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Kentish’s Educational Foundation
Annual Report and Accounts
2020-2021
Registered with the Charity Commission
Number 313098
Report and Accounts © Trustees of Kentish’s Educational Foundation 2021
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KENTISH'S EDUCATIONAL FOUNDATION
Founded 1712
Charity Commission Number 313098
ANNUAL REPORT
2020-2021
Objects of the charity
(a) the award to beneficiaries of grants towards costs arising from education at any secondary school, university, further education college or other educational establishment approved for the purpose by the trustees or for the purpose of enabling beneficiaries to study music or other arts or to undertake travel in furtherance of their education;
(b) the award to beneficiaries of grants towards the cost of outfits, clothing, tools, instruments or books to help them on leaving secondary school, university or other educational establishment to prepare for, or to enter, a profession, trade or calling; and
- (c) the advancement of the education of beneficiaries in such other ways as the trustees may from time to time determine.
In this clause ‘beneficiaries’ means boys, girls and young persons, in particular but not exclusively resident in the geographical counties of Hertfordshire and Bedfordshire, who, in the opinion of the trustees, are in need of financial assistance and, subject to any overriding requirement of the law relating to charities, a preference shall be given first, to boys, girls and young persons with the family name of Kentish; and secondly, to boys, girls and young persons who are of kin to the founder, Thomas Kentish (died 1712).
These words are from the Scheme made by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960 on 9 November 1972 , as amended by the Scheme made by the Charity Commission on 24 August 2009.
The policy of the trustees is to award grants to children and young people who are in secondary schools, further education colleges, apprenticeships or universities, up to first degree level or equivalent, with grants for young (ie up age around 25) postgraduate students also considered when there are available funds or if there are special circumstances.
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KENTISH'S EDUCATIONAL FOUNDATION
PARTICULARS OF TRUSTEES AT 31 MARCH 2021
Year (usually November) when current four year term ends is given in italics.
The Revd Becky Leach ex officio
Clerk in Holy Orders
Mr Paul Barnes 2023
Retired underwriter
Mr Michael Highstead 2021
Retired deputy headteacher
Mr William Dickinson 2021
Farmer
Mr Henry [Mitch] Parker 2021
Mr David Rose February 2023
Retired school bursar Company Chief Executive Officer
Mrs A Steer 2021 Chairman
Retired teacher
2 vacancies
Clerk to the Trustees
Mrs M D Roberts
Address of the Charity registered with the Charity Commission
7 Nunnery Stables St Albans Hertfordshire AL1 2AS
Telephone : 01727 856626 Email: robertssopwellnunnery@btinternet.com
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KENTISH’S EDUCATIONAL FOUNDATION
PARTICULARS OF BANKERS AND INVESTMENT MANAGERS AT 31 MARCH 2021
Bankers
Barclays Bank plc St Albans City Branch Registered Office of Barclays Bank 1 Churchill Place London E14 5HP
Nationwide Building Society 1 Lockey House St Peter’s Street St Albans Hertfordshire AL1 3NA
Investment Managers
CCLA Investment Management Ltd Senator House, 85 Queen Victoria Street London EC4V 4ET
Independent Examiner
Mrs Sheila Holmes 126 Crabtree Lane Harpenden Hertfordshire AL5 5RA
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KENTISH’S EDUCATIONAL FOUNDATION
PARTICULARS OF SOLICITORS, SURVEYORS & INSURERS AT 31 MARCH 2021
Solicitors
Lee Bolton Monier-Williams 1 The Sanctuary London SW1P 3JT
Surveyors/land agents
Robinson and Hall 118 Bromham Rd Bedford MK40 2QN
Insurers of Camptonbury Farm
NFU Mutual Tiddington Road Stratford-upon-Avon Warwickshire CV37 7BJ (Registered Office)
J Langley and C Platt NFU Mutual Rivers Lodge West Common Harpenden Hertfordshire AL5 2JD (Local office)
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KENTISH’S EDUCATIONAL FOUNDATION
GOVERNANCE REPORT AND CHAIRMAN’S REPORT ON ACTIVITIES
1. Trustees’ reserves policy
For some years, the trustees’ grants policy has been to award approximately 75% of the annual income on grants, the remainder being applied to administration (including the Clerk’s honorarium), the insurance of Camptonbury Farm and to reserves held for urgent expenditure (for example, for exceptionally needy applicants), landlord’s responsibilities for the farm, and to maintain the work of the charity for at least six months. This reserve fund, held in an interest-paying deposit account, currently amounts to around £30,000, which the trustees consider to be sufficient for the stated purposes. In 2020, the trustees transferred £70,000 from the deposit account to the CBF Investment Fund, to be held in a separate account from the endowment funds. This account will be held for surplus unrestricted funds and is readily available for expenditure, as and when appropriate
2. Trustees’ statement on public benefit
The trustees are aware of the Charity Commission’s guidance on public benefit. They consider that the work of the Foundation benefits the public by supporting children and young people in the defined areas of benefit who need financial help in pursuing their education and advancement, whether at secondary school level or in apprenticeships, further or higher education. Applicants are assessed on the basis of their educational and financial needs, as expressed in the application form and supporting documents. The trustees ask to see school and college/university reports and examination results in order to monitor the beneficiaries’ progress and to ensure that grants are being put to good use and applied to the purpose for which they were awarded.
3. Policies on investments, risk management and conflicts of interest
The trustees have formal policies on investments, risk management and conflicts of interest, in line with good practice in the charity sector. These policies have developed from longheld guidelines and practices, with the aim of maintaining and extending the high standards which have always been the aim of the trustees and Clerk. These will be reviewed from time to time. Trustees are asked to declare possible conflicts of interest at all meetings and any conflicts are carefully managed.
4. Data protection
The trustees comply with the provisions of the Data Protection Act 2018 as to the processing of personal data by maintaining a data protection policy and privacy notice, the latter being supplied to all eligible applicants. They have never shared personal data with other organisations or individuals except with the full prior permission of the applicants and individuals concerned. All of the work of the Foundation is on a not-for-profit basis.
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5. Payments to trustees
In the year under review, no payments were made to trustees which related to any professional services or for serving as a trustee. Travel and other legitimate expenses are offered, in line with Charity Commission guidance.
6. Covid-19 pandemic
During the whole of the year under review, the Covid-19 pandemic has severely affected the UK and countries around the world. The government has imposed three ‘lockdowns’ during the past year. The full economic and social consequences of the pandemic are not yet known. In the UK, the base rate has remained at 0.10% and may fall further. The trustees hope to meet the extra needs of young people in the area of benefit during the coming year and beyond, by utilising surplus reserves, as appropriate.
7 . Chairman’s Report on the Foundation’s activities in 2020-2021
What a year, completely dominated by Covid-19. This has, of course, affected the trustees’ meetings. The trustees have not been able to meet normally except by Zoom. One of the trustees was unable to access Zoom but was able to respond to the agendas by email. Zoom has definitely worked well.
Covid-19 has also prevented the trustees visiting Camptonbury Farm this year. However, a visit is hopefully planned for the autumn.
The trustees agreed to have a re-investment cost assessment of the farm buildings which was carried out by Barret, Corp and Harrington. The NFU re-valued the farm buildings for insurance purposes. The NFU recommended that the cover be upgraded. This was agreed by the trustees.
During the year, the trustees have discussed the problem of the Foundation’s capital funds losing value. The decision has recently been made to transfer the monies in the CCLA COIF Fixed Interest Fund to the COIF Ethical Investment Fund.
Sixteen grants were awarded during the year, the majority for undergraduates. Two of the grants were made as exceptional awards, as both applicants were over the age of the Foundation’s normal age range for recipients.
The trustees would like to thank their Clerk for all the valuable work done on their behalf.
Alison Steer
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KENTISH’S EDUCATIONAL FOUNDATION
Charity Commission number 313098
Receipts and Payments Account for the year ended 31 March 2021[1]
Receipts[2]
| Farm rent COIF investment fund 1 COIF investment fund 26 COIF fixed income fund COIF deposit fund interest Bank interest Donation TOTAL RECEIPTS |
2021 £7743.60 20,306.92 508.18 972.32 110.43 5.97 25.00 £29672.42 |
2020 £7743.60 19,907.44 - - 972.32 523.20 4.21 - £29,150.77 |
|---|---|---|
Payments
| Direct charitable expenditure3 Grants for secondary education Grants for higher/further education Grants for travel Apprenticeships Postgraduate Special awards TOTAL |
£500.00 9,100.00 - 1200.00 6000.00 2000.00 £18,800.005 |
£750.00 3600.00 - - 8500.00 300.00 £13,150.00 |
|---|---|---|
| Support costs and administration Clerk’s honorarium Administrative expenses Farm insurance Examiner Farm visit & trustee expenses Professional fees Bank charges TOTAL TOTAL EXPENDITURE Excess of receipts over payments |
£4686.00 49.17 1630.72 200.00 - - - £6565.89 £25,365.89 £4306.53 |
£4800.00 93.00 874.03 200.00 49.00 1538.76 - £7554.79 £20,704.79 £8445.98 |
|---|---|---|
Numbers in superscript refer to notes
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Endowment Capital
Value of Investments
- Fixed assets 2021 2020 Cost Camptonbury Farm £730,000.00 £730,000.00 1712 endowment 2. Common Investment Funds COIF Invest Fund £695,244.41 £576,179.77 £424,072.84[2 ] COIF Fixed Income £29,511.64 £29,918.97 30,000.00 TOTAL £724,756.05 £606,098.74 £454,072.94 TOTAL VALUE OF ENDOWMENT £1,454,756.05 £1,336,098.74
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Statement of Assets and Liabilities at 31 March 2021
| Fixed assets: endowment capital | 2021 | 2020 | |
|---|---|---|---|
| Tangible fixed assets (farm) | £730,000.00 | £730,000.00 | |
| Investments | £724,756.05 | £606,098.74 | |
| TOTAL | £1,454,756.05 | £1,336,098.74 | |
| Fixed assets: unrestricted (accumulated income)6 | |||
| Investments | £70,130.23 (cost £70,000 Dec 2020) | - | |
| - | |||
| Current assets: unrestricted | |||
| Cash at bank and in hand4 | £39,142.67 | £104,836.14 | |
| (COIF Deposit Account and bank accounts) | |||
| TOTAL ASSETS | £1,564,055.13 | £1,440,34.88 |
Approved by the Trustees ………
…………………………………………………………………………………………………………… Chairman Alison Steer
……………… ………………………………………………………………………………..
…………………………………………………………………………………………………………… Date…......1 July 2021................................................................................
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KENTISH’S EDUCATIONAL FOUNDATION Registered charity number 313098 Independent Examiner’s Report on the Accounts 2020-2021
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I am reporting to the trustees of Kentish’s Educational Foundation on the Receipts and Payments Accounts and Statement of Assets and Liabilities for the year ended 31 March 2021, as set out in the accounts attached to the annual report.
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As the charity’s trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the relevant Directions given by the Charity Commission under section 145(5) of the Act, whether particular matters have come to my attention.
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My examination was carried out in accordance with the relevant Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
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In connection with my examination, no matter has come to my attention :
(1) which gives me reasonable cause to believe that in any material respect the requirements
(a) to keep accounting records in accordance with section 130 of the Act; and
(b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached .
Signed S Holmes Mrs Sheila Holmes 126 Crabtree Lane Harpenden Hertfordshire AL5 5RA Date 27 May 2021
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KENTISH’S EDUCATIONAL FOUNDATION
Charity Commission number 313098 Notes to the Accounts for the year ended 31 March 2020
- Accounting policies a) The basis of preparation of the accounts is as required by the Charities Act 2011, having regard to the income of the charity being under £250,000.
b) Fixed assets : freehold land and buildings were valued by a Chartered Surveyor in 2019.
c) Other investments have been valued at mid-market price. d) Expenses incurred in the management of invested endowment funds are charged against the capital fund at source. 2. Capital and income Investment income is subject to fluctuations in the stock markets. The farm rent was reviewed in 2013 and increased to £7733.60 from 29 September 2013, with an abatement to £6628.80 in 2013-2014. The trustees have, on advice received from their surveyor, decided not to increase the rent since then. All income is unrestricted. 3. Trustees’ grants’ budget policy In accordance with the governing document, educational grants are made to individuals only. The Trustees’ policy is to apply around 75% of the annual income towards grants. The other 25% (approximately) covers support and administrative costs, with the surplus being added to reserves. However, when appropriate, the trustees apply surplus reserve funds towards grants. 4. Reserves The Trustees’ policy is to hold in reserve funds which are sufficient for the purpose of a) maintaining the administration of the charity; b) fulfilling their obligations towards Camptonbury Farm and its tenant; c) giving urgent assistance to children and young people, when appropriate; and d) protecting the wider interests of the Foundation. The current level of reserves accords broadly with Charity Commission guidance, although the trustees consider that the sum held is a little too high at present. They plan to take steps to reduce it. 5. Grants In the past, grants have normally been made to most beneficiaries in two instalments which have, incidentally, fallen in two financial years. However, in 2020-2021, some grants were paid in one instalment in order to support young people during the Covid19 pandemic. The trustees will consider whether to continue with this practice in the future. 6. Purchase of investments During the year, the trustees transferred £70,000 from their COIF Deposit Account to a new COIF Investment Fund account, subtitled ‘Accumulated income’. This is available for expenditure, should the need arise.
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