | Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| (Losses)/gains on listed investments | (80,875) | (80,875) | (159,349) | (159,349) | |
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═══════ |
═════════ |
═════════ |
||
| 9. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 2,796══════ |
2,592══════ |
10. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
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Thetford Educational Foundation Trust
Notes to the financial statements (continued)
Year ended 31 August 2023
11. Trustee remuneration and expenses
The trustees neither received or waived any remuneration during the year (2022: £Nil) and no trustee has received any reimbursement of expenses from the charity during the year either directly or indirectly (2022: £Nil).
12. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 September 2022 | 2,067,553 |
| Additions | 432,668 |
| Disposals | (432,668) |
| Fair value movements | (80,875) |
| Other movements | (7,503) |
─────────── |
|
| At 31 August 2023 | 1,979,175 |
═══════════ |
|
| Impairment | |
| At 1 September 2022 and 31 August 2023 | |
| Carrying amount | |
| At 31 August 2023 | 1,979,175 |
═══════════ |
|
| At 31 August 2022 | 2,067,553═══════════ |
All investments shown above are held at valuation.
Financial assets held at fair value
The fair value of investments is determined by reference to the quoted price for these assets in an active market at 31 August 2022. 13. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 8,243 | 8,587 | |
══════ |
══════ |
||
| 14. | Creditors: Amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 2,796 | 2,592 | |
══════ |
══════ |
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Thetford Educational Foundation Trust
Notes to the financial statements (continued)
Year ended 31 August 2023
15. Analysis of charitable funds
Year ended 31 August 2023
| Gains and | At 31 Aug | |||||
|---|---|---|---|---|---|---|
| At | 1 Sep 2022 | Income | Expenditure | losses | Transfer | 2023 |
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
─────────── |
─────── |
─────── |
─────── |
──── |
─────────── |
|
| General Funds | 2,200,105 | 86,879 | (91,500) | (80,875) | – | 2,114,609 |
═══════════ |
═══════ |
═══════ |
═══════ |
════ |
═══════════ |
|
─────────── |
─────── |
─────── |
─────── |
──── |
─────────── |
|
| Total funds | 2,200,105 | 86,879 | (91,500) | (80,875) | – | 2,114,609 |
═══════════ |
═══════ |
═══════ |
═══════ |
════ |
═══════════ |
|
| Year ended 31 August 2022 | ||||||
| Gains and | At 31 Aug | |||||
| At | 1 Sep 2021 | Income | Expenditure | losses | Transfer | 2022 |
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Memorial prizes | ||||||
| fund | 1,289 | – | (1,289) | – | – | – |
| Unrestricted funds | ||||||
─────────── |
─────── |
─────── |
───────── |
──── |
─────────── |
|
| General Funds | 2,320,540 | 98,290 | (59,376) | (159,349) | – | 2,200,105 |
═══════════ |
═══════ |
═══════ |
═════════ |
════ |
═══════════ |
|
─────────── |
─────── |
─────── |
───────── |
──── |
─────────── |
|
| Total funds | 2,321,829═══════════ |
98,290═══════ |
(60,665)═══════ |
(159,349)═════════ |
–════ |
2,200,105═══════════ |
Memorial prizes fund: Funds donated towards memorial prizes.
16. Analysis of net assets between funds
Year ended 31 August 2023
| Restricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | 2023 | |
| £ | £ | £ | |
| Investments | – | 1,979,175 | 1,979,175 |
| Net current assets | – | 135,434 | 135,434 |
──── |
─────────── |
─────────── |
|
| – | 2,114,609 | 2,114,609 | |
════ |
═══════════ |
═══════════ |
|
| Year ended 31 August 2022 | |||
| Restricted | Unrestricted | ||
| funds | funds | 2022 | |
| £ | £ | £ | |
| Investments | – | 2,067,553 | 2,067,553 |
| Net current assets | – | 132,552 | 132,552 |
──── |
─────────── |
─────────── |
|
| – | 2,200,105 | 2,200,105 | |
════ |
═══════════ |
═══════════ |
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Thetford Educational Foundation Trust
Notes to the financial statements (continued)
Year ended 31 August 2023
17. Financial instruments
The carrying amount for each category of financial instrument is as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value through income and expenditure | ||
| Fixed asset listed investments (note 12) | 1,979,175═══════════ |
2,067,553═══════════ |
18. Related parties
There were no related party transactions during the current or previous year.
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