DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION REGISTERED CHARITY 312026
TRUSTEES’ ANNUAL REPORT AND ACCOUNTS
FOR YEAR ENDED 31 MARCH 2023
DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
INDEX
FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Trustees’ Annual Report and Accounts | 1 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 |
| Independent Examiner’s Report | 13 |
DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES
The following acted as Trustees during the year under review as below (their dates for possible re-appointment are included in brackets):
Dr D Ashton Nominated Trustee of Royal Holloway and Bedford New College (Resigned 8 August 2022) Mr V M Bairstow MBE Nominated Trustee of the Coopers’ Company (Chairman from 21 February 2019) (18 December 2025) Cllr A Balkin Nominated Trustee of Runnymede Borough Council (Resigned 8 April 2022) Mrs V Cresswell (4 March 2025) Mr C I H Cross Nominated Trustee of the Coopers’ Company (25 May 2025) Mr F G Curry (30 October 2027) Mr S I Hatherall (2 November 2026) Mr N D Jamison (30 October 2027) Prof J D Knowles Nominated Trustee of Royal Holloway and Bedford New College (Appointed 30 November 2022: Resigned 15 April 2023) Prof R Mock Nominated Trustee of Royal Holloway and Bedford New College (Appointed 10 October 2023) Mr G J Todd (Resigned 30 October 2022) Cllr S C Williams Nominated Trustee of Runnymede Borough Council (Appointed 26 May 2022) (26 May 2026)
The body of Trustees at the year-end consisted of eight persons of whom two were nominated by The Worshipful Company of Coopers and one by The Council of Royal Holloway and Bedford New College.
All Trustees are obliged to be appointed and nominated, as applicable, under the Charity Commission approved Scheme.
All the Trustees act on a voluntary basis. The Foundation has entered into a contract with Sunningdales, Chartered Surveyors, the professional firm of a Trustee, Mr Cross, regarding all property matters affecting Strode’s College Lane, the Boathouse and the Land at Staines. In addition, there is a contract with Three Kings Accounting Limited, a company of which Mrs Cresswell is director and majority shareholder, for the Foundation’s accounting. Both of the above contracts were approved by Trustees on 13 June 2019.
In addition, the Foundation has continued to employ a firm of solicitors on an ad hoc basis, being Horne Engall & Freeman LLP, the professional firm of a Trustee, Mr N D Jamison.
The addresses of the Officers during the year were:
Clerk: Mr F G Curry Treasurer: Mrs V Cresswell 11 St. Mary’s Gardens c/o Three Kings Accounting Limited Bagshot Suite 3, Dukes House Surrey GU19 5JA 4-6 High Street Windsor Berkshire SL4 1LD
The place of business of the Foundation is c/o Horne, Engall & Freeman LLP, 47a High Street, Egham, Surrey, TW20 9ES.
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
TRUSTEES’ ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Strode’s Foundation arose from the will of Henry Strode who, in 1704, left £6,000 inter alia to provide and maintain a school for poor children of Egham in Surrey. A number of variations to the original will, by way of Schemes, have been applied over the years under various Charity and Education Acts. Strode’s Foundation is a registered charity (No 312026).
On 28 April 2017, a new Scheme was sealed by the Charity Commission which recognised the takeover by East Berkshire College, later The Windsor Forest Colleges Group (‘TWFCG’), of the business of Strode’s College Corporation, which latter was dissolved on 3 May 2017. This Scheme changed the object of the Foundation as below.
In addition to recognising the provisions of the new Scheme, Trustees have been aware of the continual need to be conversant with charity practice and governance, and all Trustees have been encouraged to attend relevant seminars.
OBJECT AND ACTIVITIES
The object of the above Scheme is to advance the education of students of the former Strode’s Sixth Form College property in Egham, Surrey, referred to herein as Strode’s campus, and also, of young persons resident in the area of the former Egham Urban District by such means as the Trustees think fit.
In carrying out their activities, the Trustees have regard to the Charity Commission guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
The Foundation concluded a 25 year lease dated 3 May 2017 for the use of the Strode’s campus with TWFCG with effect from 9 May 2017.
At the same time, an Operating Agreement dated 3 May 2017 was entered into between the Foundation and TWFCG which set a modus operandi as between the Foundation and TWFCG and various goals inter alia for the academic development by TWFCG of the Strode’s campus which continues to be monitored for compliance by Trustees.
During the year under review , HQ Egham Limited substantially concluded work on the redevelopment of Strode’s College Lane with some minor matters still to resolve. The Foundation’s interests continue to be carefully monitored by Trustees.
Grants
Under the above Scheme, the Trustees resolved provisionally to make equal contributions to TWFCG in respect of Strode’s campus and to The Magna Carta School, out of available net income for the above object. A grant was given in the year to advance the education of students at the Strode’s campus.
Subsequent to the year-end, Trustees have sought grant applications from Strode’s campus and The Magna Carta School, which when granted, have or would significantly reduce the total of Unrestricted General Funds carried forward at the yearend.
The Trustees would be very grateful to receive charitable gifts so as to enhance the work of the Foundation.
Financial Review
The Foundation received income of £99,769 (2022; £71,574) from its investments during the year and made grants totalling £30,991 (2022; £28,971). Investment management costs were £5,797 (2022; £8,867). Other costs amounted to £6,311 (2022; £7,785). Realised and unrealised gains and losses on investments amounted to net gains of £101,620 (2022; £56,688 gain). The result of the above is a net increase during the year of £59,344 in Unrestricted General Funds (2022; net increase of £33,523) and a net increase in Endowed Funds of £98,946 (2022; net increase of £49,116).
At the year end, the Foundation held unrestricted funds of £246,675 (2022; £187,331) and Endowed funds of £1,730,920 (2022; £1,631,974), held mainly in the investment portfolio of £1,305,098 (2022; £1,392,767).
On 24 July 1996, the Trustees obtained a guidance report on market values of properties from Frazers Professional Services (Chartered Surveyors). The values reported have been included in the accounts at 31 March 2023, both for property used for direct charitable purposes and investment property, subject to a revaluation of the house at Streatham in anticipation of its sale which occurred after the year-end. The Trustees consider that there is no merit at this stage in commissioning a formal
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
TRUSTEES’ ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
revaluation of the Foundation’s residual properties in view of the considerable costs involved. The Trustees continue to review any possibility for the development of the Foundation’s land at Wheatsheaf Lane, Staines and the Boathouse.
RESERVES POLICY
The Trustees’ policy is to hold liquid reserves of approximately 50% of annual income, so as to be able to meet anticipated short-term expenditure needs.
INVESTMENT POLICY
The Investment Policy Statement is reviewed on an annual basis to ensure its continuing relevance.
The Foundation’s funds are spilt between a number of Investment managers.
Blackrock manages the Fixed Interest holding through the BlackRock Charities UK Bond Fund (formerly The Charinco Fund). This Fund aims to produce a relatively high income yield. Whilst providing a degree of capital security.
The Equity Holdings are currently divided between two Investment Managers:- Brewin Dolphin & CCLA
Brewin Dolphin manages its Portfolio of Global Equities against a defined Investment Risk Profile and actively reviews and rebalances this on an ongoing basis.
The CCLA COIF Holding has a significant overseas Equity exposure. This is to be transferred in its entirety after the year end to Brewin Dolphin and consolidated with the Foundation’s existing holding, which has less exposure to overseas equities.
A significant Cash Deposit holding will remain with CCLA.
The principal aim of the investments is to provide an income sufficient to meet the Foundation’s objectives. The Foundation intends that the natural variable income from their portfolio will be paid out on a regular basis. The Foundation intends that this variable income should normally be wholly distributed in line with its charitable objects.
The trustees meet three times a year to review the Investment Portfolio.
TRUSTEES’ RESPONSIBILITES
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom General Accepted Accounting Practice.)
The laws applicable to charities in England & Wales require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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state whether applicable accounting standards have been followed, subject to any unusual departures disclosed and explained in the financial statements;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Foundation will continue to operate.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Foundation Scheme. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
TRUSTEES’ ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
RELEVANT ORGANISATIONS
Accountants: Three Kings Accounting Limited, Suite 3 Dukes House, 4-6 High Street, Windsor, Berkshire SL4 1LD Bankers: Barclays Bank plc, Staines Group, 71 High Street, Staines, Middlesex, TW18 4PS. Independent Examiner: Janice Matthews FCA, Menzies LLP, 2[nd] Floor, Magna House, 18-32 London Road, Staines-Upon-Thames, TW18 4BP Investment Managers: Brewin Dolphin Limited, 12 Smithfield Street, London, EC1A 9BD BlackRock Fund Managers Limited, PO Box 9036, Chelmsford, Essex, CM99 2XD CCLA COIF, Senator House, 85 Queen Victoria Street, London EC4V 4ET Solicitors: Horne Engall & Freeman LLP, 47a High Street, Egham, Surrey, TW20 9ES Winckworth Sherwood LLP, Minerva House, 5 Montague Close, London, SE1 9BB Surveyors: Sunningdales, 83 Gainsborough Drive, Ascot, Berkshire, SL5 8TA Treasurer: Mrs V Cresswell, Three Kings Accounting Limited, Suite 3 Dukes House, 4-6 High Street, Windsor, Berkshire SL4 1LD
Signed:
……………………………………… V M Bairstow Chairman of Trustees
19-Oct-2023
……………………………………….
Date
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Endowed | Total | ||
|---|---|---|---|---|---|---|---|---|
| General Funds | Funds - Bequests | Endowed Funds | 2023 | General Funds | Funds -Bequests | Funds | 2022 | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| INCOME | ||||||||
| Investments:- | ||||||||
| Investment income | 34,468 | 91 | - | 34,559 | 31,288 | 122 | - | 31,410 |
| Deposit interest | 6,120 | - | - | 6,120 | - | - | - | - |
| Rentals from property | 59,024 | - | - | 59,024 | 40,164 | - | - | 40,164 |
| Donations and sundry asset sales | 66 | - | - | 66 | - | - | - | - |
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------- | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------- | ------------------------------------------------ | |
| TOTAL | 99,678 | 91 | 99,769 | 71,452 | 122 | - | 71,574 | |
| ==================================== | ==================================== | ==================================== | ====================== ============== | ==================================== | ==================================== | ==================================== | ====================== ============== | |
| EXPENDITURE | ||||||||
| Cost of Generating funds:- | ||||||||
| Property management costs | 3,123 | - | - | 3,123 | 1,295 | - | - | 1,295 |
| Brewin Dolphin Portfolio Management fees | - | - | 2,674 | 2,674 | - | - | 7,572 | 7,572 |
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | |
| 3,123 | - | 2,674 | 5,797 | 1,295 | - | 7,572 | 8,867 | |
| ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | |
| Direct charitable expenditure:- | ||||||||
| Grants made:- | ||||||||
| Grant to Strode’s College | 30,900 | - | - | 30,900 | 28,849 | - | - | 28,849 |
| Grants to The Magna Carta School | - | - | - | - | - | - | - | - |
| Disbursements (prizes) | - | 91 | - | 91 | - | 122 | - | 122 |
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | |
| 30,900 | 91 | - | 30,991 | 28,849 | 122 | - | 28,971 | |
| ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | |
| Support and Governance costs:- | ||||||||
| Independent Examination and accounts preparation | 3,780 | - | - | 3,780 | 4,094 | - | - | 4,094 |
| Legal and Professional | 1,600 | - | - | 1,600 | 2,640 | - | - | 2,640 |
| Other | 931 | - | - | 931 | 1,051 | - | - | 1,051 |
| ------------------------------------------------ | ----------------------------------------------- | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ------------------------------------------------ | ------------------------------------------------ | |
| 6,311 | - | - | 6,311 | 7,785 | - | - | 7,785 | |
| ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | |
| TOTAL | 40,334 | 91 | 2,674 | 43,099 | 37,929 | 122 | 7,572 | 45,623 |
| ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | |
| NET INCOMING/OUTGOING RESOURCES BEFORE | ||||||||
| TRANSFERS (CARRIED FORWARD) | 59,344 | - | (2,674) | 56,670 | 33,523 | - | (7,572) | 25,951 |
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Restricted | Endowed |
Total | Unrestricted | Restricted |
Endowed | Total | |
|---|---|---|---|---|---|---|---|---|
| General Fund | Funds - Bequests | Funds | 2023 |
General Funds | Funds- Bequests |
Funds | 2022 | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| NET INCOMING/OUTGOING RESOURCES BEFORE | ||||||||
| TRANSFERS (BROUGHT FORWARD) | 59,344 | - | (2,674) | 56,670 | 33,523 | - | (7,572) | 25,951 |
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | |
| NET INCOMING RESOURCES BEFORE OTHER | ||||||||
| RECOGNISED GAINS AND LOSSES | 59,344 | - | (2,674) | 56,670 | 33,523 | - | (7,572) | 25,951 |
| Unrealised Gains on investments (Note 3a & 3b) | - | - | 101,620 | 101,620 | - | - | 56,688 | 56,688 |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------- ------- | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------- ------- | ------------------------------------------------ | |
| NET MOVEMENT IN FUNDS | ||||||||
| 59,344 | - | 98,946 | 158,290 | 33,523 | - | 49,116 | 82,639 | |
| Total funds brought forward | 187,331 | - | 1,631,974 | 1,819,305 | 153,808 | - | 1,582,858 | 1,736,666 |
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | |
| TOTAL FUNDS CARRIED FORWARD | 246,675 | - | 1,730,920 | 1,977,595 | 187,331 | - | 1,631,974 | 1,819,305 |
| ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | ======================================= |
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
BALANCE SHEET
AT 31 MARCH 2023
| Note | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Property in use | 2 | 42,470 | 42,470 |
| Investment property | 3a | 226,000 | 37,568 |
| Investments | 3b | 1,305,098 | 1,392,767 |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 1,573,568 | 1,472,805 | ||
| ======================================= | ======================================= | ||
| CURRENT ASSETS | |||
| Debtors | 4 | 16,234 | - |
| Short term deposits | 363,764 | 324,996 | |
| Cash at bank and in hand | 31,409 | 27,120 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 411,407 | 352,116 | ||
| CURRENT LIABILITIES | |||
| Creditors and accruals | 5 | 7,380 | 5,616 |
| ------------------------------------------------ | ------------------------------------------------ | ||
| NET CURRENT ASSETS | 404,027 | 346,500 | |
| ======================================= | ======================================= | ||
| NET ASSETS | 6 | 1,977,595 | 1,819,305 |
| ======================================= | ======================================= | ||
| FUNDS | |||
| Unrestricted income funds: | |||
| Unrestricted General Fund | 246,675 | 187,331 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 246,675 | 187,331 | ||
| ======================================= | ======================================= | ||
| Restricted funds: | |||
| Endowed Funds | 6&7 | 1,728,665 | 1,629,341 |
| Bequests | 6&7 | 2,255 | 2,633 |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 1,730,920 | 1,631,974 | ||
| ======================================= | ======================================= | ||
| TOTAL FUNDS | 1,977,595 | 1,819,305 | |
| ======================================= | ======================================= |
Approved by the Trustees and signed on their behalf by:
19-Oct-2023 ………………………………………… V M Bairstow Chairman of Trustees
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Strode’s Foundation is an unincorporated charity regulated by a Scheme approved by the Charity Commission and is registered in England and Wales. Details of its principal activities and place of business are set out in the Trustees’ Annual Report on pages 1, 2, 3 and 4.
General
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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Strode’s 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 note(s).
The accounts are presented in £ Sterling (GBP) and are rounded to the nearest £.
Fund accounting
Unrestricted General Funds are available for use at the discretion of the Trustees in furtherance of the object of the charity.
Designated Funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted Funds – Bequests are subject to restrictions on their expenditure specified by the donors or through the terms of any fundraising initiative.
Endowed Funds are funds given to be retained and invested to provide income for the Foundation.
Investments
Investments in fixed interest securities and equities are valued at the mid-market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. The following policies are applied to specific categories of income:
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Voluntary income received by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable.
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Any investment income is included when receivable
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The value of any volunteer help received is not included in the accounts
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates. The following policies are applied to specific categories of expenditure:
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Costs of generating funds comprise the costs associated with managing the Foundation’s investment properties.
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Charitable expenditure comprises those costs incurred by the Foundation in delivering its charitable aims. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES (CONTINUED)
Resources expended (continued)
- Support and Governance costs include costs associated with meeting the constitutional and statutory requirements of the Foundation and include the Independent Examiner’s fees and costs linked to the strategic management of the charity.
Depreciation
Depreciation is provided where relevant to write off the cost of an asset less its estimated residual value over the useful economic life of the asset.
Going Concern
The Foundation has significant assets both in its General Fund and in Endowed funds. In the opinion of the Trustees, the Foundation is a going concern for at least twelve months from the date of approval of these financial statements and for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Judgements and Estimates
In the opinion of the Trustees, there are no significant judgements or estimates used in the preparation of these financial statements.
2. PROPERTY IN USE
| PROPERTY IN USE | ||||
|---|---|---|---|---|
| Strode’s College | Boathouse | 2023 Total | 2022 Total | |
| £ | £ | £ | £ | |
| Used for direct charitable purposes | ||||
| Valuation 1 April 2022 | 40,000 | 2,470 | 42,470 | 42,470 |
| ------------------------------------------------ | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | |
| Valuation 31 March 2023 | 40,000 | 2,470 | 42,470 | 42,470 |
| ======================================= | ======================================= | ======================================= | ======================================= | |
| Historic cost 31 March 2023 | 96,315 | 6,500 | 102,815 | 102,815 |
| ======================================= | ======================================= | ======================================= | ======================================= |
The Trustees consider that the estimated residual value of the assets is substantially in excess of the values shown above and accordingly no depreciation has been provided.
3a. INVESTMENT PROPERTY
| Land at Staines | House in Streatham | 2023 Total | 2022 Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Valuation 1 April 2022 | 20,000 | 17,568 | 37,568 | 37,568 |
| Revaluation in the year | - | 188,432 | 188,432 | - |
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------- | ------------------------------------------------ | |
| Valuation 31 March 2023 | 20,000 | 206,000 | 226,000 | 37,568 |
| ======================================= | ======================================= | ======================================= | ======================================= | |
| Historic cost at 31 March 2023 | NIL | 263 | 263 | 263 |
| ======================================= | ======================================= | ====================================== | ======================================= |
All investment property above has been valued by the Trustees in accordance with a guidance report from Frazers Professional Services (Chartered Surveyors) of 35 Chobham Road, Woking, Surrey dated 24 July 1996. The residual value of the Streatham house was set at £206,000 by the Trustees at 31 March 2023 (previously revalued to £17,568 in 2002) reflecting its then imminent sale. The Trustees do not consider that the costs involved in a further revaluation of the land at Staines is justified at present.
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3b. INVESTMENTS
| 3b. | INVESTMENTS | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Market value at 1 April 2022 | 1,392,767 | 1,345,093 | |
| Disposals at opening market value | (857) | (22,304) | |
| Additions | - | 13,290 | |
| Unrealised investment (losses)/gains | (86,812) | 56,688 | |
| 1,305,098 | 1,392,767 | ||
| Market Value | Market Value | ||
| 31.03.2023 | 31.03.2022 | ||
| Investment Holdings | £ | £ | |
| Endowed funds: | |||
| BlackRock Charities UK Bond Fund | 88,736 | 103,601 | |
| Brewin Dolphin managed funds | 697,308 | 749,408 | |
| CCLA Charities Investment Fund Income Units | 516,799 | 537,125 | |
| Bequest funds: | |||
| BlackRock Charities UK Bond fund | 2,255 | 2,633 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 1,305,098 | 1,392,767 | ||
| ======================================= | ======================================= | ||
| 4. | DEBTORS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accrued income | 16,234 | - | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 16,234 | - | ||
| ======================================= | ======================================= | ||
| 5. | CREDITORS AND ACCRUALS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals | 7,380 | 5,616 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 7,380 | 5,616 | ||
| ======================================= | ======================================= |
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF STRODE’S FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2023
6. SUMMARY OF NET ASSETS BY FUNDS
Summary of net assets by funds - current year
| Property Investment property Investments Net current assets |
Unrestricted General Funds General £ - - - 246,675 ------------------------------------------------ 246,675 ======================================= |
Endowed Funds Endowed Bequests 2023 Total £ £ £ 42,470 - 42,470 226,000 - 226,000 1,302,843 2,255 1,305,098 157,352 - 404,027 ----------------------------------------------- ------------------------------------------------ ------------------------------------------------- 1,728,665 2,255 1,977,595 ======================================= ======================================= ======================================== |
|---|---|---|
Summary of net assets by funds - previous year
| Property Investment property Investments Net current assets |
Unrestricted General Funds General £ - - - 187,331 ------------------------------------------------ 187,331 ======================================= |
Endowed Funds Endowed Bequests 2022 Total £ £ £ 42,470 - 42,470 37,568 - 37,568 1,390,134 2,633 1,392,767 159,169 - 346,500 ----------------------------------------------- ------------------------------------------------ ------------------------------------------------- 1,629,341 2,633 1,819,305 ======================================= ======================================= ======================================== |
|---|---|---|
7. ENDOWED FUNDS
These comprise the Endowed and Bequest Funds which includes property and investments and funds arising from property realisations.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Balance brought forward | 1,631,974 | 1,582,858 |
| Investment management fees | (2,674) | (7,572) |
| Net Gains and (losses) on investments | 101,620 | 56,688 |
| ------------------------------------------------ | ------------------------------------------------ | |
| Balance carried forward | 1,730,920 | 1,631,974 |
| ======================================= | ======================================= |
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF STRODE’S FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2023
8. BEQUEST FUNDS
There are seven restricted bequest funds all of which are invested in Charinco Income Shares. Disbursements are made annually from the income to provide prizes for students at the Strode’s campus. Two of these bequests are in the same name and have been aggregated.
| Earnings brought | Disbursement Addition this |
Disbursement Addition this |
Disbursement Addition this |
Earnings | carried | ||||
|---|---|---|---|---|---|---|---|---|---|
| forward | Interest | this year | year | forward | |||||
| £ | £ | £ | £ | £ | |||||
| Edward Budgen | - | 8 | 8 | - | - | ||||
| J M Gittings | - | 23 | 23 | - | - | ||||
| A W Maude | - | 11 | 11 | - | - | ||||
| D M Jenkins | - | 11 | 11 | - | - | ||||
| Philippa Hicks | - |
19 | 19 | - | - | ||||
| F W Stickler | - | 19 | 19 | - | - | ||||
| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ | |||||
| - | 91 | 91 | - | - | |||||
| ======================================= | ======================================= | ======================================= | ======================================= | ======================================= | |||||
| ATED PARTY TRANSACTIONS | |||||||||
| During the year the | following amounts were charged | by businesses in which a Trustee has an interest. All amounts | |||||||
| nvoiced on normal commercial terms. | |||||||||
| Trustee | Professional | Professional |
Description |
||||||
| Fees | 2023 | Fees | 2022 | ||||||
| Mr N D Jamison | - | - | Legal fees | accrued to | Horne, Engall & | ||||
| Freeman LLP. Mr Jamison | is the Managing | ||||||||
| Partner | |||||||||
| Mr C I H Cross | - | - | Professional fees accrued | to Sunningdales, | |||||
| Chartered Surveyors, a | business of | which | |||||||
| Mr Cross is the Principal | |||||||||
| Mrs V Cresswell | £900 | £900 | Professional fees paid for book keeping and | ||||||
| accounting | services | to | Three |
Kings | |||||
| Accounting | Limited, a company of | which | |||||||
| Mrs Cresswell is the |
director |
and |
|||||||
| shareholder |
9. RELATED PARTY TRANSACTIONS
During the year the following amounts were charged by businesses in which a Trustee has an interest. All amounts are agreed and invoiced on normal commercial terms.
10. FINANCIAL COMMITMENTS
Trustees continued to grant Academic Achievers’ Awards via Strode’s College to relevant students, with a total of £9,000 being outstanding at the year-end to five students (2022; £10,000). In addition, Trustees paid after the year-end, an annual grant of £25,000 to TWFCG to be expended in respect of Strode’s campus and await a detailed application in respect of a capital project which might cost £30,000.
Also, Trustees have paid a grant after the year-end of £29,370 to The Magna Carta School to fit out a new library and await a further application in respect of an annual grant.
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DocuSign Envelope ID: CC5D9A6E-8C3A-4945-AD0D-1EEF8E60CD8D
STRODE’S FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF STRODE’S FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2023
I report to the Trustees on my examination of the accounts of Strode’s Foundation for the year ended 31 March 2023, set out on pages 5 to 12.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 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
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 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.
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 2019.
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 Trust as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
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.
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.
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 I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent Charity and the Charity's Trustees as a body, for my work or for this report.
19-Oct-2023
Janice Matthews FCA, Menzies LLP Independent Examiner
2[nd] Floor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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