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2025-03-31-accounts

Charity registration number 311703 (England and Wales)

TEWKESBURY EDUCATION TRUST FUND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TEWKESBURY EDUCATION TRUST FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees K Thompson
C Folkes
P Stringfellow
J Quinn
S Hawkins
Charity number 311703
Independent examiner BK Plus Limited
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
England
GL51 9TX
Bankers HSBC
2 The Promenade
Cheltenham
Gloucestershire
GL50 1LR
Solicitors Willans LLP
34 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ

TEWKESBURY EDUCATION TRUST FUND

CONTENTS

Page
Trustee report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8 - 14

TEWKESBURY EDUCATION TRUST FUND

TRUSTEE REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's deed, 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Trustees manage the assets belonging to the Trust. Subject to payment of expenses, the annual income from the assets is used to provide benefits to Tewkesbury School and for educational support for under 25's in the defined area in and around Tewkesbury who may benefit from support.

The Trustees shall not apply more than one third of the annual income to provide benefits for Tewkesbury School not normally funded by the Department for Education / Education Funding & Skills Agency. Further income is distributed to promote education and give financial educational assistance to young people in need under the age of 25 years in the town of Tewkesbury and defined surrounding parishes. The amount available depends on the level of investment income earned during the year.

ln setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

This year saw a total grant of £8,061 made to Tewkesbury Academy (last year’s grant to the school was £2,263). The Trustees wanted to ensure that as many students as possible could benefit from the grant funding so prioritised requests for a wider range of beneficiaries than in previous years. The grants agreed went to support student team building, field trips, EDI initiatives and the chess club. All grants went beyond the standard curriculum to expand the awareness, benefit and knowledge of students.

Financial review

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.

Reserves policy

The investment strategy is one of low risk and safe investments. Endowment funds of £1,053,141 are held for investment purposes and the gain in the year is in line with the market valuation. Restricted reserves of £37,946 are held and assessed at the year end and distributed according to charity needs.

TEWKESBURY EDUCATION TRUST FUND

TRUSTEE REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Material investments policy

The Trustees reviewed the investment portfolio and concluded that the current COIF investments continue to perform favorably with available alternatives. Investment decisions made in previous years continue to remain as low risk as possible to protect the charities assets, whilst also returning a reasonable yield to service the charities objectives. The COIF funds are not for a specified period of time which means the Trustees are not tied into a fixed investment period, meaning the investment is still fairly liquid.

The current investment portfolio for the 2024-25 financial year has produced the following income:

and

COIF Charity Funds - Total annual dividends paid £28,468 for two holdings. Valuations as at 31st March 2025:

The charity has selected a medium risk portfolio of investments managed by CCLA who are specialists in managing investments for charities. The investment portfolio and performance is reviewed by the Trustees twice a year and comparisons made to ARC data and similar organisations such as Cazenove and Rathbones.

Financial risk management objectives and policies

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trust Fund was set up when the old Grammar School handed over the management of the Trust Fund to the Governors of Tewkesbury School in 1972. The Tewkesbury School Trust Fund is regulated by a scheme made on 19th June 1975 and amended by schemes made on 4th May 1978 and 3rd February 2020, and further modified to comply with the Sex Discrimination Act 1975 under the Tewkesbury School Fund Scheme (Modification) Order 1981 (dated 15th January 1981).

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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

TEWKESBURY EDUCATION TRUST FUND

TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Tewkesbury Education Trust Fund is a registered charity, number 311703, and is constituted under a Trust deed.

The Trustees who served during the year and up to the date of signature of the financial statements were: K Thompson

C Folkes P Stringfellow J Quinn S Hawkins

The Trustees meet a minimum of three times per year and administer the Charity as set out in the terms of reference.

Recruitment and appointment of trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

On the 21st November 2019 the Charity Commission agreed to a change to the Trustee clause of the Trust Deed, which allowed governors who did not want to support the Trust to opt out. They also allowed the Trust to recruit two non-governor trustees each with special skills.

The persons who from time to time are a minimum of four Governors for the time being of Tewkesbury School acting in accordance with their usual procedure shall be the Trustees of the Charity. These should not include the Headteacher or the Chair of Governors of the School. The trustees may elect up to two non Governor trustees each with relevant skill.

Governors are recruited by Tewkesbury School which has a rigorous recruitment policy. The non- governor trustees will be recruited by the Trust body based on their specific skills and experience.

The financial year beginning April 2024 was the first year TETF has operated under its new organisational arrangements independent of Tewkesbury Academy. Details of these changes were explained in the last Annual Report and came about because of Tewkesbury Academy joining the Cabot Learning Federation MAT in July 2023.

From 1st April 2024 TETF became independent from the Academy, responsible for managing all support services on its own behalf. To achieve this TETF recruited and appointed its own part time Treasurer to manage the administration, book-keeping and bank account. A detailed selection process was completed to appoint new accountants and legal advisers. A new insurer was appointed.

During the year the Trustees began a conversation with Gloucestershire Community Foundation (GCF) (https:// - gloucestershirecf.org.uk/about gcf/) with a view to moving the fund into a charitable body which specialises in managing small charitable funds that would benefit from wider communication and awareness of the funds existence and objectives. The Trustees believe that such a move would ensure that more young people and communities could benefit as a result. It would also ensure that the fund has a stronger Trustee base and longevity in its operational capability.

If the discussions lead to a move to join GCF TETF’s objectives would remain the same

These discussions are ongoing.

Related party relationships

In the year ended 31 March 2025, a grant amounting to £8,061 (2024: £2,263) was paid to Tewkesbury School which has common Trustees with Tewkesbury Education Trust Fund.

TEWKESBURY EDUCATION TRUST FUND

TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustee responsibilities

The Trustees are responsible for preparing the Trustee 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 and 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 Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee report was approved by the Board of Trustees.

P Stringfellow Trustee

29 July 2025

TEWKESBURY EDUCATION TRUST FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF TEWKESBURY EDUCATION TRUST FUND

I report to the Trustees on my examination of the financial statements of Tewkesbury Education Trust Fund (the Trust) for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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 financial statements to be reached.

Cinzia Hensley FCA Association of Chartered Certified Accountants BK Plus Limited

6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX England

Dated: 29 July 2025

TEWKESBURY EDUCATION TRUST FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Restricted
Endowm't
funds
funds
2025
2025
Notes
£
£
Income from:
Charitable activities
2
28,780
-
Total income
28,780
-
Expenditure on:
Charitable activities
3
15,993
-
Total expenditure
15,993
-
Net gains/(losses) on
investments
7
-
(29,583)
Net income/(expenditure)
12,787
(29,583)
Transfers between
funds
(60,000)
60,000
Net movement in
funds
(47,213)
30,417
Reconciliation of funds:
Fund balances at 1 April 2024
85,159
1,022,724
Fund balances at 31 March
2025
37,946
1,053,141		 Total
Restricted
Endowm't
funds
funds
2025
2024
2024
£
£
£
28,780
28,021
-
28,780
28,021
-
15,993
8,536
-
15,993
8,536
-
(29,583)
-
58,695
(16,796)
19,485
58,695
-
-
-
(16,796)
19,485
58,695
1,107,883
65,674
964,029
1,091,087
85,159
1,022,724		 Total
2024
£
28,021
28,021
8,536
8,536
58,695
78,180
-
78,180
1,029,703
1,107,883

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

TEWKESBURY EDUCATION TRUST FUND

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investment property 9 160,200 160,200
Investments 10 892,942 862,525
1,053,142 1,022,725
Current assets
Cash at bank and in hand 42,548 94,319
Creditors: amounts falling due within 11
one year (4,603) (9,161)
Net current assets 37,945 85,158
Total assets less current liabilities 1,091,087 1,107,883
The funds of the Trust
Endowment funds 12 1,053,141 1,022,724
Restricted income funds 13 37,946 85,159
1,091,087 1,107,883

The financial statements were approved by the Trustees on 29 July 2025

P Stringfellow Trustee

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Restricted funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.3 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax is recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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 in the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 Investment property

In line with FRS 102, the Gastons fields are held for the purposes of capital appreciation and therefore are classified as investment property. During the year, a revaluation was undertaken in March 2023, on an open market value.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity, this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.10 Investment properties

In line with FRS102, the Gastons fields are held for the purposes of capital appreciation and therefore are classified as investment property. During the year, a revaluation was undertaken on the land, on an open market value.

2 Income from charitable activities

Restricted Restricted
funds funds
2025 2024
£ £
Restricted funds
Income from investments 28,780 28,021

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

3 Expenditure on charitable activities

Restricted Restricted
funds funds
2025 2024
£ £
Direct costs
Grant funding of activities (see note 4) 8,061 5,063
Share of support and governance costs (see note 5)
Support 4,327 3,473
Governance 3,605 -
15,993 8,536
Analysis by fund
Restricted funds 15,993 8,536
4 Grants payable
Restricted Restricted
funds funds
2025 2024
£ £
Grants to institutions:
Tewkesbury Academy 8,061 2,263
Grants to individuals - 2,800
8,061 5,063
5 Support costs allocated to activities
2025 2024
£ £
Property & land maintenance 4,171 914
Bank charges 62 63
Insurance 94 96
Governance costs 3,605 2,400
7,932 3,473
Analysed between:
Support costs 7,932 3,473

6 Trustees

During the year, no Trustees received any remuneration or other benefits (2024: £Nil). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024: £Nil).

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Gains and losses on investments

Endowment Endowment
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (29,583) 48,495
Revaluation of investment properties - 10,200
(29,583) 58,695

8 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9 Investment property

Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025 160,200

10 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 April 2024 862,525
Additions 60,000
Valuation changes (29,583)
At 31 March 2025 892,942
Carrying amount
At 31 March 2025 892,942
At 31 March 2024 862,525

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Amounts owed to fellow group undertakings
Accruals and deferred income		 2025
£
2,078
2,525
4,603		 2024
£
2,078
7,083
9,161

12 Endowment funds

Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Permanent endowments
Previous year:
Permanent endowments		 At 1 April
2024
£
1,022,724
At 1 April
2023
£
964,029		 Transfers
Gains and
losses
At 31 March
2025
£
£
£
60,000
(29,583)
1,053,141
Transfers
Gains and
losses
At 31 March
2024
£
£
£
-
58,695
1,022,724

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Restricted funds
Previous year:
Restricted funds		 At 1 April
2024
Incoming
resources
Resources
expended
£
£
£
85,159
28,780
(15,993)
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
65,674
28,021
(8,536)		 Transfers
At 31 March
2025
£
£
(60,000)
37,946
Transfers
At 31 March
2024
£
£
-
85,159

TEWKESBURY EDUCATION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

14 Analysis of net assets between funds

Restricted
Endowment
funds
funds
2025
2025
£
£
At 31 March 2025:
Investment properties
-
160,200
Investments
-
892,942
Current assets/(liabilities)
37,946
(1)
37,946
1,053,141
Restricted
Endowment
funds
funds
2024
2024
£
£
At 31 March 2024:
Investment properties
-
160,200
Investments
-
862,525
Current assets/(liabilities)
85,159
(1)
85,159
1,022,724		 Total
2025
£
160,200
892,942
37,945
1,091,087
Total
2024
£
160,200
862,525
85,158
1,107,883