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