2024/2/2
Kentish’s Educational Foundation
Annual Report and Accounts
2023-2024
Registered with the Charity Commission
Number 313098
Report and Accounts © Trustees of Kentish’s Educational Foundation 2024
1
2024/2/2
KENTISH'S EDUCATIONAL FOUNDATION
Founded 1712
Charity Commission Number 313098
ANNUAL REPORT
2023-2024
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 childless in 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, generally up to first degree level or equivalent, with grants for young (ie up to age around 25). Postgraduate students are considered when there are available funds or if there are special circumstances. The trustees are particularly keen to support apprenticeships and Further Education students.
2
2024/2/2
KENTISH'S EDUCATIONAL FOUNDATION
PARTICULARS OF TRUSTEES WHO SERVED DURING 2023-2024
Year (usually November) when current four year term ends is given in italics.
The Revd Becky Leach ex officio Mr Paul Barnes 2027 Mr Michael Highstead 2025 Mr William Dickinson 2025 Mrs Lynda Lees 2026 Mr Henry [Mitch] Parker retired June 2023 Mr David Rose 2027 Mrs A Steer 2025 Chairman Two vacancies at March 2024
Clerk in Holy Orders Retired underwriter Retired deputy headteacher Farmer Retired teacher/educationalist Retired school bursar Company Chief Executive Officer Retired teacher
Clerk to the Trustees
Mrs Margery 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
The charity does not have its own premises.
3
2024/2/2
KENTISH’S EDUCATIONAL FOUNDATION
PARTICULARS OF BANKERS AND INVESTMENT MANAGERS AT 31 MARCH 2024
Bankers
Barclays Bank plc St Albans City Branch Registered Office of Barclays Bank 1 Churchill Place London E14 5HP
Investment Managers
CCLA Investment Management Ltd One Angel Lane, London EC4R 3AB
Independent Examiner
Mrs Sheila Holmes 126 Crabtree Lane Harpenden Hertfordshire AL5 5RA
4
2024/2/2
KENTISH’S EDUCATIONAL FOUNDATION
PARTICULARS OF SOLICITORS, SURVEYORS & INSURERS AT 31 MARCH 2024
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)
5
2024/2/2
KENTISH’S EDUCATIONAL FOUNDATION
GOVERNANCE REPORT AND 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 £80,000, which the trustees consider to be more than sufficient for the stated purposes. A fall in grant applications during and after the Covid pandemic is partly the reason for this surplus. The trustees also maintain an investment fund consisting of accumulated income, which is available for expenditure when appropriate. The endowment fund is a separate holding.
2. Trustees’ statement on public benefit
The trustees follow 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, in apprenticeships, further or higher education. Applicants are assessed on 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, in line with the.Foundation’s objects.
3. Policies on investments, risk management and conflicts of interest
The trustees have formal policies on investments, risk management and conflicts of interest, in accordance with good practice in the charity sector. These policies have developed from long-held 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 are reviewed from time to time. Trustees are asked to declare possible conflicts of interest at all meetings and any conflicts, or potential 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 other individuals concerned. All of the work of the Foundation is on a not-for-profit basis. No fundraising is undertaken.
6
2024/2/2
5. Payments to trustees
In the year under review, no payments or fees 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. Investments
The trustees reviewed their investments during the year and decided to retain them in the funds operated by CCLA.
7. Report on the Foundation’s activities in 2023-2024
The trustees met three times during the year, in October and November 2023 and February 2024. The October meeting was held at the Crown Inn at Shillington, following a visit to Camptonbury Farm, at which the trustees and Clerk were made very welcome by Dr Simon and Mrs Susan Lamb.
Grants were awarded at both the November and February meetings, totalling seven in all. Four were in the ‘Kentish’ category. The trustees remained concerned at the low number of grant applications and discussed possible reasons for this, including a change in young people’s outlook following the Covid pandemic, insufficient publicity and a general lack of awareness of the funds available for educational purposes through the activities of the voluntary sector. The trustees remained keen to give some priority to young people taking up apprenticeships or following courses at colleges of further education, although they noted that this group was sometimes difficult to reach. The current drop-out rate in apprenticeships was in the region of 50%.
As in previous years, there was an excellent relationship with the Foundation’s farm tenant, Dr Simon Lamb, and his family. Discussions were held about a need to replace the ageing roof on one of the farm buildings and it was agreed that the Foundation would finance this as a landlord’s expense.
Meetings of the Foundation were very well attended by the trustees. However, Henry ‘Mitch’ Parker resigned as a trustee on health grounds during the year and has already been much missed. He began his association with the Foundation as the independent examiner and was subsequently appointed as a trustee, a role he played with great distinction. The trustees here record their thanks for his commitment, wisdom, professionalism and sense of humour.
The Foundation ended the year in excellent financial health. The examined accounts are appended to the report.
Signed…… Alison Steer … Chair Date…..10 September 2024
7
2024/2/2
KENTISH’S EDUCATIONAL FOUNDATION
Charity Commission number 313098
Receipts and Payments Account for the year ended 31 March 2024[1]
| Receipts2 Farm rent COIF investment fund 1 COIF investment fund 2 COIF Ethical COIF deposit fund interest Bank interest6 Compensation TOTAL RECEIPTS Payments Direct charitable expenditure3 Grants for secondary education Grants for higher education Grants for travel Apprenticeships & FE Postgraduate Special awards TOTAL 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 |
2024 £7,743.60 21,129.13 2,131.32 890.73 3,423.64 - - £35,318.42 £750.00 5,000.00 - 500.00 1,250.00 - £7,500.00 £4,686.00 73.59 1,373.81 250.00 214.84 - - £6,598.24 £14,098.24 £21,220.18 |
2023 £7,743.60 21,129.13 2,131.32 890.73 938.56 2.02 100.00 £32,935.36 £1,500.00 6,250.00 - - 1,875.00 £9,625.00 £4,686.00 71.18 1,317.21 250.00 179.41 - - £6,503.80 £16,128.80 £16,806.56 |
|---|---|---|
Numbers in superscript refer to notes
8
2024/2/2
Endowment Capital
Value of Investments
-
Fixed assets 2024 2023 Cost Camptonbury Farm £730,000.00 £730,000.00 1712 endowment
-
Common Investment Funds
COIF Invest Fund 1 £792,443.04 £726,666.62 £424,072.84[2 ] COIF Ethical £32,044.63 £29,177.94 30,631.46 TOTAL £824,487.67 £755,844.56 £454,072.94
TOTAL VALUE OF ENDOWMENT £1,554,487.67 £1,485,844.56
2024/2/2
Statement of Assets and Liabilities at 31 March 2023
| Fixed assets: endowment capital 2024 Tangible fixed assets (farm) £730,000.00 Investments £824,487.67 TOTAL £1,554,487.67 Fixed assets: unrestricted (accumulated income) Investments COIF Fund 2 £79,934.78 Current assets: unrestricted Cash at bank and in hand4 £7,425.80 COIF Deposit Account £84,875.25 Total £92,301.05 TOTAL unrestricted assets £172,235.83 TOTAL ASSETS £1,726,723.50 |
2023 £730,000.00 £755,844.56 £1,485,844.56 £73,299.83(cost 70,000 Dec 2020) £8,780.44 £62,300.43 £71,080.87 £144,380.70 £1,630,225.26 |
|---|---|
Investments COIF Fund 2 Current assets: unrestricted Cash at bank and in hand4 COIF Deposit Account Total TOTAL unrestricted assets TOTAL ASSETS |
Approved by the Trustees ………
…………………………………………………………………………………………………………… Chair Alison Steer
……………… ………
……………………………………………………………………………………………………………
Date 10 September 2024
10
2024/2/2
KENTISH’S EDUCATIONAL FOUNDATION Registered charity number 313098 Independent Examiner’s Report on the Accounts 2023-2024
-
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 2024, as set out in the accounts attached to the annual report.
-
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, as amended, (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.
-
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.
-
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 Sheila Holmes
Mrs Sheila Holmes 126 Crabtree Lane Harpenden Hertfordshire AL5 5RA Date 8 July 2024
11
2024/2/2
KENTISH’S EDUCATIONAL FOUNDATION
Charity Commission number 313098 Notes to the Accounts for the year ended 31 March 2024
-
Accounting policies a) The basis of preparation of the accounts is as required by the Charities Act 2011, as amended, 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.
-
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, decided not to increase the rent since then. All income is unrestricted.
-
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 too high at present. A replacement barn roof at Camptonbury Farm is pending. 5. Grants In the past, grants have normally been made to most beneficiaries in two instalments which have, incidentally, fallen in two financial years. The policy changed in 2021 so that grants to young people not at university are generally paid in a single instalment and grants to university students are paid in two instalments.
- Bank accounts During the previous year, the Nationwide Building Society wound up its interestpaying BusinessInvestor account. The Foundation now banks only with Barclays.
12