**Charity registration number 525969**
**THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr D Rowlands||
|---|---|---|
||Mr A Connah|(Appointed 11 June 2024)|
||Mrs M Parker||
||Councillor Mrs C Ellis||
||Mr E C H Trevor-Barnston||
||Mrs J Myers||
||Mrs C Edwards||
||Mrs E Johnson||
|**Charity number (England and Wales)**|525969||
|**Auditor**|SJC, Chartered Accountants||
||St John's Chambers||
||Love Street||
||Chester||
||England||
||CH1 1QY||
|**Bankers**|Lloyds Bank PLC||
||8 Foregate Street||
||Chester||
||Cheshire||
||CH1 1XP||
|**Investment advisors**|Quilter Cheviot||
||5 St Paul's Square||
||Liverpool||
||L3 9SJ||
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of trustees' responsibilities|3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7 - 8|
|Balance sheet|9|
|Notes to the financial statements|10 - 19|
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
## **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 need, including development and training, as the Governers 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.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
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 2025 showed an increase of £69,644 compared with an increase of £324,541 in the previous year. The income yield on stocks and shares was in line with expectations.
No land and property purchases were made in the previous 5 years and £68,642 was spent on refurbishments and construction compared to £92,215 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 the market value giving them a total value at the year end of £9,155,000.
## **Financial review**
## _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 £1,167,999 at 31 March 2025 (£1,139,430 at 31 March 2024).
- 1 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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.
Co-opted Governors are elected at a meeting of the board of Governors on the basis of nominations received. Coopted 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.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr D Rowlands
Mr A Connah (Appointed 11 June 2024) Mrs M Parker Councillor Mrs C Ellis Mr E C H Trevor-Barnston Mrs J Myers Mrs C Edwards Mrs E Johnson
## _Recruitment and appointment of trustees_
Representative Governors appointed by CWAC and the Parish of St Peter with St John, the Parish of Christchurch and the Parish and 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.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
Mr D Rowlands **Chairperson**
19 November 2025
- 2 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
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.
- 3 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **Opinion**
We have audited the financial statements of The Educational Foundation of Robert Oldfield (the ‘charity’) for the year ended 31 March 2025 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 2025 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 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.
## **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 requires 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.
- 4 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **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.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
## **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.
## **(Senior Statutory Auditor)**
For and on behalf of SJC, Chartered Accountants, Statutory Auditor Chartered Accountants St John's Chambers Love Street Chester CH1 1QY England 19 November 2025
- 5 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
SJC, Chartered Accountants 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.
- 6 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Current financial year**
**Unrestricted**
**funds**
**2025**
**Notes**
**£**
**Income and endowments from:**
Investments
**3**
299,655
Option fee
-
**Total income and**
**endowments**
299,655
**Expenditure on:**
Raising funds
**4**
159,296
Charitable activities
**5**
111,440
**Total expenditure**
270,736
Net gains/(losses) on
investments
**10**
-
**Net income/(expenditure)**
28,919
Transfers between funds
(350)
**Net movement in funds**
**7**
28,569
**Reconciliation of funds:**
Fund balances at 1 April 2024
1,139,430
**Fund balances at 31 March 2025**
1,167,999|**Restricted**
**Endowment**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
-
-
-
170,000
-
170,000
-
-
350
-
350
-
-
69,644
(350)
239,644
350
-
-
239,644
3,413
11,012,594
3,413
11,252,238|**Total**
**2025**
**£**
299,655
170,000
469,655
159,296
111,790
271,086
69,644
268,213
-
268,213
12,155,437
12,423,650|**Total**
**2024**
**£**
292,391
-|
|---|---|---|---|
||||292,391|
||||154,067
103,419|
||||257,486|
||||324,541|
||||359,446
-|
||||359,446
11,795,991|
||||12,155,437|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 7 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Prior financial year**
**Unrestricted**
**funds**
**2024**
**Notes**
**£**
**Income and endowments from:**
Investments
**3**
292,391
**Total income and endowments**
292,391
**Expenditure on:**
Raising funds
**4**
154,067
Charitable activities
**5**
103,069
**Total expenditure**
257,136
Net gains/(losses) on investments
**10**
-
**Net income/(expenditure)**
35,255
Transfers between funds
(350)
**Net movement in funds**
**7**
34,905
**Reconciliation of funds:**
Fund balances at 1 April 2023
1,104,525
**Fund balances at 31 March 2024**
1,139,430|**Restricted**
**Endowment**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
-
-
-
-
-
-
350
-
350
-
-
324,541
(350)
324,541
350
-
-
324,541
3,413
10,688,053
3,413
11,012,594|**Total**
**2024**
**£**
292,391|
|---|---|---|
|||292,391|
|||154,067
103,419|
|||257,486|
|||324,541|
|||359,446
-|
|||359,446
11,795,991|
|||12,155,437|
- 8 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Investment property
**12**
Investments
**13**
**Current assets**
Debtors
**14**
Investments
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Endowment funds
**17**
Restricted income funds
**18**
Unrestricted funds
**19**|**2025**
**£**
**£**
9,155,000
2,883,435
12,038,435
24,672
292,307
108,345
425,324
(40,109)
385,215
12,423,650
11,252,238
3,413
1,167,999
12,423,650|**2024**
**£**
**£**
9,155,000
2,673,581
11,828,581
28,607
108,050
240,241
376,898
(50,042)
326,856
12,155,437
11,012,594
3,413
1,139,430
12,155,437|**2024**
**£**
**£**
9,155,000
2,673,581
11,828,581
28,607
108,050
240,241
376,898
(50,042)
326,856
12,155,437
11,012,594
3,413
1,139,430
12,155,437|
|---|---|---|---|
||||11,828,581
326,856|
||||12,155,437|
||||11,012,594
3,413
1,139,430|
||||12,155,437|
The financial statements were approved by the trustees on 19 November 2025
Mr D Rowlands **Chairperson**
- 9 -
**THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
The Educational Foundation of Robert Oldfield is an unincorporated Charity registered at International House, Kingsfield Court, Chester Business Park, CH4 9RE.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". 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 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.
- 10 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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.
- 11 -
**THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Rental income|221,215|224,055|
|Income from listed investments|76,289|67,359|
|Other income|2,151|977|
||299,655|292,391|
- 12 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **4 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Fundraising and publicity**|||
|Repairs and renewals|68,642|92,215|
|Rates|78|2,270|
|Insurance|19,767|18,933|
||88,487|113,418|
|**Trading costs**|||
|Professional activities|34,917|24,085|
|Investment management|35,892|16,564|
|Total costs|159,296|154,067|
- 13 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **5 Expenditure on charitable activities**
|**Grants to**
**individuals**
**Grants to**
**institutions**
**Share of**
**governance**
**costs**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**Direct costs**
The King's School, Chester - Share of
income in accordance with the charity's
scheme.
-
-
-
Grant funding of activities (see note )
81,494
350
-
**Share of support and governance costs (see note 6)**
Governance
-
-
29,946
81,494
350
29,946
**Analysis by fund**
Unrestricted funds
81,494
-
29,946
Restricted funds
-
350
-
81,494
350
29,946|**Total**
**Grants to**
**individuals**
**Grants to**
**institutions**
**The King's**
**School,**
**Chester**
**Share of**
**governance**
**costs**
**2025**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
**£**
-
-
-
10,717
-
81,844
61,200
350
-
-
29,946
-
-
-
31,152
111,790
61,200
350
10,717
31,152
111,440
61,200
-
10,717
31,152
350
-
350
-
-
111,790
61,200
350
10,717
31,152|**Total**
**2024**
**£**
10,717
61,550
31,152|
|---|---|---|
|||103,419|
|||103,069
350|
|||103,419|
- 14 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Support costs allocated to activities**
|**6**
**Support costs allocated to activities**||
|---|---|
|**2025**
**£**
**_Basis of allocation_**
Audit fees
_Governance_
5,676
Bank charges
_Governance_
270
Clerk's fees
_Governance_
23,700
Miscellaneous
_Governance_
300
29,946
**Analysed between:**
Charitable activities
29,946
Grants paid from restricted fund in the financial year amounted to £350 (2024 - £350).
All other expenditure in this and the previous financial year was from unrestricted funds
**7**
**Net movement in funds**
**2025**
**£**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
5,676|**2024**
**£**
6,864
295
23,766
227|
||31,152|
||31,152|
||**2024**
**£**
6,864|
## **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 or previous year.
## **10 Gains and losses on investments**
||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|50,176|284,485|
|Sale of investments|19,468|40,056|
||69,644|324,541|
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 15 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **12 Investment property**
|**Investment property**||
|---|---|
||**2025**|
||**£**|
|**Fair value**||
|At 1 April 2024 and 31 March 2025|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.
## **13 Fixed asset investments**
|**Cost or valuation**
At 1 April 2024
Additions
Valuation changes
Disposals
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**14**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**15**
**Current asset investments**
Unlisted investments|**Listed**
**investments**
**£**
2,673,581
606,300
50,176
(446,622)
2,883,435
2,883,435
2,673,581
**2025**
**2024**
**£**
**£**
2,214
6,421
9,606
9,606
12,852
12,580
24,672
28,607
**2025**
**2024**
**£**
**£**
292,307
108,050|**Listed**
**investments**
**£**
2,673,581
606,300
50,176
(446,622)
2,883,435
2,883,435
2,673,581
**2025**
**2024**
**£**
**£**
2,214
6,421
9,606
9,606
12,852
12,580
24,672
28,607
**2025**
**2024**
**£**
**£**
292,307
108,050|
|---|---|---|
|||2,883,435|
|||2,883,435|
|||2,673,581|
|||**2024**
**£**
6,421
9,606
12,580|
|||28,607|
|||**2024**
**£**
108,050|
- 16 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **16 Creditors: amounts falling due within one year**
|**Notes**
Deferred income
Trade creditors
Other creditors
Accruals|**2025**
**£**
23,203
10,066
1,800
5,040
40,109|**2024**
**£**
-
32,581
10,717
6,744|
|---|---|---|
|||50,042|
## **17 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**Permanent endowments**
General fund
The Charity for the Vicar and Ecclesiastical
Purposes
The Charity for Apprentices
**Previous year:**
**Permanent endowments**
General fund
The Charity for the Vicar and Ecclesiastical
Purposes
The Charity for Apprentices|**At 1 April**
**2024**
**£**
11,009,626
723
2,245
11,012,594
**At 1 April**
**2023**
**£**
10,685,085
723
2,245
10,688,053|**Incoming**
**resources**
**£**
170,000
-
-
170,000
**Incoming**
**resources**
**£**
-
-
-
-|**Gains and**
**losses**
**At 31 March**
**2025**
**£**
**£**
69,644
11,249,270
-
723
-
2,245
69,644
11,252,238
**Gains and**
**losses**
**At 31 March**
**2024**
**£**
**£**
324,541
11,009,626
-
723
-
2,245
324,541
11,012,594|**Gains and**
**losses**
**At 31 March**
**2025**
**£**
**£**
69,644
11,249,270
-
723
-
2,245
69,644
11,252,238
**Gains and**
**losses**
**At 31 March**
**2024**
**£**
**£**
324,541
11,009,626
-
723
-
2,245
324,541
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.
- 17 -
**THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **18 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|The Parish of St Oswald & St Thomas of
Canterbury
The Charity for Apprentices
**Previous year:**
The Parish of St Oswald & St Thomas of
Canterbury
The Charity for Apprentices|**At 1 April**
**2024**
**Resources**
**expended**
**£**
**£**
1,055
(350)
2,358
-
3,413
(350)
**At 1 April**
**2023**
**Resources**
**expended**
**£**
**£**
1,055
(350)
2,358
-
3,413
(350)|**Transfers**
**At 31 March**
**2025**
**£**
**£**
350
1,055
-
2,358
350
3,413
**Transfers**
**At 31 March**
**2024**
**£**
**£**
350
1,055
-
2,358
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 balance on the fund for the Charity for Apprentices also represents the balance of income held for working purposes.
## **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.
|General funds
**Previous year:**
General funds|**At 1 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
1,139,430
299,655
(270,736)
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
1,104,525
292,391
(257,136)|**Transfers**
**At 31 March**
**2025**
**£**
**£**
(350)
1,167,999
**Transfers**
**At 31 March**
**2024**
**£**
**£**
(350)
1,139,430|
|---|---|---|
- 18 -
## **THE EDUCATIONAL FOUNDATION OF ROBERT OLDFIELD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **20 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**2025**
**£**
**At 31 March 2025:**
Investment properties
-
Investments
-
Current assets/(liabilities)
1,167,999
1,167,999
**Unrestricted**
**funds**
**2024**
**£**
**At 31 March 2024:**
Investment properties
-
Investments
-
Current assets/(liabilities)
1,139,430
1,139,430|**Restricted**
**Endowment**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
-
9,155,000
-
2,883,435
3,413
(786,197)
3,413
11,252,238
**Restricted**
**Endowment**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
-
9,155,000
-
2,673,581
3,413
(815,987)
3,413
11,012,594|**Total**
**2025**
**£**
9,155,000
2,883,435
385,215|
|---|---|---|
|||12,423,650|
|||**Total**
**2024**
**£**
9,155,000
2,673,581
326,856|
|||12,155,437|
## **21 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 19 -