Registered Charity.. 1112215 THE MACLAREN FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INDEX Page 1-2 Trustees, Annual Report Trustees, Responsibilities Independent Auditor's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-16 THE MACLAREN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Governing Document Tho Founolab"on is governed by a deed dated 8 July 2005 and is a registered charity, number 1112215_ Trustees The Trustees for the period under review to the date of signing the financial statements were.. WG S Massey KC, MA Chairman J H Chatfeild-RoDerts T Gaisman MBE (Died 25101122} S R Peake BSC" J Sfakianakis PhD" Governor of Summer Fields SGhoDI Trust Llmiierj Principal address Mayfield Road Oxford OX2 7EN Objectives of the Foundation The Maclaren Foundation Ithe"Foundation'l was established as a charitable tmst in November 2005 to provide for the advancement of education al the school of Summer Fields School Trust Limited Ilhe 'School'l so long as the School, in the opinion of the Trustees. is conducted independently of the State and o* any local or public authority. The purpos@ of the Foundation is to grant 3chol8r$hips, bur3arie5 and other awaidb lo the School. The Foundation was set up lo take over The Maclaren Trust and the School Bursary Fund and hold il as a single fund (although the Trustees subsequently resolvi4 in 2010 to return thè Bursary Fund to the School thercby providing the Headmaster with greater *lexibility lo deal with hardship cases as and when arising). Policies of the Foundation The Trustees are empowered through the Foundation deed lo apply income (including interest earned) towards scholarships and bursaries Ifor boys selected by the Trustees in conjunction with the Headmaster) and lo make other awards of income or Capital to the School. Trustee recruitment and training The Governors of the School have the power to appoint replacement or additional Trustees of the FoundalEOn. Such appointments would usually be discussed between the Chairman of the Governors lor as delegated by him) and the Chairman of the Fotjndation {or as delegalgd by him), with duè consideration being given tts the skills of the existing Trustees and the requisite skills. Trustees are encourag￿ to attend conferences and seminars. details of which are circulated by the Clerk to the Foundation from lime to lime. Application of funds and financial review Th¢ Foundation's principal fundiiig souiLeb dlE Gharitable iJonaUons fmm former pupils of the School landlor their parents), together with interest earned on its funds. In the year, the Foundation re￿IVed income lotalling £176.990 12021.. £167,430J and made scholarship and bursary awards lotalling £92,567 (2021.. £69, 893) in furtheranGe of the Foundation's objectives of supporting pupils and advancing edu¢ab"on at the School. THE MACLAREN FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (continued} Review of activities and achièvements In the financial year ended 31 August 2022 The Maclaren Foundation received £74.979 (2027." £73,013) in donalionslgifts via the School's Annual Fund and £14,730 f2021.' £17, 898) in support of the Scholarship Prngr%mme directly (not via the Annual Fund) - a total of £89,70g (2021.. £gQ,911). Public benefit The Trustees confirm that they have cotnplied with their duty in Section 17 of the Ch8rities Act 2011 to have due regard lo public benefit guidance published by the Charity Commission for England and Wales. Reserves policy Tv build funds given by donors as expendable endowment for the purpose of making annual gonts in fulfilment of the charity's objects. Grants in respect of individual pupils usually cover a number of years Ibased on ￿rtain criterial 11 is, therèfore, possible that in any one year there may not be enough endowment income to pay these grants in full. If this were to occur. the Trustees would review the situation and consider 251 their options, including the possibility of releasing some capital value from the expendable endowment funds. At 31 August 2022 the total endowed funds stood at £2,948,608 (2021. £2, 935,567). Volunteers and other support The Chairman would sincerèly like to thank all those who voluntarily give so much of their lime to support the work of the Foundation. The Trustees would also like lo thank the Headmaster, Finance Director and Development Director of the School for all their assistance. Approved by the Board of Trustees of The Maclaren Foundation on Il &AL and signed on its behalf by.. W Massey {Chairmanl THE MACLAREN FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILtTIES ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees are responsible for preparing the Annual Trustees, Report and the financial statements in accordance with applicable law and UnrLed Kingdom Generally Accepted Accounting PTrctice (United Kingdom Accounting Standards). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each flnanciai year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required lo". select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., stale whether applicable aceounling standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to pfftsume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's Iransaclions, disclose with reasonable accuracy at any lime the financial position of the Charity enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regu18tions 2008 and the provisions of the Charity's conslitulion. They 8re also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irwularilies. Approved and authorised for issuè by th8 Board of Truslegs of Thè Maclaren Foundation on l%& %*• 2& and signed on its behalf by.. W Massey (Chaimianl INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2022 OpÈnion We have auditecs the financial statements of The Maclaren Foundation for the year ended 31 August 2022 which comprise the Slalement of Financial Activities, the Balance Sheet and notes lo the financial statements, including significant accounting policies The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom A¢counting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Gen@r311y Acrpptg.tl Accotinling Praetice). In our opinion the fi'nancial statements.. give a true and fair view of the state of the charity's affairs as at 31 August 2022 and of its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordance wilh the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on ALJdib"ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furthei described in the Auditor's responsibilities for the audit of the financial statements secbon of our report. We are independent of the charity in accordance with the ethical requirements that afft relevant lo our audit of the financial stslements in the UK, including the FFIC'S Ethical SLai)ddid, and we have fulfillecJ our other eihlcal responsibilities in accordance with fhese requirements. We believe that the audit evidence we have obtained is suffi.cient and appropriate to provide a basis for our opinion. Conclusions rolating to golng eoncern In auditing the financial slatemenls, we have concluded that the trustee's use of the going concern basis of aGcounting in the preparation of the finanLial slalemen15 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. other infomiation The trustees are responsible for the other Information contained within the annual report. The other infoim8bDn comprises the information included in the 8nnual report, other than the financial statements and our audito¢s report thereon. Our opinion on the financial statements does not cover the other informatlDn and, except lo the exlenl otherwise explicily staled in our report, we do not express any form of assurance conclusion thereon_ Our responsibility is to Fead the other information and, in doing so, consider whether the other information is materially inconsistent with the f nancial ststemenls or our knowledge obtained in the audit or otherwise appears to be materially misslatecs. If we Identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a m8lerial misstatement of this other inforrnation. we are required to report that fact. Wè have nothing lo report in this regard. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2022 ICONTINUEDI Matters on whlch we are required to report by exception We have nothing to report in respe¢l of the lollowing matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the financial ststements is inconsistent in any material respect with the trustees, report., or sufficient and proper accounting recor(Js have not Lieen kept by the charity., or the financial statements are not in agreement with the accounting records and ￿tUrns., or we have not received all the informab'on and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being salisffed that they give a true and fair view. and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial stslements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going Con￿rn tiasls of accounting unless the trustees either intend lo liquidate the charity or lo cease operations, or have no realistic allern81ive but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and rèlevant rp.giJSation* mgdo or having èffect thereundor. Our objectives are lo obtain reasonable assufftnce about whether the financial statements as a whole are free from material misststemenl. whether due to fraud or ei"ror, and tQ Issue an auditors report that includes our opink)n. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when Il exists. Misstslemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision£ of LJqer* takèn on the basis of thèse financial stat8m8nts Details of the extent to which the audit was considefftd ¢apable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further descripb.on of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.fr¢.org.ukJauditorsresponsibilities. This description foms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularÈties. Including fraud Iwularilies, including fraud, are instan￿$ of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from iffegularities, whether due to fraud or error, and discussed these be￿een our audit team members. We then designed and performed audit procedures responsive to those risks. including obtaining audit evidence sufficiènt and Appropriate to provide a basis for our opinion. We obtained an understsnding of the legal and regulatory framework5 Within whrh the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial stalemenls. The laws and regulation5 we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 1021. Ive assessed the required Gotnpliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalements but compliance with which might be fundamental to the charity's ability lo opemte or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations w2S taxation legislation. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED) Auditing standards limit the required audit procedures to identify non underseiaion 1212 ofthc Companies Acr2(rf)6. THE MACLAREN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Funds Restricted Endowed Total Fund Funds Funds 2022 Tot l Fund 2021 Note INCOME AND ENDOWMENTS FROM: Voluntary Sources.. Donations 89,709 89,709 90,911 Investments" Investment income TOTAL INCOME 87,273 89,709 176,990 167,430 EXPENDITURE ON.. Charitable expenditure 121 109 460 86.627 TOTAL EXPENDITURE 121 109 460 86.627 NET IEXPENDITURE)I INCOME FOR THE YEAR 1113) 15,3081 72.951 67.530 80,803 Net Ilossesllgains on investments 173,2731 173,2731 451,230 Transfers be￿een fvnds Net movement in funds 113,4761 15,308) 13,041 15,7431 532, 033 BALANCES BROUGHT FOR WARD at I September2021 13.603 55.426 2,935,567 3.004,596 2,472,563 BALANCES CARRIED FORWARD at 31 August 2022 The notes on pagcs Q to 16 form part of these Financial Staleineiits. THE MACLAREN FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2022 Note 2022 2021 FIXED ASSETS Fixed asset investments 2.706.773 9 761.151 CURRENT ASSETS Debtors Cash at bank and on deposit 1.127 308.728 309.855 21, 188 222 257 243,445 CREDITORS: AMOUNTS FALLING OUE WITHIN ONE YEAR NET CURRENT ASSETS 292 080 243 445 NET ASSETS REPRESENTED BY Exp8nd2ble endowed fund Restricted fund Unreslricled fund 8A 8B 8C 2,948,608 50,118 127 2,935,56T 55,426 TOTAL FUNDS 3 004 596 The notes on pages 9 10 16 form part of Ihese Financial Statements. These Financial Statements have been approved and aulhorised for issue by the Trustees on 13 De￿rnber 2022 Signed on behalf of the Trustees W Massey Ichaimianl THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES The following accounting policies have been used consislenlly in dealing with Items which are considered materi81 in relation lo the Financial Statements.. a) CHARITY INFORMATION The Maclaren Foundation is a register￿ charity with the Charities Commission Engl￿nE￿ and Wales Icharity number 11122151. Thè address of the registered office is Summer Fields School, Mayfield Road, Oxford OX2 7EN. b) BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP IFRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Maclaren Foundation meets the definition of a public benefrt entity under FRS 102. Cash Flow Slateiment As the results of the charity are included within the consolidated financial statements of the parent, Summer Fields School Trust Limited, the charity has taken advantage of the FRS 102 exemption from prepering ils own cash flow statement. The functsonal currency of the charity is considered to be GBP because that is the currency of the primary economic environment in which the school operates. CI GOING CONCERN The Trustees have undertaken detailed planning and forecasting and continue to c5osely monitor Ilie eLUIIUmlC 511uation in the aftermaih of the pandemic an¢ In the light of Inflationary pressures arising from the situation in Ukraine. Despite the current circumstances the Trustees believe that the Charity's financial resources and contingency planning is sufficient lo ensure the ability of the Charity lo continue as a going concern for the foreseeable future, being at least tsvelve months from the dale of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. d} INCOME Donations are accounted for in the Statement of Financial Activities on a receivable basis. Income from investrrenls is included in the Statement of Financi21 Actwities only if received, or if declared and receivable. e} EXPENDITURE Expenditure is included in the Statement of Financial Activities on an accruals basis. The provision of bursaries and scholarships to pupils of Summer Fields School is included under Charitable Expenditure. THE MACLAREN FOUNDATION NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 f) INVESTMENTS Investments are valued at market value at the Balance Sheet date. Gains or losses arising on realisation or revaluation are reflected in the fund to which the investments relate and are recognised in the Statement of Financial Activities. gl FUND ACCOUNTING Endowment funds represent the expendable endowment of the Charity. Restricted funds are lo be used for spècified purposes laid down by the donor. Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the Charity- h) RECOGNITION OF LIABILITIES Liabilities are recognised once there is a legal or constructive obligation that commits the Charity lo the obligation. ÉI JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on historical experienTr and other factors, including expeelations of ftjture evènts th81 are believed to be reasonable under the circumstances. In the view of the Trustees, no assumptions concerning the future or ests'm81ion uncertainty affecting assets and liabilities at the Balance Sheet date are likely to result in a material adjustment to their Garrying arnounts in the next financial year. j) FINANCIAL INSTRUMENTS Basic financial instrurnents are initially recognisecf at transaction vslue and subsequently measurod at amortised cost with the exception of investments which are held at fair value. Financial assets held al amortised cost comprise cash at bank and in hand together with amounts due to connected entities and accrued income. ADf¥llNISTRATION OF THE CHARITYI FUNDRAISING COSTS The expenditure for the administmtion and governants of the Charity and ftjndraising, including auditor's remuneration of £2,360 (2021.. £2,250).. are borne by Summer Fields School Trust Limited. TRUSTEES, REMUNERATION AND EXPENSES The Trustees received no remuneration or refund for expenses during the year (2021." nil). There were no persons directly employed by the Chanty during the year (2021 ." nil). 10 THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CHARITABLE EXPENDITURE 2022 2021 Grants and awards Investment management fees Bank charges Totsl 92,567 16,744 149 69,893 16,593 141 FIXED ASSET INVESTMENTS 2022 2021 At 1 September 2021 Purchases Disposal proceeds Realised gains I Ilossesl Unrealised Ilossesl I gains Market value al 31 August 2022 Historical cost at 31 August 2022 2,761,151 1,915,231 681,531 1, 736, 156 {662,6361 (1,341,466) 151,039 87,904 224 312 363 326 DEBTORS 2022 2021 Amounts due trom connected parties Prepayments and accrued income 5,094 16.094 CREDITORS 2022 2021 Amounts due to connected parties THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEmE￿s FOR THE YEAR ENDED 31 AUGUST 2022 FUNDS OF THE CHARITY 8A. ENDOWED FUNDS: MOVEMENTS IN THE YEAR Balance at Income f September 2021 Expenditure Investment Transfers Losses Balance at 31 August 2022 Endowment funds Maclaren Awards 2 935 567 Nlaclaren Awards The funds are held as expendable endowment, the income received on the funds will be provided as bursaries and scholarships al Summer Fields for able boys whose parents would not othetwise be able lo afford the fees. 8B. RESTRICTED FUNDS.. MOVEMENTS IN THE YEAR Balan￿ at 1 September 2021 Balance at 31 August 2022 Income Expenditure Restricted funds Eiiduwed i1lLUlllg Aweirds Endowment Income This fund represents monies eamed on the endowed funds of the Foundation which are available lo fund bursaries and scholarships as determined by the Trustees. 8C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance 8t 1 September 2027 Balance at 31 August 2022 Income Expenditure Transfers Unrestricted funds General reserve General Reserve These funds are held for the general purposes of the Charity, 12 THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 NEf ASSETS QF THE FUNDS OF THE CHARITY The Charity's nel assets belong lo the various ftjnds as follows.. Fixed Assets Net Current Assets Fund Balances Endowment funds 2,706,773 241,835 2,948,608 Restricted funds 50.118 50,118 Unrestricted funds 127 127 10. RELATED PARTY TRANSACTIONS Awards of £92,567 (2021.. £69.893) were provided to Summer Fields School Trust Limited in the year, an associated charity l¢harity number 309683, company number 005532431 with effective control of the Foundation. During the year donations were re￿iVed from School Govemors and Trustees of The Maclaren Foundation Trustees of £1,000 (2021.. £1,000). At the year end, a balan￿ due to the School of £17,775 was included in creditors12021.. debtorof £5,094). 13 THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Funds Restricted Funds Endowed Total Fund Funds 2020 Note INCOME AND ENDOWMENTS FROM: Voluntary Sources: Donations 90,911 90,911 Inve5trnents: Investment income TOTAL INCOME 76.517 90,911 167,430 EXPENDITURE ON.. Charitable expenditure 112 TOTAL EXPENDITURE 112 NET INCOME FOR THE YEAR 11101 6.610 74,303 80,803 Net gains on investments 451230 Net income for the year 11101 6,610 525.533 532,033 BALANCES BROUGHT FORWARD at 1 September 2020 13,713 48,816 2,410,034 2,472,563 BALANCES CARRIED FORWARD at 31 August 2021 All incoming resources and resources expended are derDied from continuing aclivilies. 14 THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. FUNDS OF THE CHARITY YEAR ENDED 31 AUGUST 2021 12A. ENDOWED FUNDS: MOVEMENTS IN THE YEAR ENDED 31 AUGUST 2021 Balance at 1 September 2020 Income Amounts Expended Investment Gains Balance at 31 August 2024 Endowment funds Maclaren Awards Pjlaclaren Awards Tlie funds are held as expendable endowment, the income received on the funds will be provided as bursaries and scholarships at Summer Fields for able boys whose parents would not otherwise be able lo afford the fees. 12B. RESTRICTED FUNDS. MOVEMENTS IN THE YEAR ENDED 31 AUGUST 2021 Balance at I September 2020 Amounts Expended Balance at 31 August 2021 Income Restricted funds Endowed income - Awards Endowrnent Income This fund represents monies eamed on the endowed funds of the Foundab"on which are 8vailable to fund bursaries and scholarships as determined by the Trustees. 12C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR 31 AUGUST 2021 Balance at I Seyl¥Kriber 2020 Amounts Expended Balance at 31 August 2021 Income Unrestricted funds General reserve 713 General Reserve These funds are held for the general purposes of the Charity. 15 THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11D. NET ASSETS OF THE FUNDS OF THE CHARITY AT 31 AUGUST 2021 The Charity's net assets belong lo the various funds as follows". Fixed Assets Net Current Assets Fund Balances Endowment funds 2,761,151 174,416 2,935,567 Restrictgd funds 55,426 55A26 Unrestricted funds 16