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Charity Registration No. 311022

RANDS EDUCATIONAL FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMSER 2016


LEGAL AND ADMINISTRATIVE INFORMATION

Governors

(Appointed 18 October 2016)

N Brook - Hertfordshire CountyCouncil (deceased 27 May 2016)C Cropley Holwell Parochial ChurchCouncilD P Chapaliaz - Governor (Co-opted)M Cooper - Governor (Co-opted)M F Goddard - Governor (Co-opted)W Harris - Residents of Ho(well

C Thurstance - lckleford ParishCouncil (Vice Chairman)R Simkins - Stondon Parish CouncilC P A Strong - North HertfordshireDistrict CouncilD Bailey - Pirton Parish CouncilJ Hayes- Govenor Co-opted(Chairman)J Carlyle Governor (Co-opted)K Sparrow - Holwell Parish CouncilR Gainsford Holwell Parochial Church(Appointed 21 June 2016)CouncilD Ashley Hertfordshire CountyCouncil

Charity number

Principal address

311022

B Frederick - Clerk to the Governors33 Birch CloseBroomBiggleswadeBedsSG18 9NR

Independent examiner UHY Hacker YoungPO Box 501The Nexus Building

BroadwayLetchworth Garden CityHertsSG6 9BL

Bankers Barclays Bank PLC5/6 High StreetHite hin

Herts

SG5 1BJ

Solicitors HRJ Foreman Laws25 BancroftHitchin

HertsSG5 1JW


LEGAL AND ADMINISTRATIVE INFORMATION

investment advisors Brewin Dolphin

12 Smithfield StreetLondonEC1A 9BD


CONTENTS

Governors' report

Page

1-3

Independent examiner's report

Statement of financial activities

Balance sheet

Statement of cash flows

Notes to the accounts 8-13


GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECENjBER 2016

The Governors present their report and accounts for the year ended 31 December 2016.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accountsand comply with the foundation's governing document, the Charities Act 2011 and "Accounting and Reportingby Charities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective 1 January 2015)"

Objectives and activities for the public benefitThe Foundation's objects are to promote education (including social and physical training) of young personsunder the age of 25 years who live in the Ancient Parish of Ho)well, the Parishes of Holwell, Ickleford andPirton and the locality of Lower Stondon.

The Governors confirm that they have referred to the Charity Commission's guidance on public benefit whenreviewing the Foundation's aims and objectives, in planning future activities. The foundation fuithers itscharitable purposes for the public benefit through the grants provided.

The principal aims of the Foundation are to support young persons in full time education from the age of 16-25and when sufficient funds are available support local voluntary groups providing recreational and socialactivities.

An annual grant is also awarded to the three primary schools and the pre school groups in the residentialarea.

The grants awarded to full time students are based on a recognised scheme administered by the Clerk. Thelevel of grant is reviewed periodically with an annual review of the take up. Students have to providedocumentary evidence of their attendance on the course and end of year reports in order for a grant to berenewed.

Voluntary Organisations are encouraged to submit applications on an annual basis.

The Governors have paid due regard to guidance issued by the Charity Commission in deciding whatactivities the foundation should undertake.

Achievements and performanceDuding the year under review the Foundation provided 172 grants to individuals and 15 grants to localinstitutions totalling 596,967. This is an increase on last year where 169 grants were granted to individualsand 16 grants to local institutions totalling F91,799,

In addition to this it received rents from its investment properties, dividends from various quoted investmentsand interest from cash funds held.

Rental income has increased slightly from 598, 197 to f99,572, whilst rental costs have remained similar withthe previous year, falling slightly 524, 140 to 623,686. This decrease in expenses was due to legal expenditureat 47 The Broadway being incurred during 2015. Income from listed investments has remained broadly in linewith target expectation.

Overall the management of the investment portfolio performed in line with the market trend over the year.

Reserves policyIt is the policy of the Foundation that cash balances should be maintained at a level equivalent to at least sixmonths' normal expenditure, The governors consider that reserves at this level will ensure that, in the event ofa significant drop in investment income, they will be able to continue the Foundations's current activities whileconsideration is given to ways in which additional income may be released.


GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECE jflBER 2016

Risk managementThe governors have assessed the major risks to which the Foundation is exposed, and are satisfied thatsystems are in place to mitigate exposure to the major risks.

Future devetopmenbrThe Foundation are continually reviewing the future requirement of funds in light of a growing population in thelocal area, continuous consideration is given to new housing developments in the area and the impact thatmay have on future grants. The Foundation will continue to carefully manage its investments and monitor itsreserve requirements in the future to ensure that there is sufficient funds available for the Foundation toachieve its objectives.

Structure, governance and managementThe Foundation was established by the will of John Rand who died in 1706, but is now regulated by acharitable trust deed dated 8 August 1986.

The Governors (Trustees) meet three times a year with the annual meeting in May. All major policy decisionare taken by the Governors.

Governors are appointed by various bodies listed below other than the Governors who are appointed by allthe existing Governors as co-optees.

(Retired 18 October 2016)

21 June 2016)18 October 2016)

The governors who served during the year were:N Brook - Hertfordshire County Council(decessed 27 May 2016)C Cropley Holwell Parochial Church CouncilD P Chapaliaz - Governor (Co-opted)M Cooper - Governor (Co-opted)M F Goddard -.Governor (Co-opted)T P Cowley - Hertfordshire County CouncilW Harriis - Residents of Holwell

C Thurstance - Ickleford Parish Council (ViceChairman)R Simkins - Stondon Parish CouncilC P A Strong - North Herlfordshire DistrictCouncilE M Wood - Holwell Parochial Church Council (Retired 21 June 2016)D Bailey - Pirton Parish CouncilJ Hayes- Govenor Co-opted (Chairman)J Carlyle Governor (Co-opted)K Sparrow- Holwell Parish CouncilR Gainsford Holwell Parochial Church Council (AppointedD Ashley Hertfordshire County Council (Appointed


GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2016

Statement of Governors' responsibilitiesThe Governors are responsible for preparing the Governors' Report and the accounts in accordance withapplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice).

The Iaw applicable to charities in England and Wales requires the Governors to prepare accounts for eachfinancial year which give a true and fair view of the state of affairs of the foundation and of the incomingresources and application of resources of the foundation for that year.

In preparing these accounts, the Governors are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any matedial departuresdisclosed and explained in the accounts; and

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will

continue in operation.

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracyat any time the financial position of the foundation and enable them to ensure that the accounts comply withthe Charities Act 2006, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed.They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.

On behalf of the board of Governors.

. ... —...J..ri-, . IK+c~J Hayes- Govenor Compted (Chairman)Governor

Dated: ...k.l$.(.&E......


INDEPENDENT EXAMINER'S REPORT

TO THE GOVERNORS OF RANDS EDUCATIONAL FOUNDATION

I report on the accounts of the foundation for the year ended 31 December 2016, which are set out on pages 5to 13.

Respective responsibilities of Governors and examinerThe charity's Governors are responsible for the preparation of the accounts. The chadty's Governors considerthat an audit is not required for this year under section 144(2) of the Chadties Act 2011 (the 2011Act) and thatan independent examination is needed.

It is my responsibility to:(i) examine the accounts under section 145 of the 2011 Act;

(ii) to follow the procedures laid down in the general Directions given by the Chadty Commission undersection 145(5)(b) of the 2011 Act; and

(iii) to state whether particular matters have come to my attention.

Basis of independent examiner's reportMy examination was carried out in accordance with the general Directions given by the Charity Commission.An examination includes a review of the accounting records kept by the charity and a comparison of theaccounts presented with those records. It also includes consideration of any unusual items or disclosures inthe accounts, and seeking explanations from you as trustees concerning any such matters. The proceduresundertaken do not provide all the evidence that would be required in an audit and consequently no opinion isgiven as to whether the accounts present a 'true and fair view' and the report is limited to those matters set outin the next statement.

Independent examiner's statementYour attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting andreporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicablein 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 buthas not been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordancewith Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January2015.

In connection with our examination, no matter has come to our attention:(a) which gives us reasonable cause to believe that in any material respect the requirements:

(i) to keep accounting records in accordance with section 41 of the 2006 Act; and(ii) to prepare accounts which accord with the accounting records and comply with the accounting

requirements of the 2006 Act;have not been met or

(b) to which, in our opinion, attention sho Id be drawn in order to enable a proper understanding of theaccounts to be reached.

UHY Hacker YoungChartered AccountantPD Box 501The Nexus Building

BroadwayLetchworth Garden CityHerts

SG6 9BL


STATEMENT OF FINANCIAL ACTIVITIESINCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31DECEMBER 2016

Unrestrictedfunds

Notes 6

Total2016

Total2015

Ittgftzaffgm'Investment income 3 136,279 136,279 130,390

Exttattdihmer.Charitable activities 137,249 137,249 135,120

Net expenditure and net movement in funds before gainsand losses on investments (970) (970) (4,730)

Net gains on investments

Nst movement in funds

Fund balances at 1 January 2016

Fund balances at 31 December 2016

9 138,075 138,075 184,034

137,105 137,105 179,304

3,087,988 3,087,988 2,908,684

3,225,093 3,225,093 3,087,988

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.


BALANCE SHEET

AS AT 31 DECEMBER 2016

Notes2016 2015

Fixed assetsInvestment propertiesInvestments

2,085,0001,019,723

2,085,000900,576

3,104,723 2,985,576

Current assetsDebtorsCash at bank end in hand

13,148118,983

12,23798,230

Creditors: amounts falling due within 13one year

132,131

(11,761)

110,467

(8,055)

Net current assets

Total assets less current liabilities

120,370

3,225,093

102,412

3,087,988

Income fundsttdtdddi t d t ~General unrestricted fundsRevaluation reserve

2,092,0781,133,015

1,954,9731,133,015

3,225,093

3,225, 093

3,087,988

3,087,988

Td t dd d dd td G ..... , . / T('T...

J Hayes- Govenor Co-opted (Chairman)Trustee


STATEMENT OF CASH FLOWS


Notes2016

62015

Cash flows from operating activitiesCash absorbed by operations 14 (101,036) (104,314)

Investing activitiesPurchase of investmentsProceeds on sale of investmentsInterest, dividends and net rental income

(94,331)113,259102,861

(59,965)68,53796,332

Net cash generated from investingactivities 121,789 104,904

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

20,753

98,230

118,983

590

97,640

98,230


NOTES TO THE FINANCIAL STATEMENTS


Accounting policies

Charity informationRends Educational Foundation is an unincorporated charity whose prtincipal address is 33 Birch Close,Broom, Biggleswade, Beds, SG18 9NR.

Accounting conventionThese accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standardapplicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" theStatement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UKGenerally Accepted Accounting Practice as it applies from 1 January 2015. The foundation is a PublicBenefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the foundation. Monetaryamounts in these financial statements are rounded to the nearest F.

The accounts have been prepared under the historical cost convention, modified to include the revaluationof freehold properties and to include investment properties and certain financial instruments at fair value.The principal accounting policies adopted are set out below.

1.2 Going concernAt the time of approving the accounts, the Governors have a reasonable expectation that the foundationhas adequate resources to continue in operational existence for the foreseeable future. Thus theGovernors' continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Chartitable fundsUnrestricted funds are available for use at the discretion of the Governors in furtherance of their charitableobjectives unless the funds have been designated for other purposes.

1.4 Incoming resourcesIncome is recognised when the foundation is legally entitled to it after any performance conditions havebeen met, the amounts can be measured reliably, and it is probable that income will be received.

All income arising is from investment activities carried out in the United Kingdom.

1.5 Resources expendedResources expended are included in the Statement of Financial Activities on an accruals basis.

1.6 Investment propertiesInvestment property, which is property held to earn rentals and/or for capital appreciation, is initiallymeasured at cost and subsequently measured using the fair value model and stated at its fair value as thereporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for theyear.

1.7 Fixed asset investmentsFixed asset investments comprise of listed investments and are initially measured at transaction priceexcluding transaction costs, and are subsequently measured at fair value at each reporting date.Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognisedgains and losses except to the extent that a gain reverses a loss previously recognised in net incomeexpenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss arerecognised in net income/(expenditure) for the year.


NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


Accounting policies (Continued)

1.8 Cash and cash equivalentsCash and cash equivalents include cash in hand and deposits held at call with banks.

Financial instrumentsThe Foundation has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Foundation becomes party to the contractual provisions ofthe instrument.

Financial assets are offset, with the net amounts presented in the accounts when there is a legallyenforceable right to set off the recognised amounts and there is an intention to settle on a net basis or torealise the asset and settle the liability simultaneously.

Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transactionis measured at the present value of the future receipts discounted at a market rate of interest. Financialassets classified as receivable within one year are not amortised.

Basic financial liabilitiesBasic financial liabilities, including trade and other payables, are initially recognised at transaction priceunless the arrangement constitutes a financing transaction, where the debt instrument is measured at thepresent value of the future receipts discounted at a market rate of interest. Debt instruments aresubsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary courseof operations from suppliers. Accounts payable are classified as current liabilities if payment is due withinone year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initiallyat transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilitiesFinancial liabilities are derecognised when the Foundation's contractual obligations expire or aredischarged or cancelled.

1.10 Grants payableExpenditure on grants is recorded once the Foundation has made an unconditional commitment to pay thegrant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.

Critical accounting estimates and judgements

In the application of the Foundation's accounting policies, the governors are required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparentfrom other sources. The estimates and associated assumptions are based on historical experience andother factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised where the revision affects only thatperiod, or in the period of the revision and future periods where the revision affects both current and futureperiods.




3 Investment income

2016 2015

Rental incomeIncome from listed investmentsInterest receivable

99,57236,555

152

136,279

98,19732,095

98

130,390

4 Investment Management Costs

2016 2015

Repairs and maintenanceLegal and professionalInsuranceCommissions

5,4262,5384,383

11,339

5,6001,9525,597

10,991

Property investment costsOther investment management

Total direct costs

Allocated support and governance costs (see note 6)

Total investment management costs

23,6868,969

32,655

762

33,417

24, 1408,889

33,029

752

33,781

-10-




5 Grants payable

2016 2015E E

Grants to institutions (15 grants):School facilitiesOther organisations

15,0456,240

14,9409,973

Grants to individuals (172 grants)

Total direct costs

21,285 24,91375,682 66,886

96,967 91,799

Support and governance costs allocated (see note 6)

Total grant costs

6,864 9,262

103,831 101,061

6 Support costsGrant Investment

making management

E E

2016 2015

Management and Administration

Accountancy3,3863,478

376386

3,7623,864

6,6863,606

6,864 762 7,626 10,292

The allocation of support and governance costs have been allocated to the Foundation's two charitableactivities, being grant making and investment management on a 90%/10% basis respectively. Thisallocation has been made based on the volunteer time involved in the respective charitable activities.

7 Governors

Mr 6 Frederick, clerk to the governors, is due to receive E3,610 in the current year in respect of hishonorarium for the year ended 31 December 2016. The amount due in respect of the year ended 31December 2016 was not received in the current year and an accrual has been recognised for this amount.

Otherwise, none of the Governors (or any persons connected with them) received any remuneration orreimbursed expenses during the current or prior year.

8 Employees

There were no employees during the year.

- 11-




9 Net gains/(losses) on investments

2016 2015

Realised and unrealised gains /(losses) on investmentsRevalution of investment properties

138,075 (15,966)200,000

138,075 184,034

10 Taxation

The Foundation has obtained exemption from taxation from H M Revenue and Customs.

11 Fixed asset investments

Cost or valuationMarket value brought forward at 1 January 2016Additions to investments at costNet gain on revaluation

Disposals at carrying value

Listedinvestments

f

900,57694,330

138,075(113,258)

Market value at 31 December 2016 1,019,723

Investments at fair value comprise2016 2015

EquitiesFixed interest securities

891,077128,646

796,133104,443

1,019,723 900,576

Net cash released from investments in the year was 618,928 (2015: 68,572).

All investments are carried at their fair value. Investment in equities and fixed interest securities are all

traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the marketvalue, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that istheir transaction value).

12-




12 Financial instruments

Carrying amount of financial assetsDebt instruments measured at amortised costInstruments measured at fair value through profit or loss

20166

13,1481,01 9,723

20156

12,237900,576

Carrying amount of financial liabilitiesMeasured at amortised cost 11,761 8,055

13 Creditors: amounts falling due within one year2016 2015

6

Accrusls 11,761 8,055

14 Cash generated from operations 20166

20156

Net movements in funds 137,105 179,304

Adjustments for:Net investment income recognised in profit or lossDeduct gains / add back losses on investmentsFair value gains and losses on investment properties

(102,861) (96,332)(138,075) 15,966

(200,000)

Movements in working capital:(Increase) in debtorsIncrease/(decrease) in creditors

(911)3,706

(40)(3,212)

Cash absorbed by operations (101,036) (104,314)

13-


NOTES TO THE ACCOUNTS (CONllNVED)FOR THE YEAR ENDED 31 DECEMBER 2010

15 Net rents analysis

Income

Rends~Cotta es

New Lewlsham Brlxton~Bmadwa ~Re Road Total

Rent snd coals recharged 25,168 14,400 54,000 4,654 550 99,572

Expenditure

RepairsInsursncesInsuranoss rechargedLegal and professionalSundmexpsnsesCommissloss on rent

4,1221,601

1,188

2,501

089916

1,350

1,514

2463,486

(1,952)

0,578

169296

540

35

«6

5,4206,335

(1,952)2,538

11,339

9,502 4,669 8 35T 1 005 151 23,680

Surplus 2016

Surplus 2015

15,650 0,73( 48A42 3.649 390 T5,086

16,043 10,540 43,517 3,495 482 74,057

-14-


NOTES TO THE ACCOUNTS (CONTINUED)FOR THE yEAR ENDED 31 DECEMBER 2018

16 Net Rents Schedule

Income

2016 2015

f f

Rents and charges received

Property Outgoings

RepairsInsurancesInsurances rechargedLegal and professional chargesSundry expensesCommissions on rent and insurance

NET RENTS

5,4266„335

(1,952)2,538

11,339

99,572

23,686

75.885

98,197

5,5008,311

(2,714)1,952

10,99124,140

~4.057

-15-


NOTES TO THE ACC(EINTB (CONTINUEDtFOR THE TEAR MNtED 31 DECEMBER 25'le

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19,9025,2861,7529,276

15,4281'7,514TDM

20,24015,5CB

ts,gaa6,685

13,70$ID,MD

20,S82IS,8823,M47,078

15,22$20,$!014,78820,46053,340

14,8779,679

15,34411,708

7,9287,4187,6454,744

15,1457,513

10,$!8e,esa

10,0135,1538,4357,8ey9,$5

21,26215,0M4,134

13,22515,12311,633e,ofe

11,5184,5856,4636,071

18,5094,5745,301S,NI1

13,MS10,$IB10,116

16,017

13,850e,128

11,53814,8471$,32592497,65S

2S,M915,02711,45925,6M20,MDfe,ofe

S,INT18,545

a,sss17,$!01S,MS

22,05721,453

e,sM13,572

24,7$fe,gM

18,5119,155

SDDD

S,01$6,821

15,271M,syeto,eee'10,17432,1851S, Ico9,5357,5289,2$I

43,02211,043

5,128

ID 41510,78011,74514,55115,!!5314,85520,58313,MDse,sss16,348tt, esB9,4M

13,6M

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8,7687,738e,cso5, 1197,6578,059e,eeo5,013

12,5045,590

18,5026, IM1,7528,630

15,4261T,145

7,2542004015,50812,44814293

7,51310,630

94126,2857,9287,4197,6454,744

20,15116,1457,913

10,38510,013

5, 153e,ces

9,33521,10415,0204,134

1S,22515,12311,6935,013

11,6182,5155,45S

10,1181027318,8094,6749,$015,9218,317

11216aM

16,811

7,1753,200

6,8213,422

15,27110,013lb, sea

7,976

13,4009,535T,eM9,236

10,505iy,ses

8,4505,089

10,10214,54212,9D4IDDCO147755,472

14,1801S,1994,131e,osS

'IS,032I 9,41312,99622,55041,126

S,eee14,819

10,295

21,4489,734

10,000e,41e

I Dgoe27,6M16,42518,45313,MD8,713

I S,DNI

5,566

8,95124,84015,M49,368

27,$ID15,10018,750

e,tss12,5DS

2,5181$,16017HI5416,17317,40120,20910,57D

IL6125,750

BS17,885

17,MD

8,6258, 109

10,71010,25015,46011,350is,NH10,1DT

18,0805,8925,0M

11,723


NOTES TO THE ACCOUNTS (CONTINUED)FOR THE YEAR ENDED 31 DECEMBER 2016

18 Investment properties 20166

2015f

1 8 2 Rends Cottages, Holwell Road, Holwell

3 Rends Cottages, Pirton Road, Holwell

4 to 6 Rends Cottages, Pirton Road, Holwell

New Rectory, Holwell

47 The Broadway, Mill Mill, London

49 The Broadway, Mill Hill, London

2 Lewisham Road, Greenwich, London

374 Brixton Road, London SW9

Other property

Holwell Village Hall

Lower Stondon Village Hall

John Rand Recreation Ground, Holwell

Total property value at 31 December 2016

130,000

210,000

180,000

475,000

460,000

320,000

160,000

100,000

130,000

210,000

180,000

475,000

460,000

320,000

160,000

100,000

15,000

15,000

20,000

15,000

15,000

20,000

~2, 00,000 2,085,000

Investment property comprises 14 properties situated in Hertfordshire, Bedfordshire and London. These properties

were revalued at tenanted market valve on 31 December 2015 by the Governors having taken advice from Messrs

John Shilcock Chartered Surveyors. Types of occupancy range from statutory tenants to assured shorthold

tenancies and as with some charities, the word rent was not mentioned as the Trustees accepted a contribution

towards the overall costs by the occupiers. The properties will be restricted under the Rands Educational

Foundation scheme and prevailing legislation as to the user and sale rights. The above is therefore prepared on

the understanding these properties are unlikely to be sold and doss not take into account the benefit of alternative

use, particularly that of residential development subject to any changes in planning use. Accordingly the Governors

consider that these values remain appropriate at the balance sheet date.

19 Other balances

Balances held by property agent:Rents receivable (see nots below)

2016f

13,148

10.148

2015f

12,237

12,237

Rents receivable represent monies held by Messrs John Shilcock Chartered Surveyors on behalf of the foundation

together with any rents due at the balance sheet date.

-17-


NOTES TO THE ACCOUNTS (CONTINUED)FOR THE YEAR ENDED 31 DECE5(BER 2016

20 Unreagsed snd realised gain /(loss) on investments 2016 2015

Change in value In the yearUK & Overseas EquitiesFixed Interest

Unrealised gains / (losses) in the year

Realised gains / (losses) on disposals

Uplift in valuation of investment property unrealised

Profit/(Loss) per Aooounts nota 9

115,221

9,113124,334

13,741

138,076

28,925(42,610)

(13,685)

(2,281)

200,000

184,034

-10-

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