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2021-10-31-accounts

MANSION HOUSE SCHOLARSHIP SCHEME

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2021

Charitable Trust No 1087486

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MANSION HOUSE SCHOLARSHIP SCHEME

REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31st OCTOBER 2021

Contents Pages
Trustees’ Annual Report 3-5
Independent Examiner’s Report to the Trustees 6
Statement of Financial Activities 7
Balance Sheet as at 31st October 2021 8
Accounting Policies (Note 1) 9
Donations and Other Income Received (Notes 2 - 4) 9-10
Scholarships Awarded (Note 5) 10-11
Notes on Management and Other Expenses (Notes 6 - 10) 11-12

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MANSION HOUSE SCHOLARSHIP SCHEME

Trustees’ Annual Report for the Year Ended 31st OCTOBER 2021

STATUS

The Mansion House Scholarship Scheme (“the Scheme”), a charitable trust, was constituted by Trust Deed on 1st May 2001. The Scheme has been approved by the Charity Commissioners and was entered into the Central Register of Charities with effect from 12th July 2001. The Trustees who held office during the year are shown below.

Registered Address: Mansion House, London EC4N 8BH Patron (ex officio): The Rt Hon the Lord Mayor Trustees: Mr Julian Tregoning (Chairman) Mr Roddy Graham Mr William Chapman Alderman Tim Hailes Mr William Charnley Mr Jonathan Nichols HH Judge Anuja Dhir Alderman Sir Andrew Parmley Advisers: Alderman Sir Charles Bowman Professor David Latchman Dr Michael Byrne Mr Nicholas Westgarth Secretary and Treasurer: Brigadier Neill O’Connor Examiner: Mr P K S Ewen FCA Calders (1883) LLP St Vincent House 30 Orange Street London WC2H 7HF Bankers: Lloyds Bank plc 70-71 Cheapside London EC2V 6EN

Purpose of the Scheme

The purpose of the Scheme is the creation and funding of scholarships, bursaries and other prizes for students or young business executives to undertake training or academic courses or business attachments in the United Kingdom, with particular emphasis on the study of subjects related to financial, professional, business and maritime services.

Financial Statements

The financial statements for the year to 31st October 2021 have been prepared by the Treasurer from, and are certified to be in accordance with, the books of account and records for the year and are included on the following pages.

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MANSION HOUSE SCHOLARSHIP SCHEME

Trustees’ Annual Report (continued)

Activities

Mr Julian Tregoning continued as the Chairman of Trustees for the accounting year, which ended on 31st October 2021. Lord Mountevans retired in January 2021 having served as a Trustee since November 2011.The remaining eight Trustees are listed on page 3, together with a list of those acting as Advisers to the Scheme.

The merger of the Scheme with The Lord Mayor’s Trust for Charities was completed in February 2019, and funds from the Trust were absorbed into The Richard Nichols Endowment Fund. £360,000 was transferred to a Deposit Account with CCLA in December 2019 and COIF Income Shares to the value of £30,000 were bought monthly from December to May 2020 at a cost of £180,000. Further shares to the value of £120,000 were bought progressively in 2021.

The Trustees continue to review and endorse the award of scholarships by successive Lord Mayors in some of the countries which they have visited each year in their role as an ambassador for the United Kingdom financial services industry in general and the City of London in particular.

The Lord Mayor’s overseas visits programme in 2021 was severely disrupted for a second year as a result of the global Covid-19 pandemic. Hoe was however able to appoint eight new overseas scholars for 2021, drawn from India, Nepal, Oman, Panama, South Korea, Zambia and Zimbabwe. Two of the scholars appointed in 2020 had elected to defer their courses by a year and joined the 2021 cohort. Two further scholars, both from Oman, were sponsored in full by the Al-Sabah Foundation Trust of Kuwait, that had most generously offered to support up to two scholars annually from across the Arab world for three consecutive years. This brings to twelve the number of Mansion House Scholars appointed in 2021. Five of the scholars also were appointed as Chevening Scholars by the FCDO, and payment of their awards was made direct to the Chevening Secretariat as co-sponsors.

Two further scholars were appointed from within UK with the help of The Royal Company of Merchants of the City of Edinburgh and The Society of Merchant Venturers in Bristol.

The Scheme received some thirty-four separate donations during the year, including some intended specifically for the Endowment Fund. These grants included donations from thirty City Livery Companies, the Lord Mayor’s Appeal and the Al-Sabah Foundation, which together amounted to £115,000. A substantial donation of £28,660, from Sir William Russell’s Lord Mayor’s Appeal for 2021 is included in this total. The Trustees wish to record their very grateful thanks to all these donors.

A number of the private donations received in both 2020 and 2021 are eligible for Gift Aid tax relief and a claim for a rebate from HMRC is in preparation.

A further £14,000 was received in bank interest and dividend payments, the bulk of which was income from a holding of two sets of Income Shares in CCLA’s COIF Charities Investment Fund. As at 31st October 2021, the market valuation of these shareholdings stood at some £740,000.

The overall expenses of the Scheme amounted to £168,300 over the year. That included the payment of scholarships to the value of £146,850, including the two held over from 2020; Management costs, including Audit Fees; hospitality and support for Scholars events; and a stipend paid to the Secretary accounted for a further £21,360.

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Outlook for 2022 At the date of this Report, the world is only just beginnin8 to emerge from the Covid-19 pandemic. As a result, the Lord Mayor's programme of overseas visits will continue to be disrupted and, as in 2021, few a¢tual visits are likely to take place in 2022. The Lord Mayor remains keen to appoint up to ten new scholars from overseas and has agreed that they mtght not necessarlly be drawn from countries that he will visit. Neverthele5& we will continue to liaise with our UK overseas posts in countries where visits might possibly take place and will once again work with the Chevening Secretariat to identify those possible Schola￿ who meet our selection criteria from amongst those that the FCDO select as Chevening Scholars. The Lord Mayor also wishes to seek up to two more UK-based scholars in conjunction with Guild and Livery Companies outside London, should the opportunity arise. The total number of scholars appointed by successive Lord Mayors since the Scheme was launched in 1998 now totals one hundred and ninety-ntne, drawn from sixty-nine countries. The Lord Mayor and the Trustees of the Scheme look forward eagerly to the appointment of our two hundredth Mansion House Scholar in 2022. In closing this reporL the Twslees wish to record their grate￿1 thanks the Secretary and Treasurer for all that he did for the Scheme in this dtiflcult 202012021 year. Statement of Trustees, Res nsibilities The Trustees are responsible inler alia for ensuring that proper accounting records are kept and that the financial statements give a true and fair view of the Scheme's activities during the year and of its financial position at the year-end, whilst safeguarding its assets. The T￿Ste¢S have not received any remunerdtion in the year, other than a minor claim for expenses. (signed on original) Julian G Signed o goning half of th stees Date: 022

MANSION HOUSE SCHOLARSHtP scI￿ME Ind¢p¢ndent Examiner's Report to th¢ TrllSte￿ of the Mansion House Scholarship Scheme I report to the Trustees on my examination of the financial statements of the Mansion House Scholarship Scheme ('the Charity,) for the year ended 31. October 2021 that comprise the Slatement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the Gharity's Trnstee& as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work, for this Trport, or for the opinions I have fomied. R¢$ponsibilities and Basi5 of Report As the Trustees of the ¢harity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act, and in carrying out my examination. I have followed all the applicable Dire¢lions gtven by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit, and consequently does not cover all the matter5 that an auditor considers in giving their opinion on the finan¢ial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial statements present a 'tru¢ and fair, view, and my report is limited to those specific matters set out in the independent examiner's statement. Indcpcndent Examiner's StatemeDt I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act" or

the financial statements do not accord with those records. ()r the financial statements do not comply with the applicable requirements concerning the forni and content of accounts set out in th¢ Charittes (Accounts and Reports) Regulations 2008 other than any r¢quirement that the accounts gfftve a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statem to be reac P.K.S. Ewen F.C.A. Calders (1883) LLP. Chartered Accountants 30 Orange Stree¢ London WC2H 7HF Date- OXK

MANSION HOUSE SCHOLARSHIP SCHEME Statement of Financial Activities for the Year Ended 31st OCTOBER 2021 Unrestricted Endowment Funds Funds Total 2020121 Total 2019120 Incomin Resources Income from Donations Gift Aid Tax Repayment received Bank Interest Divtdends Received (Note 2) 115,062 3,500 118.562 158,772 19,125 773 (Note 3) (Note 4) 14 16 Total Incoming Resources 120,1)08 12,586 132,594 186,127 Resources Ex ended Direct Charitable Expenditure Scholarships Awarded Previous Awards no longer required (Note 5) 120.000 (7,650) 120,000 (7,650) 85.000 (7.050) Support Costs Management Fees and Expenses (Note 6) Office Running Costs (Note 7) Events and Scholars Expenses (Note 8) 18,368 1,140 18.368 1.140 23.229 32.282 257 Total Resourcos Expended 133 810 133 810 133 718 Net Incomingl (Outgoing) Resources for the Year (13,802) 12,586 (1,216) 52,409 Realisedl IUnre2lised) Gain$ on Investment Assets Net Movement in FuDds 17,413 77,276 94,689 60,698 Funds brought fonvard: I" November 2020 492 630 676 347 Funds carried fonvard: 315t October 2021 201,130 569,906 771,036 676J47

MANSION HOUSE SCHOLARSHIP SCHEME Balance Sheet as at 31st OCTOBER 2021 2021 2020 Inv¢8lmettts (Note 9) 739,478 343,573 CurrentAssets Cash at Bank Cash held by CCLA 34,392 706 190,116 180,698 Current Liabilities Awards pending payment Examiner's Fee (3.000) (540) (37,500) (540) 771036 676 Net Assets Represented by: In¢ome Fund.. Unrestricted The Richard Nichols Endowment Fund 201,130 569.906 183,717 492,630 771036 676 The financial statements on pages 8 to 12 were approved by the Trustees on: and signed on their behalf by: &)2

MANSION HOUSE SCHOLARSHIP SCHEME

Statement of Financial Activities for the Year Ended 31st OCTOBER 2021

Incoming Resources
Income from Donations
(Note 2)
Gift Aid Tax Repayment received
Bank Interest
(Note 3)
Dividends Received
(Note 4)

Total Incoming Resources
Resources Expended
Direct Charitable Expenditure
Scholarships Awarded
(Note 5)
Previous Awards no longer required
Support Costs
Management Fees and Expenses (Note 6)
Office Running Costs
(Note 7)
Events and Scholars Expenses (Note 8)
Total Resources Expended
Net Incoming/ (Outgoing) Resources
for the Year
Realised/ (Unrealised) Gains on
Investment Assets
Net Movement in Funds
Funds brought forward: 1st November 2020
Funds carried forward: 31st October 2021		 Unrestricted
Funds
£
115,062
-
2
4,944
120,008
120,000
(7,650)
18,368
1,140
1,952
133,810
(13,802)
31,215
17,413
183,717
201,130		 Endowment
Funds
£
3,500
-
14
9,072
12,586
-
-
-
-
-
-
12,586
64,690
77,276
492,630
569,906		 Total
2020/21
£
118,562
-
16
14,016
132,594
120,000
(7,650)
18,368
1,140
1,952
133,810
(1,216)
95,905
94,689
676,347
771,036



 Total
2019/20
£
158,772
19,125
773
7,457
186,127
85,000
(7,050)
23,229
32,282
257
133,718
52,409
8,289
60,698
615,649
676,347


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MANSION HOUSE SCHOLARSHIP SCHEME

Balance Sheet as at 31st OCTOBER 2021

Investments(Note 9)
Current Assets
Cash at Bank
Cash held by CCLA
Current Liabilities
Awards pending payment
Examiner’s Fee
Net Assets
Represented by:
Income Fund:Unrestricted
The Richard Nichols Endowment Fund
2021
739,478
34,392
706
(3,000)
(540)
_
771,036
201,130
569,906
_
771,036

 2020
343,573
190,116
180,698
(37,500)
(540)
_
676,347
183,717
492,630
_
676,347

The financial statements on pages 8 to 12 were approved by the Trustees on: and signed on their behalf by:

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MANSION HOUSE SCHOLARSHIP SCHEME

Notes to the Accounts for the Year Ended 31[st] OCTOBER 2021

Note 1 Accounting Policies

In preparing the accounts the following accounting policies have been complied with:

Note 2 Income from Donations – 2020/21

Livery Company
Actuaries
Apothecaries
Bakers
Barbers
Builders Merchants
Chartered Accountants
Drapers
Dyers
Engineers
Environmental Cleaners
Farriers
Fishmongers
Glovers
Goldsmiths
Grocers
Insurers
International Bankers
Ironmongers		 Donations
£1,000
£1,250
£500
£750
£500
£1,500
£6,500
£2,000
£1,000
£1,500
£600
£1,300
£1,000
£3,000
£5,000
£6,000
£5,000
£1,000		 Livery Company
Leathersellers
Marketors
Merchant Taylors
Paviors
Salters
Skinners
Solicitors
Tax Advisers
Tin Plate Workers
Turners
Woolmen
World Traders
Livery Donations
Personal Donations

LM’s Appeal 2019

Al-Sabah Foundation
Non-Livery Donations		 Donations
£3,000
£500
£5,000
£500
£2,000
£250
£1,000
£500
£500
£1,500
£500
£500
£55,150
£4,750
£28,662
£30,000
£63,412

Total of Donations Received £118,562

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Note 3 Bank Interest

Bank Interest received from Lloyds Bank Deposit a/c (@.05%) £ 2.04 Bank Interest received from Endowment Fund £14.45 £16.49

Note 4 Investment Interest

Units to the value of £90,000 have been held in CCLA’s COIF Charities Investment Fund Income Units since 2013. A further £360,000 from The Richard Nichols Endowment Fund was transferred to a CCLA Deposit account in Nov 2019 and arrangements made to purchase further Investment Fund Income Units at the rate of £30,000 monthly as funds allowed. As at 31 October 21, a total 36,773.36 Income Units were held, valued at £739,478. Dividends received are all credited to the Deposit Account

Dividends Received:
Nov 2020
Feb 2021
May 2021
Aug 2021
Total		 Deposit A/C
£1,226.54
£1,226.54
£1,245.42
£1,245.42
£4,493.92		 Endowment A/C Endowment A/C
£1,432.98
£1,873.66
£2,560.51
£3,204.60
£9,071.75

Note 5 Scholarships Awarded in the Year ended 31st October 2021

Ten Mansion House Scholarships to the value of £120,000 as shown below were agreed on the Lord Mayor’s behalf for 2020/21. Awards of 146,850 were paid in this accounting year, and included those awards carried forward from FY 19/20. The liability carried forward to FY 21/22 amounts to £3,000.

– Singapore Cheryl Tham (£10,000) MSc in Investment Management at City University Business School

India - Shyamala Sivakumar (£10,000) MSc in Sustainable Energy Futures at Imperial College

– Nepal Amigo Khadka (£10,000) MSc in Innovation and Entrepreneurship at UCL

Oman –Yasser Al-Shukairi (£15,000) MSc in Finance & Investment Management at Liverpool University

Oman – Sama Al-Maqbali (£15,000) LLM in International Humanitarian Law at Manchester Metropolitan University

Panama - Monica Crespo Chanis (£10,000) MSc in Management of Information Systems at the LSE

South Korea - Park Hyuk (‘Ray’ Park‘) (£10,000) MSc in Financial Analysis at the London Business School

UK Scotland –Andrea Waugh (£10,000) A post-graduate Legal Practice course at BPP University

UK – Bristol – Abu Saad Wariah (£10,000) MSc degree in Finance and Investment at Nottingham University

Zambia - Sibeso Mofya (£10,000) MSc in Finance and Technology at Reading University

Zimbabwe Takunda Chingonzo (£10,000) MSc at Warwick University

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Previous awards Liabilities of £29,850 were carried forward from FY19/20 as follows:

UK N Ireland – Miss Megan Edwards A post-graduate Bar Practice Course (BPC) at Northumbria University. Payments of £7,500 towards her award were carried forward to 2020/21.

India – Mr Ranjith Kumar MSc in Corporate Finance at City University Business School, (delayed to September 2021). Payment of £10,000 of his award was carried forward to 2020/21.

Kuwait - Mr Hamad Al-Turkait (appointed in 2018) His original award was for £5,000 but only £2,350 was spent undertaking a virtual course at Oxford University that he undertook in 2020/21. The balance of his award (£2,650) is no longer required.

Palestine - Miss Amal Khatib (appointed in 2018) She undertook a City-based training course with the CFA Institute in London in 2020. Her award of £15,000 was sponsored by the AlSabah Foundation Trust but only £10,000 of that was spent. The balance of her award of £5,000 is no longer required.

Note 6 Management Fees and Expenses

Secretarial Costs
Secretary’s Fees:

Secretary’s Expenses:
Additional Secretarial Support
Total Management Fees and Expenses
Note 7
Office Running Costs:
Annual Inspection Fee by Calder & Co.
Total Office Running Costs
 £16,674.00
£ 545.13
£ 1,148.87
£18,368.00
£1,140.00
£1,140.00

Note 8 Events and Scholars’ Expenses

Scholars’ Travel/Dress Hire/Photographs £1,052.00 Scholars’ Reception at Mansion House – 30 Sep 21 £ 900.00 Total Scholars’ Support and Expenses £1,952.00

Note 9 Investments

COIF Charities Investment Fund: (General Fund) Holding of 9,442.15 income units Valuation as at 31 Oct 20: (@ £16.78) £158.452 Valuation as at 31 Oct 21: (@ £20.08) £189,667 COIF Charities Investment Fund: (Endowment Fund) Holding of 11,031.38 income units Valuation as at 31 Oct 20: (@ £16.78) £185,121 (units bought progressively from Nov 20 to Aug 21) Total holding increased to 27,377.21 Valuation as at 31 Oct 21: (@ £20.08)` £549,811

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Note 10 Analysis of Fund Assets and Liabilities


Investments
Cash at Bank (2 accounts)
Cash on deposit with CCLA
Creditors (Account Fee)
Creditors (Awards Pending)		 Unrestricted Funds
189,667
15,003

-
(540)
(3,000)
£201,130		 Endowment Fund
549,811
19,389
706
-
-
£569,906		 TOTALS
739,478
34,392
706
(540)
(3,000)
£771,036

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