Charity number: 529334
MIRFIELD EDUCATIONAL CHARITY
UNAUDITED
MIRFIELD EDUCATIONAL CHARITY
TRUSTEES' REPORT AND FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
CONTENTS
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
|---|---|
| Trustees' report | 2 -4 |
| Independent examiner's report | 5 -6 |
| Statement of fnanciai activities | 7 |
| Balance sheet | 8 |
| Notes to the fnancial statements | 9 -16 |
MIRFIELD EDUCATIONAL CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2021
Trustees Mr E A Speight, Chairman Councillor M Bolt, Trustee Mr D G Cross, Trustee Councillor V Lees-Hamilton, Trustee Mr G M Nind, Trustee Mrs J A Longbottom, Trustee Mr C Oldfield, Trustee Mrs C Sykes, Trustee Mrs S Wharton, Trustee
Charity registered number 529334 Principal office
6 Rectory View, Thornhill, Dewsbury, West Yorkshire, WF12 ONN
Accountants
BHP LLP, New Chartford House, Centurion Way, Cleckheaton, Bradford, West Yorkshire, BD19 3QB
Bankers
Yorkshire Bank PLC, 46 Market Place, Dewsbury, West Yorkshire, WF13 IDN
31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2020 to 31 March 2021.
Objectives and activities
e Policies and objectives
Page 1
MIRFIELD EDUCATIONAL CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED
The charity aims to apply its income in advancing either generally or individually the education (including social and physical training) of persons under the age of 25 years who are resident, or who have a parent or parents resident, in the area of the former Urban District of Mirfield.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'
Achievements and performance
e Review of activities
The pandemic has had a significant impact on the way the charity has functioned and influenced the nature of activities for which grants have been awarded.
Ordinarily, the charity expects grants to be drawn down within 12 months of being awarded. However, some have had to be held over such as a trip to a professional pantomime and a visit to Yorkshire Wildlife Park.
As can be seen from the list of grants paid, the charity continues to attract a wide range of applications from individuals and organisations consistent with the objects of the Scheme.
Wellbeing has figured prominently with grants made, for example, for a wellbeing coach and development of school grounds to create a more welcoming and reflective environment.
Grants towards much needed equipment have bridged gaps in school funding. As a matter of policy, rather than making grants to individuals for laptops for example, It was agreed that the needs of the many were better served by making a grant to a school.
The charity has recognised the importance and contribution of physical fitness to wellbeing by making grants for a multi use games area, a bowling machine and an all weather track.
It is now the fourth year of the Dr H. G. Grason Scholarship. The successful candidates were identified as hard working students from families of modest means who might otherwise not go on to higher education. Engagement from local schools and colleges has improved in that three candidates were put forward for selection. Efforts will continue to try to further improve involvement in the process.
(CONTINUED)
31 MARCH 2021
Financial review
Going concern
Page 2
MIRFIELD EDUCATIONAL CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED
The Trustees have considered the impact of Covid-19 on the Charity's income and beneficiaries, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Trustees are confident that they have plans in place to deal with and mitigate any financial losses that may arise. The Trustees therefore consider that the level of reserves for the charity are adequate. The Trustees continue to adopt the going concern basis of preparation for these financial statements.
Reserves policy
Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency expenditure. The trustees consider that the ideal level of reserves would be of such a level that allows for income from investments to match expenditure in the year.
At the year end, the trust had reserves of El,860,889 (2020 - 1,582,921), the details of which are given in note 11 to the accounts. Going forward the trustees aim to identify worthy individuals/institutions within the area of the former Urban District of Mirfield in order to apply its income and ensure continued compliance with its own reserves policy.
Financial review and future developments
During the year under review the charity distributed a significant proportion of its income and part of its unrestricted funds by awarding grants, awards and scholarships amongst the local community. The charity aims to maintain its reserves at around the current level of approximately whilst continuing to provide grants for educational purposes by distributing income earned during the forthcoming year.
Structure, governance and management
Constitution
Mirfield Educational Charity is a registered charity, number 529334, and is constituted under a Trust deed.
Methods of appointment or election of Trustees
The Chairman is elected by the trustees. Trustees are appointed in accordance with the rules of the charity at special trustee meetings. Alt decisions are made by the trustees at ordinary meetings held at least twice a year. The maximum number of trustees is nine.
Policies adopted for the induction and training of Trustees
New trustees are briefed by the chairman on their legal obligations under charity law. No specific training is given to the trustees to equip them for their role, though they are required to be competent persons who, through residence, occupation, employment or otherwise have special knowledge of the area of the former Urban District of Mjrfield.
Page 3
MIRFIELD EDUCATIONAL CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED (CONTINUED)
31 MARCH 2021
Structure, governance and management (continued)
Financial instruments
The charity's principle financial instruments comprise investment funds. The main purpose of these instruments is to raise funds so that the charity can continue to offer educational grants to the local community.
The valuation of the investment is monitored by the trustees.
Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr E A Speight,
Page 4
MIRFIELD EDUCATIONAL CHARITY
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of Mirfield Educational Charity ('the Charity')
I report to the charity on my examination of the accounts of the Charity for the year ended 31 March 2021.
Responsibilities and Basis of Report
As the of the Charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ([t] the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
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MIRFIELD EDUCATIONAL CHARITY
- the accounts do 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 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.
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a
body, for my work or for this report.
Lesley Kendrew BSc FCA
BHP LLP, Chartered Accountants New Chartford House Centurion Way Cleckheaton BD19 3QB Dated: 21 October 2021
~~Page 6~~
MIRFIELD EDUCATIONAL CHARITY
FINANCIAL
ENDED 31 MARCH
STATEMENT OF ACTIVITIES
FOR THE YEAR 2021
Unrestricted Total Total funds funds funds 2021 2021 2020
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Note
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Income from:
Investments 3 56,322 56,322 45,364
56,322 56,322 45,364
Total income
Expenditure on:
Charitable activities 5 49,40 49,403 58,947
3
49,403 49,403 58,947
Total expenditure
Net income/(expenditure) before net gains/
(losses) on
investments 6,919 6,919 (13,583)
271,049 271,04 (197,331)
Net gains/(losses) on investments 9
277,968 277,968
(210,914) Net movement in funds
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Reconciliation of funds:
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MIRFIELD EDUCATIONAL CHARITY
Total funds brought forward 1,582,921 Net movement in funds 277,968 277,968 (210,914)
Total funds carried forward
The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 16 form part of these financial statements.
BALANCE SHEET
AS AT 31 MARCH 2021
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2021 2020
Note
Fixed assets
8 1,804,9
Investments 22 1,533,873
1,804,9 1,533,873
22
Current assets
57,04 50,07
Cash at bank and in hand 4 4
57,04 50,074
4
Creditors: amounts falling due within 9 (1,077) (1,026)
one year
Net current assets 55,967
Total net assets
Charity funds
Restricted funds 11
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Page 8
MIRFIELD EDUCATIONAL CHARITY
FINANCIAL
ENDED 31 MARCH Unrestricted funds 11 Total funds 1,582,921
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr E A Speight (Chair of Trustees) Date: t
The notes on pages 9 to 16 form part of these financial statements.
Page 9
MIRFIELD EDUCATIONAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- General information
Mirfield Educational Charity is a charity registered in England and Wales. The registered office is 6 Rectory View, Thornhill, Dewsbury, West Yorkshire, WF12 ONN.
2. Accounting policies
- 2.1 Basis of preparation offinancial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Mirfield Educational Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees have considered the impact of Covid-19 on the CharitVs income and beneficiaries, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Trustees are confident that they have plans in place to deal with and mitigate any financial losses that may arise. The Trustees therefore consider that the level of reserves for the charity are adequate. The Trustees continue to adopt the going concern basis of preparation for these financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity
Page 10
MIRFIELD EDUCATIONAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
- Accounting policies (continued)
2.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is
Page 11
MIRFIELD EDUCATIONAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund. 3. Investment income
Unrestricted Total Total funds funds funds 2021 2021 2020 Dividends and interest 56,322 56,322 45,364 Total 2020 45,364 45,364
Page 12
MIRFIELD EDUCATIONAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
| 4. List of grants paid to institutions and individuals |
|
|---|---|
| 2021 | 2020 |
| Name of institution/individual - Grant description | |
| Old Bank Junior, Infant and Nursery School - Grant to subsidise attendance of | |
| children at a pantomime 1,557 |
|
| Battyeford Primary School - Grant towards the cost of new Chrome Books 9,846 | |
| Mirfeld Agricultural Show Committee - Grant towards "Eggucation" project | 300 |
| William Swithenbank - Grant towards subsistence expenses 500 Upper | |
| Hopton Cricket Club - Grant towards the cost of a Bola bowling machine | |
| 1,500 James Randa' - Grant towards the cost of a new laptop 500 Katie | |
| Ashford - Grant towards an expedition to Morocco 500 Samuel Hinchclife | |
| - Grant towards the cost of a new laptop 500 Holly Green - Grant towards | |
| the cost of a new laptop 500 | |
| Metly Fell - Bursary awarded 2,500 |
|
| Old Bank School - Grant towards cost of a Forest School and Gardening Club | 5,844 |
| Thomas Edwards - Bursary awarded 3,500 |
3,500 |
| Ella Daisy Hinchclife - Grant towards cost of laptop | 500 |
| Hopton Primary School - Grant towards WiFi upgrade 5,264 |
|
| Rotary Club of Mirfeld - Grant to fund the placement of one candidate on a voyage | |
| with the Ocean Youth Trust North 600 George Dawes - Grant towards living and |
|
| accomodation costs 500 | |
| Emilia Daly - Bursary awarded 3,500 |
2,500 |
| Bella Hall Artists - Grant towards artist materials 253 Crowlees Junior and |
Infant |
| School - Grant towards cost of a garden project 568 3,000 | |
| Old Bank School - Grant towards cost of a garden project 5,500 Mirfeld Tennis Club - |
|
| Grant towards the cost of a mini court 5,200 | |
| Mirfeld Arts Festival - Grant towards costs of activity sessions 1,500 1,300 Hopton |
|
| Primary School - Grant towards RHS Harlow Carr trip 1,367 |
|
| The Mirfeld Free Grammar - Grant towards the appointment of a Wellbeing | |
| Coach and resources 11,506 |
10,525 |
| Mirfeld Rotary Club - Grant towards one candidate to participate in RYLA2020 | 475 |
| Crossley Field Junior & Infant School - Grant towards providing Virtual Reality | |
| Headsets 142 |
8,898 |
| 42,326 | 51,819 |
| 5. Analysis of Expenditure by expenditure type |
|
| 2021 | 2020 |
Page 13
MIRFIELD EDUCATIONAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
| E | ||
|---|---|---|
| Charitable activities - Grants, awards and scholarships | 42,32 | 51,819 |
| 6 | ||
| Expenditure on governance | 7,077 | 7,128 |
| 49,40 | 58,947 | |
| 3 |
- Independent examiner's remuneration
2021 2020
Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 1,077 1,026
7. Staff costs
During the year, no Trustees received any remuneration or other benefits (2020 - ENIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - ENIL).
- Fixed asset investments
Other fixed asset investmen ts
Cost or valuation At 1 April 2020 1,533,873 Revaluations 271,049
At 31 March 2021
All the fixed asset investments are held in the UK. Material investments
Page 14
MIRFIELD EDUCATIONAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Capital account: | ||||
| Permanent Endowment | ||||
| BLK Charities UK Equity Fund A Inc (formerly Charishare | ||||
| Common Investment | ||||
| Fund) - 219,336.13 shares | 1,459,02 | |||
| BLK Charities UK Bond Fund A Inc (formerly Charishare | 4 | |||
| Common Investment | ||||
| Fund) - 155,100.62 shares | 290,34 | 299,965 | ||
| Income account | 8 | |||
| BLK Charities UK Bond Fund A Inc (formerly Charinco | ||||
| Common Investment Fund | ||||
| Accumulation of Income) - 29,673.83 shares | 55,55 | 57,389 | ||
| 0 | ||||
| 9. | Creditors: Amounts falling due within one year | |||
| 2021 | 2020 | |||
| E | ||||
| Accruals and deferred income | 1,077 | 1,026 | ||
| 10. | Financial instruments | |||
| 2021 | 2020 | |||
| Financial assets | ||||
| Financial assets measured at fair value through income and | 57,04 | 50,074 | ||
| expenditure | 4 | |||
Financial assets measured at fair value through income and expenditure comprise of the charity bank account. 11. Statement of funds
Page 15
| Statement of | funds - current | year | ||||
|---|---|---|---|---|---|---|
| Balance at 1 | Transfer | Gains/ | Balance | |||
| s | at 31 | |||||
| April | Incom | Expenditure | in/out | (Losses) | March | |
| 2020 | e | E | 2021 E | |||
| E | ||||||
| Unrestricted | ||||||
| funds | ||||||
| Income | 107,46 | 26,05 | (15,892) | (1,840) | 115,784 | |
| account | 3 | 3 | ||||
| Capital | 1,475,458 | 30,26 | (49,40 | 15,89 | 272,889 | |
| account | 9 | 3) | 2 | |||
| 56,322 | (49,403) | 271,049 | 1,860,889 | |||
| Statement of | funds - prior | |||||
| year | Balance at | |||||
| Balance | Transfe | Gains/ | 31 March | |||
| at | rs | |||||
| 1 April 2019 | Incom | Expenditur | in/out | (Losse | 2020 | |
| e | e | s) | ||||
| Unrestricted | ||||||
| funds | ||||||
| Income | 119,85 | 1,880 | (15,337) | 1,068 | 107,463 | |
| account | 2 | |||||
| Capital | 1,673,98 | 43,48 | (58,94 | 15,33 | (198,399 | |
| account | 3 | 4 | 7) | 7 | ) | |
| 1,793,835 | 45,364 | (58,947) | (197,331) | 1,582,921 |
-
Summary of funds Summary of funds - current year Balance at 1 Transfers Gains/ Balance at 31 April 2020 Income Expenditure in/out (Losses) March 2021 General funds 1,582,921 56,322 (49,403) 271,049
-
Summary of funds (continued)
Summary of funds - prior year
Balance at Balance at Transfers Gains/ 31 March 1 April 2019 Income Expenditure in/out (Losses) 2020 General funds 1,793,835 45,364 (58,947) (197,331) 1,582,921
- Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | ||
| 2021 | 2021 | ||
| Fixed asset investments | 1,804,922 | ||
| Current assets | 57,044 | 57,044 | |
| Creditors due within one year | {1,077) | (1,077) | |
| Total | |||
| Analysis of net assets between funds - prior year | |||
| Unrestricted | Total | ||
| funds | funds | ||
| 2020 | 2020 | ||
| Fixed asset investments | 1,533,873 | 1,533,873 | |
| Current assets | 50,074 | 50,074 | |
| Creditors due within one | (1,026) | (1,026) | |
| year | |||
| 1,582,921 | 1,582,921 | ||
| Total |
- Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2021.