2024-12-31-accounts

Charity Registration Number: 528713 TANWORTH EDUCATIONAL FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THOMAS & YOUNG LIMITED CHARTERED ACCOUNTANTS Solihull

TANWORTH EDUCATIONAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES VAHake R King S Hipkiss R Muntz D Burgess P Pope N Farrow P Stewart CHARITY NUMBER 528713 REGISTERED OFFICE The Old Workhouse Well Lane Tanworth in Arden Solihull West Midlands B94 SAH INDEPENDENT EXAMINER Thomas and Young Limited Chartered Accountants Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD BANKERS Lloyds TSB PIC 22 Bridge Street Stratford upon Avon Warwickshire CV27 6AG SOLICITORS Lodders Elm Court Arden Street Stratford upon Avon Warwickshire CV37 6PA

TANWORTH EDUCATIONAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION (Continued) INVESTMENT MANAGERS Brewin Dolphin The ChatANin Building 81 Colmore Row Birmingham B3 2AP

Page I TANWORTH EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements for the year ended 31 December 2024. The financial ststements have been prepared in accordan￿ with the accounting policies set out in Note I to the financial ststements and comply with the Charivs Trust Deed, the Charities Att 2011 and Accounting and reporting by Charities: Statement of Recommended Prattice: applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published in Ottober 2019. Objectives and Activities The objett of the Charity is to 'promote and advance the education of boys and girls in the parish of Tanworth and to serve other charitable uses,. The above purposes are principally served by the Trustees maintaining and improving the properties owned by the Charity and giving grants to the schools situated in Tanworth in Arden and on Salter Street, Earlswood. The income of the Charity consists of dividends and interest from quoted securities. The Charity also has investment properties from which rent is received. The Trustees approve grants as they think fit that further the objects of the Charity, atting within the terms of the Trust Deed which governs the Charity. Achievements and Performance Income generated has been distributed to support additional teaching personnel at Tanworth and Salter Street Schools. Financial Review It is the policy of the Charity that unrestritted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months, expenditure. The Trustees considered that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Total income for 2024 was £77,223 (2023: £71,757) derived from investment income. Income generated has been distributed to support additional teaching personnel at Tanworth and Salter Street Schools.

Page 2 TANWORTH EDUCATIONAL FOUNDATION TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial Review (continued) At the end of the year, the Charity had total net assets of £4,720,254 compared WFth £4,669,735 at the end of 2023. This increase in total net assets of the Trust of £50,519 was made up as follows: 2024 2023 Net surplus/(deficit) on attivities in the year Surplus on sale of investment properties Surplus/(deficit) on sale of investments Increase in value of investments during the year Revaluation of investment properties 7,765 8,422 339,210 45 44,230 497,399 2,661 40,093 Increase in total net assets during the year 50,519 889,306 Reserve Policy The accumulated income fund is maintained at a level considered desirable by the Trustees so as to meet contingencies and adequately cover net outgoing reSoUr￿S arising from higher than normal levels of charitsble expenditure which are incurred from time to time. At the year end, there was a totsl of £77,080 (2023: £69,315) unrestritted funds and £4,643,174 (2023: £4,600,420) of endowment funds. Going Concern The Trustees have considered, in the context of the Covid-19 pandemic, the going concern concept and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial ststements on a going concern basis and the Trustees are comfortable that there are not any adjustments required. The Trustees expett the Charity to continue in operation for at least 12 months from the date of signing the financial statements. Investment Policy The investment strategy is set by the Trustees on an ongoing basis and tskes account of re￿nt demand for funds and the quantity of funding applications. The Trustees consider the income requirements, the risk profile and the investment manager's view of the market prospects in a medium term. Public Benefit In preparing this Report, the Trustees have complied with the duty of Section 17 of the Charities Att 2011, to have due regard to public benefit guidance published by the Charity Commission.

Page 3 TANWORTH EDUCATIONAL FOUNDATION TRUSTEES. RPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, Governance and Management The Tanworth Educational Foundation is constituted by a Trust Deed and is a registered Charity, Number 528713. The Trustees who have served during the year and Sin￿ the year end are set out on page l. There are four Representative Trustees who are appointed by the Tamworth Parish Council and serve for five years. The other Trustees are co-opted by the existing Trustees for a 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 Reports to be produced so that the necessary steps can be tsken to lessen these risks. Trustee Appointment Induction and Training New Trustees are briefed on their legal obligations under charity law, decision making process, strategy and recent financial performance of the Charity. During the induttion they meet key employees and other Trustees. Trustees are encouraged to attend appropriate training events, where these will facilitste the undertaking of their role. Plans for Future Periods. The Trustees intend to continue to support Tanworth and Salter Street Schools, together with improving the condition of property owned by the Charity. Risk Management The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate 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 TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing the Trustees, Report and the financial statement in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting practi￿). The law applicable to Charities in England and Wales requires the Trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to: selett suitsble accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial ststements comply with the Charities Att 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable 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 ststements of the Charity for the year ended 31 December 2024, which are set out on pages 6 to 17. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Att 2011 Cthe 2011 Act?. I report in respect of my examinatson of the Charity's accounts carried out under Section 145 of the 2011 Att and in carrying out my examination I have followed all the applicable direttions given by the Charity Commission under Settion 145 (5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a 'true and fair view, and my report is limited to those specific matters set out in the independent examiner's ststement. Independent Examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connettion with the examination giving me reasonable cause to believe that in my material respect: accounting records were not kept in respect of the Charity, as required by Settion 130 ofthe 2011 Att. or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements Con￿rning 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. for and on behalf o homas and Young Limited Chartered Accountants and Registered Auditor Date: Carleton House Carleton House 266-268 Stratford Road Shirley, Solihull West Midlands B90 3AD

Page 6 TANWORTH EDUCATIONAL FouNDA￿oN STATEMENT OF FINANCIAL ACTDIITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment Funds Funds Total 2024 Total 2023 Notes Income from: Investments 77,223 77,223 71,757 Expenditure Raising funds 15,038 15,038 11,984 Charitable attivities 54,420 54,420 51,351 Total resources expended 69,458 69,458 63,335 Net surplus/(deficit) on activities 7,765 7,765 8,422 Net gatns on investments 42,754 42,754 880,884 Net movement in funds 7,765 42,754 50,519 889,306 Total funds brought forward 69,315 4,600,420 4,669,735 3,780,429 Total funds carried forward 77,080 4,643,174 4,720,254 4,669,735

Page 7 TANWORTH EDUCATIONAL FouNDA￿oN BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investment properties Investments 1,778,706 1,653,609 1,163,151 1,778,706 1,176,650 1,120,673 4,595,466 4,076,029 Current assets Debtors Cash at Bank and in hand 10 812 132,286 908 601,265 133,098 602,173 Creditors: amounts falling due within one year 11 (8,310) (8,467) Net current assets 124,788 593,706 Total assets less current liabilities 4,720,254 4,669,735 Capital and reserves Endowment funds Unrestritted funds 13 14 4,643,174 77,080 4,600,420 69,315 4,720,254 4,669,735 The financial statements were approved by the Trustees on 2S VAHake P Pope

Page 8 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies Charity information The Tanworth Educational Foundation is a charitsble Trust registered in England. The address of the Charity's registered Office is: The Old Workhouse, Well Lane, Tanworth in Arden, Solihull, West Midlands, B94 5AH. Accounting Convention The financial statements have been prepared in accordance with the accounting policies set out in Note I to the financial statements and comply with the Charity's Trust Deed, the Charities Att 2011 and Accounting and reporting by Charities: ststement of Recommended Practice: applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 Ststement of Recommended Prattice for charities applying FRS 102 rather than the version of the Statement of Recommended prattl￿ which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetsry amounts in these financial statements are rounded to the nearest £. Going Concern The Trustees have considered, in the context of the Covid-19 pandemic, the going con￿rn concept and any associated material Un￿rtaInties, 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 Trustees are comfortable that there are not any adjustments required. The Trustees expect the Charity to continue in operation for at least 12 months from the date of signing the financial ststements. Charitable Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objettives unless the funds have been designated for other purposes. The endowment fund represents those assets which are treated as being held permanently by the Charity, principally properties and investments. Income arising on the endowment fund can be used in accordan￿ with the objects of the Charity and is included as unrestricted income. Any capital 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 endowment fund.

Page 9 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies (Continued) Income Resources Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be re￿ived. The dividends and interest receivable represents the gross income receivable in respect of the investment assets plus the interest re￿1vable on the COIF Deposit and the monies held by the Portfolio Manager. The gross rents and ground rents represent the rent receivable on the Charity's investment properties. Allocation of Investment Income Investment income and net gains and losses are allocated over the funds in accordance with the balan￿S on those funds. Expenditure Liabilities are recognised as reSoUr￿S 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 been classified under headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of reSoUr￿S expended for which it was incurred. Expenditure on raising funds are those incurred in attracting voluntsry income. Charitsble attivities consist of the grants given to the schools at Tanworth in Arden and Salter str￿t, Earlswood. Governan￿ costs are included within support costs and comprise all costs involving the public accountability of the Charity and its compliance with regulations of good prattice. These costs include costs related to independent examination and legal fees together with an appointment of overheads and other support costs. Legacies are recognised on receipt or otherwise if the Charity has been notified of any impending distribution, the amount is known, and re￿Ipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Page 10 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies (Continued) Tangible Fixed Assets The properties owned and used for the purpose of the objects of the Charity have not been revalued. The cost of these properties is shown in the Balan￿ Sheet at a figure that excludes the cost incurred to acquire or improve the property when incurred prior to l January 1962. The cost of any property acquired or improved post l January 1962 but pre 31 De￿mber 1995 only represents the Charity's proportion of such cost where the balance is funded 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 respett of properties used for charitable purposes. 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 maintenance are charged in the ststement of financial attivities. Investment Properties Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and ststed at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year. Fixed Asset Investments Fixed asset investments are initially measured at transaction pri￿ excluding transattion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transattion costs are expensed as incurred. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial Instruments The Charity has elerted to apply the provisions of Section 11 'Basic Financial Instructions, of FRS 102 to all of its financial instruments. Financial instruments are recognized in the Charity's Balance Sheet when the Charity becomes party to the contrattual 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 set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultsneously.

Page 11 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies (Continued) Basic Financial Assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transattion price including transaction costs and are subsequently carried at amortised cost less any amounts settled. Basic Financial Liabilities Basic financial liabilities, including creditors are initially recognized at transaction pri including transattion costs and are subsequently carried at amortised cost less any amounts settled. Critical Accounting Estimates and Judgments Estimates and judgements are continually evaluated and are based on historical experience and other fattors, including expectations of future events that are believed to be reasonable under the cirCumstan￿s. The Trustees consider the valuation of the Charity's investment properties on an annual basis. The valuation of the investment properties is inherently subjettive, and the Trustees consider the location and expetted future rental revenues among other factors in order to determine the value on an open market existing use basis. Investments 2024 2023 Dividends and interest receivable Gross rents and ground rents receivable 45,502 31,721 44,076 27,681 77,223 71,757 Income relates to unrestricted funds £77,223 (2023: £71,757). Raising Funds 2024 2023 Investment property expenses Property insuran￿, rates and water Repairs Residential management fees 999 5,468 2,830 3,999 3,730 2,596 9,297 10,325 Portfolio management fees 5,741 1,659 15,038 11,984 Expenditure on raising funds relates to unrestritted funds £15,038 (2023: £11,984).

Page 12 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable Activities 2024 2023 Insuran Grants payable to Tanworth in Arden School Grants payable to Salter Street School Clerks, charges and expenses Professional charges (governance costs) 222 20,000 20,000 4,254 9,944 306 22,000 22,000 5,125 1,920 54,420 51,351 Expenditure on charitable activities relates to unrestritted funds £54,420 (2023: £51,351). Professional charges include fees payable to the independent examiner totsling £850 (2023: £850) and accountsncy services totsling £950 (2023: £950). Trustees Remuneration The Trustees re￿iVed no remuneration during the year (2023: £Nil) and were not reimbursed for any of their expenses in the year (2023: £Nil). There were no employees of the Trust during the year (2023: none). Net Gains/(Losses) on Investments 2024 2023 Revaluation gains/(losses) of investments Gain on sale of investments Gain on sale of investment properties Revaluation of investment properties 40,093 2,661 44,230 45 339,210 497,399 42,754 880,884 Other recognized gains and losses relates to endowment funds £42,754 (2023: £880,884).

Page 13 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible Fixed Assets Tamworth in Salter Street Arden School School Total Cost At l January 2024 1,085,437 693,269 1,778,706 At 31 December 2024 1,085,437 693,269 1,778,706 Carrying Amount At 31 December 2024 1,085,437 693,269 1,778,706 At 31 December 2023 1,085,437 693,269 1,778,706 The cost of property acquired by the Trustees prior to l January 1962, and capital improvements carried out before that date, are not included in the Balan￿ Sheet. As a result of the above policies the Balance Sheet does not necessarily include all the costs incurred on the Charity's properties. Investment Property 2024 Fair value At l January 2024 and 31 December 2024 1,653,609 The investment properties were revalued as at 31 December 2024 by the TrUSt￿S at an open market value of £1,653,609. Following the purchase of one propety during the year, the value at 31 De￿mber 2024 is £1,653,609. The Trustees reviewed this valuation during the year ended 31 December 2024, and believe it to still be a true reflettion of the value of the properties. The cost of the investment properties as previously recorded in the financial ststements of the Charity was £542,979. It is unlikely that this truly reflects the cost of the properties as costs incurred pre 1962 were not included in the financial statements.

Page 14 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed Asset Investments Listed Monies held Investments by portfolio manager Total Cost or valuation As at l January 2024 Valuation changes Management fees Funds transferred (Additions) less invested Disposals 1,120,209 42,754 464 1,120,673 42,754 (5,741) 70,791 (67,530) (5,741) 12,249 60,745 (67,530) At 31 December 2024 1,156,178 6,973 1,163,151 Carrying Amount At 31 December 2024 1,156,178 4,769 1,163,151 At 31 December 2023 1,120,209 464 1,120,673 Listed investments at market value The listed investments can be broken down as follows:_ 2024 2023 Listed investments managed by Brewin Dolphin Bonds and funds Listed investments Wealth UK Equities M & G Charifund Units Charities, Official Investment Fund - Income units 192,584 963,594 628,157 304,551 187,501 Totsl 1,156,178 1,120,209 10. Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 812 908

Page 15 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 11. Creditors: amounts falling due within one year: 2024 2023 Accruals and deferred income 8,310 8,467 12. Financial Instruments 2024 2023 Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at market value 812 1,163,151 908 1,120,673 Carrying amount of financial liabilities Measured at amortised cost 8,310 8,467 13. Endowment Funds Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordan￿ with the objects of the Charity and is included as unrestritted income. Any capital gains or losses arising on the assets form part of the fund. Movements in funds Incoming Resources Revaluations Balance at Resources Expended Gainsl 31 December (Losses) 2024 Balance at l January 2024 Endowment fund 4,600,420 42,754 4,643,174 4,600,420 42,754 4,643,174 For the prior year, the opening balance on the endowment fund was £3,719,536. The only movement in the year related to net gains on investments of £880,884, giving a closing balance of £4,600,420. There were no incoming resour￿5 or resources expended.

Page 16 TANWORTH EDUCATIONAL FOUNDAfioN NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 14. Unrestricted Funds Movements in funds Incoming Resources Resources expended Balance at January 2024 Balance at December 2024 Unrestricted fund 69,315 77,223 (69,458) 77,080 69,315 77,223 (69,458) 77,080 For the prior year, the opening balance on the unrestricted fund was £60,893. The net incoming resources were £71,757 and resources expended were £63,335, giving a net movement in unrestritted fund of £8,422, which leaves a closing balance of £69,315. 15. Analysis of Net Assets Between Funds Unrestricted Endowment Funds Funds Total Fund balances at 31 De￿rnber 2024 are presented by: Tangible assets Investment properties Investments Current assets/(liabilities) 1,778,706 1,653,609 1,163,151 47,708 1,778,706 1,653,609 1,163,151 124,788 77,080 77,080 4,643,174 4,720,254 Analysis of net assets between funds- prior year Unrestricted Endowment Funds Funds Total Fund balances at 31 De￿mber 2023 are presented by: Tangible assets Investment properties Investments Current assets/(liabilities) 1,778,706 1,176,650 1,078,256 566,808 1,778,706 1,176,650 1,120,673 593,706 42,417 26,898 69,315 4,600,420 4,669,735

Page 17 TANWORTH EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 16. Related Party Transactions There have been no transactions with related parties during the year (2023: None).