Richard Porters School Foundation Charlty Number 311602 Flnancial statements For the year ended 31 December 2024 Richard Porters School Foundation Financial statements for the year ended 31 December 2024 General information Trustees Mrs Joanne Lewis- Chairman Mr Robert Slatter- Vice Chairman Mr Nicholas Partridge - Treasurer Mrs Susan BaldwyTh- Secretary Rev Craig Bishop Mr William Hall Mr Robin Coldicott Mr James Birch Secretary to the Trustees Mrs Susan Baldwyn Address of Charity Lower Clopton Farm, Upper Quinton, Stratford Upon Avon, Warwickshire CV37 8LQ Charity Number 311602 Bankers Lloyds Bank 22 Bridge Street Stratford-upon Avon Warwickshire CV37 6AG CCL4 Investment Management Ltd Senator House 85 Victoria Street London EC4V 4Er Independent Examiner Petew Reast Chartered Accountant 78 Cedar Road Mickleton Chipping Campden Gloucestershire GL55 6SZ Richard Porters School Foundation Trustees, report for the year ended 31 December 2024 The Trustees present their report and the accounts of the charity for the year ended 31 December 2024. Trust deed The Richard Porters School Foundation was estsbli5hed by the Board of Education Art 1899. as varied by Schemes dated th 30, August 1906, 26 August 1921 and 30 May 1963 and was registered with the Charity Commission on l October 1964 IRegistered number 3116021 Trustees responsibilities The Trustees are required 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 incomin8 resource5 and application of resources during the year and of its state of affairs at the end of the year. In preparing those financial ststements the Trustees are required to-. 11 select suitable accountin8 policies and then apply them conslstent 21 make judgements and Èstimates that are reasonable and prudent and 31 prepare the financial ststements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responslble for keeping proper accountin8 records which disclose with reasonable accuracy at any time the financial p051tion of the charity. They are also responsible for safe8uardin8 the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and breaches of law and re8ulatlons. The Trustees are Invited to nominate replacements when vacancies occur and these are dlscussed and approved at appropriately convened meetings of all trustees. New Trustees are briefed on their obligations under charity law and appraised of the or8anisation and structure of the charity. Trustee5 are encouraged to attend appropriate external training events where these will facilitate the undertaking of thelr role. The Trustees have a risk management strategy comprising a regular review of the risks the charity may face and procedures to mitigate those risks. Objectives The Trustees have taken account ofthe guidance published by the Charity Commission and the Richard Porters School Foundation's public benefit is to provide financial assistance in promoting education, including Social and physical assistance to enter a profession, trade or calling, tools, uniforms and outfits or any other form of award considered necessary to anv young persons under twenty-five years of age resident in the Ancient Parish of Mickleton. Revlew of 2024 and outlook to the future The Richard Porters School Foundation has had an excellent year on the financial side in that the value of it5 investments increased by £81,699 following the surplus of £213,031 in the year to 31 December 2023, In June 2024 the Trustees gave Scholars in Year 6 £250 each towards uniforms for their new schools and provided fun4s of £6,5CKJ for the Primary School. Richard Porters School Foundation Trustees. report for the year ended 31 December 2024 (continued) Forthe academic year commencing September 2024 the Trustees have given educational grants totalling £43,000. Beneficiaries included Scholars in Years 12 and 13, College Students and Apprentices {£600 each) and Students at Universities (£1,200 each). Reserves The resenies of the Charity are held to provide assistance in accordance with the Charity's objectives. The Trustees continue to use the COIF charities investment expertise to provide income and investment growth for the Charity. Mrs Joanne Lewis Chairman 4 June 2025 Mr Nicholas Partridge Treasurer Independent Examinerfs report to the Trustees of Richard Porters School Foundation For the year ended 31 December 2024 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 2011 {'the Att,) 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 directions given by the Charity Commiss5on under section 145(5)(b) of the Act. Independent examlnerfs 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 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 other than any requirement that the account5 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 account5 to be reached. Peter Reast Chartered Accountant 78 Cedar Road Mickleton, Chipping Campden Gloucestershire GL55 65Z 4 June 2025 Richard Porters School Foundation Statement of financial activities for the year ended 31 December 2024 2024 2023 Incoming resources Poorfs Land Trust rent Slatter rent Wayleave COIF interest 158 818 13 55,185 157 810 28 54,366 Total incoming resources 56,174 55,361 Resources expended Grants Mickleton Primary School Student Grants- Mickleton Primary School Student Grants- Further education Other grants Operating expenses Trustee expenses Independent examination Insurance Sundry expenses 6,500 3,250 39,750 5,000 3,750 35,050 ItK) 375 380 1,000 238 255 Total outgoing resources 51,130 45,518 Net incoming resources Unrealised gains on investments 5,044 81,699 9,843 213,031 Surplus 86,743 222,874 Balance at l January 2024 2,189,761 1,966,887 Balance at 31 December 2024 £2,2760,504 £2,189,761 Richard Porters School Foundation Balance sheet at 31 December 2024 Notes 2024 2023 Fixed assets Investments Tangible assets 2,128,314 125,000 2,046,615 125,000 2,253,314 2,171,615 Current assets Cash at bank Debtors 64,168 497 56,750 496 64,665 57,246 Current Ilabilitles Other creditors 41,475 39,1(YJ Net current assets 23,190 18,146 Totsl assets £2,276,504 £2,189,761 Capital funds Accurnulated funds £2,276,504 £2,189,761 The financial statements were approved by the Trustees on 4 June 2025 Mrs Joanne Lewis- Chairman Mr Nicholas Partridge- Treasurer Richard Porters School Foundation Notes to the accounts at 31 December 2024 l. Accounting policies 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 Prartice {SORP FRS 1021 and the Charities Act 2011. There have been no changes in the accounting policies. Investments Investments are started at market value atthe balance sheet date. The Statement of Financial Activities includes the net gains and losses on revaluation. Fixed assets Fixed assets include two areas of land which were revalued by the Trustees as at 31 December 2016. No depreciation has been charged on freehold land. Incoming resources All incoming resources are recognised once the Charity has entitlement to them, it is certain that they will be received and the Monetary value can be measured with sufficient reliability. Resources expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation commltting the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the appropriate headings. Grants are awarded to students and individuals under the age of twenty-five to further their education, as well as supporting the local primary school with addttional benefits not normally provided by the education authorities. 2. Analysls of resources used The following have been charged in the Statement of Financial Activities 2024 2023 Independent examinerfs remuneration Trustees, expenses I,￿0 375 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 December 2024 3. Investment Quoted investments At market value At cost At 31 January 2024 Increase in market value in the year 2,046,615 81,699 894,807 At 31 December 2024 £2,128,314 £894,807 The following investments individualty form more than 5% of the total value of the portfolio at 31 December 2024 and are included above. At market value 1,013,543 1,114,771 At cost 434,211 460,596 COIF Charities Investment Fund Income Units COIF Charities Globa5 Equity Income Units £2,128,314 £894,807 4. Flxed asset5 At valuation As at l January 2016 Surplu5 on revaluation as at 31 December 2016 37,500 87,500 37,5(K) 87,51X) £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,OLX). 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.