Y ARDLEY EDUCA TIONAL FOUNDATION REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CHARITY NUMBER 528918
YARDLEY EDUCATIONAL FOUNDATION CONTENTS Report of the Trustees I to3 Independent Examiners Report to th¢ Trustees Statement of Financial Activiti¢s Balance Sheet Notes to the Financial Statements 7t0 10
Y ARDLEY EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES - YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS REGISTERED CHARITY NUMBER 528918 TRUSTEES Mr S O'Donnell Mrs E Hayes Councillor P Tilsley Mrs P Wagg Mr R Jones Ms L O'shea (Chairnian) (Deputy Chair) PRINCIPAL ADDRESS PO Box 18605 Birniingham B37 9ES PRINCIPAL OFFICER Clerk to the Trustees: Mrs, K. Gri¢¢ BANKERS Lloyds Bank pl New Street Birniingham PROPERTY MANAGF.RS John Shepherd Estate Agents 6 The Grand 33 Colmore Row Birniingham INDLPENDENT EXAMINER Mrs. K. Jackson FCCA ACA JW Hinks LLP Chartered Accountants and Statutory Auditor5 19 Highfield Road Edgbaston Birmingham INVESTMEiYf ADVISORS Brewin Dolphin Limited 9 Colmor¢ Row Birniingham (continued)
YARDLEY EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES (continued) - YEAR ENDED 31 MARCH 2024 The Trustees present iheir report along with the financial statements of the Charity for the year ended 31 March 2024. The financial statements have been prepared in COrdanCe with the Statement of Recommended Practice . Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applic&ble in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and th¢ Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and Th¢ Charities Act 2011. STRUCTURE, GOVERNANCE AND MANAGEMENT Th¢ Charity is Constituted under a trust deed and is a registered charity. The Governing Body is made up of twelve Trustees and at th¢ year end there were six appointed. The Trustees who served during the year are set out on pag¢ one. The Trustees are appointed by the Board of Trustees, Birmingham City Council, Governors of King Edward Vl School and lh¢ University of Birniingham. Following appointment. new Trustees are introduced lo their new rol¢s and given copies of the Trust Deed and a guide to policies and procedures adopted by the Charity. The Foundation &ppreciales the contributions made by individual Trustees whose sUPPOrt is manifested by their regular attendance at meetings and whose ¢oncern for the welfare of so many young people with different edu¢ational needs is so important. ORIECTIVES AND ACTIVITIES The obj¢¢t of the Foundation is to help individual Children between the ages of eleven and sixteen and young adults 80in8 into further education between sixteen and nin¢l¢en. The recipients of the grants should have resided in Ihe Ancient Parish of Yai'dley for not less than two years and be of low income. The Clerk to the Truste¢s has close liaison with the Second8ry S¢hools throughout the Ancient Parish and is in constant touch with them lo ascertain their needs. When planning activities for the year. the Trustees have considered the Charity Commissions guidance oli public benefit. RISK POLICY The Trustees are conscious of the risks of fraud in administering the grants to deserving needy in the Ancient Parish of Yardley. Close liaison with the schools whose students receive grants has proved &dvantag¢ou5 in this respect and cases of fallacioiis Claims have been exposed. Continuing vigilance in Ihis eonnection is essential. In addition. contact with the retail suppliers is essential in order to monitor Ihe accounts received for payment. ACHIEVEMENTS, PERFORMANCE AIYD FINANCIAL REVIEW The total funds of the Charity now amount to £4,958,042. Investments had unrealised gxins on revaluation for the year Amounting to £186,437. Property iiicome has slightly increased this year £65,439 was received. Incom¢ from quoted inveslments was £128,594, this b¢ing up on the previous year by £7,381. (conlinued)
YARDLEY EDUCATIONAL FOLfNDATION REPORT OF THE TRUSTEES (continued) - YEAR ENDED 31 MARCH 2024 There have been no changes in the objectives. organisation or policies since the last report. The financial statements comply with current statutory requirements and the Charity's governing documents. During the year 2721 applications for grants were received. Total grants for Education paid amounted to £199,692 for clothing. sports equipmenL book vouchers and school trips and apprentices. Th¢ Trustees consider that all activities undertaken by the Charity in th¢ year provides benefit both t those who directly benefit from each activity and the wider community of Yardley. INVESTMENTS Portfolio Purpose and Investment Pollcy The inveslment portfolio represents long term assets. the purpose of which is to generate income and Capilal grot lo fund charitable activities and to maintain the r¢al value. The Trustees employ professional investment managers, Brewin Dolphin. to manage the portfolio subject to reslri¢tions and risk Controls contained in the Inv¢slm¢nt Policy Statement. Brewin Dolphin report to Trustees regularly and the Investment Policy Sialcmenl is reviewed on 8 periodic basis. The Trustees wish to ensur¢ that they invest in a responsible way and so the Investment Policy Statement contains an ethical investment policy. This policy seeks to exclud¢ those investments which are contrary lo the value and eth05 of the organisation such as Armamenls, Tobacco, Online Gaming and Irresponsible Lendin8. The Trustees also expect Brewin Dolphin to consider ESG (Environm¢ntal. Social and Governance) factors in Ih¢ir m8nagement of the portfolio. RESERVES POLICY The level of reserves held is in line wilh the Trustees policy of building funds sufficient to improve, add to and increase the facilities held for charitable purposes and to generate suffici¢nt income to be able to make 81.ants available. FIXED ASSETS Movements in fixed assets are disclo$ed in notes 5 and 6 of the accounts, INDEPENDENT EXAMINER JW Hinks LLP have expressed their willingness to continue in office as Independent Examiner and a r¢solution lo re-appoint them will be proposed at the forthcoming Annual General Me¢ling. Signed on behalf of the Trust¢¢s Mr S O'Donnell Chairman 15 October 2024
YARDLEY EDUCATIONAL FOLfNDATION tNDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES I r¢port to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 whi¢h are set out on pages 5 Eo l O. Responsibilities and ba513 of report As the charity's trustees you are responsible for the preparation of the accounts in accordanc¢ with the requirements of the Charities Act 2011 ('Ihe Act.). I report in respect of my examination of the charity's accounts carried out under section 145 of th¢ Act and in Ca]ng out my examination I have followed all the applicable dItionS given by the Charity Commission under seclion 145(5){b) of the Act. Independent ex&miner'8 stfdtement have completed my examinatiOT]. I confirni that no material matters have com¢ to my attention in connection with the examination giving me cause to believe ihat in any material resp¢. accounting records wer¢ not kept in respect of the charity as required by section 130 of the the 8¢¢ounls do not comply with the applicable requirements concerning the forni and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirem¢nl that the accounts give a 'lru¢ and fair view. which is not a matLer eonsidered as part of an independeni examination. I have no concerns and h&v¢ 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. K J8¢kson FCCA ACA JW Hinks LLP Chartered Ac¢ountants and ststutory Auditors 19 Highfield Road Edgbaston Birniin8ham B153BH 15 October 2024
YARDLEY EDUCATIONAL FOUNDATION STATEMENT OF FfNANCIAL ACTIVITIES - YEAR ENDED 31 MARCH 2024 Total Unrestricted Restricted funds funds funds Total funds 2023 2024 INCOMING RESOURCES Investment income-. Rent receivable Dividends and interest Beques1 Notes 65,439 128.594 5,000 65,439 128,594 5,000 64,320 121,213 TOTAL INCOMING RESOURCES 199,033 199.033 185,533 RESOURCES EXPENDED Cost of 8enerating funds 28.431 28,431 31,010 Charitable Activities.. School scholarships, grants for clothing, book vouchers and donations Apprenticeships 199.692 4.701 199.692 4,701 259,631 4,171 204,393 204,393 263,802 Dir¢ct and Support Costs: Administrative and genernl expenses 29,022 29,022 29.488 TOTAL RESOURCES EXPENDED 261,846 261,846 324,300 LYET OUTGOING RESOURCES Before other recognised gains and losses (62,813) (62.813) (138,767) GAINS ON INVESTMENTS Realised (loss)/gains on investments Unrealised (loss)18ains on investments Realised 88Ln on investment properties 2,238 186,437 70.000 2,238 186,437 70.000 (22,166) (255,654) NET MOVEME IN FUNDS (62,813) 258,675 195.862 (416,587) BALANCES BROUGHf FORWARD 83,441 4.678.739 4,762,180 5,178.767 BALANCES CARRIED FORWARD 20,628 4,937,414 4,958,042 4.762,180 All of the above results are derived from continuing a¢tivitie5. All gains and losses recogrtis¢d in the year are included above. The notes ort pages 7 to l O forni part of these financial 5tstem¢nts.
Y ARDLEY EDUCATIONAL FOUNDATION BALANCE SHEET - 31 MARCH 2024 2024 2023 Notc FIXED ASSETS Tangible assets.. Investment properti¢s Investments 1,275.000 3.512.178 1.205,000 3,474,469 4,787.178 4,679.469 CURREiYf ASSETS Debtors Cash at bank and in hand 38,811 146,655 49,559 43.128 185,466 92,687 CREDITORS: AMOUNTS FALLIY4G DUE WITHIN ONE YEAR 14.602 9.976 NET CURRENT ASSETS 170.864 82,711 TOTAL ASSETS LESS CURRENT LIABILITIES £4,958,042 £4,762.180 RESERVES R¢$trict¢d funds Unrestricted funds 4,937,414 20,628 4,678,739 83,441 £4,958,042 4,762.180 The notes on pages 7 to l O forni part of these financial slatements. These financial statements were approved by the Trustees and signed on their behalf by: O'Donntll Chairman Mr5 E HAyes Trustee 15 October 2024
YARDLEY EDUCATIONAL FOLfNDATION NOTES TO THE FtNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 PRINCIPAL ACCOUNTING POLICIES The following ac¢ounting policies have been applied consistently in dealin8 Wlth item5 which are considered material in relation to the Charity's financial statements. (A) Basis of preparing the financial gtstements The financial statements have been prepared under the historical cost convention with items recognised al cost or transaction value unless othenvise slaied in the relevant nolels) to these accounls. The financial statements hav¢ been prepared in accordance with the Statement of Re¢omm¢nded Practice Accounting flnd Reporting by Charities preparing th¢ir accounts in accordance with the Financial R¢pot1ing Standard applicabl¢ in the UK and Republic or Ireland {FRS 102) issued on 16 July 2014 and the Financial Reportiiig Standard applicable in the United Kin8dom and Republic of Ireland (FRS 102) and the Charities Act 2011. (b) Accumulated funds represent the following: Restricted funds.. Funds subject to specific conditions that musl be complied with. These funds originate from the initiBI endowment policy. Funds that are availabl¢ for any charitable use in accordance with the Scheme rules. Unrestricted funds: {c) Ineoming resources All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally enlitlcd to the income and th¢ amount can be quanlified with reasonable curacy. Both Rental and Investment income are accounied for in the period in which the Charity is entitled receipt. (d) Regouree8 expended Expenditure is ac¢ounled for on an accruals basis and has been classified under headirkgs that 88gre8ate all costs relating to the category. Costs of generating ndS comprise those costs directly attributable to mana8in8 the property and investment portfolio and raisin8 investment income. Grants payable are charged in the year wh¢n the offer is conveyed to the recipient. Direct and sUPPQrt costs are accounted for on an accrnals basis. The cost of irrecoverable Value Added Tax is included within the items of expense to which it relat¢s. (e) Investment properties Inv¢5tTnenl properties are included in the Balance Sheet &t their open market value. Depreciation is provided on these investmenl properties which are leasehold and where the unexpired lease terni is less than 20 years. Any gains or loss on revaluation 15 taken to the Statement of Financial Activities. (fj Investments in quoted 5ecuri¢ie5 Fixed asset investments in the forni of marketable securities are staled at c105in8 mid-market value at the Bal8nce Sheet dale. Any gain or 105s on revaluation is taken to the Statement of Financial Activities. (continued)
YARDLEY EDUCATIONAL FOUNDATION NOTES TO THE FtNANCIAL STATEMENTS (continued) - YEAR ENDED 31 MARCH 2024 SALARIES AND EXPENSES The Charity had no employees in either year. The Trustees r¢r¢ivcd no remuneration in either year. R¢-itnbursemenl of expenses totalling £ were paid in the year. COST OF GENERATING FUIYDS 2024 2023 Managing Agents fee Portfolio Management fee 9,871 18,560 1.963 19.047 £28,431 £31,010 ADMINISTRATIVE AND GENERAL EXPENSES Clerk's fees. expenses and posta8C Independent Examiii¢r's fees Property repairs Hcating. lightin8 and Council Tax Insurance Professional fecs Sundries Payments to Yardley Charities Estales Alm5houses'. Annual payments under deierniination order of 5 June 1908 18,843 3.750 3,640 16.520 3,630 5,343 23 1,822 1,689 81 1,955 454 380 380 £29,022 £29,488 TANGIBLE ASSETS - INVESTMENT PROPERTIES At valuation At 31 March 2023 Addilions at cost Revaluation Less.. Disposals 1.205.000 1.205,000 70,000 At 31 Mah 2024 £1,275,000 £1,205,000 Some of lh¢ Foundation's freehold properties were valued on 31 March 2024 by an independent valuer, John Trusloye Chartered Surveyors and Valuers. The valuation was in accordance with the requirements of the RICS Valuation - Global Standards 2020. The basis of value adopted is the fair value. There have been no special assumptions. special reservations, special instructions or departures from the RICS valuation- Global Standards 2020. The valuation of the invc5tm¢nt properties was on th¢ basis of their Market Value assuming they would be sold subject to any tenAncies. The Market Values were primarily derived using comparable recent market transactions on arn)'s length tern)s. The Trustees consider th¢ current values to be nol less than that shown in the accounts. (continued)
YARDLEY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {COT]tinued) - YEAR ENDED 31 MARCH 2024 INVESTMENTS 2024 2023 Investments £3,512.178 £3.474.469 Quoted investments Market value at 31 March 2023 Add: 3,474,469 3.685,575 Additions at C05t Less.. Disposal proceeds Add.. Realised (lossesFgains Unrealised (losses)18ains on revaluation 538,028 578,589 (688.994) (511,875) 2,238 186,437 (22,166) (255.654) Market value at 31 March 2024 £3,512.178 £3.474,469 Cost at 31 March 2024 £3.107,206 £3,2(19.595 Unrealised gains included in valuation at 31 March 2024 £404,972 £264,874 UK lisled investments are represented by.. UK Bonds and other fixed intercst securities UK Equities Non-UK Equities and Bonds Overseas Bonds Cash Product 577,415 544,501 1,961.231 373,801 55,230 467,767 649,617 1,911,384 396,601 49,100 Total £3,512.178 £3,474,469 The market valuation at 31 March 2024 and 2023 is bas¢d on the Stock Exchang¢ Daily Official List and wa5 valued by Brewin Dolphin Limited, Stockbrokers. DEBTORS Amounts falling due within one year.. Due from Stockbrokers Due from Managing Agents Debtors and prepayments 23.317 13.425 2,069 34,013 13.321 2,225 £38.81] £49.559 (continu¢d)
YARDLEY EDUCATIONAL FOUNDATION NOTES TO THE FtNANCIAL STATEMENTS (continued) - YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued expenseg Rental income and insurnnce recharged in advance 9.750 4,852 5,130 4,846 £14.602 £9,976 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current 855ets Investment properties Investm¢nts Total Restricted fund5'. Capital Fund Unrestricl¢d funds.. A¢¢umulaled Income Fund 1.275,000 3.340.443 321,971 4,937.414 171.735 (151,107) 20,628 1,275.01)O 3,512,178 170,864 4,958.042 io. TAXATION Yardley Educational Foundation is a registered Charity and is exempt from liability to tsxalion on ils income and capital gains which ar¢ used for charitable purposes. ii. ULTIMATE CONTROLLING PARTY The Charity is controlled by the Board of Trustees as disclosed in the Report of the Trustees. 10