REGISTERED CHARITY NUMBER: 526318
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES J M Coupe Co-optative trustee Alderman J Gartside Co-optative trustee T E Hobson Co-optative trustee Mrs M Jones Co-optative trustee Mrs C L Ogden Co-optative trustee C Evenson Co-optative trustee Cllr P Sullivan Nominative trustee I Bradley Nominative trustee Cllr R Massey Ex-officio trustee Rev A Gilbert Ex-officio trustee Cllr A Smith Nominative trustee (appointed 6.9.22) Cllr A Neal Nominative trustee (appointed 7.3.23)
On the 25-5-22 Cllr M Jones resigned as a Nominative trustee. She was re-appointed as a Co-optative trustee on the 6-9-22.
PRINCIPAL ADDRESS Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
REGISTERED CHARITY NUMBER 526318
INDEPENDENT EXAMINER Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
Page 1
THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).
CONSTITUTION
The Rochdale Ancient Parish Educational Trusts is constituted by a Scheme dated 4 February 1980, as amended on 27 September 1996 and 13 December 1996 by resolutions passed under the provision of the Charities Act 1993 as Unincorporated Association
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the Charity is to promote the education (including social and physical training) of persons who are resident in, or who attend, or have, immediately preceding the grant of any benefits, attended any school in the area of the Ancient Parish of Rochdale. The charity aims to do this by:
a) Awarding scholarships, bursaries, grants or maintenance allowances tenable at any School, University, College of Education or other institution of further or higher education approved by the Trustees.
b) Awarding scholarships or maintenance allowances to enable persons to travel, whether in the United Kingdom or abroad, to pursue their education.
c) Providing financial assistance, outfits, clothing, books, instruments, or books to enable persons to prepare for or to assist their entry into, a profession, trade or calling.
In selecting these objectives and planning the activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
Public benefit
The Charity provides a valuable public benefit to the local community by providing educational support awards to applicants who reside or were educated within the Ancient Parish of Rochdale. Applications are accepted from all members of the community who reside or were educated in this area.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity agreed to pay grants to individuals during the financial year, these ranged between £80 - £1,000, totalling £10,444. The amount was a small increase on previous years as a reflection of the coming out of the lockdown arising from the pandemic. As the restrictions ease further the trustees consider there will be an increase in applications. They have circulated an advertisement to the secondary schools in the grant areas in the hope this will generate additional applications.
FINANCIAL REVIEW
Financial position
During the year the charity had a small surplus of incoming funds due a slight increase in the investment income and the biannual receipt of ground rents.
Due to continuing global issues the value of the investments fell during the year. The stock market is still volatile and the trustees take advice from an investment broker and have retained a medium to low risk level.
.
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL
TRUSTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW Reserves policy
The Trustees have a reserves policy which requires:
That reserves be maintained at a level which ensures that the charity's current level of core activity can be maintained in the long term and could continue in a period of unforeseen difficulty.
A proportion of reserves be maintained in a ready realisable form. A large portion of the investments are managed by Brewin Dolphin (value at year end £535,843 including cash) with the remainder in Blackrock Charities Income fund (£56,394) and M&G Charifund (£166,269 ). The Brewin Dolphin portfolio is managed on their recommended risk category 6 (moderate investment risk) mandate with an emphasis on a return from income and capital growth.
The core funds needed to be held by the Charity, to maintain the projected level of income from investments in the region of £20,000 are:
Minimum £600,000 based on a 3.3% average yield from investments.
The cash reserves to be maintained to ensure that there is always sufficient cash available to allow uninterrupted awards to beneficiaries. This reserve to be the equivalent of 12 months income from core funds.
The current reserves policy was set on 24th August 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The charity is administered by a body of Trustees consisting when complete of
Two Ex-officio Trustees The Vicar of the Ecclesiastical parish of Rochdale and the Chairman of the Education Committee of Rochdale Metropolitan Borough Council.
Four Nominative Trustees Two appointed by the Council of the Borough of Rochdale, one appointed by the
Six Co-optative Trustees Who should be persons who through residence, occupation or employment, or otherwise have special knowledge of the area of the Ancient Parish of Rochdale appointed by a resolution of the Trustees for a period of five years.
Ex-officio Trustees are specific post-holders and as such the post of trustee is awarded to the designated post-holder.
Nominative Trustees are appointed from suitably experienced candidates by the 3 bodies that they represent.
Co-optative Trustees are selected by virtue of the specialist knowledge required for the position. Suitable candidates are then invited to become Trustees, subject to approval by the other Trustees.
FUNDS HELD AS CUSTODIAN FOR OTHERS
The Charity does not hold any funds as Custodian Trustee.
Approved by order of the board of trustees on 15 August 2023 and signed on its behalf by:
J M Coupe - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
Independent examiner's report to the trustees of The Rochdale Ancient Parish Educational Trusts
I report to the charity trustees on my examination of the accounts of The Rochdale Ancient Parish Educational Trusts (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stuart Chadwick ACA
Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
15 August 2023
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted Restricted Total fund fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Other trading activities 2 1,106 - 1,106 Investment income 3 24,063 - 24,063 Total 25,169 - 25,169 EXPENDITURE ON Raising funds 4 5,177 - 5,177 Charitable activities 5 Charitable activities 10,444 - 10,444 Governance 8,025 - 8,025 Total 23,646 - 23,646 Net gains/(losses) on investments (51,298) - (51,298) NET INCOME/(EXPENDITURE) (49,775) - (49,775) RECONCILIATION OF FUNDS Total funds brought forward 767,163 61,182 828,345 TOTAL FUNDS CARRIED FORWARD 717,388 61,182 778,570 |
2022 Total funds £ - 19,319 |
|---|---|
| 19,319 | |
| 5,688 10,223 7,283 |
|
| 23,194 | |
| 43,930 | |
| 40,055 788,290 |
|
| 828,345 |
The notes form part of these financial statements
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 1,468 685,445 686,913 955 38,975 39,930 (9,455) 30,475 717,388 717,388 |
Restricted fund £ - 61,182 61,182 - - - - - 61,182 61,182 |
2023 Total funds £ 1,468 746,627 748,095 955 38,975 39,930 (9,455) 30,475 778,570 778,570 717,388 61,182 778,570 |
2022 Total funds £ 1,468 796,384 797,852 - 39,203 39,203 (8,710) 30,493 828,345 828,345 767,163 61,182 828,345 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15 August 2023 and were signed on its behalf by:
J M Coupe - Trustee
J Gartside - Trustee
The notes form part of these financial statements
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
The only asset owned by the charity at the year end is land and consequently it is not considered appropriate to provide for depreciation.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
The majority of the investments are managed by an investment broker.
The investments are held with a view to generating income and some capital growth. Investments are valued at market value at the end of the period. Additions and disposals in the period are identified together with the net gain or loss on the total holding for the period.
continued...
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2. OTHER TRADING ACTIVITIES
| 2023 £ Rental income 1,106 Rents are collected by an agent and paid over approximately every 2 years as the amounts are not significant. 3. INVESTMENT INCOME 2023 £ Other fixed asset invest - FII 24,042 Deposit account interest 21 24,063 4. RAISING FUNDS Investment management costs 2023 £ Support costs 5,177 5. CHARITABLE ACTIVITIES COSTS Grant Support funding of costs (see activities note 6) £ £ Charitable activities 10,444 - Governance - 8,025 10,444 8,025 6. SUPPORT COSTS Governance Finance costs £ £ Investment management costs 5,177 - Governance - 8,025 5,177 8,025 |
2022 £ - 2022 £ 19,317 2 |
|---|---|
| 19,319 | |
| 2022 £ 5,688 Totals £ 10,444 8,025 |
|
| 18,469 | |
| Totals £ 5,177 8,025 |
|
| 13,202 |
continued...
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| SUPPORT COSTS - continued Support costs, included in the above, are as |
follows: | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Investment | |||||
| management | Total | Total | |||
| costs | Governance | activities | activities | ||
| £ | £ | £ | £ | ||
| Investment broker fees | 5,177 | - | 5,177 | 5,688 | |
| Trustees' insurance | - | 157 | 157 | 157 | |
| Sundries | - | 74 | 74 | 120 | |
| Bookkeeping and secretarial | - | 7,068 | 7,068 | 6,346 | |
| Independent examination fee | - | 726 | 726 | 660 | |
| 5,177 | 8,025 | 13,202 | 12,971 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income 19,319 EXPENDITURE ON Raising funds 5,688 Charitable activities Charitable activities 10,223 Governance 7,283 Total 23,194 Net gains on investments 43,930 NET INCOME 40,055 RECONCILIATION OF FUNDS Total funds brought forward 727,108 TOTAL FUNDS CARRIED FORWARD 767,163 |
Restricted fund £ - - - - - - - 61,182 61,182 |
Total funds £ 19,319 |
|---|---|---|
| 5,688 10,223 7,283 |
||
| 23,194 | ||
| 43,930 | ||
| 40,055 788,290 |
||
| 828,345 |
continued...
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Freehold | |
| property | |
| £ | |
| COST | |
| At 1 April 2022 and 31 March 2023 | 1,468 |
| NET BOOK VALUE | |
| At 31 March 2023 | 1,468 |
| At 31 March 2022 | 1,468 |
All the assets are in the name of the charity with the exception of the land which the trustees understand is held by nominees on trust for the charity.
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2022 | 796,384 |
| Additions | 364,228 |
| Disposals | (362,687) |
| Revaluations | (51,298) |
| At 31 March 2023 | 746,627 |
| NET BOOK VALUE | |
| At 31 March 2023 | 746,627 |
| At 31 March 2022 | 796,384 |
47.3% of the investment is in UK bonds and equities, the balance is overseas investment.
Under the Charity SORP provisions the investments are shown at market value at the year end.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2023 £ 955 2023 £ 9,455 |
2022 £ - |
|---|---|---|
| 2022 £ 8,710 |
continued...
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Original Bequest TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 25,169 TOTAL FUNDS 25,169 Comparatives for movement in funds Unrestricted funds General fund Restricted funds Original Bequest TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 19,319 TOTAL FUNDS 19,319 |
Net movement At At 1.4.22 in funds 31.3.23 £ £ £ 767,163 (49,775) 717,388 61,182 - 61,182 828,345 (49,775) 778,570 Resources Gains and Movement expended losses in funds £ £ £ (23,646) (51,298) (49,775) (23,646) (51,298) (49,775) Net movement At At 1.4.21 in funds 31.3.22 £ £ £ 727,108 40,055 767,163 61,182 - 61,182 788,290 40,055 828,345 Resources Gains and Movement expended losses in funds £ £ £ (23,194) 43,930 40,055 (23,194) 43,930 40,055 |
|---|---|
continued...
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THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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