PERKINS'S EDUCATIONAL FOUNDATION Registered Charity No. 528678 Tru5tee5 Report and Accounts For the Year ended 31 December 2022 PERKINS'S EDUCATIONAL FOUNDATION Re8lstered Charlty No. $28678 Contents Pa8e Charfty Informatlon Trustees, Report Independent Examiners. Report Statement of Financlal Activities Balance Sheet Accounting Policie5 Notes to the Financial Artivities 10-13 PERKINS'S EDUCATIONAL FOUNDATION Regi5tefed Charlty No. 528678 Charlty Information as at 31" December 2022 Trusteek Dr Stephen Roberts (Chairman) Michael Davies Frederick Hiscocks Susan Walker Dilys King John Langley Susan Robinson Katie Kavana8h Lee Pound Mark Cargill Charlty No. 528678 Clerk Mrs Helen Smlth Independent Exarnlner Burgis & Bullock 8 Elm Court Stratford-upon-Avon Warwickshire CV37 6PA Bankors HSBC 13 Chapel Street Stratford-upon-Avon Warwickshire CV37 6ET lTr¥estmÈnt Managers EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN Correspondence Address clo Lodders Solicitors LLP 10 Elm Court Arden Street Stratford-upon-Avon Warwickshire CV37 6PA PERKINS'S EDUCATIONAL FOUNDATION Re8lstered Charlty No. 528678 Trustees. Report For the Year ended 31 Decefflber 2022 The Trustees named on page I have served throughout the year. Appointment of Trustees is governed by the constitution of the Charity. In accordance with the Charity Commission Stheme governing the Charity. the Board of Trustees is authorised to approach named external bodies to nominate persons to fill vacancies arising through resignation or death of an existing Trustee,. and there are two co-opted Trustees whose places may be filled by nominees of the Trustees themselves when vacancies arise. Management Commlttee The Trustees comprise the management committee of Perkins Educational Foundation. The Chair and Deputy Chair are elected by the Trustees at the Annual General Meeting. They met as a full committee on two occasions during the year (remotely, by Zoom on one occasion as a precaution a8ainst Covid-191. One meeting was p￿Ceded by the Annual General Meeting. CharStVs Oblertlves The Charity's objects and principal artivities are the provision of as5iStance by means of Scholarship bursaries, or maintenance allowances, or other financial help for studying courses of higher educatlon,. and to enable beneficiarles 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 authorlty- 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 Harvin8ton and Cleeve Prior in the County of Worcestershire. GovernSn8 t>ocument The Foundation is constituted by Trust Deed dated 6, May, 1964. Actlvltles durlng 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 Harvingtorb and Cleeve Prior in the County of Worcestershire. Achlevements and Perforniance Ouring the year the charity generated a surplus of £4,761 12021 rplus £10,745) after distributing £35,40512021- £17,5LKJI in grants and awards. The principal activity during the year was to distribute grants to students. Unrestricted reserves at the year-end amounted to £1,716,75012021: £1,738.9331. Publlc Beneflt The trustees conflrm that they have referred to the guidance tontained in the Charities Commission's general guidance on public benefrt when reviewingthe tharttWs aims and objectives and in planning future activities. PERKINS'S EDUCATIONAL FOUNDATION Reglstered Charlty No. 528678 Trustee< Report Corfd For the Year ended 31 December 2022 Investments The Trustees have invested funds with EFG Harris Allday with the mandate to generate income of approximately £6,OCN) per annum whilst protecting the underlying valLbe of the funds in real terms. Rlsk The Trustees have considered the major risks to which the charity is exposed and have established systems and procedures to mIt￿ate those risks. The Trustees consider the variabilityof investment returns to constltute the CharIt￿S major risk. They have therefore ensured their investment portfolio is well diversified and designed to protect the capital value over the lon8 term and produce a steady income ￿t￿rrt to f und grants. Recrullment, appolntment. Inductlon and tralnlTr8 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 119641. Training 15 undertaken as and when required. The power to appoint new Trustees is vested mainly Sn external bodies.. the four parish touncils in the district covered by the charity.. the Church of England, and Warwick5hire County Council. The Trustees may themselves co-opt two Trustees. PERKINS'S EDUCATIONAL FOUNDATION Reglstered Charlty No. 528678 TTUStee< Report Convd For the Year ended 3151 Oecernber 2022 Statement ol Trustees. ResponslbllStles The Trustees are required under the constitution of the Foundation to prepare finantial 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 perlod. In preparingthose accounts the Trustees are requlred to:. select suitable accountin8 policies and apply them cons1Stently,' bl make judgements and estimates that are reasonable and apply them consistently* prepare the financial statements on a going concern basis, unless it is inappropriate to assume that the Foundation will continue in buslness. The Trustees are responsible for keeping proper atcountin8 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 irregularitles. Approval This report was approved by the Trustees on W ot. 2￿lIand signed on their behalf. Dr. Stephen Roberts Trustee and Chalrman INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PERKINS'S 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" December 2022 whith are set out on pages 6t0 14. Re5ponslblllties and basls of report As the eharitrfs trustee5 you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. 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 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination givin8 me cause to believe that in any material respect: accounting records were not kept In respect of the charlty 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 concernlng the form and content of accounts set out In the Charities (Accounts and Reportsl Regulations 2CKJ8 other than any requirement that the atcounts give a 'true and fair view, which 15 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 attentlon should be drawn in this report in order to enable a proper understanding of the accounts to be reached. W A Hubbard Bur81s & Bullock 8 Elm Court Stratford-upon-Avon Warwickshlre CV37 6PA 31stOctober2023 PERKINS'S EDUCATIONAL FOUNDATION Registered Charity No. 528678 SLitement of Flnandal Actfvltles Year Ended 31" December 2022 Unrestricted Funds Total Notes 2022 2021 Income and endowments from: Donations and grants refunded Investment income Total 950 Expendlture Riisin8 funds Charitable activities- grants Other Total 13,730 35,818 13,410 17,5C Surplus on Art5¥ltles 4,784 10,745 Net gainslllossesl on investments Net Incornlns resources 122,1831 29,327 Reconciliation ol funds: Total funds brought forward at 1$1 January Total funds carried forward at 31 December The statement of financial artNities includes all gains & losses recognised in the year. All income and expenditure derNe from continuing artivities. PERKINS'S EDUCATIONAL FOUNDATION Registered Charfty No. 528678 Balance Sheet Year Ended 31" December 2022 2022 2021 Notes Flxed Assets Investment properties Investments at Market Value 1.440.275 106 047 1.440,275 1578 688 Current Assets Debtors 8ank and cash equivalents 6.030 201985 201.985 200,041 Credltors: Amounts falllng due wlthln one year io Net Current Assets Net Assets 170 428 160 245 Funds Vnrestricted Funds The financlal statements on pages 6t0 13 were approved by the trustees on )oJ 3 and signed on their behalf by'.- Dr. Stephen Roberts Trustee PERKINS'S EDUCATIONAL FOUNDATION Re8lsiered Charlty No. 528678 r4ote5 to the Hnandal Statements Year Ended 31" December 2022 Accountlng Policies Charlty Inforniatlon Perkins Educational Foundation i8 an unincorporated charity and was registered with the charity cornmission in England and Wales as a charity on 1st september 1964 (No. 5286781. The charity was established under Trust Deed 6th May 1964. The re81stered office is No 10 Elm Court, Arden Street, Stratford upon Avon, Warwickshire, CV37 6PA. Accountlng Conventlon The charity constitutes a publlc benefit entity as deflned by FRS 102. The flnantial statements have been prepared in accordance with the Accounting and Reporting by Charlties: Statement of Recommended Practice applicab￿ to charities preparing their accounts In accordance with the 2019 Financlal Reporting Standard applicable in the UK and Republic of Ireland IFR510212' edition. The financial statements are prepared under the historical cost convention. as modified by the revaluation ol investments to market value. The fSnancial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these finanual statements are rounded to the nearest £. The financial 5tatement5 have been p￿pared to 8rve a'true and fairf wew and have departed from the Charitie5 (Accounts and Reports) Re8ulations 2008 only to the extent required to provide 'true and fair wew,. This departure has involved following the Accounting and Reporting bv Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in atcordance with the Financial Reporting Stsndard applicable in the UK ènd Republic of Ireland IFRS 1021 issued on 16 july 2014 rather than the Accounting and Reporting by Charltles: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Golng Concern At the time of approvingthe financial statements, the trustees have a ￿aSOnable 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 ba515 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. PERKINS'S EDUCATIONAL FOUNDATION Reglstered Charity No. 528678 Note5 to the Flnancial Statements Year Ended 31° 1)ecember 2022 Accountlni Policies contlnued 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. Incomlnz Resources Incoming resources are included in the statement of financial activities when the charlty Is entitled to, and virtually certain to receive, the income and the armunt 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 service5 received during the year valued at the price which the charity pay in the open market, where this tan be reasonably quantified. Resources expended Expenditure on grants is recorded once the Trust has made an uncondltlonal commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whithever is the earlier. Other expendlture is included on an acuuals ba515. Debtors and credltors recelvable / payable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable withln one year are recorded at tran5aCtlon price. Any losses arlslng from impairnient are recognised in expenditure. PERKINS'S EDUCATIOPIAL FOUNDATION Reglstered Charlty No. 528678 Notes to the Flnandal Statements Year ended 31 December 2022 2022 2021 Donatlon5 and Grants Refvnded Grants and awards not taken up Comm ission from brokers Donation received 650 95 Investment Income Rents receivable Consent to use of car park Dividends and interest from listed investments Bank interest 46.808 5.879 5,413 35,126 5,219 4,494 Costs of 8eneratln8 funds Investment management fees Rental management charge Insurance Legal and Professional charges 480 1,455 1,967 780 1,634 Rental management char8es of £1.419 for 2021 were previously shown withln legal and professional charges. 4. Charitable activities Grarbts to young individuals to provide asslstance in Higher Education Contribution towards local schools and youth organisations 26,300 17,SlJO Other costs Lodders, retainer Independent Examination- current year Independent Examination- in relation to prior years Secretary's salary and expenses Website design and maintenance Postage. telephone and stationery 886 1,100 591 863 648 36 1600 660 850 999 36 io PERKINS'S EDUCATIONAL FOUNDATION Registrred Charfty No. 528678 Notes to the FiDan(ial Ststements Year Ended 31" 1)ecember 2022 Net 8alnsllosses on InvertmentS Total Total 2022 2021 Revaluation of investments 16.3191 209 Gainlllossl on sale of Investments 120,6481 15,371 Revaluation of investment properties 3,002 126.9671 18,582 Investment propertles Falr value At l January 2022 Net 8ain5 or losses through fair value adjustments 1,440,275 At 31 December 2022 1,440,275 Investment properties, held at fair value. included in the financial statements consists of seven terraced houses at 24-30 Church Street, land al the ￿ ar 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 43 years remaln, a formal valuation was undertaken on 22 September 2021. The freehold reversion 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 spetialise 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 rim Cox Associate5. independent chartered surveyors. The trustees are happy that both these valuations represent the fair value of properties at the year- end. li PERXINS'S EDUCATIONAL FOUNDATION Registered Charity No. 528678 Notes to the Flnandal Statements Year Ended 31M December 2022 2022 2021 8. Flxed Asset Investments Listed investments Market value at 15r January 138.413 123,708 Additions at cost 91,233 15,536 Dlsposal proceeds 196,6321 116,4111 Net reallsed and unrealised Ilossesllgalns Market value at 31" December Historical cost of Ilsted Investments at 3111 December 2022 Debtors Insurance prepayment Rent receivable Isi 10. Credltors Rent ￿ceIVed in advance Accruals 26,401 38,136 The rent ￿ceiVed in advance Is made up of quarterly rent of £8,750- £17,500 In Deposits held on behalf of tenants and insurance contributions of £151 received in advance. 11. Flnanclal Instruments Instruments measured at fair value through profrt or loss 1546 322 1578 688 12 PERKINS'S EDUCAnoNAL FOUNDATION Registered Charlty No. 528678 Notes to the Finandal Statements Year Ended 31 December 2022 12. Rese￿e5 A legal rewew of the Scheme's constitutlon in 2022 conduded that in the absence of any ontrary historic information there was insufficient cause for any of the tharIt￿5 investment properties to be classified as endowment funds, hence all thefunds of the charlty are classified as being unrestricted and available to the Trustees in the furtherance of the charity's objectives. 13. Trustees None of the trustees lor any persons connerted with theml recelved any remuneration during the year. Travelling and other expenses amountin8 to £Nil were reimbursed durin8 the year12021: £Nill