**Charity registration number 525969** 

## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2024** 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

## **Trustees** 

Mr E C H Trevor-Barnston Mr D Rowlands Mrs E Johnson Mrs C Edwards Mrs J Myers 

Councillor Mrs M Parker Councillor Mr G Gould Councillor Mrs C Ellis 

## **Appointed by:** 

Governors Chairman Governors Deputy Chairman Governors Governors Parish of St Peter with St John The Parish of Christchurch The Parish of st Oswalf & St (Appointed 6 June 2023) CWAC (Appointed 6 June 2023) CWAC (Appointed 6 June 2023) CWAC 

## **Charity number** 525969 

**Auditor** Mitchell Charlesworth 24 Nicholas Street Chester CH1 2AU **Bankers** Lloyds TSB Plc 8 Foregate Street Chester CH1 1XP **Investment** Quilter Cheviot **managers** 5 St Paul's Square Liverpool L3 9SJ 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8 - 9|
|Balance sheet|10|
|Notes to the financial statements|11 - 20|





## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **TRUSTEES' REPORT** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The trustees present their annual report and financial statements for the year ended 31 March 2024. 

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 charity's governing document, 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 Trust's objectives are threefold:- 

i) To provide financial assistance by way of grants to students meeting certain eligibility criteria, who are undertaking a course of study at an educational establishment. 

ii) To provide funding for exhibition places and to make Discretionary awards to students attending the King's School, Queen's School and Hammond School, Chester, subject to those students meeting certain eligibility criteria. 

iii) To provide funding for such other educational needs, including development and training, as the Governors in their discretion deem appropriate, Either by way of direct financial assistance to the student concerned, or by making financial contributions to any institution able to demonstrate a sufficiently close connection to the student meeting the eligibility criteria. 

## **Principal Activities** 

The Trust's Principal activities are the management of investments, including freehold properties, to generate income to fund educational awards to individuals and institutions who can demonstrate need. 

## **Public Benefit** 

In meeting the Trust's objectives as an educational charity, the Trustees take into consideration the benefits which flow to the public within the local community and in particular how the public benefit from educational grants. In shaping the trusts objectives and planning its activities, the Trustees have considered the Charity Commission's Guidance on public benefit. 

Details of the Trust's activities and grants paid in the year are contained in the financial review. The Trustees intend to continue with the main objectives detailed above for the medium and longer term, thereby enhancing the educational opportunities for students from lower income families, enabling them to contribute significantly to the wider community to the benefit of all. 

## **Policies Reserves Policy** 

The Trust's reserves policy focuses on the level of "free" reserves. 

The Trust retains free reserves in order to finance future plans, in line with the foundations' aims and strategic vision. 

The Trustees consider that to meet these needs they should have reserves sufficient to fund their objectives of investment in agricultural land and existing property improvement in order to generate income. Free reserves were £1,139,430 at 31 March 2024 (£1,104,525 at  31 March 2023). 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. 

- 1 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **TRUSTEES' REPORT  (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Achievements and performance Investment Policy and Performance** 

The trustees' overall investment strategy is to achieve an appropriate balanced return from income and capital appreciation. The market value of listed investments as at 31 March 2024 showed a increase of £324,541 compared with an decrease of £115,154 in the previous year. The income yield on stocks and shares was in line with expectations. Interest from cash deposits during the year was minimal reflecting the current low deposit rates. 

No land and property purchases were made in the previous 5 years and £92,215 was spent on refurbishments and construction compared to £189,700 in the previous year. The Trustees remain fully committed to a long-term policy of land investment and their aim is to increase the portfolio of land holdings through the strategic acquisition of tenanted farmland. 

The investment properties were not revalued in the year as the trustees believe there has been no material movement in market value giving them a total value at the year end of £9,155,000. 

## **Grants** 

The Trustees continue to publicise the existence of the Charity and the availability of grants, particularly those for individuals. 

## **Financial review** 

The results for the year, as shown in the Statement of Financial Activities, are broadly in line with expectations. 

Investment income increased by £24,414 compared with the previous year mainly due to an increase of £19,729 in income from rental property. There was an decrease of £91,406 in property expenses mainly relating to repairs. Grants paid during the year were up by £26,490 compared to previous year. 

The Foundation continues its programme of upgrading and repairing its properties. During the year the expenditure on repairs and maintenance amounted to £92,215 (2023 - £189,700). Cash reserves decreased by £194,440 during the year and stood at £240,241 at 31 March 2024. 

Grants in the year, in accordance with the Charity's objectives, totalled £61,550 (2023 - £35,060). 

The financial statements show a surplus of £34,905 for the year before gains on investments compared to a deficit of £62,008 in the previous year. The Trustees continue to look to long-term investment opportunities, particularly in relation to tenanted freehold property. There is also a need to continue to improve the existing properties; for these reasons the Charity continues to hold substantial liquid reserves. 

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. 

## **Structure, governance and management** 

The Foundation was originally established in 1695 under the Will of Dr Robert Oldfield and is governed by a number of major schemes, the last of which was in 1965. 

## **Governing Body** 

Co-opted Governors are elected at a meeting of the board of Governors on the basis of nominations received. Co-opted Governors traditionally serve for a term of five years, however, this hasn't been the case in practice. Representative Governors appointed by Cheshire West and Chester Council and the Vestry of the United Parishes of St Michael and St Olave, Chester (now the parish of St Peter with St John, The Parish of Christchurch and the Parish of St Oswald and St Thomas of Canterbury) are appointed for a term of three years. 

- 2 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **TRUSTEES' REPORT  (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The Trustees who served during the year were: Trustees Appointed by: Mr E C H Trevor-Barnston Governors Mr D Rowlands Chairman Governors Mrs E Johnson Deputy Chairman Governors Father D Chesters (Resigned 6 June 2023) Parish of St Peter with St John The Parish of Christchurch The Parish of St Oswald & St Thomas of Canterbury Mrs C Edwards Governors Councillor Mrs G Watson (Resigned 6 June 2023) CWAC Mrs J Myers Parish of St Peter with St John The Parish of Christchurch The Parish of St Oswald & St Thomas of Canterbury Councillor Mr R Bisset (Resigned 6 June 2023) CWAC Councillor Mrs M Parker (Appointed 6 June 2023) CWAC Councillor Mr G Gould (Appointed 6 June 2023) CWAC Councillor Mrs C Ellis (Appointed 6 June 2023) CWAC 

Representative Governors appointed by CWAC and the Parish of St Peter with St John, the Parish of Christchurch and the Parish of St Oswald and St Thomas of Canterbury (formerly the vestry of the United Parishes of St Michael and St Olave, Chester) are appointed for a term of three years. Co-Opted Governors are appointed for a term of five years. 

## **Organisational Management** 

The Governors meet as a board at least twice a year, and such ad hoc meetings as is necessary, to determine the general policy of the Charity and review its overall management and control for which they are legally responsible. 

The Grants committee is responsible for considering grant applications and making of awards. 

The implementation of decisions and the day to day running of the Charity is undertaken by the Clerk. 

## **Risk Management** 

The Trustees have examined the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects. External risks to funding have led to an investment portfolio which generates income and capital growth over a number of years. 

The trustees' report was approved by the Board of Trustees. 

Mr D Rowlands 

## **Chairman** 

10 January 2025 

- 3 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The trustees are responsible for preparing the Trustees' 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 charity and of the incoming resources and application of resources of the charity for that year. 

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

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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

- 4 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **INDEPENDENT AUDITOR'S REPORT** 

## **TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **Opinion** 

We have audited the financial statements of The Educational Foundation of Dr Robert Oldfield (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

- 5 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

- 6 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **Use of our report** 

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


**Robert Hall (Senior Statutory Auditor) for and on behalf of Mitchell Charlesworth** 13 January 2025 

**Accountants Statutory Auditor** 24 Nicholas Street Chester CH1 2AU 

Mitchell Charlesworth is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

- 7 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**Current financial year**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**Notes**<br>**£**<br>**Income from:**<br>Investments<br>**3**<br>292,392<br>**Total income**<br>292,392<br>**Expenditure on:**<br>Raising funds<br>Property expenses<br>**4**<br>113,419<br>Other property expenses<br>**4**<br>24,085<br>Investment management<br>**4**<br>16,564<br>154,068<br>Charitable activities<br>**5**<br>103,069<br>**Total expenditure**<br>257,137<br>Net gains/(losses) on<br>investments<br>**10**<br>-<br>**Net income/(expenditure)**<br>35,255<br>Transfers between funds<br>(350)<br>**Net movement in funds**<br>**7**<br>34,905<br>**Reconciliation of funds:**<br>Fund balances at 1 April 2023<br>1,104,525<br>**Fund balances at 31 March 2024**<br>1,139,430|**Restricted**<br>**Endowment**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>350<br>-<br>350<br>-<br>-<br>324,541<br>(350)<br>324,541<br>350<br>-<br>-<br>324,541<br>3,413<br>10,688,053<br>3,413<br>11,012,594|**Total**<br>**2024**<br>**£**<br>292,392<br>292,392<br>113,419<br>24,085<br>16,564<br>154,068<br>103,419<br>257,487<br>324,541<br>359,446<br>-<br>359,446<br>11,795,991<br>12,155,437|**Total**<br>**2023**<br>**£**<br>267,978<br>267,978<br>204,824<br>11,254<br>15,946<br>232,024<br>97,962<br>329,986<br>(115,154)<br>(177,162)<br>-<br>(177,162)<br>11,973,153<br>11,795,991|
|---|---|---|---|



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

- 8 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**Prior financial year**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**Notes**<br>**£**<br>**Income from:**<br>Investments<br>**3**<br>267,978<br>**Total income**<br>267,978<br>**Expenditure on:**<br>Raising funds<br>Property expenses<br>**4**<br>204,824<br>Other property expenses<br>**4**<br>11,254<br>Investment management<br>**4**<br>15,946<br>232,024<br>Charitable activities<br>**5**<br>97,612<br>**Total expenditure**<br>329,636<br>Net gains/(losses) on investments<br>**10**<br>-<br>**Net income**<br>(61,658)<br>Transfers between funds<br>(350)<br>**Net movement in funds**<br>**7**<br>(62,008)<br>**Reconciliation of funds:**<br>Fund balances at 1 April 2022<br>1,166,533<br>**Fund balances at 31 March 2023**<br>1,104,525|**Restricted**<br>**Endowment**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>350<br>-<br>350<br>-<br>-<br>(115,154)<br>(350)<br>(115,154)<br>350<br>-<br>-<br>(115,154)<br>3,413<br>10,803,207<br>3,413<br>10,688,053|**Total**<br>**2023**<br>**£**<br>267,978<br>267,978<br>204,824<br>11,254<br>15,946<br>232,024<br>97,962<br>329,986<br>(115,154)<br>(177,162)<br>-<br>(177,162)<br>11,973,153<br>11,795,991|
|---|---|---|



- 9 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **BALANCE SHEET** 

## _**AS AT 31 MARCH 2024**_ 

|**Notes**<br>**Fixed assets**<br>Investment property<br>**12**<br>Investments<br>**13**<br>**Current assets**<br>Debtors<br>**14**<br>Investments<br>**15**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within one year**<br>**16**<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Net assets excluding pension liability**<br>**The funds of the charity**<br>Endowment funds<br>**17**<br>Restricted income funds<br>**18**<br>Unrestricted funds|**2024**<br>**£**<br>28,607<br>108,050<br>240,241<br>376,898<br>(50,042)|**£**<br>9,155,000<br>2,673,581<br>11,828,581<br>326,856<br>12,155,437<br>12,155,437<br>11,012,594<br>3,413<br>1,139,430<br>12,155,437|**2023**<br>**£**<br>28,901<br>21,633<br>434,681<br>485,215<br>(46,837)|**£**<br>9,155,000<br>2,202,613|
|---|---|---|---|---|
|||||11,357,613<br>438,378|
|||||11,795,991|
|||||11,795,991|
|||||10,688,053<br>3,413<br>1,104,525|
|||||11,795,991|



The financial statements were approved by the trustees on 10 January 2025 

Mr D Rowlands **Chairman** 

- 10 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

## **Charity information** 

The Educational Foundation of Dr Robert Oldfield is an unincorporated Charity registered at International House, Kingsfield Court, Chester Business Park, Chester, CH4 9RE. 

## **1.1 Accounting convention** 

The financial statements have been prepared in accordance with the charity's governing document,  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)". The charity is a Public Benefit Entity as defined by FRS 102. 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 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 charity. Monetary amounts in these financial statements are rounded to the nearest £. 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 

## **1.2 Going concern** 

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **1.3 Charitable funds** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 

## **1.4 Income** 

Income is recognised when the charity 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. 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

- 11 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

**(Continued)** 

## **1.5 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. 

## **1.6 Investment property** 

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 

## **1.7 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. 

## **1.8 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. 

## **1.9 Financial instruments** 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## _**Basic financial assets**_ 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

- 12 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

**(Continued)** 

## _**Basic financial liabilities**_ 

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## _**Derecognition of financial liabilities**_ 

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. 

## **1.10 Employee benefits** 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## **2 Critical accounting estimates and judgements** 

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **3 Investments** 

|Rental income<br>Income from listed investments<br>Other Income|**2024**<br>**£**<br>224,056<br>67,359<br>977<br>292,392|**2023**<br>**£**<br>204,327<br>57,263<br>6,388|
|---|---|---|
|||267,978|



All income receivable in the current and the previous financial year was unrestricted. 

- 13 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **4 Expenditure on raising funds** 

|||||**Unrestricted**||**Unrestricted**|
|---|---|---|---|---|---|---|
|||||**funds**||**funds**|
|||||**2024**||**2023**|
|||||**£**||**£**|
|**Property expenses**|||||||
|Repairs and renewals||||92,215||189,700|
|Rates||||2,270||(466)|
|Insurance||||18,934||15,590|
|||||113,419||204,824|
|**Other property expenses**|||||||
|Professional activities||||24,085||11,254|
|Investment management||||16,564||15,946|
|Total costs||||154,068||232,024|
|**Expenditure on charitable activities**|||||||
||**Grants to**|**Grants to**|**The King's**|<br>**Share of**||**Total**|
||**individuals**|**institutions**|**School,**|<br>**governance**|||
||||**Chester**|**costs**|||
||**2024**|**2024**|**2024**|**2024**||**2024**|
||**£**|**£**|**£**||**£**|**£**|
|**Direct costs**|||||||
|The King's School, Chester - Share of income|||||||
|in accordance with the charity's Scheme.|-|-|10,717||-|10,717|
|Grant funding of activities (see note )|61,200|350|-||-|61,550|
|**Share of support and governance costs (see**|**note 6)**||||||
|Governance|-|-|-|31,152||31,152|
||61,200|350|10,717|31,152||103,419|
|**Analysis by fund**|||||||
|Unrestricted funds|61,200|-|10,717|31,152||103,069|
|Restricted funds|-|350|-||-|350|
||61,200|350|10,717|31,152||103,419|



## **5 Expenditure on charitable activities** 

- 14 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**5**|**Expenditure on charitable activities**|**Expenditure on charitable activities**|||||||**(Continued)**|
|---|---|---|---|---|---|---|---|---|---|
||**Previous year:**||**Grants to**||**Grants to**|**The King's**|<br>**Share**|**of**|**Total**|
||||**individuals**||**institutions**|**School,**|<br>**governance**|||
|||||||**Chester**|**costs**|||
|||||**2023**|**2023**|**2023**|**2023**||**2023**|
|||||**£**|**£**|**£**||**£**|**£**|
||**Direct costs**|||||||||
||The King's School, Chester - Share of income|||||||||
||in accordance with the charity's Scheme.|||-|-|10,000||-|10,000|
||Grant funding of activities (see note )|||34,710|350|-||-|35,060|
||**Share of support and governance costs (see**||**note 6)**|||||||
||Governance|||-|-|-|52,902||52,902|
|||||34,710|350|10,000|52,902||97,962|
||**Analysis by fund**|||||||||
||Unrestricted funds|||34,710|-|10,000|52,902||97,612|
||Restricted funds|||-|350|-||-|350|
|||||34,710|350|10,000|52,902||97,962|
|**6**|**Support costs**|||||||||
|||**Support costs**|**Governance**||**2024**|**2023 **|**Basis of allocation**|||
|||||**costs**||||||
|||**£**||**£**|**£**|**£**||||
||Audit fees|-||6,864|6,864|7,260|Governance|||
||Bank Charges|-||295|295|228|Governance|||
||Clerk's Fees|-|23,766||23,766|43,657|Governance|||
||Miscellaneous|-||227|227|1,757|Governance|||
|||-|31,152||31,152|52,902||||
||Analysed between|||||||||
||Charitable activities|-|31,152||31,152|52,902||||



Grants paid from restricted fund in the financial year amounted to £350 ( 2022 - £350). All other expenditure in this and the previous financial year was from unrestricted funds. 

- 15 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**7**|**Net movement in funds**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the audit of the charity's financial statements|6,864|7,260|



## **8 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 

## **9 Employees** 

There were no employees during the year. 

## **10 Gains and losses on investments** 

||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|284,485|(223,076)|
|Sale of investments|40,056|107,922|
||324,541|(115,154)|



## **11 Taxation** 

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

## **12 Investment property** 

|**Fair value**<br>At 1 April 2023 and 31 March 2024<br>**Carrying value**<br>At 31 March 2024<br>At 31 March 2023|**2024**<br>**£**<br>9,155,000|
|---|---|
||9,155,000|
||9,155,000|



The investment properties are included within the financial statements at open market value and were last revalued as at 18 August 2021. 

- 16 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**13**<br>**Fixed asset investments**<br>**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Valuation changes<br>Disposals<br>At 31 March 2024<br>**Carrying amount**<br>At 31 March 2024<br>At 31 March 2023<br>**14**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>**15**<br>**Current asset investments**<br>Unlisted investments<br>**16**<br>**Creditors: amounts falling due within one year**<br>Trade creditors<br>Other creditors<br>Accruals and deferred income|**Listed**<br>**investments**<br>**£**<br>2,202,613<br>382,790<br>284,485<br>(196,307)<br>2,673,581<br>2,673,581<br>2,202,613<br>**2024**<br>**2023**<br>**£**<br>**£**<br>6,421<br>8,127<br>9,606<br>9,138<br>12,580<br>11,636<br>28,607<br>28,901<br>**2024**<br>**2023**<br>**£**<br>**£**<br>108,050<br>21,633<br>**2024**<br>**2023**<br>**£**<br>**£**<br>32,581<br>12,516<br>10,717<br>28,021<br>6,744<br>6,300<br>50,042<br>46,837|
|---|---|



- 17 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **17 Endowment funds** 

|**Permanent endowments**<br>General fund<br>The Charity for the Vicar and Ecclesiastical Purposes<br>The Charity for Apprentices|**Balance at**<br>**1 April 2023**<br>**Gains and losses**<br>**Balance at**<br>**31 March 2024**<br>**£**<br>**£**<br>**£**<br>10,685,085<br>324,541<br>11,009,626<br>723<br>-<br>723<br>2,245<br>-<br>2,245<br>10,688,053<br>324,541<br>11,012,594|**Balance at**<br>**1 April 2023**<br>**Gains and losses**<br>**Balance at**<br>**31 March 2024**<br>**£**<br>**£**<br>**£**<br>10,685,085<br>324,541<br>11,009,626<br>723<br>-<br>723<br>2,245<br>-<br>2,245<br>10,688,053<br>324,541<br>11,012,594|
|---|---|---|
|||11,012,594|



The Charity for the Vicar and Ecclesiastical Purpose was established under a Scheme dated 11 June 1841, as amended. The purpose of the Scheme is to pay a yearly sum to the Vicar of the United Ecclesiastical Parish of St Michael and St Olave, Chester. (now the Parish of St Peter with St John. the Parish of Christchurch and the Parish of St Oswald and St Thomas of Canterbury). The residue of income is to be applied for religious and charitable purposes in connection with the Church of England in the area of the former Team Parish. 

The Charity for Apprentices was established under a Scheme dated 30 April 1962 for the purpose of assisting persons under 25 years of age who are in need of financial assistance and who are preparing for or engaged in any profession, trade, occupation or service. 

- 18 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **18 Restricted funds** 

|||**Movement in funds**|**Movement in funds**||||||
|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Income**|**Expenses**|**Transfers**|**Balance at**|**Expenses**|**Transfers**|**Balance at**|
||**1 April 2022**||||**1 April 2023**|||**31 March 2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|The Parish of St Oswald & St Thomas of Canterbury|1,055|-|-|-|1,055|(350)|350|1,055|
|The Charity for Apprentices|2,358|-|-|-|2,358|-|-|2,358|
||3,413|-|-|-|3,413|(350)|350|3,413|



The Balance on the fund for the Charity for the three incumbents and ecclesiastical purposes represents the balance of income held for working purposes. The annual transfer of £350 from the General Fund in accordance with the provisions of the Scheme for The Educational Foundation of Dr Robert Oldfield. 

The balance on the fund for the Charity for apprentices also represents the balance of income held for working purposes. 

- 19 - 



## **THE EDUCATIONAL FOUNDATION OF DR ROBERT OLDFIELD** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **19 Unrestricted funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

|**At 1 April 2023**<br>**Incoming**<br>**resources**<br>**£**<br>**£**<br>General funds<br>1,104,525<br>292,392<br>**Previous year:**<br>**At 1 April 2022**<br>**Incoming**<br>**resources**<br>**£**<br>**£**<br>General funds<br>1,166,533<br>267,978<br>**Analysis of net assets between funds**<br>**Unrestricted**<br>**Restricted**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>Fund balances at 31 March 2024 are<br>represented by:<br>Investment properties<br>-<br>-<br>Investments<br>-<br>-<br>Current assets/(liabilities)<br>1,139,431<br>3,413<br>1,139,431<br>3,413|**At 1 April 2023**<br>**Incoming**<br>**resources**<br>**£**<br>**£**<br>General funds<br>1,104,525<br>292,392<br>**Previous year:**<br>**At 1 April 2022**<br>**Incoming**<br>**resources**<br>**£**<br>**£**<br>General funds<br>1,166,533<br>267,978<br>**Analysis of net assets between funds**<br>**Unrestricted**<br>**Restricted**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>Fund balances at 31 March 2024 are<br>represented by:<br>Investment properties<br>-<br>-<br>Investments<br>-<br>-<br>Current assets/(liabilities)<br>1,139,431<br>3,413<br>1,139,431<br>3,413|**Resources**<br>**expended**<br>**£**<br>(257,137)<br>**Resources**<br>**expended**<br>**£**<br>(329,636)<br>**Endowment**<br>**2024**<br>**£**<br>9,155,000<br>2,673,581<br>(815,988)<br>11,012,593||**Transfers**<br>**At 31 March**<br>**2024**<br>**£**<br>**£**<br>(350)<br>1,139,430<br>**Transfers**<br>**At 31 March**<br>**2023**<br>**£**<br>**£**<br>(350)<br>1,104,525<br>**Total**<br>Total<br>**2024**<br>2023<br>**£**<br>£<br>9,155,000<br>9,155,000<br>2,673,581<br>2,202,613<br>326,856<br>438,378<br>12,155,437<br>11,795,991|**Transfers**<br>**At 31 March**<br>**2024**<br>**£**<br>**£**<br>(350)<br>1,139,430<br>**Transfers**<br>**At 31 March**<br>**2023**<br>**£**<br>**£**<br>(350)<br>1,104,525<br>**Total**<br>Total<br>**2024**<br>2023<br>**£**<br>£<br>9,155,000<br>9,155,000<br>2,673,581<br>2,202,613<br>326,856<br>438,378<br>12,155,437<br>11,795,991|
|---|---|---|---|---|---|
|||||||
||||||Total<br>2023<br>£<br>9,155,000<br>2,202,613<br>438,378|
||3,413||||11,795,991|



## **20 Analysis of net assets between funds** 

## **21 Related party transactions** 

There were no disclosable related party transactions during the year (2023 - none). 

## **22 Subsequent events** 

At the general meeting held on 11 June 2024, it was agreed that Aaron & Partners would transfer the 21 registered titles to the Official Custodian and also register two properties that are currently unregistered, ensuring that these are also registered with the Official Custodian. 

- 20 -