2023-12-31-accounts

(tharity Registration NUm￿r. 528713 TANWORTH EDUCATIONAL FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THOMAS & YOUNG LIMrrED CHARTERED ACCOUNTANTS Solihull

TANWORTH EDUCATIONAL FOUNDATION LEGAL AND ADMINisfRATIVE INFORMATION TRUSTEES VAHake R King S Hipkiss R Muntz J W H Brown - resigned D Burgess P Pope N Farrow P Stewart CHARITY NUMBER 528713 REGIsfERED OFFICE The Old Workhouse Well Lane Tanworth in Arden Solihull West Midlands B94 SAH INDEPENDEKf EXAMINER Thomas Young Limited Chartered Accountsnts Carleton House 266-268 Stratford Road Shidey Solihull West Midlands B90 3AD BANKERS Lloyds TSB PIC 22 Bridge Street Strattord uwn Avon Wa￿ickshire CV27 6AG soucrroRS Lodders Elm Court Arden Street stratford uFK)n Avon Warwickshi CV37 6PA

TANWORTH EDUCATIONAL FOUNDATION LEGAL AND ADMINIsfRATIVE INFORMATION {Continued) INVESTMENT MANAGERS Barclays Wealth I Colmore Square Birmingham West Midlands M & G Investments M & G Charities PO Box 9038 Chelmsford Essex CM99 2XF CCLA Investment Management Limite COIF Charity Funds 80 Cheapside London EC2V 6DZ Brewin Dolphin The Chatwin Building 81 Colmore Row Birmingham B3 2AP

Page I TANWORTH EDUCATIONAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial statements for the year enda 31 December 2023. The financial statements have been prepar&J in accordan￿ with the accounting policies set out in Note I to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and reporting by Charities: Ststement of Recommend8J Practice: applicable to charities preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published in OCto￿r 2019. Objectives and Activities The objett of the Charity is to 'proff￿te and advance the education of boys and girls in the parish of Tanworth and to seNe other charitable U￿,. The a￿ve purFoses are principally seNed by the Trusts maintainlng and improving the properties owned by the Charity and giving grants to the schools situated in Tanworth in Arden and on Sathr Street, Earlswc(J. The income of the Charty consists of dlvldends and interest frorn quot8J ￿UrItieS. M & G Charifvnd Units and the Charibes Offiaal Investment Fund. The Charity also has investsnent properties from which rent is r￿e1ved. The Trustees approve grants as they think fit that ftjrther the objeLts of the Charity, acting within the terms of the Trust DeExi which governs the Charity. Achievements and Perforniance Income generated has been distributed to SUPtX)rt additional teaching Fersonnel at Tanwo and Salter Street Schcx)Is. Flnandal Revlew It is the policy of the Charty that unrestrictej funds which have not been designated for a specific u* should be maintained at a levd equivalent to trE￿n three and six months, expenditure. The Trustees consider8J that reservices at this level will ensure tha¢ in the event of a significant drop in funding, they will te able to conb'nue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has b￿n Maintain￿ throughout the year. Totsl income for 2023 was £71,757 (2022: £70,158) derivej from investsiient income. Income generated has trEen distributed to 5UPWrt additional teaching p￿sonnel at Tanworth and Salter Street Sch¢)ols.

Page 2 TANWORTH EDUCATIONAL FOUNDATION TRusfEES' REPORT (Contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal Revlew (continued) At the end of the year, the Charity had totsl net assets of £4,669,735 compared with £3,780,429 at the end of 2022. This increase in totsl net assets of the Twst of £889,306 was made up as follows.. 2023 2022 Net surplusl(deflcit) on ￿1VitieS in the year Surplus on sale of investment properties Surplusl(deficit) on sale of investments Increase/(decrease) in value of investments during the year Revaluation of investsnent properties 8,422 339,210 45 H,230 497,399 (6,110) 342,482 (44) (91,610) Increase in totsl net assets during the year 889,306 24,718 ReseNe Policy The accumulated income fund is maintsined at a level considered desirable by the Trustees so as to meet contingencies and adequately cover net outgoing resourtrs arising from higher than normal levels of charttable expenditure which are incurred from time to time. At the year end, there was a totsl of £69,315 (2022., £60,893) unrestricted fvnds arKI £4,600,420 (2022.. £3,719,536) of endowment funds. Going cOn￿rn The Trustees have considered, in the context of the Covid-19 pandemic, the goirvj concern concept and any a550ciated material Un￿r￿int1eS, the basis of any significant judgements and the matter5 to consider when confimiing the p￿paratiOn of the fina￿la1 ststements on going concern basis and the Trustees are comfortable that there are not any adjustments required. The Trustees eX￿t the Charity to continue in operatv)n for at least 12 months from the date of signing the financial ststements. Investment Policy The investment strategy is set by the Trustee5 on an ongoing basis and takes account of recent demand for fijnds and the quantity of funding applicab'ons. The Trustees consider the income requirements, the risk profile and the investment managerfs view of the mathet prospects in a medium temi. Public Benefit In preparing this Report, the Trust￿ have complièj with the duty of Srftion 17 of the Chanties Act 2011, to have due regard to public benefit guidan￿ published by the Charity Commission.

Page 3 TANWORTH EDUCATIONAL FOUNDATION TRusfEES' RPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 stnthre, Governan￿ and Management The Tanworth Educational Foundation is constituted by a TNst Deed and is a r83istered Charity, Number 528713. The Trusts who have served during the year and since the year end are set out on page l. The￿ are four Representstive Trustees who are appointed ty the Tamworth Parish Council and serve for five years. The other Trustees are co-opted by the ejisting Trustees for period of seven years. The Trustees have examined the major strategic and operational risks which the Charity faces and confirm the systems have been estsblished to enable regular ReFK)rts to prodU￿d so that the ndressary steps can be tsken to lesn these risks. Trustee Appointmen¢ Induction and Training New Trustees are briefed on their legal obligations under charity law, decision making proce55, Stratsjy and recent financial performance of the Charity. During the induction they meet key employees and other Trust￿5. Trustees are encouraged to attend appropriate training events, where these will facilitate the undertaking of their role, Plans for Future Periods. The Trustees intend to continue to supp)rt Tanworth and Salter Street khools, t(KJether with improving the condition of propety owned by the Charty. Risk Management The Trustees have assessed the major risks to which the Charty is exposed and are satisfied that systems are in Pla￿ to m"ftigate exposure to the major risks. The Trustee's Report was approved by the Board of Trustees VAHake Dated.,

Page 4 TANWORTH EDUCATIONAL FOUNDATION STATEMENT OF TRusfEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees, Report and the financial statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattice). The law applicable to Charities in England and Wales requires the Trust￿ to prepare financial statements for each financÉal year which give a true and fair view of the state of affairs of the Charity and of the incorning resources and application of resources of the Charity for that year. In preparing these financial statements, the Trust￿ are required to.. select sultable accounting policies and then apply them con5iStently' obseNe the methods and prlnciples in the Charities SORP, make judgements and estimates that are reasonabk and prudent; state whether applicable accounting standards have been followed, subjett to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Charity will continue in opwation, The Trust&5 are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial ry)sition of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and RerK)rts) Regulab"ons 2008 and the provisions of the Trust Deed. They are also restx)nsible for safeguarding the assets of the Charity and hen￿ for tsking ￿asOnable steps for the prevention and detettion of fraud and other irregularities.

Page 5 TANWORTH EDUCATIONAL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TANWORTH EDUCATIONAL FOUNDATION I report on the financial statements of the Charity for the year ended 31 December 2023, which are set out on pages 6 to 17. Responsibilities and Basis of Report As the Trustees of the Charity you are ￿pOnsIble for the preparation of the accounts in accordan￿ with the requirements of the Charib'es Act 2011 Cthe 2011 Att?. I report in respect of my examination of the Charty's accounts carried out under Section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under tion 145 (5){b) of the 2011 Act. An independent examination d¢XS not involve gathering all the evider£e that would be required in an audit and consequentty does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an aLtdit go￿ beyond the limited assurance that an inde￿ndent examination can provide. Consequently I expre55 no opinion as to whether the accounts present a 'true and fair Vie￿ and my reFQrt is limited to those sperific matters set out in the independent examiner's statement. Independent Examlner's Ststement I have completej my examination. I confim that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that In my material res￿t. accounting r￿rdS were not kept in reSp￿t of the Charity, as required by Settion 130 of the 2011 Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable rquirements 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 Irue and fair vie¥rf, which is not a matter considered as part of an indeFendent examination. I have no concerns ar¢d have come acros5 no other matters in connection wrth the examination to which attention should be drawn in this Report in order to enable a proper understanding of the accounts to be reached. for and on behalf of Thomas and Young Limited Chartered Accountants and Registered Auditor Date: Carleton House Carleton House 266-268 stratford Road Shirley, Solihull West Midlands BIXI 3AD

Page 6 TANWORTH EDUCATIONAL FOUNDATION srATEMENT OF FINANCIAL AcrivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrirted Endowment Funds Funds Totsl 2023 Total 2022 Notes Income from: Investments 71,757 71,757 70,158 Expenditure Raising fvnds 9,388 9,388 8,280 Charitable ￿1vitieS 53,947 53,947 67,988 Totsl resour￿ expended 63,335 63,335 76,268 Net surplusl(defiat) on activ"Ities 8,422 8,422 (6,110) Net gains on investments 880,884 880,884 250,828 Net movement in funds 8,422 880,884 889,306 244,718 Total funds brought fonNard 60,893 3,719,536 3,780,429 3,535,711 Totsl furKls carried forward 69,315 4,600,420 4,669,735 3,780,429

Page 7 TANWORTH EDUCATIONAL FOUNDATION BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangibte assets Investment proF*rties Investments 1,778,706 1,176,650 1,120,673 1,778,706 679,251 1,077,214 4,076,029 3,535,171 Current assets Debtors Cash at Bank and in hand io 2,061 260,807 601,265 602,173 262,868 Creditors: amounts falling due within one year li (8,467) (17,610) Net current assets 593,706 245,258 Total assets less current liabilities 4,669,735 3,780,429 Capitsl and reseryes Endowment funds Unrestricted funds 13 14 4,600,420 69,315 3,719.536 60,893 4,669,735 3,780,429 The financial statements were approv& by the Trustees on VAHake P Pope io

Page 8 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Poliaes Charity information The Tanworth Educatlonal Foundation is a charitable Trust regi5teroJ in England. The address of the Chaiivs registered Office is: The Old Workhouse, Well Lane, Tanworth in Arden, Solihull, West Midlands, B94 5AH. Accounting Convention The financial statements have prepared in accordance with the accounting policies set out in Note I to the financial statements and comply with the Charity's Trust D￿d, the Charities Act 2011 and Accounting and reporting by tharities: Statement of Recommended practi￿.. applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland publish& in Cktober 2019. The Charity is a Public Benefit Entity as define￿ by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulation5 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recornmended Prathce which is rrred to in the RegLtlations but which has since been withdrawn. The financial statements are prepard in sterling, which is the functional currency of the Charty. Monetsry amounts in these financial statements are rounded to the nearest £. Going Concern The Trust&s have considered, in the context of the Covid-19 pandemic, the going cor￿rn concept and any asxKiated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the Trust￿ are comfortable that there are not any adjustnEnts required. The Trustees expect the Charity to continue in operation for at least 12 months from the date of signing the financial ststsments, Charitable Funds Unrestricted funds are available for u at the discretion of the Trustees in fvrtherance of their charitable objecbves unless the funds have designated for other pUr￿Se5. The endowment ￿nd represents those assets which are treated as being held permanently by the Charity, principally properties and investments. Income arising on the endownEnt fund can be used in accordance with the objects of the Charity and is included as unrestritted income. Any capitsl gains or losses arising on the investments form part of the fund. In addition, any grants receivable to fund improvements are included as income of the erHJowrrEnt fund.

Page 9 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies (Continued) Income Reg)urces Income is recognised when the Charty is legally entldgj to it after any rErforman conditions have b￿n met, the amounts can ￿ measured reliablyi and it is probable that income will l￿ received. The dividends and interest receivable represents the gross income receivable in resrect of the investment assets plus the interest rettivable on the COIF Dep)sf( and the monies held by the Portfolio Manager. The gross rents and ground rents represent the rent r&eivable on the Charity's investment propertie5. Allocatlon of Investment Income Investrnent inconE and net gains and losses are alllxated over the fijnds in accordance with the balances on those funds. Expenditure Liabilities are recognised as resour￿ expended as soon as there is a legal or constructive obligation committing the Charity to expenditure. All expenditure is accounted for on an accruals basis and has b￿n classified under headings that aggregate all costs related to the category. Irrecoverable VAT Is charged against the category of resour￿5 expended for which it was incurr8J. ExpeTrJiture on raising funds are those incurred in attracting voluntary income. Charitsble activities consist of the grants given to the schools at Tanworth Sn Arden and Salter Street, Earlswood. Governan￿ costs are included within supwrt costs and comprise all costs involving the public accountability of the Charity and its Complian￿ with regulations of g¢xtd practi￿. These costs indude costs related to independent examinatlon and legal fees together with an appointment of overheads and other support Costs. Legacies are recconised on receipt or otherwise if the Charity has b￿n notified of any impending distribub'on, the amount is known, and receipt is expected. If the amunt is not known, the legacy is tr&ited as a contingent asseL

Page 10 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL sTATEME￿ts (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies (Continued) Tangible Fixed Assets The properties owned and US￿ ft)r the purwse of the Ob]￿ts of the Charity have not been revalu￿. The cost of these properties is shown in the Balance Sheet at a figure that excludes the cost incurred to acquire or improve the proFerty when incurred prior to l January 1962. The cost of any property acquired or improved p)st l January 1962 but pre 31 December 1995 only represents the Charity's propO￿On of such cost Whe￿ the balan￿ is fvnded by the DfE. Any cost incurred post l January 1996 or in 1995 on projects ongoing in 1996, includes the total cost both of the Charity and outside funders. No depreciation is charged in these financial ststements In respect of propertTes used for charitsble purFoses. It is the Charity's policy to maintain these properties to a high stsndard to result in a residual value in line with the cost and the costs of Maintenan￿ are charged in the statement of financial activities. Investment Properties Investment property, which is propetty held to eam rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stat8J at ts fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net lncomel(ex￿nditUre) for the year. Fixed Asset Investments Fixed asset investments are initially measured at tranwtion price excluding transaction costs, and are subsequently measured at fair valLte at each reporting date. Changes in fair value are ￿CogniSed in net income/{expenditure) for the year. Transaction costs are exFensed as incurred. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposf(s held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within torrowings in curn liabilities. Financial Instruments The Charity has elected to apply the provisions of Section 11 'Basic Firkincial Instructions, of FRS 102 to all of its financial instruments. Financial instruments are recogni28J in the Charity's Balan￿ Sheet when the Charity becomes party to the Contr￿Ual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to * off the recogniz& amounts and there is an intention to settle on a net basis or to realise the asset and setde the liability simultaneously.

Page 11 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Poltcies (Continued) Basic Financial Assets Basic financial assets, which indude debtors and cash and bank balan￿$, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost less any amounts settl8J. Basic Financial Liabilities Basic financial liabilities, including Cr￿ltorS are In￿allY recognized at transaction price including transaction costs and are subsequently carried at al￿rtiSed cost less any amounts settled. Critical Acrnunting Estimates and Judgments Estimates and judgements are continually evalua￿1 and are based on histortcal experien￿ and other factors, induding expectations of ftrture events that are believed to be reasonable under the cirCumstan￿s. The T￿J$t￿ consider the valuation of the Charity's investment properties on an annual basis. The valuation of the investment properties is inherentty subjecttve, and the Trustees consider the location and expected future rental revenues among other factors in order to determine the value on an open market existing use basi5. Investments 2023 2022 Dividends and interest receivable Gross rents aThJ ground rents r￿e1Vable 44,076 27,681 36,065 34,093 71,757 70,158 Income relates to unrestricted funds £71,757 (2022: £70,158). Raising Funds 2023 2022 Investment property expenses Pnjperty insuran Repairs 3,999 3,730 2,403 4,103 7,729 6,506 Portfolio management fees 1,659 1,774 9,388 8,280 Expenditure on raising funds relates to unrestricted fiJnds £9,388 (2022.. £8,280).

Page 12 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable Activities 2023 2022 Insurance Grants payable to Tanworth in Arden SchJol Grants payable to Salter Street School Clerks, charges and expenses Professional charges (governan￿ costs) 306 22,000 22,000 5,125 4,516 884 39,667 19,913 4,096 3,428 53,947 67,988 Expendtture on charitsble activities relates to unrestrictèj funds £53,947 (2022.. £67,988), Professional charges include fees payable to the indetEndent examiner totsling £850 (2022: £800) and accountsncy servi￿5 totaling £950 (2022: £880). Trustees Remuneration The Trustees received no remuneration during the year (2022: £Nil) and We￿ not reimbursed for any of their expenses in the year (2022.. £Nil). There were no employees of the Trust during the year (2022: mne). Net Gainsl(Losses) on Investments 2023 2022 Revaluatlon gainsl(losses) of investments Gainl{loss) on sale of investments Gain on sale of investment properties Revaluation of investment propertie5 44,230 45 339,210 497,399 (91,610) (M) 342,482 880,884 250,828 Other r￿Qgnized gains and losses relates to endowment funds £880,884 (2022: £250,828).

Page 13 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Tangible Fixed Assets Tamworth in Salter Str¢et Arden Sthool School Totsl Cost At l January 2023 1,085,437 693,269 1,778,706 At 31 t)e￿mber 2023 1,085,437 693,269 1,778,706 Carrying Amount At 31 December 2023 1,085,437 693,269 1,778,706 At 31 December 2022 1,085,437 693,269 1,778,706 The cost of propety acquired by the Trust￿ prior to l January 1962, and capitsl improvements carried out before that date, are not included in the Balan￿ Sheet. As a result of the alx)ve policies the Balan￿ Sheet does not necessarily include all the costs incurred on the Charity's properties. Investment Property 2023 Fair value At l January 2023 and 31 December 2023 1,176,650 The investment propertles were revalued as at 31 December 2023 by the Trustees at an open market value of £1,176,650. Following the sale of one property and some land during the year, the value at 31 December 2023 Is £1,176,650. The Trustees reviewed this valuation during the year ended 31 D￿ernber 2023, and believe it to still be a true refleth'on of the value of the properties. The cost of the investment properties as previously r￿rded in the financial ststements of tIE Charity was £66,020. It Is unlikely that this truly refiects the cost of the properties as costs incurrej pre 1962 were not induded in the financial statements.

Page 14 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed Asset Investments Llsted Monies held Investments by portfollo manager Totsl Cost or valuation As at l January 2023 Valuation changes Management fees Funds transferred (Addfcions) less invested Disrx)sals 1,076,318 45,518 896 1,077,214 45,518 (2,104) 45 (2,104) 45 (1,672) 1,672 At 31 December 2023 1,120,209 464 1,120,673 Carrying Amount At 31 DeTrrnber 2023 1,120,209 1,120,673 At 31 De￿rnber 2022 1,076,318 896 1,077,214 Listed investments at market value The listed investments can be broken down as follows'.- 2023 2022 QLK)ted securities managed by Bardays Wealth UK Equities M & G Charifund Units Charities, Official Investment Fund - Income units 628,157 304,551 187,501 594,137 311,879 170,302 Totsl 1,120,209 1,076,318 10. Debtors 2023 2022 Amounts falling due within one year: Prepayments and accrued income 908 2,061

Page 15 TANWORTH EDUCATIONAL FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 11. Creditors: amounts falling due within one year: 2023 2022 Accruals and deferred Income 8,467 17,610 12. Financial Instruments 2023 2022 Carrying amount of financial assets Debt instruments measured at amortised cost Equty instrurrents measured at market value 908 1,120,673 2,061 1,077,214 Carrying amount of finandal Ilabllities Measured at aMOrti￿ cost 8,467 17,610 13. Endowment Funds Endowment funds ￿present assets which must be held permanently by the Charty. Income arising on the endowment funds can be used in ￿CordanCe wfch the objetts of the Charity and is included as unrestricte(l income. Any capitsl gains or bsses arising on the assets fomi part of the fund. Movements in funds Balance at Incoming Resources Revaluatlons Balan￿ at l January Resources Expended Galnsl 31 December 2023 (Losses) 2023 Endowment fund 3,719,536 880,884 4,600,420 3,719,536 880,884 4,600,420 For the prior year, the opening balance on the endowment fund was £3,468,708. The onty movement in the year related to net gains on investments of £250,828, giving a closing balan￿ of £3,719,536. The￿ were no incoming resour￿ or resour expended.

Page 16 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL sfATEMENfs (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 14. Unrestrictsd Funds Movements in fund$ Ino)ming Resources Balance at Resour¢e$ expended December 2023 Balance at January 2023 Unrestricted fund 60,893 71,757 (63,335) 69,315 60,893 71,757 (63,335) 69,315 For the prior year, the opening balance on the unrestricted fund was £67,003. The net incoming resour￿ were £70,158 and resour￿5 expeThJed were £76,268, giving a net movement in unrestricted fund of (£6,110), which leaves a closing balan of £60,893. 15. Analysis of Net Assets Between Funds Unrestiicted End•)wment Funds Funds Total Fund balan￿ at 31 D￿ember 2023 a￿ present6d by.. Tangible assets Investment pr￿rtIeS Investments Current assetsl{liabilities) 1,778,706 1,176,650 1,078,256 566,808 1,778,706 679,251 1,120,673 600,373 42,417 26,898 69,315 4,600,420 4,669,735 Analysls of net assets between funds- prM>r year Unrestslcted Endowment Funds Funds Total Fund balances at 31 December 2022 are presented by: Tangible assets Investment properties Investments Current a55etsl(liabilities) 1,778,706 679,251 1,044,097 217,482 1,778,706 679,251 1,077,214 245,258 33,117 27,776 60,893 3,719,536 3,780,429

Page 17 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 16. Related Party TransKiions There have been no transactions with related parties during the year (2022: None).