DIRIGE CITY LONDON MANSION HOUSE SCHOLARSHIP SCHEME REPORT AND FINANCIAL STATEMENTS st For the Year Ended 31 October 2024 Charitable Trust No. 1087486
MANSION HOUSE SCHOLARSHIP SCHEME REPORT AND FINANCIAL STATEMENTS For the Year Ended 31st October 2024 Contents Trustees, Annual Report Independent Examiner's Report to the Trustees Statement of Finèncial Activities Balance Sheet as at 31st October 2024 Note5 to the Accounts io
MANSION HOUSE SCHOLARSHIP SCHEME Trustees, Annual Reportforthe Year Ended 31st October 2024 Status The Mansion House Scholarship Scheme is a charitable trust constituted by a Trust Deed which was approved by the Charity Commission and entered onto the Register of Charities on 12th July 2001. The original Deed was supplemented by a Deed of Variation dated Ilth February 2019. Trustees Officers and Advisers Registered Address: Man5i0n House, London EC4N 8BH Patron lex officiol: The Rt Hon. The Lord Mayor Trustees: Julian Tregoning (Chairman) Alderman Sircharles Bowman William Charnley HH Judge Anuja Dhir KC Roddy Graham Alderman Tim Hailes Alderwoman Dame Sue Langley Jonathan Nichols Alderman Sir Andrew Parmley Secretarv: Nicholas Westgarth Treasurer: Michael Byrne Independent Examiner: PKSEwenFCA Calders118831 LLP St Vincent House 30 Orange Street London WC2H 7HF Banker5'. Lloyds Bank 70-71 Cheapside London EC2V 6EN
MANSION HOUSE SCHOLARSHIP SCHEME Trustees, Annual Report for the Year Ended 31st October 2024 Icontinued) Pur ose of the Scheme The Scheme funds scholarships for suita bly qualified students or young busi ness executives to help them undertake training, academic courses or business attachments in the United Kingdom, with particular emphasis on subjects relating to f i nancia I, professiona I, business a nd ma ritime services. Trustees The Trustees are responsible for safeguarding the Scheme's assets, ensuring that proper accounting record5 a re kept, and confirming that the annua I financial statements provide a true and fair view of the Scheme's activities during the year and its financial position at year end. No Trustee5 retired during the year. No Trustee received any remuneration for his or her service to the Scheme during the year. Financial Statements The financial statements for the year to 31st October 2024 are set out on the following pages. The curreiit year is sometimes referred to as the '2024 year, or '2024', in order to avoid the more cumbersome '2023-24' notation. The previous year is referred to as the '2023 year, or'2023' General Restricted and Endowment Funds General Funds are available to be used as the Trustees direct for any activity that furthers the interests and effectiveness of the Scheme. Restricted Funds may be spent only on defined activities. In the financial year 2023-24, the only such fund held by the Scheme related to donations received from the Al-sabah Foundation, which may only be used to support Scholars from across the Arab World. Cash belonging to the Scheme's General and Restricted Funds is held in the current and deposit accounts at Lloyds Bank and also in the COIF Charities Investment Fund and Deposit Fund, both of which funds are managed by CCLA Investment Management ('CCLA'I. Endowment Funds currently comprise only The Richard Nichols Endowment Fund, which hold5 unit5 in the COIF Charities Investment Fund as well a5 cash in a separate 'endowment' bank account at Lloyds. The fund5 held at Lloyds were given by donors specifically to build the endowment, and will be used in due course to purchase further units in the COIF Charities Investment Fund, The Richard Nichols Endcwment Fund is intended to create an investment return which can be used in future years to support the Scheme'5 activities. Dividends are credited to the deposit account at Lloyds and used in 5UPPOrt of the Scheme's general activities.
MANSION HOUSE SCHOLARSHIP SCHEME Trustees, Annual Report for the Year Ended 31st October 2024 (continued) Activitie5 The Trustees recommend the award of scholarships by the Lord Mayor to students, mostly from overseas, based on his or her international prioritie5 as an ambassador for the United Kingdom's financia I services ind ustry. The Trustees are delighted to have appointed five Mansion House Scholars this year. A further three Scholars were appointed a5 Chevening Scholars by the Foreign, Commonwealth & Development Office IFCDOI, with payment of their MHSS awards being made by the Scheme to the Chevening Secretariat. Further details of this yearfs Scholars are set out in Note 4 to the accounts, Gifts to the Scheme this year included donation5 from thirty City Livery Companies, from the Lord Mayor's Appeal, and from a number of private donors, which together amounted to £108,20012023: £87,405). The Trustees record their gratltude to all these donors. The Scheme also received £38,000 this year from the Al-sabah Foundation, £30,000 cf which is part of a three-year arrangement under which the Foundation also will gift a further £30,000 in each of the next two years. These funds are restricted as they must be used specifica Ily to 3551st Scholars f rom the Arab World. A Restricted Fund has been introduced into this yearfs accounts to identify the Al-sabah fund5 in this way. The Trustees a re very gratef ul to the Al-sabah Foundation for thls assista nce. Gift Aid of £2,65012023: £0) was reclaimed during the year, of which £1,313 applied to gifts received for general funding purposes and £1,337 to gifts given specifically for The Richa rd Nichols Endowment Fund. Dividend income earned from the COIF Charities Investment Fund totalled £18,180 arising from The Richard Nicho15 Endowment Fund £15,030 {2023'. £14,914) and the Investment Account - £3,150 12023: £4,644). Income earned and reinvested in the separate COIF Charities Deposit Fund amounted to £3812023: £281 although this will increase significantly in future years as £75,000 was transferred from Lloyds Bank to the COIF Charities Deposit Fund in October 2024. Further deta i Is are set out in Note 7 to the accounts. Interest earned on the bank accounts held at Lloyds came to £90212023: £3881. The overall costs of the Scheme amounted to £137,13312023; £145,382) which includes £103,300 in scholarships awarded12023: £95.0001. Other costs, i nclud ing support for Scholars, hospita lity, fees paid to the Secretary and Treasurer, and the accrued fee payable to the Independent Examiner, amounted to £33,83312023'. £50,382). The Trustees record their continuing gratitude to those Livery Companies that provided generous hospitality to Scholars during the year, and to the Lord Mayor for inviting a number of Scho la rs to be present as his guests at the City Dinner held at Mansion House on 17th October 2024 Julian G. T Signed on oning half of th rustees Date:
MANSION HOUSE SCHOLARSHIP SCHEME Independent Examiner's Report to the Trustees I report to the Trustees on my examination of the financial statements of the Mansion House Scholarship Scheme I'the charity'l for the year ended 31" October 2024 comprising the Statement of Financial Activitie5, the Bala nce Sheet and related notes. This report is made solely to the charity's Trustees, as a body, in accorda nce 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 l 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 responsi bi lity to anyone other than the cha rity and its Trustees as a body, for my work. for this report, or for the opinions I have formed. Responsibilltles and Basis of Report As the Trustees of the charity, you are responsible for the preparation of the fina ncial statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the cha rity's financial statements carried out under section 145 of the Act, and in carrying o ut my exarn ination, I have followed all the applicab le Directions given by the Charity Commission under section 145{5llbl 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 matters that an auditorconsiders in giving theiropinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examinaLion can provide. Consequently, l express no opinion as to whether the financia15tatements present a 'true and fairf view, and my report is limited to those specific matters set out in the independent examinerfs statement. Independent Examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause tc 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; or the financial statement5 do not comply with the applicable requirements concerning the form and content ofaccounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give 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 finanet81 statement5 to be reached, P.K.S. Ewen F.C.A. Calders118831 LLP, Chartered Accountant5 30 Orange Street, London WC2H 7HF
Date: MANSION HOUSE SCHOLARSHIP SCHEME Statement of Financial Activities forthe Year Ended 31st October 2024 Note General Funds Restricted Funds Endow- ment Funds Total 2023-24 (£) Tota I 2022-23 (£1 i£} (£1 INCOMING RESOURCES Livery Company donations 82,650 2,000 84,650 68,600 Lord Mayorfs Appeal 15,000 15,000 17,205 The Al-sabah Foundation 38,000 38,000 Personal donations 6,950 1,600 8,550 1,600 Gift Aid reclaimed 1,313 1,337 2,650 CCLA Deposit Fund income 38 38 28 I nterest i ncome 707 195 902 388 Dividend income 18,180 18,180 19,558 TOTAL INCOMING 124,838 38,000 5,132 167,970 107,379 RESOURCES EXP ED Scholarships awarded 170,3001 133,0001 1103,3001 195,0001 Former Secretary's fees & expenses 13,9271 Secretary & Treasurer's fees & expenses 129,8731 129,8731 {25,8521 Entertainment & other expenses 13521 13521 14,6291 Brochure, website & IT 14501 14501 111,7501 Scholars, expenses 12,0781 12,0781 (3,144 Independent Examiner 11,080) 11,0801 {1,0801 TOTAL EXPENDED 1104,133) (33,000) (137,133) (145,382
MANSION HOUSE SCHOLARSHIP SCHEME Statement of Financial Activities for the Year Ended 31" October 2024 {continuedl Note General Funds Restricted Funds Endow- ment Funds Total 2023-24 Total 2022-23 i£} (£1 1£) 1£) NET INCOMING / {OUTGOINGI RESOURCES 20.705 5,000 5,132 30,837 138,003) Transfer between funds 738 17381 Unreali5ed Gains / l Losses) on Investment Assets 11,605 55,382 66,987 16,4991 NET MOVEMENT IN FUNDS 33,048 5,000 59,776 97,824 (44,502) Funds Brought Forward I" November 2023 146,764 15,0001 509,366 651,130 695,632 Funds Carried Forward 31" October 2024 179,812 569,142 748,954 651,130
MANSION HOUSE SCHOLARSHIP SCHEME Balance Sheet as at 31st October 2024 Note 2024 (£1 2023 (£1 Investments 742,421 600,397 Current Assets Cash at Bank 62,613 126,813 Debtors Current Liabilitios Creditor5 156,0801 176,0801 NET ASSETS 748,954 651,130 Re resented B General Funds l U n restricted) 179,812 146,764 Restricted Funds 15,0001 Endowment Funds 569,142 509,366 TOTAL FUNDS 748,954 651,130
MANSION HOUSE SCHOLARSHIP SCHEME Notes to the Accounts Note l.. Accountin Policies The accounts have been prepared on an accruals basis and using the historic c05t convention, with the exception that investments are stated at bid market value. The accounts accord with applicable accounting standards. the Charities Act 2011, and Charities SORP IFRS 1021. Recognition of income Donations and gift income are attributed to the year in which the amounts were received unless the donor clearly indicated that the amounts were to be attributed to a different year or years. Investment income is recorded when receivable. Dividend Income from The Richard Nicholas Endowment Fund held at CCLA is lodged to the Lloyds deposlt bank account each quarter and is, by decision of the Trustees, available for the Scheme's general purposes. Such income therefore is recognised in the Scheme's General Fund. Recognition of expenditure Expenditure on Scholarship awards is recorded once the Scheme has made an unconditional commitment to pay the grant and has communicated this or paid the award to the beneficiary (whichever is the earlier). Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. Note 2.. Live an donation5 Donations totalling £84,65012023: £68,600) were received from the following 30 livery companies during the year: Actuaries Apothecaries Barbers Builders Merchants Constructors Fruiterers Glovers Goldsmiths Grocers Haberdashers Mercers Merchant Taylors Paviors Salters Solicitors t-kE Drapers Dyers Engi neers Farriers Fishmongers Insurers International Ban kers Ironmongers Leathersellers Marketors Tax Advisers Tin Plate Workers Turners Woolmen World Traders One donation of £2,000 was given specifically for The Richard Nichols Endowment Fund. The remaining £82,650 was given without restriction. The Trustees record their continuing gratitude to these companies for their very generous support. io
MANSION HOUSE SCHOLARSHIP SCHEME Notes to the Accounts (continued) Note 3.. Interest and dividend income Interest income of £90212023: £388} was generated during the year, £707 in the Scheme'5 current and deposit bank accounts and £195 in its endowment bank account. Dividend income of £18,180 {2023- £19,558) was received during the year, of which £3,150 was generated from the Investment Account and £15,030 from The Richard Nichols Endowment Fund. Note 4.. Sch lar Eight Mansion House Scholarships were agreed on the Lord Mayor's behalf in 2024. Three of these awards were co-funded with the Foreign Commonwealth & Development Office as Chevening Scholarships. The Al-sabah Scholarship was valued at £15,000 while all the other Scholars were awarded £IO,QOO. Some of the awards were paid during the year while others were carried as creditors at year end. Deta ils of the Scholars, their home countries, un iversities and cou rses a re as follows: Sch lar Name & Countr U n iversit Course CHINA Yangjin Gesang Queen Mary London Banking & Finance INDIA Suresh Anubham Queen Mary London Finance & Machine Learning INDONESIA Immaculata Winiati University College London Digital Health & Entrepreneurship IRELAND Cathal Mitchell Imperia I College London Finance & Accounting ITALY Federico di Tirro Oxford (Lady Margaret Hall) Economics ITALY Pietro Novelli Oxford (Said Busine55 Schooll Strategic Lead ership POLAND Sta n islaw Stafaniak Oxford (St Peterfsl Law & Finance JORDAN Noor Albakri University of Surrey Occupational & Orga n i5ational Psychology li
MANSION HOUSE SCHOLARSHIP SCHEME Notes to the Accounts (continued) Note 5: Secretar & Treasurerfs Fees Fees of £18,000 and £10,500 were paid to the Secretary and Treasurer respectively during the year. Secretarial expenses (including hospital ity to Scholars) amounted to £1,373. Note 6: Creditors Creditors of £56,08012023- £76,080) are made up of lil the three Chevening scholarships payable in November 2024- £30,000, lill the deferred Al-sabah scholarship from the current year- £15,000, liiil a Ukrainian Scholar who has been obliged by circumstances to defer for a second year- £10,000, and livl the Independent Examiner's fees - £1,080. Note 7.. Investments Cash Gain / Invested / (Lossl in {Withdrawnl Market During Value 2023-24 2023-24 {£1 1£) Market Value at 31.10.24 1£) Market Value at 31.10.23 1£) COIF Charities Investment Fund: Investment Account 115,495 103,891 11,605 Col F Charities Investment Fund: The Richard Nichols Endowment Fund 551,150 495,768 55,382 Col F Charities Deposit Fund 75,776 738 75,000 38 Total 742,421 600,397 75,000 67,025 The Investment Account holds 5,737 unit5 12023: 5,7371 in the COIF Charities Investment Fund managed by CCLA. The Richard Nichols Endowment Fund holds 27,377 units 12023: 27,377) in the COIF Charities Investment Fund managed by CCLA. The Scheme also has funds invested in a COIF Charities Deposit Fund managed by CCLA. In 2023-24 the Trustees moved £75,000 from the Lloyds bank account into that Deposit Fund in order to avail of a likely higher return compared to bank deposit interest rates. 12
MANSION HOUSE SCHOLARSHIP SCHEME Notes to the Accounts (continued) The closing balance on the COIF Charities Deposit Fund at the end of the previous year131 October 2023} was £738, which was incorrectly represented in last year's accounts as part of Endowment Funds. In fact it belongs to General Fund5 and a transfer of £738 has been made in thi5 year's Statement of Fi nancial Activities to reflect that correction. The £738 was also represented on last year's balance sheet as Cash. The Trustees have taken the view that the Deposit Fund should have formed part of 'lnvestments' on the balance sheet and a correction has been made to the comparative numbers for last year to reflect this.. the value of Investments on last yearfs balance sheet has been increased by £738 from £599,659 to £600,397, and the £738 showing last year as 'Cash at CCLA, has been deleted from the comparative column on this year's balance sheet. Note dFun As noted earlier, the terms of the grant payment by the Al-sabah Foundation (which will recur in at least the next two years) means that a Restricted Fund has had to be introduced In this year's account5. Some £5,000 was spent last year to support an Arab World Scholar in anticipation of Al-Sab3h reimbursing that payment this year. The £5.000 was included in last year's creditors. Of the £38,000 received from Al-sabah this year, £5,000 was used to 'reimburse' MHSS for that previous year's expenditure and £18,000 was applied in support of two Scholars1£15,000 and £3,000 respectively). The remaining £15,000, which will be used to support another Scholar who has deferred her studies into the 2024-25 year, has been expensed this year and is included in this yearfs creditors. This yea r's opening negative balance of £5,000 on Restricted Funds reflects the fact that no Restricted Fund was recognised in last year's account5. This year's opening balance in General Funds has been restated at £146,764 rather than £141,764 to reflect the introduction of a ne8ative opening balance (£5,000) in the new Restricted Fund. Note 9: Anal sis of Fund Assets and Liabilities General & Restricted Funds Endowment Funds Total Funds Investments 191,271 551.150 742,421 Cash at Bank.. Lloyds current bank account Lloyds deposit bank account Lloyds endowment bank account 41,082 3,538 41,082 3,538 17,992 17,992 Net Creditors 156,080} 156,0801 Tota I 179,812 569,142 748,954 13