Registered Charlty number: 1020824 THE CITY OF LONDON SCHOOL CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR END 31 AUGUST 2024 THE CITY OF LONDON SCHOOL CHARITABLE TRUST LEGAL AND ADMINisfRATIVE INFORMATION Tfustees Mr T Leyene lex officio} Chair Mrj Th0rn50n Mr A Bird lexofficiol Mr I CN Seaton s A Comi5key Mr P Earl {appointed 16 May 20241 Mr J Hall (ex officiol Charity Number 1020824 Prfnclpal Address ty of London School Queen Victoria Street London EC4V 3AL Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bank HSBC plc I Centenary Square Birmingham BI IHQ Solicitors Bates Wells 10 Queen Street Place London EC4R IBE Investment Managers EdenTree Investment Mana8emer]t 24 Monument Street London EC3R 8A1 THE CITY OF LONDON SCHOOL CHARITABLE TRUST CONTENTS Page Trustees. Report Statement of Trustees, Responsibilities Report of the Independent Auditors statement of Financial Activities Balanosheet io Cash Flow Statsment li Notes to the Flnancial Statements 12 THE CITY OF LONDON SCHOOL CHARrrABLE TRUST ThUSTEES' REPORT FOR THE YEAR ENDED 31 AUGU5f 2024 Intr(￿UCtIOn The tIU5tee5 present their report along with the accounts of theTwst for theyear ended 31 Au8USt 2024 for the City of London School Charitable Trust I'CLscf or the 'Charl￿1. The accounts have been prepared in accordance with the accountlng policies set out on pages 12 and 13 and compty wtth the charlWs trust deed and appllcable law. ructure Governa e and Mana ement The Trust was set up under a Deed of Trust dated 5 April 1993. This vrds amended by a Trustee Re501ution under Section 280 Charities Act 2011 dated 2 November 2018. The following have been trustees during the year: Mr T Levene lex offiao> Chair Mrj Thomson Mr A Bird (ex offlcio) Mr I C N Seaton Ms A Comi5key Mr John Hall lex officio} Mf P Earl appointed as Trustee as at 16 May 2024 None of the trustees received any remuneration in respect of their services to the Charlty. Underthe Governing structure of the Chartty. three trustees are appointed ex offioo as officets of The City of London School, comprising the Chalr of the Board of Govèmors, the Head, and the Chief Operatin8 Officer. Additional trustees are appointed accordin8 to Charitys TnESt Deed and the ski115 required to operate the charity effectively. Decision making by the trustees occurs in accordan￿ with the Trust Dèed. New trustees are appointed by the existing tTUStees. The general governance of the charity 15 the responsibility of the trustees. however the financial admlnistratlon of the charlty was delegated to Mr Nicholas Basye, Secretary to the Tru5L from 31 October 2022. Mr B85ye Is the Head of Finance atthè Qty of London School and his salary 15 met bythe school with no costs in relatlon to his employment being met by the charity. In urtion and Trainin ftru Training is appropriate to requirements and provided to trustees to undertake their duties. New trustee induction 15 overseen by existing trustee5. b"eclive5 and blic Benefrt The objects of the Charity Set out in the Deed of Trusi are to carry out charltable activities as determined by the trustees. Since 2018 the Charity has focused its charitable purpose to act as the School's main vehicle for funds raised for the following: THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGusf 2024 (a) the promotlon of educatlon {including physical training) at the School by the provislon of bursaries and other forms of financial assistance for fees and l or other tosts incurred through attendance at the khool to enable pupils to further their education at the School by for example providing financial assistance to those who". would not otherwise be able to enter the School havlng been accepted. for financial reasons: or having commenced edutation at the School would not be able to continue their education at the Sthool, due to a chan8e in financial circumstsntr. (b) the advancement of education of pupils of the Sthool in particular but not exclusively by providinB or assisting in the provfjslon of bulldln85 or tdcilities for education. induding social and physical education and education in muslc and arts. The School recruited a professional development team to target fund ralsing for the School dtjring 2018 and 2019. The School and trustees agreed that funds raised by this team would be available, subject to trustee agreemerbt. for use by the Charity for its purposes. The trustees have due regard in these objectives to the Charity Commisslon's publlc benefit guidance when setting objectives and planning activlties. hleveme d Performan In the year to 31 August 2024, the City of London School Charitable Trust's total income increased by 138% to £3,031.75412023.' £1,274.3851 as the Charity worked with donors to lyjild a long-term base of funding to support pupils on transformational bursaries at City of London School. In 2023124. the School had 91 pupils on means-tested transformational bursaries. primarily funded by the School and the City of London Corporation Itself, and other legacy funds that ha(J hisiorically been establlshed for this purpose, along with a contribution of É515,529 funded by the Charity lequivalent to 22.8 full fee places). The trustees are grateful for the support of its donors, a5 it seeks to build the structure that will future-proof the fundinE of bursaries at Ctty of London School (and hence the Strateglc Vision of the School) Into the future. The development team ran a number of successful fundraising tampai8ns during the year, including regular giving from alumni and parents as well as cultivating major prospects. A full report of activities and the impact of donations received can be found at: https://www.cityoflondonschool.or8.uklsupport-US. The School's developrnent team indude5 five members: Dlrettor of Development. Phllanthropy Manager, Alumni Manager. Supporter Engagement Officer and Development Manager. The School's policy is to cover the entlre cost of the development team activityi ensuring that as c105e to all funds raised from donor5 are dlrected solely towards the charlvs purposes. During the year a total of £2.388,405 including Gift Aid was raised towards means tested bursarles 12023.. £1,205,331}. The charltvs current policy is to generate income from fund raisin& which will be accumulated in the char•ty's current accounts and then invested into Investment funds to increase in value. Publ" Benefit The trustees confirm that they have complied wlth the duty in Section 4 of the Charitie5 Att 2011 to have due reEard to the general guldance issued by the Charities Commisslon on public benefit. THE CITY OF LONDON SCHOOL CHARITABLETRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Mana8ement Committee considers rbsk issue5 on a re8ular basi5 and acts to mitl8ate risk to whlch the charity is exposed as and when required. Flnanclal Review General revlew The accounts of the Charity are given on pages 9 to 20 of this reporL Totsl irKome for the year was £3.031.754 12023: £1.274,3851, of which £88,483 (2023: £69.054} was unrestrirted. £Nil wa5 designated las per 20231. £1,685,08512023". £1,205,331) was restricted toward funding bur5arles and £1,258,18612023: £NilJ was allooted to an endowment fund. Expenses of £537.313 {2023: £287,070) in the year to August 2024 largely relate to bursaries paid for during the year. There were no staff or trustee costs, and other administrative and governan￿ costs were minimal, largely relating to the cost of examination and filing. Net income amounted to £2.805,92912023: £987.315). The funds raised were invested into investment fund5 which had a gain in the year of £311,488. The charity's strategy is to build an endowment to futurewoof its support of the bursary programme at Qty of London School vthilst it transitions away from reliance on the of London Corporation and other hlstorical arrangements to fund its bursary progr3rnme. This means that, duTin8 thls transitional period. income raised has exceeded the funds granted to the School. Reserves & Investment Policy At the year end the Charity had cash deposits of £110.07012023: £3,366,908). The reduttion reflects the in-year decision to invest fund5 With a responsible and sustainable InveSts￿ent manager. The Ch3rity'5 current reserve and investment poliry is Cu￿entlY to invest into lollg-term funds, giving a yearend value of £6.478.486. F ture Plans The future plan5 of the charity are to 5UPPOrt the Sth¢)ol's buT5ary provision by building a meaningful fund for disbursement in Itne with the charitls purpose. 50 far a5 the Trustees are aware, there is no relevant audit information of which the charitls auditors are unaware. Each Trustee has taken all the step5 that they out to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charitys auditors are aware of that infomiation. This report was approved by the Trustees on and signed on their behalf. bv- Trustee Date- THE CITY OF LONDON SCHOOL CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGusf2024 The Trustees are responsible for preparing the Tru5tett' Report and the accounts in accordance with appllcable law and Unlted Kingdom Accounting Standards {Unlted Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard FR5102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Charlty law requires the Trustees. to prepare accounts for each financlal year whlch give a true and fair view of the state of affairs ofthe tharityand ofthe incoming resources and application of resources. induding thÈ income and expenditure, of the charity for that year. In preparing these accounts. the Trustees are required to: selett suitable accounting pollcles and then apply them conslstentjy; observe the methods and principles Fn the Charities SORP; make Judgements and estlmates that are reasonable and prudent,- and prepare the accounts on the going concern basis unless it Is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accountin8 records that disclose with rea5￿able accuracy at any time the flnanual position of the charlty and enable thern to ensure that the accounts comply with the Charitle5 Act 2011. They are also responslble for safeguarding the asset5 of the charlty and hence for taking reasonable Steps for the prevention and detection of fraud and other irre8ularitie5. THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Opinion We have audited the financial statements of The City of London School Charitable Trust for the year ended 31 August 2024 which comprise the Statement of Financial Artivities. the Balan￿ Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of signtficant accountin8 poliaes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Flnancial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prattl￿). In our OPTnion, the financial statements: give a true and fair wew of the state of the tharltvs affairs as at 31 August 2024 and of Its incoming resources and app11£3tion of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prbctice,. and have been prepared in accordance with the requirements of the Charities Att 2011. Basis for oplnlon We conducted our audit in atcord3nce with International Standard5 On AudTting IUK) {ISAs {UK)) and applicable law. Oltr responsibilities under those standards are further descrfbed in the Auditorfs responsibilities for the audlt of the financial statements section of our report. We are independent of the charity in accordan￿ with the ethical requiremÈnts that are relevant to our audFt of the finanoal statements in the UK includinE the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in attOrdan￿ with these requiremertt￿ We believe that the audit evidence we have obtained is sufficlent and appropriate to provide a basis for our opinion. condu￿on$ relating to Eoing concern In auditing the flnancial statements. we have concluded that the trustee5' Use of the going Con￿rn basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identlfied any material uncertainties relating to events or conditions that, individually or collectively. may cast signlficant doubt on thè charitys ability to continue as a going concern for a period of at least twdve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trnstee5 With respect to Boing concern are described in the relevant Sections of this report. Other Infarma*lon The other Information comprlses the information included in the annual report other than the flnancial statements and our auditorfs report thereon. The trustees are rÈsponslble for the other information contained within the annual report. Our opinion on the financièl statements does not cover the other information and, except to the extent otheTWi5e explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility IS to read the other information and, in doing 50. considec whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statement¥ we are required to determine whether this gives rise to material rnisstatement in the financial statement5 themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We h￿e nothing to report in this regard. THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDEKT AUDITORS TO THE MEMBERS Matters on whlth we are required to report by exceptlon In the light of CUT knowledge and understsnding of the tharity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors. report. We have nothin8 to report in respect of the followin8 matters In relation to whlch the Charitles (Accounts and Reports} Regulatlons 2008 Tequire5 US to report to you if, in our opinion: adeqLEate attounting record5 have not been kept, or returns adewate for our audit have not been recelved from branthes not visited by us- or the financial statements ale not in agreement with the accountin8 records and returns; or we have not received all the informatlon and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees. respon5ibilitles ststement, the trustees are re5ponslble for the preparatlon of the financial statements and for being 5atisfled that they glve a true and fair view. and for such Internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55tatemenL whether due to fraud or error. In preparing the finanoal ststements, the trustees are rest)onsible for assessing the charit￿$ ability to continue as a Eoing concern. disc105in& as applicable, matters related to going Concern and using the goln8 concern basis of accounting unless the trustees either Intend to liquidate the charity or to cease Operations. or have no realistic alternative but to do so. Audilorfs re5ponsibllS1ies for the audlt of the financial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material mi5Statement. whether due to fraud or error. and to issue an auditorfs report that includes our opinlon. Reasonable assurance Is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detett a material mi￿tateMent when it exists. Misstatements can arlse from fraud or error and are ton5idered materlal if, individualty or in the aggregate, they could reasonably be expected to infiuence the economic decislons of users taken on the basis of these financial staternents. Irre8ularities, includins fraud. are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detetting irregularities. including fraud. is detailed beli)w. Extent to which the audit wa5 consldered tapable of deterting irregularftie& indudingfraud The objettives of our audit, in respett to fraud. are: to identify and assess the risks of material mlsstatement of the finantial statements due to fraud- to obtain sufficient appropriate audit Èvidence regarding the assessed risks of material mlsstatement due to fraud, through desi8ning and implementing appropriate responses; and to respond approprlately to fraud or suspected fraud identifièd during the audit. However. the primary responslbility for the prevention and detection of fraud rests wlth both those thar8ed with Eovernance of the entity and its management. Our approach wa5 as follows: We identified areas of law5 and regulations that ￿Uld reasonably be expetted to have a material effect on tho financial statements from our general commercial and sector experlence, and through discusslon with the directors and other management las required by ouditlng standards). and dlscussed with the directors and other management the policies and procedures re8arding compliance with laws and regulatlons. We klentlfied the following areas as those most likely to have such an effert.. health and safety,. General Dats Protectlon Regulation (GDPRI: fraud and brlbery and corruption. Auditing standards Ilmit the required audit procedure5 to identlfy non. The financlal statements are prepored in Sterling, which is the functional currency of the charbty. Monetary amounts in these fln3nclal statements are rounded to the nearest povnd. The Cttyof London School CharitableTru5t meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction fdlue unless otherw45e 5toted in the relevant actountinB policy. 1.2 Charity reconstruction On 31 March 2024,The City of London School tharitable Trust ICLSCT) mer8ed with The aty of London School BursaryTru5t ICiSBT). All the ass@ts and liabilities of CLSBT transferred to ascr. 1.3 Goington￿M Atthetime ofapprovingthe ftnanctal statements, thetrustee5 have o reasonable expettation thatthe Charityhas adequate resources to continue in opÈrational existence for the foreseeable future. In arriving at thls concluslon. the tru5tee5 have taken into account the ongoing economic uncertainty on its artivities and finances. Thus the trustees continue to adopt the goingconcern basis in preparin8 the financial Statements. 1.4 Income All income is recognised once the Charity has entrtlement to the income, it 55 probable that the income wlll be received and the amount of income receivable can be measured reliably. Donations and similar incoming resources are Included when receiwdble. Deferred income in relation to future fundraising events is accounted for in the yearthe event takes place. Incoming resources from the endowment fund must be applied in line with the restrirtion of the fund. The recognition of income from legacies 15 dependent on establishin8 entitlement, the probablllty of receipt and the abillty to estimate with sufficient accuracy the amount receNable. Evidence of entitlement to a legacy exists when the Charity has suff1tient evidente that a Bift has been left to them and the ececutor is Satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be retognised when it is probably that it will be received 4nd the fair value of amoLEnt receivable, which will generally be the expetted cash amount to be distributed to the Charityi can be reliably measured. 1.5 Investment incorne Investment income is earned throu8h IK>kling assets for investment purposes such as shares and property. It includes dividends. interest and rent. It Is included when the amunt can be measured reliably. Interest income 15 recognised usin8 the effective interest method and divldend income is re￿nised as the charitvs rlght to receive payment is establlshed. 1.6 Expenditure Expend￿Ure Is included on ￿ accrua15 basis. With the irreo)verable element of VAT included with the item towhich it relate5. Costs of raisiftE tunds comwisesthe costs assooated with attract￿0 donatM)n Income. li THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 AccoufffiNG POUCIES (contlnued) Charitsble activltles comprisesthtsse costs inayred bythecharity in the ddNery of its KtS¥sties and Services for its beneficiarie& Bursaries payable to the Gty of London khool are recognised on a temily basis for each pupil for whom the Trustees have agreed to support. ]vwnance costs inclUdet￿Se costs awciated with meetw)g the constitutional and statutory requlrement5 of the chartyand include audit fees independent examiner5 fee5 and costs linked to the stftte8ic management of the charty 1.7 lfft*stments Ir¢vestments are recogni5ed initi3lly at costlwhFch is normallythe transattion price excludin8transaction c05rs). Subsequently they are measured at faired valtse with net 8ainsl{losses) on investments recognised in the Statement of Financial Activitie5 if the shares are publlcfy traded or their fairvalue if they can otherwise be measured reliably. 1.8 Debtors Trade and other debtors are recognised ot the settlement amount after any trade discount offered. Prepayments are valued at the amoLtnt prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand Indude cash and sb.ort-term highly liquid investments with a shcrt maturlty of three months or less from the date of acquisition oropeningof the deposit or similar actount. 1.10 iiabllltlès a￿1 proyisiorLS Liabilities are recognssed when there is on obliwion at the Balance Sheet Oate a5 a result of a past event, it is probable that a transfer of economlc benefrt will be required in 5ettlemenL and the amount of the settlement can be estimated reliably. Liabilitie5 are recognised at the amount that the Charity anticipates itwlll pay to 5ettlethe debtor the amount it re£Èived as advanced payments for the goods or savices it musr provide. Provisions are measured at the best estimate of the arr￿Unts required to settle the oblkation. Where the effect of the tlme value of money Is material, the provision is based on the present value of those amounts. discounted at the pre-tax distount rate that reflect5 the risk5 specific to the liability. The unwindins of the dbscount is re¢o8nised in the Consolidated Statement of Financial Attivities a5 a finance cost. 1.11 Ftsnd ￿￿o￿ntIng General funds are unrestrirted funds which are available for use at the dlscretKJn of the Trustees in fvrtherance of the general objectives of the char￿V and which have notbeen destgnated for other purpose& tlesignated funds comprise unre5trtcted funds that ha¥e been set aslde by the Trustees for particular purposes. The aim and use ofeach designated fund is set out in the notes to the financial statemen Restrirtedfund5 are funds whith areto be used in accordaftce wrth specific restrictions imposed by donorsor which have been raised by the chartyfor particular purposes. The costs of raisin8 and admini5terlng such funds are charged abrinst such funds are tharged against the specifit fund. The am and u5eof each rettritted fund is Sd in the rkotes to the financial statement 12 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM DONATIONS AND LEGAaES Unrestricted funds 2024 Restricted funds 2024 Endowment funds 2024 Totsl fvnds 2024 Tot31 futids 2023 Donatlons and Gift Aid IJ07.203 o,ooo 2357,203 1.205,331 Le8acie5 31202 1.138.405 31202 2,388A05 125OJX 1.205,331 DONATIONS RECEIVED FROM MERGER WITH CLSBT Totsl 2024 Fixed asset investment5 13.712 Debtors 1,020 Creditors (136,743) Cash 668.691 Total gift received 546fi80 The charlty merged with the Clty of London School BursaryTrust ISLCBT) on 31 March 2024 and received a transfer of funds on thi5 datÈ. INVESTMEMf INCOME Unre5trictsd funds 2024 Restricted funds 2024 Endowment nds 2024 Totsl funds 2024 Total funds 2023 Divldends received 33.107 41293 Interest received 55376 55.376 69.054 Total 88883 8,186 96.669 69,054 13 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANaALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 PERMANENT £NDOWMENr The Charity recelved an endowment of £1.250.(JXI in March 2024. Under the terms of the endowment, the income from thecapital sum is to be used by the charity to give financial 5UPPOrt to paythe fees of a pupll or pupils after 3n assessment of family circumstances. Endowment for Investment Unapplied Totsl Return Total Endowment Openingvalue of endowment Gift cornpoTrent Unapplied toral return Total 1250.000 1250,000 69.939 1,319.939 69.939 69.939 SO￿ Movement in yÈar: Investment return- dlvldends and returns Investm@nt return- unrealise(I gain Total 8,186 61.753 69.939 8,186 61.753 69,939 unap￿red total return expended Net movement in reportln8 period Clos1￿ value of perMa￿Trt endowment 1250,000 69.939 1319,939 uso 69￿35 IA19,939 14 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 EXPENDtruRE un￿st1kted Designated funds fvnd5 2024 2024 Restricted funds 2024 Total lunds 2024 Total funds 2023 Ralslng knnds Bank charges Totsl Rai5ingfunds 104 104 Chafltable activities Grants payable Support and other costs Totsl Charttable a¢tSvlile5 S15.529 31.029 546,621 515,529 31.380 546,6ZI 250.OIJO 36,966 286,966 Total expenditure 546,621 546.621 287.070 Support costs 2014 Support costs 2023 Support cost and (Aher costs Includinggovernan Fees pay3ble to the Charitys current auditor for the audit Independent examination fees Iprior year under ac£ruall Impairment of invest￿ent shares Other costs and bursarie5 6,300 240 9,712 30.726 36,966 31J)92 TRUSTEES, REMUNERATION AND EXPENSES Duringthe year, no Trustees received any ￿MUneration or other benefits12023: £Nill. During the year, expen5e5 totallin8 ENil were reimbursed or paid directly to Trusteps12023'. ENill. 15 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FIXED ASSET INVESfMENTS 2024 Additions relatin8 to the Merger Additlons In the year Unrea115ed gains Valuè as at3V0812024 6.153.286 311,488 6A78A86 Investments by typè: 200.(HJD ordinary shares of Ip each in Eurove5tech pfc 50.000 ordinary shares of 2p each in Rurelec PIC Invgstment funds class B & C 6.464.774 GA68 774 DEBTORS 2024 2023 Due within one year Accrued income- donations 418.148 384.160 334,160 418.148 10 CREDITORS: AMOUNTS FAILING DUE WITH114 ONE YEAR 2024 2023 Grants committsd to the schwl Accruals 1.149.197 8.190 511,315 Deferred Income 190,365 707.680 1.157,387 16 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11 STATEMEfrIf OF FUNDS Atl September 2023 Gainsl (losses) At 31 August 2024 Income E¥penditure Uniestrfctèd general funds General funds 69,579 69,579 88.483 88.483 249.735 249.735 407,797 407,797 Desl8nated funds Bursaryfund 7,189 7.189 7.189 Endowment funds Endowment fund 1.258.186 1258,186 61.753 61.753 1.319,939 1.319.939 Restrirted lunds CLSBT fund Bursary fund 546,680 1,138.405 1.685,085 546,680 3.558,IXKI 4.104.680 2,966.620 2.966,620 1547.0251 (547025) Total funds 3￿￿3358 3JI3L754 (547.0251 311.488 5,839.605 DESIGNATED FUNDS The bursary fund represents reserves set aside by tnjstees to fund future bursaries. RESTRicfED FUNDS The bursary fvnd represents funds received by the Charity spetifically to be spent on future bursèries. The CLSBT fund isthose fund5 receNed on mer8er which a￿ to fund bursaries for indwiduals. EIYDOWMEKf FUNDS The endowment fund represents a gift that has been Set aside to be invested and only the Income Benerated from this investment IS to be spent by the charity on future bursaries. 17 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANaAL sfATEMENT5 FOR THE YEAR ENDED 31 AUGUSf2024 12 ANALY51S OF NEf ASSETS BEfwEEN FUNDS Analysis of net assets between funds-current period Ettdovffi*nt funds 2024 Restricted funds 2024 funds 2024 fund5 2024 Totsl ￿ndS 2024 Fixed a55ets Current assets Creditors due wthln one year I￿19￿39 5,148.835 126.944 (1.157A87} 4,104.680 407.797 6A68.774 528,218 (1.157387) 5A49,317 407.797 7.189 L319.939 Analysis of net 455ets between funds- prfor period Unrestricted funds 2023 Designated funds 2023 Restricted funds 2023 Total fund5 2023 Current assets Creditors due within one year 69.579 7,189 3.674,31JO (707.680) 2,966,620 3,751,068 1707,6801 3.043,388 69,579 7,189 13 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NEf CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movÈment in funds for period las per SOFA) Adjustments for.. 2.796,217 987,315 Interest and dividends receivÈd (96.669) 169,0541 Cash and investmènts Teceived from CiSBT IK) merger Impairment on Investments 1682A03) 9.712 Unrealised {gainslllosses on investments Ilncre?5el / decrease In debtors Increase/ Idecrèase) in creditors Net ￿$h provlded by operating Jctlvities {31L488) (33￿8) 1317.1441 449.707 348.769 949.886 14 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 110.070 3,366,908 Totsl CAsh and cash equlvalents I10￿70 3,366.908 18 THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15 TAXATION No provision for taxation is included in the accounts 35 the Charity is entitled to the exemption for tax afforded by Part 10 of the Income Tax Act 2￿7 3nd Sertion 256 of the Char8eable Gains ￿t 1992. 16 sfATUS The City of London School Chartsble Trust is a chafity set up under Deed of Trust for grant givlng purptsses. 17 RELATED PARTY TRANSACTIONS In 2024 Trusteès made donation5 totalling £51.097 to the Charity (2023: £7.8S71. 18 CONTrOI No one trustee h35 overall control of the Trust. 19 SUBSEQUENT EVENTS Duringthe 24125 financial year the Charity i5to receive a tran5feroffundsfrom charltles associated with thejohn Carpenter Club IJCC). 19