## **King's Educational Foundation**
**Report and Accounts for the Year Ended 31[st] December 2020**
**Registered Charity number 810177**
____________________________________________________
## **King's Educational Foundation**
**Report and Accounts for the Year Ended 31[st] December 2020 Registered Charity number 810177**
____________________________________________________
## **CONTENTS**
||Page|||
|---|---|---|---|
|Annual Report||2||
|Income & Expenditure account||4||
|Income & Expenditure account (Application of Income||||
|in Augmentation of King’s Ecclesiastical Charity)||5||
|Statement of Assets & Liabilities||6||
|Property Maintenance Reserve account|||6|
|Service Charge account||7||
|Report of the Independent Examiner||8||
**Annual Report of the King’s Educational Foundation** Page 2
## **For the year 1[st] January to 31[st] December 2020**
**_____________________________________________**
## **1. Name of Charity**
Kings Educational Foundation
## **2. Charity Registered Number**
810177
## **3. Principal Address**
C/o Secretary, Mrs C Kenny, 36 Coopers Hill, Ongar, Essex CM5 9EF
## **4. Description of Trust**
The Foundation was constituted by an Order made by the Charity Commission on 7[th] April, 1905, under the Board of Education Act, 1899, Section 2(2) founded by the will of Joseph King dated 3[rd] August, 1698. The Charity Commission approved and established a Scheme on 15[th] June, 1983, amended 29[th] January 2004 and 7[th] May 2008, for the regulation of the Charity.
The Charity’s aims are to promote the education of persons resident in the Parish of Ongar under the age of 25 years in awarding grants whilst attending schools, colleges, universities or other institutions of further education or other educationally beneficial activities. Also to make grants to schools within the Parish of Ongar for special benefits of a kind not normally provided by the local authority. The Charity owns the freehold and maintains and insures the property known as nos. 191 to 205 High Street, Ongar, and aims to ensure the property is let to provide funds for its maintenance and to provide educational grants. The Charity is required to apply one twentieth of its annual income after payment of expenses of management to augment the Ecclesiastical Charity (see page 5).
## **5. Trustees**
The body of trustees consists of between nine and twelve persons. Three Trustees are ex officio being the Rector and Churchwardens of the Ecclesiastical Parish of St Martin of Tours, Chipping Ongar, by reason of their respective offices; two are Nominative Trustees appointed by the Chelmsford Diocesan Board of Education Committee and between four and seven are Co-optative Trustees appointed by the full body of Trustees.
At the end of the year the Board of Trustees were as follows:
|Reverend Noelle Taylor (Chairman)|Ex-oficio|
|---|---|
|Mr Paul Taylor|Ex-oficio|
|Vacancy|Ex-oficio|
|Mrs M Evans|Nominative|
|Mrs R Dickinson|Nominative|
|Mrs D Stratton|Co-optative|
|Mrs A Sydenham|Co-optative|
|Mr P Richardson|Co-optative|
|Mr M Pattie|Co-optative|
|Mr P Cranwell|Co-optative|
In addition there is scope for the appointment of further co-opted trustees to a maximum of twelve.
Page 3
## **6. Bankers**
Barclays Bank Plc, 183 High Street, Epping, Essex CM16 4BH.
## **7. Solicitors**
Kenneth Elliott & Rowe, Enterprise House, 18 Eastern Road, Romford RM1 3PJ
Whiskers, 18 Hadham Road, Bishops Stortford, Herts CM23 2QR
## **8. Surveyors**
ATP Group, Brook House, Coventry Road, Ilford, Essex IG1 4QR.
## **9. Independent Examiner**
Mr A Bowtle MAAT, Suite 6, Central House, High Street, Ongar, Essex CM5 9AA.
## **10. Activity Report**
During the year educational grants amounting to £29,250 (2019 £31,413) were made to around 35 students undertaking further education or educational activities. Grants are also periodically made for Youth Ministry activities carried out under the auspices of St Martin’s Church in Chipping Ongar. Students between the ages of 16 and 25 can make a non means-tested application for consideration by the Trustees, the majority of which are for financial support during degree studies at universities both in the UK and further afield. The Scheme allows for students who are normally resident in Chipping Ongar, Marden Ash, Greensted and Shelley to apply for support. The board of Trustees delegate the responsibility of interviewing students for eligibility to the two nominative (Educational) Trustees. The board of Trustees agree a suitable amount (non-guaranteed) per student for the academic year, which is paid in two instalments. Following assessment of the Charity’s income and the payment of expenses of management, one twentieth of the balance amounting to £1,644 (2019 £2,560) is to be paid to the St Martin’s & St Peter’s Parochial Church Council in respect of the Ecclesiastical Charity.
The Trust derives its income from investments and properties. The properties consist of five Grade II listed commercial properties (all retail use) and one domestic property located together in Chipping Ongar. Sadly the highly challenging conditions during the year and since, due to the Covid pandemic has decimated the retail market particularly with regard to small businesses operating in small premises, which in turn has had a detrimental effect on commercial income receivable. The domestic dwelling continues to be tenanted. The Trust is to a large degree dependent on its rental income to carry out its charitable activities, therefore every effort is made to re-let in as short a timeframe as possible, however this has not been possible during the Covid pandemic. The businesses have in the past offered a wide variety of choice for the local community in attractive historic buildings dating from the 1670’s, which currently include a beauty salon and dispensing chemist, and it is hoped that shortly the properties will again be fully tenanted and providing an income to enable the Trust to carry out its aims.
The Trust actively pursues any tenants owing rent to the Trust as rental income is the main source of income for the Trust to carry out its charitable activities. Rent is credited to the year of account in which it is received. Expenses are debited to the year of account in which they are paid except for the Property Maintenance charge as described in note 11 below.
## **11. Property Maintenance Reserves**
Approximately every six years, the Trust undertakes major maintenance works on the exterior of the properties owned by the Trust. To minimise its effect on the Income & Expenditure account, an amount is charged in most years where practicable (see Property Maintenance Reserves account on page 6). For this financial year, £5,000 has been charged to the Income & Expenditure Account towards these costs. It is anticipated that the next major maintenance works is scheduled for summer 2024.
Page 4
## **12. Insurances**
The Trust has two insurance policies in force, renewable annually. One is indemnity insurance for the protection of the Trustees, as permissible by the Charity Commission.
The other is a policy, renewable each year in September, covering all the Trust’s buildings in Ongar High Street, consisting of five shops and one domestic letting (the insurance of which is covered by the Trust itself). These costs are recoverable from tenants during their occupation or covered by the Trust during void periods.
Unlike in previous years, in the year ended 31.3.20, the Trust paid only a portion of the premium due during the year instead of an annual fee, as the Trust’s insurers were keen to review the occupancy of properties on a regular basis during Covid closure to adjust the premium due accordingly. Therefore although the accounts show a reduced figure for property insurance this year, it should be noted that this covers September to December 2020 rather than September 2020 to August 2021 as would be normal.
## **13. Reserves Policy**
The Trust distributes the net remaining unrestricted income from the previous year of account after defrayment of costs, for various educational purposes both to individuals and to bodies such as educational establishments or groups, as set out in the Last Will and Testament of Joseph King, and including subsequent amendments to the Scheme, and in addition making allowance for any unforeseen but necessary repairs and other costs relating to the upkeep of the properties from which the Trust derives its income.
## **14. Investment Policy**
The Trust’s investment strategy is to adopt a low to low/medium risk attitude and as a consequence, apart from cash held in bank deposit and savings accounts, is held in specialist COIF vehicles which offer a steady income flow, gradual capital growth over time (dependent on market conditions) and tax efficiencies available to charities.
Rev Noelle
Taylor
Date:
Chairman
Page 5
## **King's Educational Foundation (Joseph King Trust)**
## **Income & Expenditure Account**
## **For the Year Ended 31st December 2020**
|**Income**
**Income from property:**
Rental income including insurances
Service charge income
**Investment income:**
COIF fxed interest stock
COIF investment stock
COIF deposit account
Bank interest
**Total income:**
**Expenditure**
**Charitable expenditure:**
Educational grants to individuals
Youth ministry expenses
**Property expenditure:**
Quinquennial external refurbishment of trust properties
Less: transfer from property refurbishment reserve
Service Charge repairs, maintenance & other costs
Other void property costs
Insurances
Letting agent's fees
Legal & professional fees
**Other expenditure:**
Trustees' indemnity insurance
Trust administration
Catering costs for annual student meeting
Postage, stationery and sundries
**Bibles & Sextons charity:**
1/20th of surplus from previous year
transferred to King's Ecclesiastical Charity
**Transfer to property maintenance reserve**
**Total expenditure:**
**Excess of income over expenditure**|**2020**
**£**
3,729.20
5,691.79
130.04
280.31|**2020**
**£**
37,680.98
4,082.76|2019
£
3,729.20
5,578.72
349.76
608.27|2019
£
63,026.94
2,461.40|
|---|---|---|---|---|
|||41,763.74
9,831.34||65,488.34
10,265.95|
||29,250.00
61.60||
31,413.00
131.55||
|||**51,595.08**
29,311.60
-
9,266.32
4,446.29
2,559.57
5,000.00||**75,754.29**
31,544.55
-
15,066.76
4,496.20
2,738.48
5,000.00|
||-
-||
-
-||
||5,516.24
440.68
1,149.40
1,260.00
900.00||
2,383.11
2,638.65
1,260.00
8,785.00||
||376.09
4,000.00
-
70.20||
376.09
4,000.00
50.87
69.24||
||**£**||
**£**||
|||**50,583.78**
**1,011.30**||**58,845.99**
**16,908.30**|
**King's Educational Foundation (Joseph King Trust)**
Page 6
## **Application of One Twentieth of Income of King's Educational Foundation In Augmentation of Bibles & Sexton Charity (King's Ecclesiastical Charity) Clauses 26 and 27 (1) (a) of the Scheme**
## **Income & Expenditure Account**
**For the Year Ended 31st December 2020**
|**Income**
**Income from property:**
Rental income including insurances
Service charge income
**Investment income:**
COIF fxed interest stock
COIF investment stock
COIF deposit account
Bank interest
**Total income:**
**Expenditure**
**Property expenditure:**
Quinquennial external refurbishment of trust properties
Less: transfer from property refurbishment reserve
Service Charge repairs, maintenance & other costs
Other void property costs
Insurances
Letting agent's fees
Legal & professional fees
**Other expenditure:**
Trustees' indemnity insurance
Trust administration
Catering costs for annual student meeting
Postage, stationery and sundries
**Transfer to property maintenance reserve**
**Total expenditure:**
**Excess of income over management expenditure:**
**Bibles and Sexton Charity (King's Ecclesiastical Charity)- Clause 25**
Amount due to St Martin's & St Peter's Parochial Church Council in 2021
for the year ended 31st December 2020 (31st December 2019)
**One twentieth of £32,882.47 /**(£51,191.33)|**2020**
**£**
3,729.20
5,691.79
130.04
280.31|**2020**
**£**
37,680.98
4,082.76|2019
£
3,729.20
5,578.72
349.76
608.27
-
-|2019
£
63,026.94
2,461.40|
|---|---|---|---|---|
|||41,763.74
9,831.34||65,488.34
10,265.95|
||-
-||||
|||**51,595.08**
-
9,266.32
4,446.29
5,000.00||75,754.29
-
15,066.76
4,496.20
5,000.00|
||5,516.24
440.68
1,149.40
1,260.00
900.00||
2,383.11
2,638.65
1,260.00
8,785.00||
||376.09
4,000.00
-
70.20||
376.09
4,000.00
50.87
69.24||
||**£**
£||
£
£||
|||**18,712.61**
**32,882.47**||24,562.96
51,191.33|
|||**1,644.12**||2,559.57|
**King's Educational Foundation (Joseph King Trust)**
Page 7
## **Statement of Assets and Liabilities**
**For the Year Ended 31st December 2020**
|**Fixed assets:**
Property - 191-205 High Street, Ongar, Essex
Estimated valuation
**Current assets:**
Bank - Current account
Bank - Service charge account
Bank - Business Premium account
Bank - Business Tracker account
Bank - Business Saver account (was Reserve account)
**Investments:**
COIF fxed interest stock (bid market value)
COIF investment stock (bid market value)
COIF deposit
**Total assets**
**Less: Current Liabilities**
Creditors
**Total net assets:**
**Property Maintenance Reserves at 31st December 2020**
Property maintenance programme reserve (to reserve around £5,000 per annum
cumulatively to spread estimated six-yearly cost of £30,000)
Relating to:
1st January 2014 - balance b/fwd
31st December 2014
31st December 2015
31st December 2016
31st December 2017
31st December 2018 - transfer to reserve
- less expenditure *
31st December 2019
31sr December 2020
**Balance c/fwd at 31st December 2020**|**2020**
**£**
14,231.51
24,982.26
116,407.78
69,501.43
68,063.68|**2020**
**£**
1,350,000
293,186.66
365,934.57|2019
£|2019
£|
|---|---|---|---|---|
||||
21,341.05
21,675.22
106,701.56
69,447.09
68,010.44|1,350,000.00
287,175.36
350,201.39|
||119,090.88
197,326.63
49,517.06||
115,269.29
185,415.04
49,517.06||
||||
5,000.00
27,001.86||
|||2,009,121.23
-||1,987,376.75
-|
|||**2,009,121.23**||**1,987,376.75**|
|||||**Transfer**
**in year**
**£**
9,003.94
5,000.00
5,000.00
10,000.00
5,000.00
- 22,001.86
5,000.00
5,000.00|
||||£||
|||||22,002.08|
## **Rent Deposits**
The Trust holds £14,344.71 in rent deposits in separate interest-bearing accounts on behalf of their tenants.
## **Joseph King Trust**
## **Service Charge Account for the year ended**
|Income
Expenditure
10.01.20
22.01.20
11.01.20
09.08.20
11.01.20
21.10.20
24.10.20
01.03.20
Various
31.12.19|Received in year:
191 High Street, Ongar
193 High Street, Ongar (domes
195 High Street, Ongar
199-201 High Street, Ongar
203 High Street, Ongar
205 High Street, Ongar
205 High Street, Ongar - relatin
Repairs & Maintenance specifc|
|---|---|
||
193 High Street, Ongar
193 High Street, Ongar
193 High Street, Ongar
193 High Street, Ongar
193 High Street, Ongar
193 High Street, Ongar
193 High Street, Ongar
199-201 High Street, Ongar
205 High Street, Ongar
193 High Street, Ongar
193 High Street, Ongar
199-201 High Street, Ongar
193 High Street, Ongar
Expenditure not specifcally att|
||
External Cleaning all propertie
Transfer to property reserve - t|
Net defcit borne by the Trust
The above Service Charge Account forms part year ended 31st December 2020.
Page 8
## **d 31st December 2020**
|stic dwelling funded by Joseph King Trust)
Outstanding
Void
ng to prior years
cally attributable
Carthy's Plumbing & Heating Services Ltd
Carthy's Plumbing & Heating Services Ltd
James Lambot
Domestic Appliance Repairs
James Lambot
Carthy's Plumbing & Heating
James Lambot repairs
Sundries
Sundries
S Brown kitchen ftter
S Brown kitchen ftter
Gillards - external plumbing
S Brown kitchen ftter
tributable to individual properties
es during year
towards next redecoration|£
£
230.76
575.00
-
-
852.00
562.50
2,437.50
4,657.76
102.00
65.00
90.00
310.00
90.00
78.00
130.00
13.00
1.24
600.00
1100.00
222.24
2950
5,751.48
80.00
80.00
5,000.00
5,000.00
£ - 6,173.72|£
£
230.76
575.00
-
-
852.00
562.50
2,437.50
4,657.76
102.00
65.00
90.00
310.00
90.00
78.00
130.00
13.00
1.24
600.00
1100.00
222.24
2950
5,751.48
80.00
80.00
5,000.00
5,000.00
£ - 6,173.72|
|---|---|---|
||80.00||
||5,000.00||
||£||
|||- 6,173.72|
. of the independently examined accounts for the
CHARITY COMMISSION
.1 FOR ENGLthD AND WALES
Independent examinerfs report on the
accounts
S8Ction A
Independent Examiner's Report
Report to the trusteesl
members ol
King's Educatsonal Found*ion
On accounts for the yèar 3151 Dècemter 2020
onded ,,
Charity no
(If any)
810177
Set out on pages
2to7
I report to the trustees on my examinats'on of the accounts of the above
Charity (Ihe Trust.) for year erthd 31112r2019.
As the chanvs trustees. you are responsible for the preparation of thè
accounts in accordance wrth the requirements of the Charrties Act 2011
('Ihe Act.).
Responsibilities and
basis of report
I report in resFect of my examination of the Trusfs accounts carrted out
under sethon 145 of the 2011 Act and in carrying out my examination, I
have followed all the apF4icable Directs'ons given by the Charity Commission
under Secti( 145(5)Ib) of the Act.
Independent I have completed my examination. l ¢onfim that no material matters have
frxaminer's statement come to my attention in connection with the examination {other than that
disclosed below ') which gives me cause to believe that in. any material
respect:
the accounting records were not kept in accordance wtth section 130
of the Chartties ACA.. or
the accounts did not accord ryth the accounting records; or
the accounts dKI not compFy wrth the applicable requirements
conceming the fonn 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*4 which is not a matter
considered as part of an independent examination
I have no concerns and have come across no other rnatters in connection
wilh the examination to which attention should be drawn in this report in
order to enable a Fwr understanding of the accounts lo be rEached.
. Hease delete the words in the brackets rfthey Ib not apply.
Dat•:
1610812021
Sign•d: i
Name:
ANDREW BovifLE, MAAT. AATQB
Relevant professlonal ', MEMBER OF THE ASSOCIATION OF ACCOUNTING TECHNICIANS AND
qualificationls) or body LICENSED TO CARRY OUT INDEPENDENT EXAMINATIONS UNDER
(if any): LICENCE No. 3250
Address:
SUITES 14, CENTRAL HOUSE, HIGH STREET, ONGAR, CMS 9AA
IER
Oct 2018