ALDRIDGE COOPER & JOftDAS ENfx>wED SCHOOL FOUNDATION Iconiinuedl TNSt••s' mpon¥lbllltl•• In r•110 io lh• Iln4nehl •t•l•m•nt• Iconunu•OI Tre trustees are responsible for keeplThJ cOunting rttoriJ8 vthlch dlBc108è rea80nab &curw at any t1rn0 Ihe financkal positM)n of the charrty and enable them kn ensure Ihat ihe financial statements compty wth the Cn8nbes Act 2011. the applicable Charity (Accounts and Reports) RegulatK)n3 and the Tru8t deed They are aLX) sponSible for saleyuarding the assets of Ihe charty and hence lor taking rèasonablè steps ft)r the ention and delection of fraud and other iegUlaritieS Awyoved by the Tnjstees at their meth'ng on 13th March 2023 and svJned on their behalf ty.. N A HOPLEY TRUSTEE
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
TRUSTEES' ANNUAL REPORT and
FINANCIAL STATEMENTS
for the year ended 31ST DECEMBER 2022
1 ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Status
Charity name Aldridge Cooper and Jordan's Endowed School Foundation
Charity registration number 528872
The organisation was established under a Trust deed agreed by the Charity Commissioners in 1991 and subsequently amended in 1993.
Trustees
Under the Trust deed the number of Trustees is set at 9, made up as follows.
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1 Ex-officio, being the current incumbent of St Mary the Virgin, Aldridge
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4 Nominated -
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2 by Walsall MBC; holding office for a term of 3 years
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1 by Lichfield Diocesan Education Committee: holding office for a term of 4 years
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1 by the PCC of St Mary: holding office for a term of 4 years
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4 Co-opted - being persons having a special knowledge of the area of Benefit; holding office for a term of 5 years.
The Trust deed requires that -
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the Trustees meet at least twice each year,
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a quorum for the meetings is 4 Trustees being present.
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the Trustees, at their first ordinary meeting in each year, shall elect one of their number to be chairman of their meetings until the commencement of the first ordinary meeting in the following year.
The Trustees serving during the year were -
Mr N A Hopley (Chairman) Mr I P Henderson Mrs C A Gregory Mr C Leng Rev. S Doel Mrs J Marston Miss K Ward Ms R Ruane (Appointed 26 September 2022) Ms J Yarnall Miss J Laurence (Resigned 21st May 2022)
Clerk to the Trustees
Mr J Deeley
Principal address of the charity c/o Meadowlands, 100 Newton Road, Burton on Trent, Staffordshire, DE15 0TT
Investment Advisors Evelyn Partners Investment 3rd Floor, 9 Colmore Row, Management LLP Birmingham, B3 2BJ Bankers Barclays Bank PLC Leicester, LE87 2BB Solicitor John Deeley Meadowlands 100 Newton Road Burton on Trent Staffordshire, DE15 0TT Independent Examiner C T Edwards, FCCA C T Edwards Ltd 26 Darnford Moors Lichfield Staffordshire, WS14 9RL
2 ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The Trustees present their report together with the financial statements of the charity for the year ended 31st December 2022.
Structure, governance and management
The legal and administrative information set out on page 1 forms part of this report.
Objectives and activities
The Trust Deed empowered the Trustees to deal with the income of the Foundation as follows:-
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1 Maintaining the properties of the Foundation.
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2 The proper costs of administering and managing the Charity.
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3 Assisting the school governors to discharge their obligations under the Education Acts.
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4 Assisting the governors of any other voluntary aided school in the locality and in which religious instruction in accordance with the doctrines of the church of England is given.
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5 Providing special benefits to the schools and any other schools in the locality.
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6 Promoting the education (including education in accordance with the doctrines of the Church of England and social and physical training) of pupils and former pupils of the schools under the age of 25, and other similar persons in the locality.
The geographical area (the locality) for which the Trustees are empowered is the Metropolitan Borough of Walsall but with preference for the Ancient Parish of Aldridge.
Achievements and performance
In accordance with the requirements of the Trust deed, and in compliance with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit, this income has continued to be used to -
Support the activities of The Aldridge Cooper and Jordan Endowed School and other schools in the area by providing funding for salaries, equipment, maintenance and other running costs.
Provide school and church workers to support and develop religious education for the youth of the area.
or develop the education or activities in connection with religious studies and pastoral work for the youth of the area.
There have been no changes in the scope or level of these requirements during the year.
Financial review
The charity's income continues to be from its portfolio of investments together with property rental and interest on its bank balances.
The charity has minimal firmly committed expenditure, and the trustees ensure that any requests for financial assistance can be met out of the existing unrestricted balances.
The Trustees are committed to providing a minimum of 10% towards necessary building works at the school, and the extent of the work required has continued at a high level with a consequential increase in the level of funding provided by the Trustees. Where possible these costs are met out of income arising, but as the work is ongoing a sum of money has been set aside as a cushion towards these costs. Those funds are shown as Designated Funds in these accounts and at the year end.
Also, in connection with this funding requirement permission was obtained from the Charity Commission in this year to convert £80,000 of capital into the unrestricted income funds.
Full details of income and expenditure is set out in the Statement of Financial Activities and the accompanying notes.
3 ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
(continued)
Financial review (continued)
Investment policy and performance
The Trustees have engaged Evelyn Partners Investment Management LLP (formerly Smith & Williamson Investment Management) as investment advisers and portfolio managers. The policy adopted is to utilise low risk and fixed interest investments (excluding tobacco and other stocks that may conflict with the trust's principles) to generate income of approximately £120,000 per annum, whilst ensuring that the investment base of the portfolio is not eroded by inflation. Regrettably, primarily due to the effect that Covid-19 was having on businesses and life generally, the Trustees had been advised that it would not be possible to achieve this in this year, and reduced the amounts drawn down each month to match the lower expected level of income.
During the year under review investment income increased by some 20% whilst the market value of investments held decreased by approximately 2%.
Reserves policy
The balance on income funds are the unrestricted funds of the charity.
The current balance of these funds (£100,747) represents, historically, approximately 5 months routine expenditure
Risk management:
The trustees have considered the major strategic business and operational risks which the charity faces and believe them to be minimal. The trustees believe that the established reporting systems will enable them to identify potential future risks and take remedial action to minimise the impact of those risks.
Plans for future periods
As previously reported, the Trustees have committed to providing at least 10% towards Phases of the necessary building works at the school and are setting aside funds designated to meet this commitment. Whilst this limits the funds available for other expenditure no other major changes to the activities of the charity are planned for the foreseeable future.
The investment managers have forecast overall investment income of some £130,000 for the ensuing year. In addition the Trustees expect to continue receiving a gross rental income of some £24,000.
The Trustees will once again make any necessary adjustments to their expenditure proposals to ensure that they do not exceed available resources.
Trustees' responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 charities 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:
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select suitable accounting policies and apply them consistently;
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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 a going concern basis unless it is inappropriate to presume that the charity will continue in business.
4
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
(continued)
Trustees' responsibilities in relation to the financial statements (continued)
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, the applicable Charity (Accounts and Reports) Regulations and the Trust deed. 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 at their meeting on May 2023 and signed on their behalf by:
Nigel Hopley
N A HOPLEY TRUSTEE
5 REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
I report to the trustees on my examination of the accounts of the Foundation for the year ended 31st December 2022, which are set out on pages 6 to 10.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to
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examine the accounts (under section 145 of the 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 Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with 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 the 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 material matters have come to my attention which give me reasonable cause to believe that in any material respect :-
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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 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.
C T Edwards, FCCA
of
C T Edwards Ltd
26 Darnford Moors, Lichfield,
Staffordshire
May 2023
6
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st DECEMBER 2022
| note INCOME Investment income 2 Property rental Miscellaneous income Total incoming resources EXPENDITURE Raising funds Investment management costs Charitable activities 3 Total resources expended NET INCOMING/(OUTGOING) RESOURCES BEFORE TRANSFERS Transfers between funds NET INCOMING/(OUTGOING) RESOURCES BEFORE OTHER RECOGNISED GAINS AND LOSSES Net realised gains/(losses) Net movement in unrealised gains/(losses) NET MOVEMENT IN FUNDS FOR THE YEAR Balances brought forward at 1st January 2022 Balances carried forward at 31st December 2022 GAINS AND LOSSES ON |
CAPITAL GENERAL DESIGNATED £ £ £ 151,476 3 23,956 175,432 3 20,372 238,620 238,620 20,372 (63,188) 3 (20,372) 90,000 (10,000) (80,000) 26,812 (9,997) (100,372) - - 155,109 - (589,644) 26,812 (9,997) (534,907) 73,935 11,132 4,737,376 100,747 1,135 4,202,469 INCOME |
TOTAL 2022 £ 151,479 23,956 175,435 20,372 238,620 258,992 (83,557) - (83,557) 155,109 (589,644) (518,092) 4,822,443 4,304,351 |
TOTAL 2021 £ 126,267 23,451 200 149,918 20,796 188,651 209,447 (59,529) - (59,529) 62,734 450,198 453,403 4,409,040 4,862,443 |
|---|---|---|---|
The notes on pages 8 to 10 form part of these accounts
7
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
BALANCE SHEET as at 31st DECEMBER 2022
| FIXED ASSETS Tangible fixed assets 4 Investments 5 CURRENT ASSETS Debtors and prepayments 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 NET CURRENT ASSETS NET ASSETS TOTAL FUNDS |
CAPITAL GENERALDESIGNATED £ £ £ 556,000 3,565,335 4,121,335 471 103,258 1,135 85,922 103,729 1,135 85,922 (2,982) (4,788) 100,747 1,135 81,134 100,747 1,135 4,202,469 100,747 1,135 4,202,469 INCOME |
TOTAL 2022 £ 556,000 3,565,335 4,121,335 471 190,315 190,786 (7,770) 183,016 4,304,351 4,304,351 |
TOTAL 2021 £ 556,000 4,153,977 4,709,977 454 120,032 120,486 (8,020) 112,466 4,822,443 4,822,443 |
|---|---|---|---|
These accounts were approved by the Trustees at their meeting on May 2023 and signed on their behalf by:-
Nigel Hopley
N A HOPLEY TRUSTEE
8
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
SCHEDULES TO THE ACCOUNTS for the year ended 31st DECEMBER 2022
1 ACCOUNTING POLICIES
BASIS OF ACCOUNTING
(a)
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed assets and the inclusion of investments at market value, the accruals basis and 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
- (b) Advantage has been taken of the exemption available in section 7 of FRS102 in not preparing a statement o
INCOME
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
EXPENDITURE
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
Direct charitable activity expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include Trustee meeting costs and support and annual accounts costs.
TAXATION
Capital Gains Tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
TANGIBLE FIXED ASSETS AND DEPRECIATION
The Foundation's only fixed assets comprise freehold properties.
No depreciation is provided since the properties are subject to periodic revaluations.
FIXED ASSET INVESTMENTS
Investments are included at closing mid-market values, as confirmed by the Investment Managers. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
2 INVESTMENT INCOME
| Income from Government & quoted securities Interest on bank & cash deposits |
TOTAL GENERAL DESIGNATED 2022 £ 151,332 151,332 144 3 147 151,476 3 151,479 INCOME |
TOTAL 2021 £ 126,257 10 126,267 |
|---|---|---|
9
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
SCHEDULES TO THE ACCOUNTS for the year ended 31st DECEMBER 2022 (continued)
3 a CHARITABLE ACTIVITIES
| GENERAL DESIGNATED 2022 £ £ £ Direct charitable activities Property costs 9,493 9,493 Schools costs 147,325 - 147,325 Youth, Children & Families Workers 57,943 57,943 Grants 2,500 2,500 Support costs Clerk to the Trustees & secretarial support 14,932 14,932 Professional fees 1,011 1,011 Independent examiner - additional accountancy work 1,400 1,400 Bank charges 161 161 Miscellaneous items 130 130 Governance Clerk to the Trustees 3,225 3,225 Independent examiner fee 500 500 238,620 238,620 3 b GRANTS Recipient-Organisations Purpose St Thomas Bethlehem Proect; Fun day; Literature 1,000 St Martins 1,500 1,500 4 TANGIBLE FIXED ASSETS 2022 £ Freehold properties Cost or valuation at 31st December 556,000 |
2021 £ 4,894 97,376 54,886 11,573 13,196 1,657 1,200 144 - 3,225 500 188,651 11,573 2021 £ 556,000 |
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The freehold lands were re-valued in August 2008 by Messrs Fisher German, Chartered Surveyors. The Trustees believe that there has been negligible movement in the property values in the year and are of the opinion that no benefit would be gained by incurring the costs of a professional valuation.
Some of the properties were acquired as long ago as the 1700s and so it is not possible to show cost and revaluation details as required by FRS102. As there is no intention to sell any of the properties, the Trustees are of the opinion that no benefit would be gained by attempting to create a Revaluation Reserve.
The foundation also owns land in the Parish of Aldridge used by the Local Education Authority for the provision of schools. No value has ever been attributed to this land which was originally vested in the Trustees on 29th March 1974 under paragraph 6 of the first schedule to the Education Act 1946.
10
ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION
SCHEDULES TO THE ACCOUNTS for the year ended 31st DECEMBER 2022 (continued)
| 5 INVESTMENTS (As Fixed assets) Quoted investments Market value Book cost 6 DEBTORS Tax recoverable Prepayments and accrued interest 7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Income received in advance Accruals |
2022 £ 3,565,335 3,076,773 2022 £ 471 471 2022 £ 1,789 5,981 7,770 |
2021 £ 4,153,977 3,100,182 2021 £ 454 454 2021 £ 1,789 6,231 8,020 |
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ALDRIDGE COOPER & JORDAN'S ENDOWED SCHOOL FOUNDATION BALANCE SHEET 84 at 31•t DECEMBER 2022 INC.OME GENERAL DESIGNATEO CAPITAL T(yfAL 2022 TOTAL 2021 FIXED ASSETS T8rrfJible fixed a88818 Investments 558.¢YKJ 593.(th s59.1 3.565.335 3.YJ5.335 4,153.977 4.121,335 4.121,335 4.709.977 CURRENT ASSETS Debtors and prepayTrents Cash at bank and in hand 471 103.258 471 190.315 454 120.032 1,135 85.922 103.729 1.135 85.922 1,786 120,488 Credrtors". amounts falling due wsthin one year 12,9821 14,788) (7.770) 18.0201 NET CURRENT ASSETS ICQ,747 1.135 81.134 183.016 112.466 NET ASSETS 11X),747 1,135 4.202,469 4.304.351 4.822,443 TOTAL FUNDS 1,747 1.135 4.202.469 4,304.351 4.822.443 These xcounts were approved by the Trustees al their meeting on 13th March 2023 and svJned on their behaff N A HOPLEY TRUSTEE