REGISTERED CHARITY NUMBER: 528161 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR CARTERS EDUCATIONAL FOUNDATION Lemans Statutory Auditor 29 Arboretum Street Nottingham Nottinghamshtre NGI 4JA
CARTERS EDUCATIONAL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of th¢ Trustees Report of the Independent Auditors Statement of Flnan¢lal A¢tlvltles 12 BalAnee Sheet 13 10 14 Notes to the F5naneial Slatements 15 ID 26
CARTERS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 21123 The trustees present their report with the fanCIal statements of the charity for lh¢ year cndcd 31 December 2023. The Iru5t¢¢5 hav¢ adoptEd the provisions of Accounting and Reporting by Clwities.. Statement of Recommcnd¢d PratEi¢e appli¢able to chartties preparing their accounts in ac¢ordat2te with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019). The financial statements have been prepared in accordan¢e with the accounting poli¢i¢$ Set out in notes to the accounts aTJd comply with the chariry's governing document, the Charities Act 2011 and A¢counting and Reporting by Charities.. St&tem¢Dt of Recommended Practice applicable to ¢lMrities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. OBJECTIVES AND ACTIVITIES Objeets The Scheme of the Foundation requires th¢ Truste¢s, having first discharged their obligations with regard to the upkeep and conservation of its properry and any expenses of the adrnini5tration of the Foundation, to support and assist the S¢hool Governors lo meet iheir obligations Linder tbe Education Acts and to provide. a5 the Trustees see fiL any extr&s not provided by the Lo¢al Education Authority The Trustees may also award ants to beneficiaries who live within the Ancient Parish of Wilford and are under the age of 25. These Grdn¢s ore of ttvo types.. l. Individual Educational Grdnts awarded once a year, in July, for th¢ ¢n5uing academic year. Opportunity Grants to enable others to take advantage of particulor development or trdining opEN)rtunities thToughoul the year. The Trustees may also award grants to voluntary groups which tel within the Ancient Parish and provide oppominitTes for education, recreation and developlnent for young people. Volunteers All ofthe trustees provide their time and expertise unremunerated, without which the Charity would not be able to function. There are no oth¢T volunte¢r5. Page I
CARTERS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIF.VEMENT AND PERFORMANCE CharitAbl¢ activities South WiWord School Grant £65k w&8 awarded io South Wilford School as an Annual Grant thi5 year. This has bccn made-up of five role requests including provision for SEN children and those most Yujnerable. detailed itL the breakdown below.. £19k TA .' I.'I child- to be in the same classroom £13k Sports and Wellbeing- 3 days a week £18k Coun5elling service- bought in £5k High Level SEN- TA £IOk Music Enrichment Grants The subcommittee met during the year and Annual Educational Grants toralling £21,975 were awarded to 33 young people and l Group. 14 of the Applicants were over 18 years old, and 19 of the Applicants were under 18 years old. 'Cour2geou5 Advocacy Award, of £100 was also granted again thi5 year lo be award¢d to a pupil at South Wilford School. The Charity supported the following group.. - Th¢ Hoods Basketball Club- £1,000 was granted to purchas¢ new basketballs and towards Staff training. WYCS was awarded £1 5,000 towards supporting their work with young children, to be paid in quarterly instalments of £3,750. And & fvrther 2 Opporft]nity Grnnts were also awarded in March and April, totallillg £950, iowards a gradU10n and a Brownie Pack trip. Page 2
CARTERS EDUCATIONAL FOUNDA TION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 21123 ACIIIEVEMENT AND PERFORMANCE Investment perforrnanee London Properties The London propErties are diTrided into otTice spaces and are let to a variety of tenants. Savoy Stewart deal with day-to-day atter5 Gonc¢rning the properties, giving their prof¢ssional advi¢¢ to th¢ Trust¢¢s when n¢o¢ssary. They deal with insurance on the buildings, which is paid by the Foundation to ensure proper cover and is then recouped from the tenant5. My Beautiful City have signed a Full Repairing and InsuTing Lease, depicting My Beautiful City UTJdertaking the roof repair, to the cost of circa £400k. MBC will now start their major works in March 2024 providing that St. Gile5 Church rele&%es the r¢quired lieense. Three units in No 6 have remained void since the pandemic, leaving Gulbenkian and DCL as the only remaining paying tenanrs. the rnet following the pandcmic 15 siill very flat. No 8 has seen receni movement in occupancy but is now fully tenanted. Consolidated Developments Ltd are continuing to develop the area close to the properties. South Wilford School South Wilford School, is doing well after the recent ofsTED in De¢¢TnbEr 2022, where the School achieved an overall Good rating with a number of outstanding areas highlighted. The staff &re young and enthusiastic and the School has just taken on 420 pupils into the September 2023 intake, which is at full capacity. This figure is up from this current year of 370 pupils. The Head Tea¢h¢r, Natalie Aldridge, thanked The Carter's Educational Foundation for the recent Annual Grant it had given the School, and for the proposed new grant of £65k for th¢ 23124 Achd¢mie Year. She is particularly exciied about the great relationship with the University for their integrated music learning project. Mrs Aldridge was 21so keen io welwm¢ any Tru51¢es in to V15lt th¢ Srhool. Mrs Madeleine Cox has indicated 10 the School that she would like to step doivn from her School Governor role next ar, with a possible replacement of Neil Johnson. Natalie Aldridge, Head Teacher sent a survey to parents regarding Before and After School, after a company had approached ihe School otfering to supply th¢se services. It is unknown how this will impact WYCS, the current provider who CarteEs support The Old School. There have also been tall(s at School regarding the introthi¢tion of a nursery ai the school. The C&rter House Flat IIOA Hey Baby's lease ended De¢ember 2), and they have expressed how happy they are and have renewed their lease. A r¢que5t for 4 parking spaces has been r¢¢eivtd at £400 ea¢h, and Can¢Vs have been able to offer 3 infomially. Flat IIOB Tenant, Ellie Marshall. on a £850 a month ¢ontrad has decided not to renew her It¢ and has now vacated the properry., Rex Gooding are continuing to market the property- The property r¢quire5 a roof iDsp¢ction 2nd possible d£p is5ue5 wiihin thc building #hould bc investigated. WYCS and The Old School Mr Lddie Mason Confirmed that although finances were tight, things were ok. The Costs of running WYCS are high and with 16 local people employed. salaries for Staffing ar¢ considerable. Eddie confThed that they had responded to ihe Consultation Document on 24th Septeinber, regardIg South Wilford School looking io embark on introducing a new nursery along-sid¢ their newly esiablish¢d After School Club. cutTently rur] by an ext¢Tnal provider, Rattle & Roll. Page 3
CARTERS EDUCA TIONAL FOUNDATIOL¥ REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEI¥IBER 2023 ACHIEVEMBNT AND PERFORMANCE We will eontinue to nLonitor how this affects WYCS and the Playgroup and their use of the Old School. FINANCIAL REVIEW Inve5ttNent policy and objectives The Trustees intend that the real value of their reserves be protected and enhanced by investment in son)¢ or all of suitable equities, fLxed in¢ome stocks, deposit accournts and red ternis savings bonds, seeking professional advice as and wh¢n appropri8. Reserves polley The bu]k of our income comes from rent on the London buildings. When fully let, the buildings yield a gross incorne of some £330,000. However. any of our tenants can cease to trade or choose not to renew a lease and this can reduce our income by up to £IOO,000 p.&. Although our income stream often looks secure, It is susceptible io large and unpredictable downward fluciuations. Our regular at)nual expenditure falls broadly under the four headings of Management of the Charity {Clcrkin& agents ac £30,000) 5UPPOrt for the Endowed School, the maiD objerl of th¢ Ch2rity1£76,000) regular grants to individuals and groups within Wilford1£40,000) and maintenance and improvement5 to the London and Wilford buildings (typ&caIly £200,000). The school eurrently spends our grant to buy extra Staffing and it is essential ftsr employment security that they know well in advance the level of suppon which they can expect. To wntinue ¢0 gen¢rat¢ inwm¢ from oiir buildings, it 15 Tier¢s5ary wh¢n¢v¢r oppgrtunity arise5, to modernise and improve their ambience, as well as ensuring that they COTnply with ¢urreDt legislation in all asp¢¢t5 Of 5afrty. Such wo] often hzs to be done at short notice at the convenience of tenant5 or behveen tenancies. With the reeeni changes in ihe funding of universiry studenis, it is our hope that we shall be able to give much greater support to Such students, but in this case we may nced to give a 3 or 4 y¢ar ¢o]nmitment. Based on the inforniativn abov¢, whi¢h indicaies that we should always be able to guarantee School support at least 2 year in advan¢¢. be able to initiat¢ SIlficant dev¢loptnent work in the London buildings as and wh¢D needed and to continue our 5UPPOrt of indiyiduals and groups within ihe Ancient Parish, we should retain a reserve of £200,0(M). Our Reserve5 Policy has be¢n updated arcordingly to incorporate a decision to put aside £50,000 a year as a reserve towards any eventuality wilh the windows and the glass roof of The Pwni Shop. Due to financial pressure arising from the Covid-19 pandemic and frorn the need to repair the Lanterrt roof at No 6 Flitcroft Street the decision mad¢ not to add io reserves this year. This policy and th¢ progress towards establishing OUT reserves will be reviewed annualIy. The total amount of unrestricted funds held at 31 December 2023 15 £289,765, designated funds of £302,496, r¢siricted fLmds of £2,832,357 and endowment funds of £8.728.716. Tenants, Deposlts Separdie bank accounts have been opened tt) ttansfer Tenanis, rental deposits previously held by Nelson5. Page 4
CARTERS EDUCA TIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THF YF.AR V,NDF.D 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Reverend Benjamin Carter, Rector of Wilford, sigrned the original Deed in 1727, setting up a TnJsL whereby a schoolmaster could be employed to teach boys and gil'ls in Wilford, Nottillgham, to read and writ. His satary 2nd the purchase of books were to be paid out of in¢ome from pi'opertle5 near Charing Cross Road, London. Also from this income £5 a year was to be given to (he poor of Wilford and £1 O a year to the Charity Girls SchcKJl in Bloomsbury. London. Rev. Carter died in 1732 leaving the propertie5 to the Charity, together with a 5urn of onEY lo build a SLhoolhou5e and an extra sum to augment the Charitys income. In 1909, the three parts of Cartevs Charity were divided into three separate chariiies.'- Cartevs Educational Foundation, CarteT'S Charity for the Poor of Wilford and Carter's Bloornsbury Edu¢atianal Foundation. Each was given some property and soroe investment fvnds. As is shown in the Ac¢ount5, thi5 Foundation owns three London propenies, nvo of whi¢h ar¢ listed Grade Il. Rentals from these properties Still provide the funds needed to administer the aims of the Foundation. The Fout)dation also owns the principal object of the Scheme, South Wilford Endowed Church of England Primary School and the SuOund1g oundS. The School no longer uses the Old School House and a Victorian Building. These have been renamed The Carter House 2nd The Old SthcM)I respectively and both produce a small income for the Trust. The Foundation is administered by 9 Trustees - 2 Representative Trustees and 7 Ctroptative Trustees. The Representative Trustees are appointed by Wilford PCC, the Govemors of Nottingham Iligh School and Nottingham City Council (LEA) and serve for 5 years after which period they may put thems¢lve5 for re•appointm¢nt. The Co-optative Trustees are appointed by the Representative Trustees and serve for 8 years. At the quarterly Trustee meetings, the Trnstees agree the strategy of the Foundation. including consideration of ant n)aking. investment, res¢rv¢s and risk managemcnt poli¢ies. The day to day adminigtration is delegated to the Clerk. Trustees are inducted and trained in accordance with The'Good Governance Guide,. On 23rd January 2019 the Trustees resolved unanimou51y to adopt a n¢w Administrative Do¢uEnent, and that the Poundation is t)ow administered in accordance with the tern)s of the Foundation Deeds as arnend¢d by this Docurnent. The new Document replaces wording from the 19th Century with wording which is more relevant today. Few substantiv¢ changes are included, but th¢ new Document increases the pool of Trustees to 4 Representative Trustees and 5 Co-optative Tnte¢S plvs 5 local Rectors. The School is llow known as South Wilford Chw¢h of Englond Endowed Primary School. Risk Management The trnstees have a duty to ideniify and review the risks to which the charity is exposed and to ensure appropriat¢ ¢ontroLs are in plac¢ to provide r¢asoJvdble assurance against fraud and ettor. Having reviewed the situation, the Trustees believe that the major risk which ¢ould face the charity is a lack of rental income from ihe London properties. In this event. the Trustees. obligations could be met initially by the ndS in the Trusts Res¢rve$ which hav¢ been ¢al¢ulaied to cover one yeavs expenditure. REFERENCE AND ADMINISTRA TIVE DETAILS Regi51ered Ch8rity Dulnber 528161 Prinelpal #ddress Pennine House Stanford Street Nottintsm Nottinghamshir¢ NGI 7BQ Page 5
CARTERS EDUCATIONAL FOUNDATION RLPORT OF THE TRUSTEES FOR THE YEAR ENDKD 31 DKCEMBER 2023 Trustees Mr R W Sianley Wilford Parochial Church Council Mrs M Cox Cothopted Mr R Baxter (Chair) Co-opted Mr R St¢cl Coknopted Mrs E Sporton Co-optEd Mr5 S Heining Co-opted Mrs S Read Co-opied Mr M Dillon Co-opted {appointed 13.12.23) Mr N Johnson Wilford Parochial Chiii"¢h Council (appoillted 13.12.23} Clerk to tb¢ Trustees Mrs J Marshall Cart¢rfs Edu¢ational Foundation PenHin¢ House 8 Stanford Street Nottingham NGI 7BQ Audltors Lemans Siatutory AuditOT 29 Arboretllm Street Nottingharn Nottinghamshire NGI 4JA Page 6
CARTERS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFEREI NCE AND ADTrttNtSTRATtVE DETAILS Solicitor5 Nelsons Pennirte House Stanford Street Nottingha NOI 7BQ BaDker5 Lloyds TSB Old Mark¢1 Squ8re Nottingham NGI 6FD LondoTh Property M8DagetNent Savoy Stewart Atlaniic House 351 Oxford Street London WIC2JF Nottingham Property Agent Rex Gooding 4 Albert Road West Bridgford Nottingham NG2 5GQ Tenants, Deposits Held with.. Skipton Building Society Principal Office The Bailey Skipton North Yorkshire BD23 IDN Investments wlth: United TNst Bank 80 Haymarket IA)ndon SWIY4TE Virgin St JneS Street Nottingham NGI 6FB Mansfield Building Society Regent Street Mansfield NG18 ISS Page 7
chRyE EDUCATIONAL fiOUNDATION EEPORT OF'fHETRUSTC, CS .IBER 2023 PUBLTC BCNEnT Th¢ TniSt liad du¢ r¢rd to Ilie suid&iiEe publisliEd by Ilie Charity Cojninission oi) Public bEnefil iyheti révitsivbig th¢ ¢liiil5 Thiiiis obj¢aive5. Tlie objecl of Ihe charity detsils of ivlio and Ewiv Ihe cliwily ]lPed cath be fouiid on pa8¢5 1 aiid 2. $TATFfvTr. OF TRUSTEES, RESPONStBILITtES The tr1151e¢s gr¢ r¢spoii$ibl¢ for pr¢pJ¥ing the Th51ees' Annlial Rq)ort arnd Ilie ftiijncial sltd¢mfflils w 8ccordArtce ivllli ftppli¢tibie Iniv8nd Ujiiied Kitwdoin AccouThliiw Staiithids (unit Kiiigdoiii Getty Acr¢pid Ath)Untl8 PrA¢tit¢l. Tlit IMV fipplicabje ¢0 chatilie% iii & IVa1¢5 requitts Ili¢ In(¢¢$ 10 pwpore finThiicial sl&ieiiieiJts for each fianCIN1 yettr ivbich give H liiit alld ftslr vieiv of Ili¢ stale of •frT% of t1 chariiy llrjd of Ilie iiicoliiing ¥esoiirces ajid hpplkaikni of resoiLr¢es of Ilie cjwity forilial periDd. In prepi1rinK Iliese fllilltriciol slileiiieiils.llke Inislees ar¢ reqiurcd to.. scled $iiilabl¢ Aceoiirtting policies rfieti apply Iliein coiisisleiiilyi - ob5wve Ihc ni¢fvds•nd prhlpleS iii the clirIticS SORP 2019 IFRS 1021- 1118k¢ jiidg¢rnMls aiid esliniat¢s Ilial re reo]Iable and Pmdejitr 51aie iyhdlier ttpplicnbl¢ aceoiiiiiing sthiMlaS liaye lolloivcd, subi¢cl ID Any m2ieiial depnifiirt% distlosed Yplomied iii Ilje finallcial st&l¢inwils- prepare Ilie finan¢lRI st•i¢meiits oil Ih¢ goiiig coThteni basis utde$s il is itiappropriale to presuine tht¢l the cliarity 11411 cot)liiiii¢ I op¢iThlign. Tr trngiees t(re resl)Stb1¢ for kcei)iftE prop¢r ting r¢¢ords Ilial di5¢105¢ iviih slibIe I¢1114¢Y at xiiy till the rirtiiiidxl posltlojj of tlie ¢lJThrily iid tilble ill e#siire Ih•t Ilie stntellieiils toitjply ii,Iili Ilie Cliarilies Act 21111, Ie lchariiles (Accoiiiils and Reyoils) Re8ulllli0115 2a08 Riid Ilic pvisio11$ ofilie thist deed. 7li¢y are Aso rcsp)i)gibl¢ for 5afwiai'din8 111¢ •55¢15 of Ih¢ ¢liirlty and lice for taking r¢sonable sieps for 112e prevenlion dErtion or rd Ind L#IiET brr¢giil•ril¢w. Approv¢d byoTderofth¢ Ird of Iriisltts 16(ktober2014 ld51g11tdOI7 115 behalf by- Mr R Bo%ler. Trustee Page 8
REPORT OF THE INDEPLNDENT AUDITORS TO THE TRUSTEES OF CARTERS EDUCATIONAL FOUNDATION Opinion We have audited the fiEIcial statements of Carters Educational Foundation (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and noteg to the financial statements, including a summary of gignificant accounting policies. The financial reporting framework that has been applied in their prepardtion is applicable law wid United Kingdom Accounting StaDdards (United Kingdoni Generally Accepted Accounting Practi¢c). In our opinion the finan¢ial 5tat¢ments.' give a trne and fair view of the state of the charity'g affairs L% at 3 1 December 2023 and of ils incoming resources and application of resources. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounting Practice,. and have been prepared in accordance with tbe requiretnents of the Chariti¢s Art 2011. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standai'ds al'e rther described in the Auditors, responsibilities for the audit of the financial statetntnts section of our report. We are independenl of ihe charily in accvi'ijance with the ethical requiremenis that are relevant to our audit of the financial stiteinents th¢ UK including th¢ FRC'S Eihi¢al Standord, and we hav¢ fvlfilled our other ethical r¢sponsibiliti¢s in ac¢ordan¢¢ wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ConelusioD5 relating to golng concern In auditing the fanCIal statements, we have cvncluded that the trnsiees, use of the going conc¢m basis of a¢¢ounting in Ihe preparation ofthe fJnanGial statements is &ppropriat¢. Bas¢d on the work w¢ have p¢rfonn¢d, we have not identified any material uncert&inties relating to events or conditions ihat, individually or collectivelyj may cast significant dou on the charity's ability to CQDtinu¢ as a goillg concern for a period of at least twelve months from when the financi21 statemellts a allthorised for issue. Our responsibilities and the responsibilities of the tNsl¢es with respecL io going ¢on¢¢rn ar¢ des¢ribed in the relevant s¢ctions of this report. Other irtformAtion The tnrsttes are responsible for the otl)er inforn]ation. The oiher infonnation comprises the inforn)ation illcluded in the Annual Repon. other than the funciaL statements and our Report of the Independent Auditors ih¢r¢on. Our opinion on th¢ financial statements do¢s not ¢ov¢r the other inforniation and, except to the extent otherwise expliciily stated in our report, we do not express any form of assurance Conclusion thereon. In connxtion with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing 50, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtaiDed in the audit or oth¢rwise appears to be maierially missiated. If w¢ identify such mai¢ri81 inconsisten¢i¢s or apparent matei'ial misstatements, w¢ are required to det¢rinin¢ wh¢tber this gives rise io a material rnisStatem¢nt in the finan¢ial statements th¢m5elve5. Jf, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other inforniation, we are required to report that fact. We have nothing to report in this regard. Matters on which w¢ are required to report by exc¢ption We have nothing w report in respect of the following matters in relation to which the Charities (Accounts and Repots) Regulations 2008 r¢quir¢ us io report ro you 1£ in our opinion.. th¢ inforniation given in the fmancial statements is inconsistent in any material re5pe¢t with th¢ tru$t¢es' report. or sufficient accounting record5 hav¢ not been kept,. or the financial staiements are not in aglenent with the accounting records; or we have not received all the information and exp[attIonS we require for our audit. Page 9
REPORT OF THE INDEPENDENT AL'DITORS TO THE TRUSTEES OF CARTERS EDUCATIOliAL FOUNDATION Responsibilitie5 of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustee% are respon%ible for the preparation of the financial statements which give a truc &nd fair view, and for such internal control 85 the trustees d¢temine is necessary to ¢ttable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In prepartng the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the tnlet8 either int¢nd to liquidate the charity or to cease operations, or have no realistic altem2tive but to do so, Our respoMsibilitie5 for the audit of the financial statements We hav¢ be¢n appointed as audit(Frs Lind¢r Section 144 of the Charities AGt 2011 and rq)ort ID aGrordance with the Act and r¢levant regulations made or having etyeci thereunder. Our objeetiV¢5 ar¢ to obtain reasonabl¢ assurance about whether the fEnancial Statements as a whole are free from material misststemenl. whether due io fraud or ¢rrur. and to issue a Report of the llldep¢ndent Auditvrs thal includes our opinion. ReasonablE assurance is a high l¢vel of a55ur4nG¢, but TS Dot a guarant¢¢ that audit conduded in accordance with ISAS (UK) will alivays detect a material misstatement when it exists. Misstaiements can arise from fraud or error and ar¢ onsidered material if, individually or in the aggregate, they could reasonably be expected to influenc¢ the ¢conomi decisions of users taken on the basis of these financi21 statements. The exlent to which our procedures are Capable of detecting IegUlarltic& including fraud is detailed below.. Irregularllies, in¢luding fraud, are instances of non-¢omplian¢e with laws and regulations. We design pro¢¢dures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fr4ud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. - Exercise professional judgment and Inaintain professional scepticism throughout the planning and perfomian¢e of the audit., Identify and assess th¢ Tisks of maierial misstatement of the fmancial statements, whether due to fraud or eThor, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Obtain an und¢rstanding of th¢ internal control relevant to the audit in order to design audit proc¢dures that are appropriate in the Circumstances. but not for the purpose of expressing an opinion on the effectiveness of the charity's in¢ernal control. Evaluate the appropriateness of accounting policies us¢d and th¢ reasonableness of a¢counting estimates and related disclosures mad¢ by matydgement., Mok¢ enquiries of management and those charged with governance of any in5tart¢es of non-compliance with Laws and regulations and of any actual and potential litigation and claims. Review financial statement disclosures to supporting documentation to assess compliance with applicable laws and regulations Because of the inherent limitations of an audiL there is a risk that we not delecl all irregularities, including those leadittg to a material missratement in the finan¢i81 ststem¢nts or non-¢omplian¢e with regulation. This risk increases the more that compliance with a law or regulation is I'emoved from the events ond transaction5 r¢fle¢t¢d in ¢h¢ finan¢ial statements. as we will be less likely to be£ome aware of instances of non-compliance. The risk is also greater regardlng irregularities occurring dlle to fraud rather than ¢JTor, as frdud involves intentional concealmenL forgery> collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial stalements is locat¢d on the Fancial Reporting Council's websile at Mvw.fr¢.org.uaUditorsreSponSibIj1ties. This description fornis part of our Report of th¢ Independent Auditors. Page 10
REPORT OF THE INDEPEINDkNT AUDITORS TO THE TRUSTEES OF CARTERS EDLCATIONAL FOUNDATION Use of our report This report i5 made solety to the charitls trustees. &$ a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been und¢Ttdken so that we might stat¢ to th¢ rhdrily's trustees those matters we are required to stale to th¢m in an auditors, report and for no other purpose. To the lIest extent permitt¢d 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 ihis report, Dr for the opinions we liave fomied. Lemans StatOry Auditor 29 Arboretum Street Nottingham Nottinghamshire NGI 4JA Date.. iQ> OcEokJV Page 11
CARTERS EDUCATIONAL FOUNDATION STATEMFNT OF FINANCIAL ACTIVITIE RTHEV AR ENDED 31 DECEMBER 2023 31.12.23 Total fvnds 31.12,22 Totsl Dd5 Unrestricted fun¢ts Restricted funds Endownent fund Nol¢s INCOME AND ENDOWIVIErfrs FROM tnve$tsnent income 371.941 371,941 278,083 EXPENDITURE ON Raising funds 202,843 202,843 146,232 Charitable activities Edlleational Extra stoff costs Other grants 21.475 76,000 16,552 21.475 76.000 16,552 34,816 74,086 28,117 Other 25,540 25,540 27,526 Totsl 342.410 342,410 310,777 Net gains on investments 954,(H)O 954,000 3,066,000 NET INCOME 29,531 954,000 983,531 3,033,306 RECONCILIATION OF FUNDS Total fimds brought forward 562,730 2,832,357 7.774,716 11,169,803 8,136.497 TOTAL FUNDS CARRIED FORWARD 592.261 2.832,357 8,728,716 12.153,334 11,169,803 Tlie note5 fomi part of these financial statelnents Page 12
CARTERS EDUCATIONAL FOUNDA TION BALANCE SHEET 31 DF.CEMBER 2023 31.12.23 Toial fitnds 31.12.22 Total funds Unrestricted funds Restricted £LdS Endowment Notes FIXED ASSETS -1 aDgible assets Investhients Invcsthientg Invc5tsntnt propety 225,000 2,832.357 3,057,357 3,057,357 55,071 55,071 8,720,000 io 8,720,000 7,766,000 280,071 2,832,357 8,720,000 11,832,428 10,823.)57 CURRENT ASSETS Debtors Investments Cash at baDk 70,916 203,389 158.332 70,916 212.105 237.173 113.766 266,Oi2 120,339 12 8.716 78.841 432,637 78,841 8,716 520,194 500,157 CREDITORS Amoun1$ falling due within one year 13 (120,447) (78,841) (199,288) (153,711) NET CURRENT ASSETS 312,190 8,716 320,906 346,446 TOTAL ASSETS LESS CURREf4T LIABILITIES 592,261 2,832,357 8,728,716 12,153,334 11,169.803 NET ASSETS 592,261 2,832,357 8.728,716 12,153.334 1,169,803 The notes fom part of these finaTLcial statements Page 13 continued...
AR'fERSL4 DUC LIALAN E SHbE'f- coiitlii UJirc51ricd ftind5'. Cenernl fiiiid Ne%v S¢hg01 1.5 Flilwfl Sleed dev¢lopineilt 289,765 225.000 77,496 260.234 225.QOO 77.496 592.261 562.730 Restrkied fliiids.. Nthv Sc]iool Etsdthvnittii fiINds.' Inn{k Pmperti¢$. Old SKliool Hiid Buildin88 2.832.357 2.831357 8.728,716 7,774,716 TOTAL FUNDS 12,153,334 11,169,803 Tli¢ fiiiall¢illl 5th1¢mern15 iyeie aPprod by Ilio BoRrd ofTrustee5 wid Oiillioiised for lssve 011 16 ocber 2024 and wtr¢ 55ghcd oll ils b¢liAifby'. fr R Br- Thiste¢ /•/Y6k Mr8 M Cox. Tw5te¢ te I1¢% forni of these fjnlnciil $lai¢ni¢nis Page 14
CARTERS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STA'fEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial 5t8tements asses5Ment of going concern The fthancial gtatements of the charity, which is a public benefit entity Under FRS 102, have been prepared in accordance with Accountino and Reporting by Charities.. Statement of Recommended Practic¢ applicable io charities pr¢p?ring th¢ir arcounts in accoi'dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireltnd {FRS 102), the Charities Act 201 land UK G¢n¢rnlly A¢Gepted A¢counlin8 PTactice. The financial Statements hav¢ b¢en prepared to give a and faiV view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent requTred to provide a'trne and fair view,. This departure has involved following th¢ Accounting and Reporting by Charities.. Siaterntnt of Recommended Practice applicable to charities preparing their accout]t5 ID accordance with the Financial Reporting Standard kpplitAble the UK and Republic of Ireland issued in October 2019 rather than the ACcouting and R¢portitig by Charitics.. Stat¢m¢ni of Recommended Practice effective from l April 2005 which iw since been withdrawn, The financial statements are prepared on a going concem basis under the histtirical cost convenlion, modified to includ¢ certain items at fair valu¢. The fmancial statements are prepared in sterling which is the functional currency of the charity and rounded to th¢ T)earest pound. The trn$t¢es consider that there are no material uncertainties about the Foundation's ability to continue as a going concern. Th¢ 5ignificaDt accounting policies applied in the prepardtion of thcsc financial statem¢nts are set out below. These policies have been consi5Eently appli¢d to all years presented unless otherwise sthted, Income All income is rwognised in the Statem¢nt of Financial Activities once the charity has entitleTnent to the funds, it is probable that the income will be received and thc amount can bc mcAsured reliably. Donations are awoutited for Using th¢ ¢05t incurred in providing the fixed asset. Rental and service ¢horg¢ income is accounted for in th¢ period to which it relates. Expenditllre Liahilitt¢s are Tecognised 8$ expenditur¢ ¥ soon as there is a legal or constructive obligation commitring the charity to thai expenditure, it is probable that a transfer of economic benefits will be required in settlement ond The amount of the obligation can be measiired reliably. ExpendiluT¢ IS a¢¢OUTlted for on an accruals basis and has been classified und¢r headings that aggregate all cost related to the category. Where ¢osts ¢annoi be dir¢ctly attributed to particular heading5 they have been allocated to &divit1¢5 on a basis consistent with the use of resour¢e$. Ormts eye payable to individuals and institutions within th¢ Allcient parish of Wilford. Expenditwe relating to investinent prortIeS is a¢¢owiied for on an accmals basis. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not ac¢nd as expenditure. Tanglble flxed assets Th¢ land and buildings occupied for the purposes of the Foundation, the Wilford New School and Buildin85, have been capitalised and valued at the date oc Ihe gift. In 2003 the Foundation paid a contribution of £150.¢M)O towards the Cost, the r¢maind¢r was funded by the Depariment for Education under the management of The Southwell Diocesan Board of Education, Additional ¢la5sroom5 subsequently built have been capitalised and valued based on the cost incurred by the CouNcil. In 2019, an extension to the school hall was built, the Foundation paid a ¢ontribulion of £75,(NJO. Page 15 continued...
CARTERS EDUCATIONAL FOUNDATION NOTES TO THE FIf4ANCIAL STATEMENfs- tnntinued FnR THF YF.AR V.NDF.D 31 DECEMBER 21)23 ACCOUNTING POLICIES . continued Tangible fixed v4s5ets Fixed assets are not depreciated as the amount of any depreciation provision would b¢ immaterial as a result of th¢ l¢ngth of th¢ eIMated rematning use] life of the assets and the estimated residual values of tlie assets not being materially differ¢nt from the book value. The fixed assets are reviewed for impairmeni at the end of each accounting period. Investment properties Inve5thent properties are includ¢d in the fmancial statements at trustees. valuation and are measured at fair value. Toxgtlon The charity 15 ¢xempt from tax on its ¢haritsble activities. Fund accounting The general fid consists of the accumulation of sury)luses le55 deficits of income over revenue expenditure and can be used in tt¢¢ordan¢¢ wilh the objecis of the charity at the discretion of the trustees. The designated funds relate to.. Ihe Follndation's contribution to the cost of the new and -5 Flitcroft Street development Th¢ r¢striot¢d fund r¢lat¢s to the new school and represents the Trustees valuation excluding the amount paid by the Foundation. The endowment fund relates to the London Properties, Old School and Buildings and certain invesknents. The use of the incorne from these investments is unrestricted. Pellsion costs other po$t-retirement benefEts The rhaTity operates a defin¢d contributioll P¢D5iOn scELeme. Contributions payable to the charity's pension scheme 8Je charged to the Statement of Financial Activities in the pertod to which they relate. Curr¢nt asset investments The charity holds cash on deposit for investmenl purposes, in ord¢r to tsbtain a bert¢r rate of return, thEreby increasing their income enabling them to meet their objects. Cash at bank The ch2r2ty holds sufficient fvnds in order to m¢et its shorr term cash commitments as they fall due. Tenants, Deposit The charity holds a tenaDt5' deposit in a %par8t¢ dES1ted account with Skipton Building Society. Debtors and ertditors rccelvablc I payablc within one year Debtors and cttditors with no staled interest rate and receivable or payable with one year &re recorded at the transa¢tion price. Pag¢ 16 continued...
CARTERS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STA TEMENTS- continued FOR THE YEAR ENDED 31 DECEIKBER 2023 INVESTMEDrr INCOME 31.12.23 31.12.22 Rents receivable Other property in¢ome Deposit account inlerest 309,868 57,855 4,218 251,625 24,745 ,713 371.941 278,083 RAISING FUNDS Invtstment rn*rtagement cost$ 31.12.23 31.12.22 Bad d¢bt5 Insurance premiums Agents fees Electricity and g Rat¢S Cleaning Repairs and rnaintenallce Prof¢s5ional f¢¢s 6,375 19,007 40.692 3,376 3,189 14,981 100,608 14.615 (4,790) 15,878 28,435 8,452 2.264 15,320 62,141 18,532 202,843 E46,232 GRANTS PAYABLE 31.12.23 31.12.22 Educationel grants Extra staff costs Other grantg 21.475 76,000 16.552 34,816 74.086 28,117 14,027 137,019 The total grants payable to institutions during the year was &$ follows.. 31.12.23 Number 31.12.22 Number lustitstion Nottingham Hoods Basketball Club WYCS Wilford Conllnuniry Group St Wilfred'$ Church Hall 4th Wilford Brtswnies St Wilfred'q Church Youth South Wilford School- ukran15 1,000 1 15,000 1,000 1 15,00 7,500 450 4,500 117 102 4 16,552 5 28,117 Page 17 continued,..
CARTERS EDUCATIONAL FOUNDATiof4 IYOTES TO THE FINANCJAL STA TEMENTS- coDtiDued FOR THE YEAR ENDED 31 DECEMBER 2023 GRANTS PAYABLE- continued 31.12.23 Number 33 21.475 31.12.22 Numb¢r 51 34,816 Individuals AUDtTORS' REMUNERA TION 31.12.23 31.12.?2 Fees payable to the charity's auditors for the audit of the charities financial Statements 2,050 2,050 Other non-audit services 9,744 9.380 Total fees payable 11,794 11,430 TRUSTEES, REMUNERATION Af4D BENEFITS Ther¢ werc no tru$t¢¢s' remuner&tion or other benefits for the year ended 31 DeMber 2023 nor for the year ended 31 December 2022. Tru51ee5' expen$e5 During 2023 one (2022 - two) trusttt was reimbursed for travel and out of pocket expenses lotalliDg £134 (2022 £2.396). STAFF COSTS The average monthly number of employee5 during the year was a5 follows.. 31.12.23 31.12.22 Numb¢r of employ¢¢s No employees received emoluments in ex¢es5 of £60,000. Page 18 continued...
CARTERS EDUCATIONAL FOUNDATJof4 NOTLS TO THE FINANCIAL STATEMENTS- eorttinlled FOR THE YEAR ENDED 31 DECELVIBER 2023 TANGIBLE FIXED ASSETS Wilford New S¢hool & Buildings COST At l January 2023 and 31 Dec¢mber 2023 3,057,357 r4ET BOOK VALUE At 31 December 2023 3,057,357 At 31 December 2022 3,057.i57 The land and buildings occupied for the purpose5 of the Foundation, the Wilford New S¢hool and Buildings, have been c¢11]1cd and Viilued at £1,600.000, at the dale of the gift. tn 2003 the Foundation ld a contribution of £150,000 iowards the cost, th¢ reTnaind¢r was fvnded by the Departtnenl for Edu¢atTon under ihe management of Th¢ Southwell Diocesan Board of Education. tn 2(M)9 3 new classrooms weiE built at an estimated cost by the TrLtstees of £450,348, which were funded by a goyemment grant, the finances for which were managed by th¢ Nottingham City Council. tn 2016 3 n¢w ¢la$5n)gms w¢i'¢ built ¢osting £675,521, which wa5 funded by a govemment grant, the fin8n¢¢5 for which were managed by the Nottingham City Council. In 2019 an extension to the school hall was built costing £331,488. The charity Contributed £75,0(M) to this, the reMTrder was fimded by the school and the LCVAP. A 125 year leas¢. dated l? July 2012 for £nil, has been granted to South Wilford Church of England Voluiiiary Aided Primary School. FIXED ASSET INVESTMENTS Cash and sett]emenls pffl]ding MARKET VALUE Addition5 55,D71 NET BOOK VALUE At 31 December 2023 55,071 At 31 December 2022 There wer¢ no investment 8sser8 outside the UK. Page 19 ontinued...
CARTERS EDUCATiof4AL FOUNDATJON NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. INVESTMENT PROPERTY FAIR VALUE At l January 2023 Revalll&tiOIk 7.766.000 954.000 At 31 December 2023 8,720,000 NET BOOK VALUE At 31 December 2023 8,720,000 At 31 December 2022 7,766,000 Pag¢ 20 continu¢d...
CARTERS EDUCATIONAL FOUNDATION NOTES Tn THF. FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. INVESTMENT PROPERTY- contlnued Annual Rental Property Tenants Term of Itase 115 Flitcroft Street My Beautiful City Ltd 15 years from 13.12.2023 12,000 6 Flitcroft Street Basement and Ground Floor Vacant 1st Floor Gulbenkian Solicitors Ltd 5 years from 15.06.2020 38,325 2nd Floor Vacant 3rd Floor DCL Consulting Engineers Ltd 10 years from 13.05.16 34,000 8 Fliteroft Street Ground Floor A Bunn (Pixelate Imging Ltd) 28.0.2022 to 23.06.27 16,000 1st Floor Bad Wolf 12.11.2023 10 24.12.2027 65,295 2nd Floor (partl lan Johnson Publicity Ltd 5 years frorn 25.12.2022(2 months rent free in 2023) 30,300 2nd Floor (pail) Bad Wolf 5 years from 25.12.2022 23,900 3rd and 4th floors Bad Wolf 1.02.2023 10 24.12.2027 83.000 IIOA M4irJ Road, Wilford HB4D Ltd Not¢lngh&m 3 years from 17.09.2023 8,000 IJOB Main Road, Wilford, Trlottingham E Marshall 2 years from 28.06.22(vacated December 2023) 10,200 The New School Transforni Trust 125 y¢ars from 17.07.12 £nil The Old Sehool wycs 9 years from 01.03.16 £4,000 p.a., increasing to £7.500 from 19.09.16 to 28.09.17 increasing 10 £15,000 p.#. to 28.09.21 15,0(K) 336,020 Page21 ontinued...
CARTERS EDUCATIONAL FOUNDATION NOTES TO THE FIP4ANCIAL gr ATEMENTS - cDntinued FOR THE YEAR ENDED 31 DECEMBER 2023 io. INVESTMENT PROPERTY- eontinued Fair value at 31 D%ember 2023 15 repre5¢nted by.. Valuation in 2023 8,720,000 ii. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade debtors Other debtors VAT 58,415 12,501 108,230 1,144 4,392 70,916 113,766 12. CURRENT ASSET INVESTIVIENTS 31.12.23 31.12.22 Cash held on deposit 212,105 266,052 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade creditors Social security and other taxes VAT Other creditors AC¢nlS and defetTed income 14,129 15,905 136 ,735 89.250 94,060 80,750 56,920 199,288 153,711 Pag¢ 22 Continued...
CARTERS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STA TEMENTS- eontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 14. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 Atl.1.23 UJErestricted fund5 General fund New School 1-5 Flit¢roft Stred developmen¢ 260,234 225,0(N) 77,496 29,531 289,765 225,000 77,496 562,730 29,531 592,261 Restricted funds New School 2,832,357 2.832.357 Endowment funds London Properties, Old S¢hool and Buildings 7,774,716 954,000 8,728,716 TOTAL FUNDS 11,169,803 983,53 1 12.153,334 Net tnovemenl in bjnds, included in the above are as follows: Incoming resources Resources expended Gains and 105S¢5 Movement in ndS Urtre5trieted funds General fund 371,941 (342,4101 29,531 Endowment fund$ London PToperties, Old School and Buildin 954,000 954,000 TOTAL FUNDS 371,941 1342,410) 954,000 983,531 Pag¢ 23 ¢ontinu¢d...
CARTERS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 14. MOVEMENT IN FUNDS- eontirtued Comparatives for movement in funds Net movement in funds At 31.12.22 Atl.1.22 Unrestrfieted funds General fund New School 1-5 Flitcroft Street development 292,928 225,000 77.496 (32,694) 260,234 225,(M)O 77,496 595,424 (32,694) 562,730 Restrlcted funds N¢w School 2.832,357 2.832,357 Endowment funds London Propertie5, Old School and Building5 4,7C18,716 3,066,000 7.774,716 TOTAL FUNDS ,136.497 3,033,306 11,169,803 Comparative net movement in funds, included Tn the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 278,083 {310,777) (32,694) Endowrnent funds London Propertie5, Old School and Buildings 3,066,000 3,066,000 TOTAL FUNDS 278,083 (310,777) 3,066,000 3,033.306 Pagc 24 ¢onlinued...
CARTERS EDUCATIONAL FOUNDATION Tr40TES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 14. MOvEMEr IN FUNDS- continued A ¢urr¢nl y¢ar 12 months and prior year 12 months ¢ombined position is as follows.. Net movement in fiu)ds At 31.12.2J At 1.1.22 Unrestrlcted funds G¢T)eral fvnd New School 1-5 Flitcroft Street development 292,928 225,000 77,496 (3,163) 289,765 225,OOQ 77,496 595,424 (3,163) 592261 RestTlCted funds New School 2,832,357 2,832,357 Endowment funds London Propertie8 Old School alld BuildiDg5 4,708,716 4,020,000 8,728,716 TOTAL FUNDS 8,136,497 4.016,837 12,153.334 A eurrent year 12 and prior year 12 Jnonths cojnbined net ]novement in funds, included in the above are as follows.. Incoming restrurces Resources expended Gains and losses Movernent in funds Unrestricted funds General fund 650,024 1653,187) (3,1631 ndowment fund5 London Properties, Old School and Buildings 4,020,000 4,020,000 TOTAL FUNDS 650,024 (653,187) 4,020,000 4,016,837 The designated fLmds relate to.. th¢ Foundaiion's ¢ontribution to the cost of ibe new school and -5 Flitcroft Str¢¢t d¢v¢lop)n¢nt The restricted fund relates to the new school and Tepresents the Trustees valuation excluding the &tnount paid by the Fowidation. Tenants, deposits received are ring-fenced and repayable to the ten3nt on vacation of the property or earlier. The endowm¢nt fund relates to the Londvii Proptrti¢s, Old Scbocl and Buildings and certaiEL investments. The use of the income from the5¢ inV¢Stments is unr¢stri¢t¢d. P&g¢ 25 continued...
CARTERS EDUCATIof4AL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. EMPLOYEE BENEFIT OBLIGATIONS The ¢harity op¢rat¢s a defmed ¢ontribution s¢heme. The &ssels are managed independently of the charity and ontributions are charged to the Stat¢rnent of Financial Activilies in the period they are made. The charg¢ for thE year was £233 (2022- £233). 16. OTHER FINANCJAL COMMITMENTS The Charity has agreed to provide a grant to the South Wilford Endowed CE Primary School of £65,000 for the 2023124 academi¢ y¢ar (2022 - £75,080 for 2022Q3 academi¢ year), £25,000 (2022 - £24,086) of which has already b¢en paid and 15 includ¢d ill these financial statements. The Charity 1$ ¢ommitt¢d to paying £40,000 (2022 £51,0(K)) to the South Wilford Endowed CE Primary School. 17. RELATED PARTY DISCLOSURES Th¢r¢ were no related party traiisaction5 for the year ended 31 December 2023. 18. CONTROL RELATIONSHIP The d)ariry is controlled by its Trustees. Page 26