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Registered number: 04937288
Charity number: 1100819










THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
(A Company Limited by Guarantee)







UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Trustees' Report
 
1 - 3
Trustees' Responsibilities Statement
 
4
Statement of Financial Activities
 
5
Balance Sheet
 
6 - 7
Notes to the Financial Statements
 
8 - 13

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Company for the  1 January 2023 to 31 December 2023The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Objectives and aims
 

To advance the education of young people in the district of Epping Forest and in particular the areas of High,
Magdalen and Little Laver, Moreton, Bobbingworth and Matching Green in the County of Essex, and also the
London Boroughs of Hackney and Tower Hamlets.
 

b. Significant activites
 

Trustees
During the year Mrs Tina Webb was unable to continue as a trustee and resigned in June 2023. Mr. John Collis who had served the Trust for many years retired as a trustee in February 2023. Lisa Ramsey was also unable to continue as a trustee and resigned in March 2023. Paul Bard who had worked very hard for the Trust as Secretary and Treasurer retired in August 2023. Louise Scantlebury took over the position of Secretary and Treasurer. Three new trustees were appointed during the year. Nigel Cobby, Robert Padfield and Michael Pether were appointed as new trustees. During the year the Trust met three times in person.
                
Significant Activities
The Trust does not fund raise and mainly relies on its income and gains from its investments to fund applications from students and educational bodies. After lengthy discussions at the meetings it was decided to move the Trust’s investments back to the M&G Investments (Charifund) from Castle Wealth and this was completed in August 2024. Various external factors in world and domestic politics had had quite adverse effects on the trust’s investments and a decision was made by the Trustees to draw down funds to cover grant applications when the investments were switched from Castle Wealth Ltd to M&G Investments. The amount invested with M&G Investments was £668,000.00.               
In total grants of £36,750 were made. These were split between the two areas of benefits as follows. To the area of High, Magdalen and Little Laver , Moreton, Bobbingworth and Matching Green a total of £15,000 was made and to the area of the London Boroughs of Hackney and Tower Hamlets a total of £21,750. Further details are given in the financial statements.                 
 

 

Page 1

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
 
 (continued)

a. Investments review
 

Since transferring the Trust’s investments to M&G in August it has received £13,487.55 in dividend income and will receive further amounts next year. At the end of the year the market value of investments stood at £691,232.32. In addition the Trust held £27,580.20 in cash funds.
 

b. Going concern
 

After making appropriate enquiries , the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

 

Structure, governance and management
 

a. Governing document
 

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company,
limited by guarantee, as defined by the Companies Act 2006.
 

Reference and administrative details of the Company, its trustees and advisers



Trustees
P W Bard (resigned 30 March 2023)
J R Collis (resigned 3 February 2023)
J W Parsons
D J Parsons
L Ramsey (resigned 30 March 2023)
L M Scantlebury, Secretary & Treasurer
N Cobby
T K Webb (resigned 24 June 2023)
M Pether
R J Padfield

Page 2

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
 
Company registered number
04937288

Charity registered number
1100819

Registered office
Little Manwood Farm
Sparrows Lane
Matching Green
Harlow
Essex
CM17 0RP

Company secretary
L M Scantlebury

 

Approved by order of the members of the board of Trustees on 8 August 2024 and signed on their behalf by:
 




L M Scantlebury
Trustee

Page 3

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
 

STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Approved by order of the members of the board of Trustees on 8 August 2024 and signed on its behalf by:



L M Scantlebury
Trustee

Page 4

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023


Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
Note
        £
        £
        £

Income from:






Donations and legacies

2

750

750

-
 
Investments

3

15,771

15,771

10,257
 
Total income
16,521
16,521
10,257
Expenditure on:






Raising funds

4

4,960

4,960

1,427
 
Charitable activities


28,771

28,771

32,052
 
Total expenditure
33,731
33,731
33,479

Net expenditure before net gains/(losses) on investments

  

(17,210)

(17,210)

(23,222)
 
Net gains/(losses) on investments

  

25,925

25,925

(79,492)
 
Net movement in funds
  
8,715
8,715
(102,714)

Reconciliation of funds:

  




Total funds brought forward

  

709,598

709,598

812,312
 
Net movement in funds

  

8,715

8,715

(102,714)
 
Total funds carried forward
  
718,313
718,313
709,598

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 8 to 13 form part of these financial statements.

Page 5

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04937288

 
 
BALANCE SHEET
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£

Fixed assets
  

Investments
 8 
691,235
707,414

  
691,235
707,414

Current assets
  

Cash at bank and in hand
  
27,078
2,184

  
27,078
2,184

Net current assets 
  
 
 
27,078
 
 
2,184

Total assets less current liabilities
  
718,313
709,598

Net assets excluding pension asset 
  
718,313
709,598

Total net assets 
  
718,313
709,598


Charity funds
  

Restricted funds
 9 
-
-

Unrestricted funds
 9 
718,313
709,598

Total funds
  
718,313
709,598

Page 6

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04937288

 
 
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 08 August 2024 and signed on their behalf by:




L M Scantlebury
Trustee

The notes on pages 8 to 13 form part of these financial statements.

Page 7

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

  
1.1

Basis of preparation of financial 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 Companies Act 2006.

The Derek Shuttleworth Educational Trust 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.

  
1.2

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

  
1.3

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 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 raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

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.

  
1.4

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.

Page 8

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.5

Financial instruments

The Company 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.

  
1.6

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 Company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.


2.

Income from donations and legacies




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £
 


 
Donations

750

750

-
 


3.

Investment income




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Income from local listed investments

15,324

15,324

10,257
 
Investment income - local cash

447

447

-
 


15,771
15,771
10,257
Total 2022


10,257
10,257


Page 9

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.

Investment management costs




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Administration expenses

4,960

4,960

1,427
 
Total 2022


1,427
1,427


5.

Analysis of grants




Grants made
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £






Matching Green C of E Primary School

-

-

4,000
 
Moreton C of E Primary School

3,000

3,000

3,000
 
Ongar (Shelley) Primary School

3,000

3,000

2,761
 
Matching Green Cricket Club

-

-

500
 
Queen Mary University of London

-

-

3,000
 
Half Moon Young People Theatre

3,000

3,000

3,000
 
Toynbee Hall

3,000

3,000

3,000
 
Spitalfields Festival Neighbourhood Schools

3,000

3,000

2,950
 
Clios Company

3,000

3,000

3,000
 
Dr Walker's C of E Primary School, Fyfield

3,000

3,000

3,000
 
Apollo Music

3,000

3,000

3,000
 
Individual Students (Grants not exceeding £500)

1,600

1,600

751
 
Total 2023


25,600
25,600
31,962

Page 10

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Support costs

2023
2022
£
£



Bank charges
90
114

Administrative charges
1,427
6,555

1,517
6,669


7.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).


8.


Fixed asset investments





Listed investments

£



Cost or valuation



At 1 January 2023
707,415


Additions
668,000


Disposals
(749,573)


Revaluations
65,392



At 31 December 2023

691,234




Net book value




At 31 December 2023
691,234



At 31 December 2022
707,415

Page 11

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.

Statement of funds


Statement of funds - current year

Balance at 1 January 2023
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at 31 December 2023
£

Unrestricted funds






General Funds 1

709,598

16,521

(33,731)

25,925

718,313
 



Statement of funds - prior year

Balance at
1 January 2022
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at
31 December 2022
£

Unrestricted funds






General Funds 1

812,312

10,257

(33,479)

(79,492)

709,598
 




Page 12

 
THE DEREK SHUTTLEWORTH EDUCATIONAL TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds
2023
Total
funds
2023
        £
        £


Fixed asset investments

691,234

691,234

Current assets

27,079

27,079

Total 


718,313
718,313



Analysis of net assets between funds - prior year

Unrestricted funds
2022
Total
funds
2022
        £
        £


Fixed asset investments

707,414

707,414

Current assets

2,184

2,184

Total 

709,598
709,598



11.


Related party transactions


The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2023.

Page 13