## **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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records;
3. 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)