St John’s Foundation (UK) Trust
Charity Commission No 1105013
Annual Report for the year ended 31[st] March 2023
Foundation and Structure
The St John’s Foundation (UK) Trust (“the Trust”) was formed in 2004 to be a vehicle for charitable donations to St John’s College from alumni and other well-wishers living in the United Kingdom. The name and objects are aligned with those of the “parent” Foundation in South Africa and are as follows:
The advancement of education at the school known as St John’s College, Johannesburg, South Africa in particular by:
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(1) Improving and broadening the life of the College by providing further and better academic, sporting and living facilities;
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(2) Providing scholarships and bursaries;
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(3) Providing outreach programmes to children at other schools;
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(4) Safeguarding the independence and financial security of the College.
The governing document is a trust deed dated 16[th] July 2004 which was amended in 2012. Further amendments to administrative provisions of the deed were agreed by the Trustees and confirmed by a deed of amendment dated 31[st] March 2022.
The Trustees during the financial year were Dr Kimon de Ridder, Mr Clive Brown (Treasurer), Mr Roger Jones (Chairman), Mr Christopher Slyper, Mr John Conway and Mr Andrew Fisher (who was appointed as a trustee on 15[th] February 2023)
All Trustees are old boys of the School with varying professional backgrounds. The School alumni organisation is the Old Johannian Association, and the Trust keeps in close touch with the UK representatives in order to maintain a link with Association activities. The Trust also works closely with the St John’s Foundation in South Africa, in particular, through the Head of Advancement, Ms Shelley Roberts and her team. The financial year of the Trust ends on the 31[st] March, and this report is for the 2022/2023 financial year.
The Jennifer Boulton Memorial Fund
Noel Hobbs was an Old Johannian who died on the 23[rd] October 2015, and left a substantial bequest to the Trust as a memorial to his wife, Jennifer Boulton. The will contained a request “without imposing any legally binding trust or obligation” that it be used “to provide an income for the upkeep of the fabric of the buildings of St John’s College”. The bequest amounted to £223,893.
The trustees accepted the bequest as an “expendable endowment” with the intention that it should be invested to produce an income to be used as Noel Hobbs requested, but leaving the trustees free to spend capital sums if circumstances warrant it, such as the need for major repair or restoration work to the existing
buildings. The Fund has been invested on behalf of the trustees by Rathbone Investment Management on a discretionary basis. As there has been no immediate need for the accumulated income, and after consulting with the trustees of the Foundation in South Africa, the Trustees resolved in October 2019 to transfer the accumulated income to Rathbones, and to instruct the latter to retain and reinvest income until needed.
The market value of the Fund as at the 31[st] March 2023 was £263,618.
125 Sustainability Fund.
In 2019, the School and the Foundation launched a major fundraising appeal known as the 125 Sustainability Campaign. The object of this appeal was to raise an amount of ZAR 125 million by the year 2023, which is the 125[th] anniversary of the School. The funds are to be equally apportioned between endowments via the scholarships and bursaries programmes, and to capital projects.
As a result of the Appeal, a total of £112,531 was raised and paid to the Trust. This is known as the 125 Sustainability Fund. The trustees of the Foundation in South Africa requested that the Fund be retained in the UK, and as the intention of the Appeal is to establish a capital endowment, the Fund was invested with Rathbones on terms similar to the Jennifer Boulton Memorial Fund. The value of the Fund at the end of the financial year was £125,065.
Final Outcome for the Year
In June 2022, the Trust received a grant of £76,096 (US$100,000) from the Gatsby Charitable Foundation. This was a donation in memory of Luke Potter, an Old Johannian, who was tragically killed in a terrorist attack in Nairobi on the 15[th] January 2019 while working for the Gatsby Foundation. It was awarded “for the purpose of funding student scholarships at St John’s College in South Africa for children aligned to Luke’s values, who otherwise would not have had the opportunity for such an education.” The grant was subsequently augmented with additional donations made to the Foundation in South Africa, and the current intention of the School is to keep the original Gatsby donation intact with a view to establishing a permanent scholarship to fund the fees of one student at any time. The Gatsby donation is at present retained in the UK.
The Scholarship was first awarded in 2023 to a Grade 8 student selected for his outstanding character, resilience and potential, as well as his commitment to helping others.
Other than an appeal run by the Class of 1979, there was little fundraising during the course of the year, and most income came from regular donations through standing orders. The total income for the financial year amounted to £82,288, of which £79,726 were restricted funds. The income included tax recovered of £660.
There were no transfers to the Foundation in South Africa during the financial year.
Total funds at the year end, including the invested funds at book value, amounted to £435,096.
Policies
The trustees have adopted a reserves policy which is to retain £500 general funds at any one time. It is considered that a low reserve is justified as the main purpose of the Trust is to generate funds which will be remitted to the Foundation in South Africa when required. The Trust has no liabilities other than the annual fee for the examination of the accounts. The Trust has an investment policy and a privacy policy, both of which are regularly reviewed.
The trustees continue to have due regard for their duty to comply with guidance of the Charity Commission on public benefit in the exercise of their powers or duties.
Clive Brown Treasurer St John’s Foundation (UK) Trust
Page 1 St John's Foundation (UK) Trust Charity Commission No 1105013
Annual Accounts for the Year ended 31st March 2023
Income and Expenditure Account
| Income and Expenditure Account | |||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| Income | Notes | Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
| £ | £ | £ | £ | £ | |||
| Note | 6 | ||||||
| General Donations | 1,860 | 79,256 | 0 | 81,116 | 6,340 | ||
| Tax Recovered | 1 | 660 | 470 | 0 | 1,130 | 1,080 | |
| Investment Income | 2 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 15 | 0 | 0 | 15 | 2 | ||
| Refund of unauthorised direct debit | 3 | 27 | 0 | 0 | 27 | 234 | |
| Totals | 2,562 | 79,726 | 0 | 82,288 | 7,656 | ||
| Expenditure | |||||||
| Fee for examination of accounts | 188 | 0 | 0 | 188 | 184 | ||
| Transfer to SJ Foundation in S Africa | 4 | 0 | 0 | 0 | 0 | 27,100 | |
| Bank Fees on Transfer | 0 | 0 | 0 | 0 | 22 | ||
| Unauthorised direct debit | 3 | 27 | 0 | 0 | 27 | 234 | |
| Totals | 215 | 0 | 0 | 215 | 27,540 | ||
| Surplus/Deficit for the Year | 2,347 | 79,726 | 0 | 82,073 | -19,884 | ||
| Accumulated Reserves Brought Forward | 2,702 | 1,786 | 348,535 | 353,023 | 372,907 | ||
| Accumulated Reserves Carried Forwar | 5 | 5,049 | 81,512 | 348,535 | 435,096 | 353,023 |
Page 2
St John's Foundation (UK) Trust Charity Commission No 1105013
Annual Accounts for the Year ended 31st March 2023
| Balance Sheet | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| National Westminster Current A/c | 85,677 | 3,619 |
| COIF Charities Deposit Fund | 884 | 869 |
| Total Current Fund | 86,561 | 4,488 |
| Rathbone Investment Management (note 5) | ||
| Jennifer Boulton Memorial Fund | 236,004 | 236,004 |
| 125 Sustainability Fund | 112,531 | 112,531 |
| Total Rathbones Investments (at cost) | 348,535 | 348,535 |
| Total Assets | 435,096 | 353,023 |
These Accounts were approved by the Trustees at a meeting held on 27th September 2023 and signed on their behalf by
A C G Brown Clive Brown Treasurer
St John's Foundation (UK) Trust Charity Commission No 1105013
Annual Accounts for the Year ended 31st March 2023
Notes to the Accounts
Note 1
Tax recovered is on donations given under Gift Aid during 2022/2023
Note 2
Income earned on investments is retained by Rathbones and reinvested.
Note 3
An unauthorised direct debit was taken from the National
Westminster Bank current account. The amount was refunded.
Note 4
There were no transfers to the St John's Foundation in South Africa during the financial year. The Foundation is kept regularly informed of the funds retained in the UK, and transfers are made when requested.
Note 5
The value of the Rathbones portfolio is taken as the lower of cost or the value at the year end The market value of the funds invested with Rathbones were as follows on the dates shown
| 31.3.2023 | 31.3.2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Jennifer Boulton Memorial Fund | 263,618 | 277,199 | ||
| 125 Sustainability Fund | 125,065 | 131,468 | ||
| TOTAL | 388,683 | 408,667 | ||
| Note 6 | ||||
| Analysis of Restricted Funds | Brought | Income | Transfers & | Carried |
| Forward | Expenditure | Forward | ||
| £ | £ | £ | £ | |
| Academic and Sports Facilities | 625 | 625 | 0 | 1,250 |
| Bursaries and Scholarships | 900 | 750 | 0 | 1,650 |
| Father Hill Scholarship | 261 | 975 | 0 | 1,236 |
| Class of 1979 | 0 | 1,000 | 0 | 1,000 |
| Luke Potter Bursary Fund | 0 | 76,096 | 0 | 76,096 |
| Centenary Scholarship Programme | 0 | 180 | 0 | 180 |
| Aquatics Centre | 0 | 100 | 0 | 100 |
| TOTAL | 1,786 | 79,726 | 0 | 81,512 |
The Luke Potter Bursary Fund was funded by a grant from the Gatsby Charitable Foundation in memory of Luke Potter, an exceptional Old Johannian, who was killed in a terrorist attach in Nairobi while working for Gatsby on humanitarian projects in Kenya.
St John's Foundation IUKI Trust Charity Number 1105013 Accounts for the year ended 31 March 2023 Independent Examinerfs Report to the Trustees I report lo the Iruslees on my examination of the accounts of the charity for the year ended 31 March 2023 set out on pages I to 3. Respective Responsibilities of the Truslee and the Examiner As the charills Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Acts 2011 I'lhe Act"). I report in respect of my examination of your charitls accounts carried out under section 145 of the Act, and in carrying out my examination I have followed the applicable directions given by the Charity Commission under section 14515llbl of the Act. Independent Examin6rfs Statement I have completed my examination. I confirm that no material matters have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. the accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities IA¢¢ounls and Reports) Regulalions 2008 other than any requirement that the aCconIS give a 'lrue and fair, view which is not a maller Considered as part of an independent examination I have no concerns and have Come across no other mallers in connection with the examination lo which attention should be brought in this report in order lo enable a proper understanding of Ihe accou ts to be reached. (• L(th-/ Geoff Mann Geoff Mann Limited Dee House Highworth Avenue Cambridge C84 2BQ