PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Trustees Report and Accounts
For the Year ended 31[st] December 2020
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Contents
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2 – 4 |
| Independent Examiners’ Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Accounting Policies | 8 - 9 |
| Notes to the Financial Activities | 10 - 12 |
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Charity Information as at 31[st] December 2020
| Trustees: | Dr Stephen Roberts (Chairman) |
|---|---|
| Michael Davies | |
| Frederick Hiscocks | |
| Susan Walker | |
| Dilys King | |
| John Langley | |
| Susan Robinson | |
| Katie Kavanagh | |
| Lee Pound | |
| Mark Cargill | |
| Charity No. | 528678 |
| Clerk | Mrs Helen Smith |
| Independent Examiner | Burgis & Bullock |
| 8 Elm Court | |
| Stratford-upon-Avon | |
| Warwickshire | |
| CV37 6PA | |
| Bankers | HSBC |
| 13 Chapel Street | |
| Stratford-upon-Avon | |
| Warwickshire | |
| CV37 6ET | |
| Investment Managers | EFG Harris Allday |
| 33 Great Charles Street | |
| Birmingham | |
| B3 3JN | |
| Correspondence Address | c/o Lodders Solicitors LLP |
| 10 Elm Court | |
| Arden Street | |
| Stratford-upon-Avon | |
| Warwickshire | |
| CV37 6PA |
1
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Trustees’ Report
For the Year ended 31[st] December 2020
The Trustees named on page 1 have served throughout the year. Appointment of Trustees is governed by the constitution of the Charity. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee.
Management Committee
The Trustees comprise the management committee of Perkins Educational Foundation. The chair and vicechair are elected by the Trustees at the Annual General Meeting. They met as a full committee on two occasions during the year, one of which included the Annual General Meeting.
Charity’s Objectives
The Charity’s objects and principal activities are the provision of assistance by means of scholarship bursaries, or maintenance allowances, or other financial help for studying courses of higher education; and to enable beneficiaries to prepare for, or to enter, a profession trade or calling; and the provision, or assistance towards the provisions of facilities of any kind not normally provided by the local education authority; all for the benefit of inhabitants under 25 years of age in the parishes of Salford Priors and Bidford-on-Avon in the County of Warwickshire, and the parishes of Harvington and Cleeve Prior in the County of Worcestershire.
Governing Document
The Foundation is constituted by Trust Deed dated 6[th] May, 1964.
Activities during the year
The charity continued to distribute grants and awards for residents under the age of 25 in the parishes of Salford Priors and Bidford-on-Avon in the County of Warwickshire, and the parishes of Harvington and Cleeve Priors in the County of Worcestershire.
Achievements and Performance
During the year the charity generated a surplus on activities of £782 (2019 – surplus £16,719) after distributing £25,200 (2019 - £43,049) in grants and awards. The principal activity during the year was to distribute £43,049 in grants to 83 students. The charity’s investments were revalued to their fair value at the year end which resulted in reported unrealised gains for the year of £1,420,892.
Impact of Covid-19
The main impact of Covid-19 on the charity’s activities has been to curtail the rental income from its properties in Stratford-upon-Avon. The Governors have agreed to allow the two tenants of its commercial properties to withhold 50 per cent or 75 per cent of rents. Both tenants have been subject to periods of restriction and closure during 2020.
Investments
The Trustees have invested funds with EFG Harris Allday with the mandate to generate income of approximately £6,000 per annum whilst protecting the underlying value of the funds in real terms.
2
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Trustees’ Report Cont’d
For the Year ended 31[st] December 2020
Risk
The Trustees have considered the major risks to which the charity is exposed and have established systems and procedures to mitigate those risks. The Trustees consider the variability of investment returns to constitute the charity’s major risk. They have therefore ensured their investment portfolio is well diversified and designed to protect the capital value over the long term and produce a steady income return to fund grants.
Recruitment, appointment, induction and training of trustees
Recruitment, appointment and induction policies will be reviewed by the trustees as the need arises as per clause 8 of the Charity Commission Scheme (1964). Training is undertaken as and when required. The power to appoint new trustees is vested in the trustees.
Reserves Policy
Unrestricted reserves at the year-end amounted to £272,333. In March 2016 the Governors passed a Resolution that the Reserve should be twice the annual rental income from the Sheep Street properties. At the time, that meant building it up to a sum of £105,500. The Governors will review this policy during 2021. The Permanent Endowment Fund was £1,437,273 as a result of a revaluation of the charity’s investment properties and the reclassification of previously endowed funds of £1,514 to unrestricted funds.
Accounts
The Accounts are set out on pages 5 to 9 and have been drawn up in accordance with the Charities Act 2011, the Trust deed and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts.
Public Benefit
The trustees have applied the guidance from the Charities Commission relating to public benefit when assessing grant applications. Public benefit is inherent in the objects of the charity as its objects are educational.
3
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Trustees’ Report Cont’d
For the Year ended 31[st] December 2020
Statement of Trustee’s Responsibilities
The Trustees are required under the constitution of the Foundation to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of its results for that period. In preparing those accounts the Trustees are required to:-
-
a) select suitable accounting policies and apply them consistently;
-
b) make judgements and estimates that are reasonable and apply them consistently;
-
c) prepare the financial statements on a going concern basis, unless it is inappropriate to assume that the Foundation will continue in business.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Foundation. They are responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Trustees on and signed on their behalf. 29 Oct 2021
Stephen K. Roberts Dr Stephen Roberts (Oct 29, 2021, ~~Dr. Stephen Roberts~~ 5:41pm) Trustee and Chairman
4
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
I report to the charity trustees on my examination of the accounts of the Foundation for the year ended 31[st] December 2020 which are set out on pages 5 to 9.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 charity 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.
W A Hubbard
Wende Hubbard (Oct 29, 2021, 5:43pm) W A Hubbard Burgis & Bullock 8 Elm Court Stratford-upon-Avon Warwickshire CV37 6PA
5
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Statement of Financial Activities
Year Ended 31[st] December 2020
| Unrestricted Endowment Funds Fund Notes 2020 2020 £ £ Income and endowments from: Investment income 1 46,413 - Donations and grants refunded 2 1,100 - Total 47,513 - Expenditure Charitable activities – grants 3 25,200 - Raising funds 4 18,803 - Governance costs 5 2,728 - Total 46,731 - Surplus/Deficit on Activities 782 - Net gains/(losses) on investments 6 (16,381) 1,437,273 Net incoming/(outgoing) resources (15,599) 1,437,273 Transfers between funds 1,514 (1,514) Net movement in funds (14,085) 1,435,759 Reconciliation of funds: Total funds brought forward at 1stJanuary 2020 286,418 1,514 Total funds carried forward at 31st December 2020 272,333 1,437,273 |
Total 2020 £ 46,413 1,100 47,513 25,200 18,803 2,728 46,731 782 1,420,892 1,420,674 - 1,421,674 287,932 1,709,606 |
Total 2019 £ 66,690 656 67,346 43,049 4,776 2,802 50,627 16,719 10,010 26,729 - 26,729 261,203 287,932 |
|---|---|---|
The statement of financial activities includes all gains & losses recognised in the year. All income and expenditure derive from continuing activities.
6
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Prior Year Statement of Financial Activities
Year Ended 31[st] December 2019
| Unrestricted Endowment Funds Fund Notes 2019 2019 £ £ Income and endowments from: Investment income 1 66,690 - Donations and grants refunded 2 656 - Total 67,346 - Expenditure Charitable activities – grants 3 43,049 - Raising funds 4 4,776 - Finance costs - - Governance costs 5 2,802 - Total 50,627 - Net gains/(losses) on investments 6 10,010 - Net incoming/(outgoing) resources 26,729 - Transfers between funds - - Net movement in funds 26,729 - Reconciliation of funds: Total funds brought forward at 1stJanuary 2019 259,689 1,514 Total funds carried forward at 31st December 2019 286,418 1,514 |
Total 2019 £ 66,690 656 67,346 43,049 4,776 - 2,802 50,627 10,010 26,729 - 26,729 261,203 287,932 |
Total 2018 £ 66,893 700 67,593 44,129 1,841 1 2,942 48,913 (12,756) 5,924 - 5,924 255,279 261,203 |
|
|---|---|---|---|
The statement of financial activities includes all gains & losses recognised in the year. All income and expenditure derive from continuing activities.
7
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Balance Sheet
Year Ended 31[st] December 2020
| Notes Fixed Assets Investment properties 7 Investments at Market Value 8 Current Assets Debtors 9 Bank and cash equivalents Creditors: Amounts falling due within one year 10 Net Current Assets Net Assets Funds Permanent Endowment Fund Unrestricted Funds |
2020 £ 1,437,273 123,708 1,560,981 7,000 171,412 178,412 (29,787) 148,625 1,709,606 1,437,273 272,333 1,709,606 |
2019 £ - 133,310 133,310 338 187,466 187,804 (33,182) 154,622 287,932 1,514 286,418 287,932 |
||
|---|---|---|---|---|
29 Oct 2021 The financial statements on pages 5 to 9 were approved by the trustees on and signed on their behalf by:-
Stephen K. Roberts
Dr Stephen Roberts (Oct 29, 2021, 5:41pm) Dr. Stephen Roberts Trustee
8
PERKINS EDUCATIONAL FOUNDATION Registered Charity No. 528678 Notes to the Financial Statements
Year Ended 31[st] December 2020
Accounting Policies
Charity Information
Perkins Educational Foundation is a unincorporated registered charity. The charity was incorporated in England and Wales as a charity on 1[st] September 1964 (No. 528678). The charity was established under Trust Deed 6[th] May 1964. The registered office No 10 Elm Court, Arden Street, Stratford upon Avon, Warwickshire, CV37 6PA.
Accounting Convention
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the 2019 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) 2[nd] edition.
The financial statements are prepared under the historical cost convention, as modified by the revaluation of investments to market value.
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 to give a ‘true and fair’ view and 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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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.
Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trustees. Income arising from these assets is transferred to the general fund.
Investments
Investments are included at closing market value at the balance sheet date. All realised and unrealised gains are taken to the statement of financial activities.
9
PERKINS EDUCATIONAL FOUNDATION Registered Charity No. 528678 Notes to the Financial Statements
Year Ended 31[st] December 2020
Accounting Policies continued
Incoming Resources
Incoming resources are included in the statement of financial activities when the charity is entitled to, and virtually certain to receive, the income and the amount can be quantified with reasonable accuracy. Dividend income is recognised when the trust is entitled to the dividend and interest receivable is recognised on an accruals basis. Donations in kind represent the cost of donated services received during the year valued at the price which the charity would pay in the open market, where this can be reasonably quantified.
Resources expended
Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. Other expenditure is included on an accruals basis.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
10
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Notes to the Financial Statements
Year ended 31[st] December 2020
| 1. Investment Income Rents receivable Consent to use of car park Dividends and interest from listed investments Bank interest 2. Donations and Grants Refunded Grants and awards not taken up Commission from brokers Donation received 3. Charitable activities Grants to young individuals to provide assistance in Higher Education Contribution towards local schools and youth organisations 4. Costs of generating funds Investment management fees Insurance Legal and Professional charges 5. Governance costs Retainer Independent Examination Secretary’s salary and expenses Website design and maintenance Postage, telephone and stationery |
2020 £ 36,317 4,978 4,901 217 46,413 800 - 300 1,100 25,200 - 25,200 612 1,577 16,614 18,803 960 693 900 135 40 2,728 |
2019 £ 55,450 4,922 6,051 267 66,690 300 56 300 656 34,550 8,499 43,049 1,321 - 3,455 4,776 960 660 881 255 46 2,802 |
||
|---|---|---|---|---|
11
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Notes to the Financial Statements
Year Ended 31[st] December 2020
6. Net gains/losses on investments
| Revaluation of investments Gain/(loss) on sale of investments Revaluation of investment properties |
Unrestricted Endowment funds funds 2020 2020 £ £ 2,188 - (18,569) - - 1,437,273 (16,381) 1,437,273 |
Total 2020 £ 2,188 (18,569) 1,437,273 1,420,892 |
Unrestricted funds 2019 £ 4,498 5,512 - |
Endowment Total funds 2019 2019 £ £ - 4,498 - 5,512 - - |
Endowment Total funds 2019 2019 £ £ - 4,498 - 5,512 - - |
|---|---|---|---|---|---|
10,010 |
10,010 |
7. Investment properties
| Fair value At 1 January 2020 Net gains or losses through fair value adjustments At 31 December 2020 |
2020 £ - 1,437,273 1,437,273 |
|---|---|
Investment properties, held at fair value, included in the financial statements consists of seven terraced houses at 24-30 Church Street, land at the rear of Church Street on which a car park lies and properties at 24-25 Sheep Street, all situated in Stratford-upon-Avon.
The Church Street properties are subject to a 99-year lease, of which 44 years remain, a formal valuation was undertaken on 22 September 2021. The leasehold properties investment has been valued on an enfranchisement basis, this has been derived from the marriage value, term of the lease and reversion. The valuers, Midland Valuations are an independent, expert who specialise in leasehold enfranchisement valuations.
Sheep Street properties and the land at the rear of Church Street were also subject to a formal valuation on 21 October 2021 by Thomas Cox Associates, independent chartered surveyors. The trustees are happy that both these valuations represent the fair value of properties at the year-end.
12
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Notes to the Financial Statements
Year Ended 31[st] December 2020
| 2020 £ 8. Fixed Asset Investments Listed investments Market value at 1stJanuary 2020 133,310 Additions at cost 69,891 Disposal proceeds (63,112) Net realised and unrealised (losses)/gains (16,381) Market value at 31stDecember 2020 123,708 Geographical analysis of listed investments held at 31stDecember 2020: UK 123,708 Overseas - 123,708 Historical cost of listed investments at 31stDecember 2020 115,326 9. Debtors Deposit held by third party 7,000 Rent receivable - 7,000 10. Creditors Rent received in advance 26,249 Accruals 3,538 29,787 The rent received in advance is rental deposits of £17,500 and £7,000, quarterly rent of £1,575 insurance contributions £174 of received in advance. 11.Financial Instruments Instruments measured at fair value through profit or loss 1,560,981 1,560,981 |
2019 £ 119,508 60,588 (56,796) 10,010 133,310 80,271 53,039 133,310 119,824 - 338 338 30,687 2,495 33,182 and 133,310 133,310 |
|---|---|
13
PERKINS EDUCATIONAL FOUNDATION
Registered Charity No. 528678
Notes to the Financial Statements
Year Ended 31[st] December 2020
12. 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.
The properties at Sheep Street are under a restriction placed upon their registered title, the restriction specifies that no disposition by the proprietor may take place unless accompanied by an order from the Charities Commission under section 117-121 or section 124 of the Charities Act 2011. Unless the instrument contains a certificate complying with section 122 (3) or 125 (2) of that Act as appropriate.
The properties at Church Street are leasehold and as such any uplift in their value is restricted in such that the charity has no ownership over the freehold.
During the year a transfer was made from endowment funds to unrestricted funds to ensure the yearend funds are in keeping with the Charity’s Governing Documents.
13. Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year. Travelling and other expenses amounting to £Nil were reimbursed during the year (2019:£Nil)
14. Net assets between Funds
| Investment properties Investments Current assets/(liabilities) Total Funds At 31 December |
Unrestricted funds 2020 £ Endowment funds 2020 £ - 1,437,273 123,708 - 148,625 - 272,333 1,437,273 |
Total 2020 £ Unrestricted funds 2019 Endowment funds 2019 £ 1,437,273 - - 123,708 133,310 - 148,625 153,108 1,514 1,709,606 286,418 1,514 |
Total 2019 £ - 133,310 154,622 |
|---|---|---|---|
287,932 |
14
Issuer Burgis & Bullock Document generated Fri, 29th Oct 2021 17:27:29 BST Document fingerprint bfc08205aa9bb5718ac64455463c9f4a
Parties involved with this document
Document processed
Party + Fingerprint
Fri, 29th Oct 2021 17:41:38 BST Dr Stephen Roberts - Signer (8ee924667a5778f789caec29fe71c271) Fri, 29th Oct 2021 17:43:20 BST Wende Hubbard - Signer (b69dbd9d850fdd270131720998bf73a4)
Audit history log
Date
Action
Fri, 29th Oct 2021 17:43:20 BST The envelope has been signed by all parties. (2.24.182.137) Fri, 29th Oct 2021 17:43:20 BST Wende Hubbard signed the envelope. (2.24.182.137) Fri, 29th Oct 2021 17:41:52 BST Wende Hubbard viewed the envelope. (2.24.182.137) Fri, 29th Oct 2021 17:41:49 BST Wende Hubbard opened the document email. (2.24.182.137) Fri, 29th Oct 2021 17:41:38 BST Document emailed to wende@burgisbullock.com (18.134.95.26) Fri, 29th Oct 2021 17:41:38 BST Sent the envelope to Wende Hubbard (wende@burgisbullock.com) for signing. (86.128.154.103) Fri, 29th Oct 2021 17:41:38 BST Dr Stephen Roberts signed the envelope. (86.128.154.103) Fri, 29th Oct 2021 17:39:46 BST Dr Stephen Roberts viewed the envelope. (86.128.154.103) Fri, 29th Oct 2021 17:39:43 BST Dr Stephen Roberts opened the document email. (87.248.116.214) Fri, 29th Oct 2021 17:32:07 BST Document emailed to skennethroberts@yahoo.co.uk (18.132.200.208) Fri, 29th Oct 2021 17:32:06 BST Sent the envelope to Dr Stephen Roberts (skennethroberts@yahoo.co.uk) for signing. (89.255.128.101) Fri, 29th Oct 2021 17:29:01 BST Wende Hubbard has been assigned to this envelope (89.255.128.101) Fri, 29th Oct 2021 17:29:01 BST Dr Stephen Roberts has been assigned to this envelope (89.255.128.101) Fri, 29th Oct 2021 17:28:37 BST Document generated with fingerprint 6e25d0ce674ed61cb77c1689b3a2ba02 (89.255.128.101) Fri, 29th Oct 2021 17:28:36 BST Document generated with fingerprint bfc08205aa9bb5718ac64455463c9f4a (89.255.128.101) Fri, 29th Oct 2021 17:28:34 BST Document generated with fingerprint c500d0f4a27b64143be7d1197262ef2f (89.255.128.101)
Fri, 29th Oct 2021 17:27:29 BST Envelope generated by Cameron Ross (89.255.128.101)