THE EDUCATIONAL FOUNDATION OF
SIMON LORD DIGBY & OTHERS
REPORT & ACCOUNTS
FOR THE YEAR ENDED
31 DECEMBER 2022
Registered Charity No. 528710
THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 1 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts |
7 - 9 |
THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Reference and administrative information
Charity name: The Educational Foundation of Simon Lord Digby & Others Registered charity number: 528710 Principal address: The Vicarage Office High Street Coleshill Birmingham B46 3BP
Trustees:
The charity is administered by trustees. Trustees who served during the year ended 31 December 2022 are as follows:
Mr J Wall (Warwickshire County Council) Nominative Mr J Truman (Warwickshire County Council) Interim Chairman Nominative Ms S Wallace (Coleshill Town Council) Nominative Mr J Hoyle Co-optative Miss J Treadwell Co-optative Mr O Nicholds Co-optative
Independent examiner: Mr A Twamley FCA FCCA Twamley and co. Enterprise House 7 Coventry Road Coleshill Warwickshire B46 3BB Principal bankers: Coventry Building Society Clinton House High Street Coleshill Birmingham B46 3BP Estate Agent: Pennycuik Collins Chartered Surveyors 54 Hagley Road Birmingham B16 8PE
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report along with the financial statements of the charity for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
History, Objectives and Activities of the Charity
The charity is governed by a trust deed dated 3 April 1925, and is an unincorporated association.
The object of the charity is to provide funds for educational purposes to members of the local community in the parish area of Coleshill.
Grants have been made to educational organisations during this year to further the charitable purposes for the public benefit.
Management and Governance Arrangements
The scheme provides for the appointment of 6 trustees; three nominative trustees appointed by Warwickshire County Council and Coleshill Town Council and three co-optative trustees who are persons residing in or near Coleshill.
Trustees can serve for as long as they are required, there is no set length of service.
The induction process for any newly appointed trustee comprises a meeting with the board of Trustees and involves awareness of a trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive a copy of the governing document, a copy of the most recent annual report and accounts, copy minutes of previous trustees’ meetings and a copy of the Charity Commission guidance ‘The Essential Trustee: What you need to know.’
The Trustees normally meet twice a year to consider grant applications and as and when appropriate, the broad strategy and area of activity for the charity, including investments, reserves and risk management policies and performance. The day to day administration of grants and the processing of applications prior to consideration by the Trustees are delegated to the Clerk.
The Trustees review the risks the Charity faces on a regular basis and take appropriate steps to mitigate those risks.
Reserves Policy
At 31 December 2022 free reserves totalled £1,146,822. The charity does not currently maintain a policy on reserves.
Public Benefit Statement
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the commission in exercising their powers or duties.
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Grant making policy
The Charity is well known in Coleshill and invites applications from individuals and organisations. Each application is considered on its own merits and individuals are in most instances personally interviewed by a trustee prior to any grant being made.
Grant application forms are available from the Clerk, at the principal address shown on page 1. Once an application is received it is considered at the next meeting of Trustees; however, special arrangements are made if the application is considered urgent.
Achievements and performance of the Charity
During the year the Trustees decided to make assistance available to all primary schools within the ancient parish of Coleshill, so including a broader area. Grants totalling £27,219 were made to organisations.
Trustees’ Responsibilities in Relation to the Financial Statements
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
.................................... Mr J Truman Interim Chairman
Date: 24 October 2023
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
I report on the accounts of the Charity for the year ended 31 December 2022 which are set out on pages 5 to 9.
Respective Responsibilities of Trustees and Examiner
The Charity’s Trustees are responsible for the preparation of accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept in accordance with section 130 of the 2011 Act; and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
........................................... Mr A Twamley FCA FCCA TWAMLEY AND CO. Chartered Accountants
Date: 24 October 2023
Enterprise House, 7 Coventry Road, Coleshill, Warwickshire, B46 3BB.
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Accumulated Funds Carried Forward Accumulated Funds Brought Forward Net Movement in Funds 8 Unrealised (Loss) / Gain on Revaluation of Investments (Loss) / Gain on Investment Assets Net Resources Incoming / (Expended) Before Revaluations Total Resources Expended 5 Governance Costs 4 Other Expenditure 3 Charitable Expenditure Resources Expended 2 Investment Income Incoming Resources Notes |
1,146,822 1,265,428 (118,606) (126,720) 8,114 29,852 312 2,321 27,219 37,966 2022 £ |
36,548 2021 £ |
|---|---|---|
| 300 1,156 38,462 |
||
| 39,918 | ||
| 144,820 (3,370) |
||
| 1,123,978 141,450 |
||
| 1,265,428 |
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
BALANCE SHEET AT 31 DECEMBER 2022
| Unrestricted Income Funds The funds of the charity: Total Assets less Current Liabilities Net Current Assets Creditors Current Liabilities Cash at Bank Current Assets Loan to Chelmund’s Community Enterprises C.I.C 8 Investments 7 Tangible Assets Fixed Assets Notes |
2022 1,146,822 1,146,822 49,948 19,427 69,375 1,096,874 0 1,096,467 407 £ £ |
2021 1,265,428 1,265,428 37,252 8,395 45,647 1,228,176 4,510 1,223,187 479 £ £ |
2021 1,265,428 1,265,428 37,252 8,395 45,647 1,228,176 4,510 1,223,187 479 £ £ |
|---|---|---|---|
| 37,252 1,228,176 |
|||
| 1,265,428 | |||
| 1,265,428 |
These accounts were approved by the Board of Trustees and signed on their behalf by:
...................................... Mr J Truman Interim Chairman
Date: 24 October 2023
6
THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting Policies
General
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
Funds
The accumulated income fund comprises those funds which the trustees are free to use in accordance with the charitable objects.
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources and it is certain that the resource will be received.
Grants Payable
Grants payable are charged in the year when the offer is conveyed to the recipient, except where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
Investments
Investments are valued at market value at the balance sheet date. Investment gains and losses are shown net in the statement of financial activities.
Governance Costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
2. Incoming Resources
| Investment Income | 2022 £ |
2021 £ |
|---|---|---|
| Dividends & Interest | 37,913 | 36,445 |
| Deposit Account Interest | 53 | 103 |
| 37,966 | 36,548 |
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 3. Direct Charitable Expenditure |
||
|---|---|---|
| 2022 £ |
2021 £ |
|
| Grants to organisations | 27,219 | 38,462 |
| Grants to an individual | 0 | 0 |
| 27,219 | 38,462 | |
| Grants to organisations were as follows: | ||
| Digby Youth Education | 8,773 | 8,095 |
| High Meadow Infant School | 1,158 | 964 |
| Coleshill C of E Primary School | 2,446 | 2,523 |
| St John the Baptist RC Primary School | 1,385 | 2,734 |
| Smith's Wood School | 2,924 | 2,685 |
| Bishop Wilson Primary School | 0 | 2,659 |
| Windy Arbor School | 2,873 | 2,653 |
| Kingshurst Primary School | 3,332 | 3,080 |
| Coleshill Heath School | 0 | 3,080 |
| Yorkswood County Primary School | 0 | 5,650 |
| St Edwards R C Primary School | 1,178 | 1,229 |
| St Anthony’s R C Primary School | 1,650 | 0 |
| Black Train Music CIC | 0 | 1,610 |
| Armonico Consort | 1,500 | 1,500 |
| 27,219 | 38,462 | |
| 4. Other Expenditure |
2022 | 2021 |
| £ | £ | |
| Clerk’s Honorarium | 2,249 | 1,071 |
| Depreciation of furniture | 72 | 85 |
| 2,321 | 1,156 | |
| 5. Governance Costs |
2022 | 2021 |
| £ | £ | |
| Independent Examiner’s Fee | 312 | 300 |
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THE EDUCATIONAL FOUNDATION OF SIMON LORD DIGBY & OTHERS
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Trustees’ remuneration
No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
7. Tangible Fixed Assets
| 7. Tangible Fixed Assets |
|
|---|---|
| Furniture £ |
|
| Cost or Valuation | |
| At 1 January 2022 | 1,899 |
| Additions | 0 |
| At 31 December 2022 | 1,899 |
| Depreciation | |
| At 1 January 2022 | 1,420 |
| Charge for year | 72 |
| At 31 December 2022 | 1,492 |
| Net Book Value | |
| At 31 December 2022 | 407 |
| At 31 December 2021 | 479 |
8. Listed Investments
| 8. Listed Investments |
||
|---|---|---|
| 2022 £ |
2021 £ |
|
| Market Value at 1 January 2022 | 1,223,187 | 1,078,367 |
| Additions | 0 | 0 |
| Unrealised (Loss) / Gain on Revaluation | (126,720) | 144,820 |
| Market Value at 31 December 2022 | 1,096,467 | 1,223,187 |
| Investments comprise the following: | ||
| 11,200 BlackRock Charities UK Equity Fund accumulation shares | 77,503 | 80,303 |
| 12,933 Charifund Income units | 190,050 | 201,259 |
| 12,157 BlackRock Charities UK Bond Fund accumulation shares | 17,871 | 22,370 |
| 39,254 CBF Church of England Investment Fund income shares | 811,043 | 919,255 |
| 1,096,467 | 1,223,187 |
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