Richard Porters School Foundation Charity Number 311602 Financial statements For the year ended 31 December 2023 Richard Porters School Foundation Financial statements for the year ended 31 December 2023 General information Trustees Mrs Joanne Lewis- Chairman Mr Robert Slatter- Vice Chairman Mr Nicholas Partridge -Treasurer Mrs Susan Baldwyn- Secretary Rev Craig Bishop Mr Williarn Hall Mr Robin Coldicott Mr James Birch Secretary to the Trustees Mrs Susan Baldwin Address of Charlty Lower Clopton Farm, Upper Quinton, Stratford Upon Avon, Warwickshire CV37 8LQ Charlty Number 311602 Bankers Uoyds Bank 22 Bridge Street Stratford-upon Avon Warwickshire CV37 6AG CCLA Investment Management Ltd Senator House 85 Victoria Street London EC4V 4ET Independent Examlner Peter Reast Chartered Accountant 78 Cedar Road Mickleton Chipping Campden Gloucestershire GL55 6SZ Richard Porters School Foundation Trustees, report for the year ended 31 December 2023 The Trustees present their report and the accounts of the charity for the year ended 31 December 2023. Trust deed The Richard Porters School Foundatlon was establlshed by the Board of Education Act 1899, as varied by Schemes dated 3trh August I￿6, 26, August 1921 and 3tr May 1963 and was registered with the Charity Commission on I" October 1964 IReglstered number 3116021 Trustees responsibilities The Trustees are required to prepare financial statements for each financlal year whSch glve a true and falr vSew of the stste of affalrs of the charlty and of the Incomlng resource5 and appllcatlon of resources durlng the year and of Its state of affalrs at the end of the year. In preparing those finantial statements the Trustees are requlred to:_ 11 select suitable accounting policles arKJ then apply them consistentlv 21 make Judgements and estlmates that are reasonable and prudent and 31 prepare the finandal statements on a 8olng concem basls unless It Is Inapproprlate to presume that the charfty wlll contlnue In operatlon. The Trustees are responslble for keeplng yoper xcountln8 records whlch dlsdose vAth reasonable accuracy at any tlme the financial position of the charlty. They are also responsible for safe8uardlng the assets of the charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and breaches of law and regulatlons. The Trustees are invlted to nominate replacements when vacancles occur and these are dlscussed and approved at approprlately convened meetlngs of all trustee& New Trustees are briefed on thelr obligatlons under charlty law and ppralsed of the organlsatlon and structure of the charlty. Trustees are encouraged to attend approprlate external tralnlng events where these VAII facilltate the undertakln8 of their role. The Trustees have a rlsk mana8ernent strategy comprlslng a regular revlew of the rfsks the charlty may face and procedures to mltl8ate those rlsks. Objectlves The Trustees have taken account of the guldance publlshed by the Charlty C4Mmlsslon and the Rlchard Porters School Foundatlon's publlc ber*fit1s to provlde financlal a5515tance In promotlng educatlon, Includlng soclal and phy4cal asslstsnce to *nter • professlon, trade or callln& tools, unlfomis and ouffits or any other fom of award consldered necessary to any young persons under tv￿nty-fiVe years of age resldent in the Anclent Parlsh of Mlckleton. Revlew of 2023 artA niitlebr•lt th th• hitiir• The Rithard Porters School Foundation has had an unusual year on the finanaal side in that the value of its investments increased by £213,031 following the deficit of £272,433 in the yearto 31 December 2022. In June 2023 the Trustees gave Scholars in Year 6 £250 each towards uniforms for their new schools and provided funds of £5,000 for the Primary School. Richard Porters School Foundation Trustees, report for the year ended 31 December 2023 (continued) For the academic year commencing September 2023 the Trustees have given educational grantstotalling £38,800. Benefiaaries included Scholars in Years 12 and 13, College Students and Apprentices {£500 each) and Students at Universities l£l,fX)O each). Reserves The resepies of the Charity are held to provide assistance in accordance with the Charitvs objectives. The Trustees continue to use the COIF charities investment expertise to provide income and investment growth for the Charitv. Mrs Joanne Lewis Chairman 17June 2024 Mr Nicholas Partridge Treasurer Independent Examinerfs report to the Trustees of Richard Porters School Foundation For the year ended 31 December 2023 I report to the trustees on the accounts of the Charity which are set out on pages 6 to 9. Responsibilities and basis of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,) I report in respect of my examination of the accounts carried out under section 145 of the Act and in carrying out my examination I have followed all of the applicable direttions given by the Charity Commission under section 145(5){bl of the Act. Independent examlnerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe in any material respect: l. accounting records were not kept 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 otherthan 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. Peter Reast Chartered Accountant 78 Cedar Road Mickleton, Chipping Campden Gloucestershire GL55 6SZ 17 June 2024 Richard Porters School Foundation Statement of financial activities for the year ended 31 December 2023 2023 2022 Incomlng resources Pooes Land Trust rent Slatter rent Wayleave COIF interest 157 810 28 54,366 157 826 29 53,222 Total incoming resources 55,361 54,234 Resources expended Grants Mickleton Primary School Student Grants - Mickleton Primary School Student Grants- Further education Other grants Operatln8 expenses Trustee expenses Independent examination Insurance Sundry expenses 5,IX)O 3,750 35,050 loo 5,420 4,750 42,250 581 380 1,000 238 350 900 231 Total outgoing resources 45,518 54,488 Net Incomlng (out8olng) resources Unrealised gains Ilossesl on investments 9,843 213,031 (2541 (272,4331 (Deflclt) surplus 222,874 1272,687) Balance at l January 2023 1,966,887 2,239,574 Balance at 31 December 2023 £2,189,761 £1,966,887 Richard Porters School Foundation Balance sheet at 31 December 2023 Notes 2023 2022 Fixed assets Investments Tangible assets 2,046,615 125,000 1,833,585 125,000 2,171,615 1,958,585 Current assets Cash at bank Debtors 56,750 496 51,634 520 57,246 52,154 Current Ilabllltles Other creditors 39,100 43,852 Net current assets 18, 146 8,302 Totsl assets £2,189,761 £1,966,887 Capltal funds Accumulated funds £2,189,761 £1,966,887 The financial statements were approved by the Trustees on 17 June 2024 Mrs Joanne Lewis- Chairman Mr Nicholas Partridge-Treasurer Richard Porters School Foundation Notes to the accounts at 31 December 2023 l. Accountlng pollcles Accounting convention The accounts have been prepared under the historical cost convention and are in accordance with applicable accounting standards and the Charities Accounting Statement of Recommended Practice ISORP FRS 102) and the Charities Act 2011. There have been no changes in the accounting poliaes. Investments Investments are started at market value at the balance sheet date. The Statement of Financlal Activities includes the net gains and losses on revaluation. Flxed assets Fixed assets include two areas of land which were revalued by the Trustees as at 31 December 2016. No depreciation has been thar8ed on freehold land. Incomlng resources All incoming resources are recognised once the Chartty has entitlement to them, it Is certain that they will be received and the monetary value can be measured with suffiaent reliability. Resources expended Liabilities are reco8nised as resources expended as soon as there is a legal or con5tructlve obllgation committing the Charityto the expenditure. All expenditure is accounted for on an accruals basis and has been dassified under the appropriate headings. Grants are awarded to students and individuals under the age of twenty-five to furthertheir education, as well as supporting the local primary school with additional benefits not normally provided by the education authorities. 2. Analysls of re50urce5 used The following have been charged in the Staternent of Financial Activities 2023 2022 Independent examinerfs remuneration Trustees, expenses 1,000 380 900 350 The trustees receive no remuneration, apart from reimbursement of expenses incurred on behalf of the Foundation, which are shown above. Richard Porters School Foundation Notes to the accounts at 31 De￿mber 2023 2023 2022 3. Investment Quoted investments At market value At cost At 31 January 2023 Increase in market value in the year 1,833.584 213,031 894,807 At 31 December 2023 £2,046,615 £894,807 The following investrnents individuallyform more than 5% of the total value of the portfolio at 31 De￿rnber 2023 and are included above. At market value 991,153 1,055,462 At cost 434,211 460,596 COIF Charities Investment Fund Income Units COIF Charities Global Equity Income Units £2,046,615 £894,807 4. Flxed assets At valuation As at l January 2016 Surplus on revaluation as at 31 De￿rnber 2016 37,500 87,500 37,500 87,500 £125,000 £125,000 Richard Porters Charities own two parcels of land in Mickleton which are let to The Poorfs Land Trust and Mr Philip Slater. The Trustees have revalued this land at £400,000 of which the Richard Porters School Foundation holds 25%, valued at £IOO,OIJ). The Trustees have, for the purpose of these accounts, valued the remaining school site land at £25,000. No depreciation is charged on these areas of freehold land. Rental from these two parcels of land and the powerline wayleave is divided, after attributable costs, in the proportion of 75% towards Richard Porters Charity and 25% towards Richard Porters School Foundation.