**REGISTERED CHARITY NUMBER: 526318**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024**
|||**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 2024**
**TRUSTEES** J M Coupe Co-optative trustee (resigned 13.8.24) Alderman J Gartside Co-optative trustee T E Hobson Co-optative trustee (resigned 12.3.24) Mrs M Jones Co-optative trustee Mrs C L Martin Co-optative trustee C Evenson Co-optative trustee (resigned 12.3.24) Cllr P Sullivan Nominative trustee (resigned 12.3.24) I Bradley Nominative trustee Cllr R Massey Ex-officio trustee Rev A Gilbert Ex-officio trustee Cllr A Smith Nominative trustee Cllr A Neal Nominative trustee Cllr S Anstee Co-optative trustee (appointed 12.3.24) K Heakin Co-optative trustee (appointed 12.3.24) **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 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 £50 - £1,000, totalling £13,437 which was a small increase on previous years figure of £10,444.
.
## **FINANCIAL REVIEW**
## **Financial position**
During the year the charity had a small deficit of incoming funds before adjusting for the increase in market value of the investments.
The stock market was less volatile in the current year which led to an increase in the value of investments, the trustees continue to take advice from an investment broker and have retained a medium to low risk level.
Page 2
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL**
## **TRUSTS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **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 £581,564 including cash) with the remainder in Blackrock Charities Income fund (£58,042) and M&G Charifund (£163,232 ). 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 Portfolio holder for Children's Services and Education at Rochdale Borough Council.
Four Nominative Trustees Two appointed by the Council of the Borough of Rochdale, one appointed by the Town Council of Whitworth and one appointed by the University of Manchester, for a period of three years.
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 13 August 2024 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 2024.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
13 August 2024
Page 4
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**2024**
Unrestricted
Restricted
**Total**
fund
fund
**funds**
Notes
£
£
**£**
**INCOME AND ENDOWMENTS FROM**
Other trading activities
2
**-**
**-**
**-**
Investment income
3
**25,970**
**-**
**25,970**
**Total**
**25,970**
**-**
**25,970**
**EXPENDITURE ON**
Raising funds
4
**5,067**
**-**
**5,067**
**Charitable activities**
5
Charitable activities
**12,687**
**-**
**12,687**
Governance
**9,344**
**-**
**9,344**
**Total**
**27,098**
**-**
**27,098**
Net gains/(losses) on investments
**49,184**
**-**
**49,184**
**NET INCOME/(EXPENDITURE)**
**48,056**
**-**
**48,056**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**717,388**
**61,182**
**778,570**
**TOTAL FUNDS CARRIED FORWARD**
**765,444**
**61,182**
**826,626**|2023
Total
funds
£
1,106
24,063
25,169
5,177
10,444
8,025
23,646
(51,298)
(49,775)
828,345
778,570|
|---|---|
The notes form part of these financial statements
Page 5
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **BALANCE SHEET 31 MARCH 2024**
|Notes
**FIXED ASSETS**
Tangible assets
10
Investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
14
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
**1,468**
**733,851**
**735,319**
**1,910**
**37,972**
**39,882**
**(9,757)**
**30,125**
**765,444**
**765,444**|Restricted
fund
£
**-**
**61,182**
**61,182**
**-**
**-**
**-**
**-**
**-**
**61,182**
**61,182**|**2024**
**Total**
**funds**
**£**
**1,468**
**795,033**
**796,501**
**1,910**
**37,972**
**39,882**
**(9,757)**
**30,125**
**826,626**
**826,626**
**765,444**
**61,182**
**826,626**|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|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 August 2024 and were signed on its behalf by:
J M Coupe - Trustee
J Gartside - Trustee
The notes form part of these financial statements
Page 6
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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...
Page 7
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **2. OTHER TRADING ACTIVITIES**
|**2.**|**OTHER TRADING ACTIVITIES**|||||||
|---|---|---|---|---|---|---|---|
|||||||**2024**|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**|||||||
|||||||**2024**|2023|
|||||||**£**|£|
||Other fixed asset invest - FII|||||**25,779**|24,042|
||Deposit account interest|||||**191**|21|
|||||||**25,970**|24,063|
|**4.**|**RAISING FUNDS**|||||||
||**Investment management costs**|||||||
|||||||**2024**|2023|
|||||||**£**|£|
||Support costs|||||**5,067**|5,177|
|**5.**|**CHARITABLE ACTIVITIES COSTS**|||||||
|||Direct||Grant||Support||
|||Costs (see||funding|of|costs (see||
|||note 6)||activities||note 7)|Totals|
|||£||£||£|£|
||Charitable activities|**(750)**||**13,437**||**-**|**12,687**|
||Governance||**-**||**-**|**9,344**|**9,344**|
|||**(750)**||**13,437**||**9,344**|**22,031**|
|**6.**|**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||||||
|||||||**2024**|2023|
|||||||**£**|£|
||Grants cancelled|||||**(750)**|-|
|**7.**|**SUPPORT COSTS**|||||||
|||||||Governance||
|||||Finance||costs|Totals|
|||||£||£|£|
||Investment management costs|||**5,067**||**-**|**5,067**|
||Governance||||**-**|**9,344**|**9,344**|
|||||**5,067**||**9,344**|**14,411**|
continued...
Page 8
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **7. SUPPORT COSTS - continued**
Support costs, included in the above, are as follows:
|Support costs, included in the above, are as|follows:|||||
|---|---|---|---|---|---|
|||||**2024**|2023|
||Investment|||||
||management|||Total|Total|
||costs||Governance|activities|activities|
||£||£|**£**|£|
|Investment broker fees|**5,067**||**-**|**5,067**|**5,177**|
|Trustees' insurance||**-**|**157**|**157**|**157**|
|Sundries||**-**|**131**|**131**|**74**|
|Bookkeeping and secretarial||**-**|**7,634**|**7,634**|**7,068**|
|Independent examination fee||**-**|**780**|**780**|**726**|
|Legal fees||**-**|**642**|**642**|**-**|
||**5,067**||**9,344**|**14,411**|**13,202**|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Other trading activities
1,106
Investment income
24,063
**Total**
25,169
**EXPENDITURE ON**
Raising funds
5,177
**Charitable activities**
Charitable activities
10,444
Governance
8,025
**Total**
23,646
Net gains/(losses) on investments
(51,298)
**NET INCOME/(EXPENDITURE)**
(49,775)
**RECONCILIATION OF FUNDS**
Total funds brought forward
767,163
**TOTAL FUNDS CARRIED FORWARD**
717,388|Restricted
fund
£
-
-
-
-
-
-
-
-
-
61,182
61,182|Total
funds
£
1,106
24,063
25,169
5,177
10,444
8,025
23,646
(51,298)
(49,775)
828,345
778,570|
|---|---|---|
continued...
Page 9
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **10. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||Freehold|
||property|
||£|
|**COST**||
|At 1 April 2023 and 31 March 2024|**1,468**|
|**NET BOOK VALUE**||
|At 31 March 2024|**1,468**|
|At 31 March 2023|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.
## **11. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 1 April 2023|**746,627**|
|Additions|**101,440**|
|Disposals|**(102,218)**|
|Revaluations|**49,184**|
|At 31 March 2024|**795,033**|
|**NET BOOK VALUE**||
|At 31 March 2024|**795,033**|
|At 31 March 2023|746,627|
45.49% 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.
## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **13.**
|Prepayments and accrued income
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|**2024**
**£**
**1,910**
**2024**
**£**
**9,757**|2023
£
955|
|---|---|---|
|||2023
£
9,455|
continued...
Page 10
## **THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **14. 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
**25,970**
**TOTAL FUNDS**
**25,970**
**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
25,169
**TOTAL FUNDS**
25,169|Net
movement
At
At 1.4.23
in funds
31.3.24
£
£
£
**717,388**
**48,056**
**765,444**
**61,182**
**-**
**61,182**
**778,570**
**48,056**
**826,626**
Resources
Gains and
Movement
expended
losses
in funds
£
£
£
**(27,098)**
**49,184**
**48,056**
**(27,098)**
**49,184**
**48,056**
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)|
|---|---|
continued...
Page 11
**THE ROCHDALE ANCIENT PARISH EDUCATIONAL TRUSTS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2024.
Page 12