Registered Charity.. 1112215 THE MACLAREN FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 INDEX Pagef-2 Trustees, Annual Rèport Tru81ees' Responsibilities Independent Audllorfs Raport Slalement of Financial Activities Balanca Shaèl Notes lo the Financid Stalements 9-16
THE MACLAREN FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Governlng Document Th8 Foundats'on is govemed by a deed dated 8 July 2005 and Is a roglstered charlty. numbèr1112215. Trustees The Trustees for the perfod und8r r8view lo th8 date of signing the financial slalemenls were.. W G S MasseyQC, MA Ch8lrffl8n J H Ghatfeild-Roberts Irelired 13 Novernb6r 2023) S R Peake BSC, Ir61118d 12 July 20231 J Sfaklanakis PhD' M W D Lltlle lappoln18d 5 October 20231 Govemor of SUMM Fields School Trust Llmiled Prlnclpal addr8S5 Mayfiekl Road Oxford OX2 7EN Objectlve8 of the Foundatlon The Maclaren Foundation Ith8'Foundation I was established as a charitable trust in November 2005 to provlde for the advancement of educadon at tho school of Surnm8r Fl8ld8 School Trust Limited (the 'School"I so long as the SchoDI, the oplnion of the Trustees, is conducted independently of the Stale and of any local or publlc authority. The purpose of the Foundation is to granl scholarshlps. bursarlès and othèr awards lo th8 School. The Foundatlon w85 set up to take over The Maclaren Trust and the School Bursary Fund and hold il as a 51ngle fund (although the Trustees subsequently resolv6d In 2010 to return the Bu15ary Fund to th8 School thereby providing the HeadmasleT With 9r881er flexibility lo deal with hardship cases as and when arlslngl. Policles of the Foundation The Trustees are empowered through the Foundallon d88d lo apply Inc0rn8 (Including interest earned) towards SGholar5hip5 and bursaries Ifoi boy8 seleded by the Trustees in coniun¢llon with the Headmaster) and to make othèr awards of Sncome or capltal to the School. Trustee recrulimènl and tralnlng The Gov8mors of th8 School have the power lo appoint replament or additional Trustees of the Foundalbn. Such appoSntmenls would usually b6 discussed between the Chaiiman of the Governors lor as d8legaled by hlml and the Chalrrnan of the FoundalSon lor as delegated by html. wlth due (onslderatlon belng given to the skills ol the exlsllng Trustees and th8 r8quls119 skllls. Trustees are encouraged to attand confeionces and serninaT8, dolalls ofwhlch are clrculated by the Clerk to the Foundalbon from Ilme lo Ilme. Application of funds and financlal revlew The FoundaUon's prindpal funding SrceS are charitable donauons from former puplls of the School landlor Ihair parenlsl, together with interest earned on Its funds. In thè y8ar. th8 Found8lon recelved income tolalling £477,803 (2022.. £176.990) and made seholarshlp and bursary awards lolalllng £91.444 (2022.. £92,567J IM furth8ranc8 of the Foundalion's objedves of supportlng pupils and advancing education at Ihe School.
THE MACLAREN FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl Revlew of activities and achievements In the financial y881 ended 31 August 2023 The Madaren Fwnd8llon recelved £294,693 (2022.- £T4,979J in donat10ng5fts via the School's Annual Fund and £76,866 (2022.. £14, 730) In support ol the Scholarshlp Programme dlrectly (not via the Annual Fundl- a total of £371.559 (2022.. £89, 7Q9). PublSc beneflt The Trustees confirm that they have complied wllh Ihelrduly In Sectlon 17 of the Charill8s Act2011 to hav8 due egard to publ benefit guldance published by the Charity CommissTon for England and Wales. Reserves pollcy To build funds given by donors as exp6nd81& endowrnenl forlhe purpose of making annual grants in fulfilment of the charity's objects. Grants in respect of individual pupils usually cover a number of years (based on certain Iterlal. It Is. therefore, pos5ibl8 that in any on8 y8arlhere may not be enough endowmenl Income to pay these grants in full. If this were to occur. the Trustees would revlewthe sllualion and consider all Iheiroplions, including the possSblllty ol releaslng som6 capital value Irotn the expendable endowment funds. Al 31 August 2023 the total endowed funds stood al £3.290,132 f2022.' £2,948,608). Volunteers and other support The Chairman would sincerely1Ske to thank all those who volunt8rlly glvg so much of Ihglr Ilme 10 8UPPOrt the work ofthe Foundation. The Tiust6è5 would al80 like lo thank the Headmaster, Finance Director and Development Dlrector of thè School for all thelr asslstance. o%S Approv6d by the Board of TIu81ee8 of Th8 Maclaren Foundailon on 14 IL DLciSrf and slgned on Ils behalf by., W Massey Ichalmian)
THE MACLAREN FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES ACCOUNTING AND REPORTING RESPONSIBILITIES The Truslees ars responslble for preparing the Annua1 Trustees, Report and the financlal statements In accordance with applicable law and Ulliled Kingdom Gener811y ACpted AOuntIng Practic8 IUnit8d Kingdom AGCOUntlng Standards). The law applicable to charlties in England and Wales requlre5 the Trustees lo prepare finan¢lal slalemeri18 for each financial year which give 8 Irua and fair view of the stale of affairs of the Charity and of the inoomSng resou6 and appllcatlon of resource5 of the ChaTily for that p9ri0d. In preparing Ihe8e financial 81alements, the TTusle8s are required to.. sele¢l sullable a¢counllng pollcies and then apply them conslstently.. observe the methods and prfndples In the Chaiit185 SORP.. make judgments and esllmates that are reasonable and prudent.. stat8 wh8th8r applicable accounting standards have been followed, subject lo any malerlal departures disclosed and explained in the financial statements.. pr8paT8 the financial slalemenls on the golng conc8m basls unless11 Is Inapproprlate to presume that th8 charity will continue In buslness. The Truste88 are re8ponsible lor keeping adequate accounling records that a sufflclont to show and explaln the Charity's transactions. dls01088 with reasonab18 accui8cy al any lime the linanoial position ol the Charity and enabl& Ih8m lo ensure that Ihe financial slalemenls comply with the Charitie5 Act 2011, Ihe Chaiities (Accounts and Reports) Regulallon5 2008 and the provislons ol th8 Charity's ¢on81itulion. They are also responsib18 for saleuuarding the assets ol the Charlly and hen¢6 for t8ng réasonable steps for th8 pr8v8nlion and deledion of fraud and other irregularitie5. Approved 8lld aulhori88d for issu8 by the Board ofTruslges of The Macjaren Foundation on 14-(kmLQ and 8igned on ils behalf by.. W Massey Ichalrmanl
1NDEPENDErAUDrroR's REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023 Oplnlon W8 h8v8 audll8d thè lin8n¢lal stslèm8nls ol Th8 Maclarèn Foundallon for the yeaT gndèd 31 Augusl 2023 which comprise the Statemènt ol Financial Activities, the Balance Sheet and notes to the financial statements, Includlng slgnlficant accounting policles. Th8 flnanelal reportbng framework that has been appli8d In thelr preparation is applicable law and United Kingdom Accounling Standards. Includlng Flnancial Reporting Standard 102 The FinanThal Reporting Standard applicable In the UK and Republic of IrelaTrd {Uniled Klngdom Generally Accepted Accounting Practlca). In our oplnlon the fflnanclal statements.. glve a true and fair view of the stale ol the Charity's affalrs as at 31 August 2023 and of its income a)Kl expenditure, forlhe year Ih8n endèd., have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting Praclic9', ond have b8on preparéd in aeeordanc8 with thè r6qulromènts of th8 Chari118s Act 2011. Basls for oplnlon We conducted our 8udil In 8ccord8nC8 wlth Intarn8fjon81 Standards on Audltlng IUK} IISAS IUIQ) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financlal sl8letll8nls 5eGtlon ol our rèport. We are Indoptsndenl of the charlty In accordance vAth the trthkal requiromonts that ar6 relevant to our audit of the financ4al statemenls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical re8ponsibililies in ac¢oTdanGe with these requiiefflents. W8 that tha audit evldence we have obtalned Is suffici&nt and appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the linarncial slalemenls, we hav8 concludèd that tha Irusl8es' use of th8 going ctsncgrn basls of 8¢counllng In the prèparatlon of the Inandal statements Is approprlate. Based on the work we have performed. we have nDI identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast slgnilicanl doubl on the ¢harily'8 8bilily to continue 8S 8 going cOnM lor a perlod of al least twelve rnonlhs from when the financial stalernenls are aulhorisod for issue. Our r8spon51blli118s and the rèsponslbllllles of the trustees wtth respect to golny concem are described in the relevant sectlons of thls report. oth&r Infomiatlon The trust62S Sre wspy)nsible for tha other information contained within the annual report. The other infomialion campii888 the Infoimalion included in th8 annual raport, oth8r than th8 financS8l slalemenls and our auditorfs report thereon. Our oplnion on the financial statements does not coverthe other information and, except lo the exl8nl olherwi8e eXpl111y Slated in our r8porL wè do not 8xprès5 any foitn of assurance conoluslon Ihareon. Our responsibility is lo read the other infortn8llon and. In dolng so. conslder whetherthe olher Infomiatlon is materially Inconsistent with the finandal slalemenls or our knowledge obtained ITI lh8 audit or 0th8rwisÈ app8ars lo be materlally mlsslaled. If w8 Idenlffy Such tnaleiial Inwn81stencles or apparent malerlal mlsstatements, we are requlred to determine whether this gives rise lo a material rnisslalern&nl in Ihe financial slatem8nls themselves. If. ba88d on the work we have perfomied, we conclude thal there Is a material mlsstatement of Ihis other information. we are required lo report Ihat fact. We hav& nothlng to report in thls regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023 ICONTINUEDI Matters on whlch we are roqulrad to report by exGeptlon We have nothing lo report in respect ol Ihe following rn8ller8 in relation to which the Ch&rftie5 (Accounls and Reports) Regulations 2008 requir85 US to repori lo you il. in our oplnlon.. the information glven In the financlal st818rnenl8 is inconsistent in any material r85pect wth th8 Iruslees. report.. or sufflclenl and proper accounting records have not been kept by Ihe charity., or the flnanclal slalemenls are nol in agreement wllh the accoullllng records and relums.. or we have not received all the information arKI 8xpknatsorns we requlre for our audlt. Responsibllltie¥ of trustee8 As 8xplained more lully In th8 Irust88s' responsibilities statament sèt out on page 3, the trustees are responslb18 for the preparation ol the financlal Statements and for being satisfied that they give a tru8 and fair view, and for such int8rnal control as the Iruslees delermlne is necessary lo enable the preparatlon ol flnanclal slalemonts that are free from material m155taletnenl, whether due to fraud or error. In preparing the financ181 slalemenls. the trustee5 are responsible for a88esslng the ¢harSly's abllity lo contlnue 85 a going concern, disclosing. as applltrabl@, rnalleis related lo going concern and u5Ing th& going concem basis ol accountlng unless th8 Iruslees either intend to liquidate th8 charity or lo cease operations. or ha no realistic allernallve bul to do so. Audltor, 8 re8ponslbllltle$ for thè audlt of the financial statements We hav8 b£an appointed as auditor Lsnder section 151 of the Charitie5 Act 2011, and report In 8ccord8nc8 ¥th the Acts and relevant regu18tions made or having effect IhBrtrund8r. Our Obl8[e5 ar8 lo obtain reasonable assurance about wh81hgr the financial stalemenis as a whole 8r8 freg from malerial mlsstatemenl, whether due to fraud or error. and to Issue an auditorfs report that indudes our oplnion. Reasonable assurance is a high level ol assUl8nce, bul is not a guarantee that an audlt conduc18d in accordance wilh ISA5 IUW will always detect a materlal m15StateTnent when il exists. Misslalemenls can arise from fraud or error and are considered material11, indivldually or in the a9gregate. they could rè8sonably bg expected to influ6nce the &Gonomlc decisions of users taken on the basis of these financial slalements. Details of the 8xl8nl lo which the audlt was consid8r8d capable of detecting irregularitles, including Iraud and non-complSancè wSth laws and lggulalions are set oul b610w. A further d8scription of our respon51bililles for the audit of the financial statèment515 loc8t8d on the Financial Reporting Council's website at.. www.frc.org.uklaudilors188pon8ibililies. This descrlpllon forms part of our auditoffs report. Extentto whlch thp audit W85 C¢¥nsidered capable of dèteGting irregularities, includin9 fraud Irregularitie5, induding fraud. are instances of n-COmPlinCe with laws and regulalions. We Idenllfled and assessed tho rlsks of matarfal tnlsslalemernl of the financial stalements trorn Iir8gularities. whether due to fraud 01 error, and discussed these between our audit188m members. We then designed and p6rf01rn8d audit procedures responsive to Ih0s8 risks, including obtalning audlt 6vldence Suffi1 and appropriate lo provide basis for our opinion. We oblained an underslandlng ol the legal and regulatory fmmeworks wlthln whlch the charity operates, focusing on Ih03e laws and regulations that hav8 a direct effect on the determination ol mateiial amounts and disclosures In the flnanclal statern8nls. The laws and regulallons w8 conslder8d In Ihls context were the Charities Act 2011 together with the Chadtles SORP IFRS 1021. We assessed Ihe required cotnplign¢e wilh these laws and regulallons as part of our audlt proeedures on the related financlal statement Ilems. In addition, we considered provlslons of other laws and regulations that do not hav8 a dlrect 8ff8cI on Ihe linanThal statements but cornplkgnce with which might be fundament81 to the ch8rity'8 ability to operate or to avold 8 mat8rlal penally. We also consldered th6 opportunili8s and incentives that may exist withln Ihe charity for fraud. The law5 and regulations w8 considered In thls ¢ont8Xt foT lh8 UK operations wa8 laxalion18gislation.
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INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the F&GP Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor 41h Floor St James House St James' Square Cheltenham GL50 3PR
Date: 19 January 2024
Crowe U .K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE MAGLAREN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 restrlcted Funds Restrlctsd Endowed Total Fund Funds Funds 2023 Total Fund 2022 Note INCOME AND ENDOWMENTS FROM: Voluntary Sources- Donations 371,559 371,559 89,709 Investments: Investmènt Income 11 106 233 106 244 TOTAL INCOME 11 108.233 371,559 477,803 176,990 EXPENDITURE ON: Ch8rilable expenditure 74 107 $00 109 460 TOTAL EXPENDITURE 74 107 500 109460 NET IEXPENDITURE)I INCOME FOR THE YEAR 1631 14,776 355.S90 370.303 67,530 Nel losses on Investmènts 114,0761 114,0761 (73.273) Transfers between funds 10 10 Net movement In funds 1731 14,776 341.524 356.227 (5,743) BALANCES BROUGHT FORWARD at I Sapt8mb8r2022 127 60,1IB 2,948,608 2,998.8S3 3.004.596 BALANCE5 CARRIED FORWARD at31 August 2023 9988 The notes on pages 9 tts 16 foTffl part of thes8 Financial Statements.
THE MACLAREN FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2023 FIXED ASSETS Fixed asset investments 3,190.845 2,706,773 CURRENT ASSETS Debtors Cash al bank and on deposit 69,329 1,127 84,235 309.855 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 775 NET CURRENT ASSETS 16 92 OBO NET ASSETS REPRESENTED BY Expendable endowed fund Restrloted fund Unreslricled fund 3.290,132 64,894 54 2,948,608 50,118 127 8B TOTAL FUNDS The notes on pages 910 16 form part of Ihestr Flnanci81 Ststemgnls. These Fln8ncl81 Stalernenls havè been approvad and authorlsed for Issuo by the Trustees on 2023 Slgned on beh8W of th8 TTUSlee5 W Mass9y Ichalrmanl
THE MACLAREN FOUNDATION NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACGOUNTING POLICIES The following accounting policies have been used consistently In dealng wllh Items whlch are considered materlal In relatlon to the Fln8ncial Statements.. al CHARITY INFORMATION The MaoEar6n Fondli0n is a reglslared charity with the Charities Cornmission England amd Wales (charity number 11122151. The address of Ihe r8gislered offi Is Summèr F18kls School. Maffjeld Road. Oxford OX2 7EN. bl BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financlal statements have b88n prepared under thè hlslorical cost convention. Th6 flnancial slalements hava been prepared In a¢ctsrdance with Accountlng and Reporting by Charits.. Slalement of Recomrnended Practice applicable to charities preparing their accounts In accordance with the Financial Reportbng Standard appllcable In the UK and Republlc of Ireland IFRS 1021- (Charitie5 SORP IFRS 10211 and the Financial Reportlng Standard applicable In the UK and Republic ol Ireland IFRS 1021. The Madar8n Foundation meals th8 d8finllion of a publlc benefit entity under FRS 102. Cash Flow Statement A5 Ihe results of the eharily 8r8 incknded within the financaal statement5 ofthe parent, Summer Flelds School Tiust Lirniled. the charity has taken advantagè of th8 FRS 102 exemption frotn preparing ils own cash flow 5tatetnent, Tha functional currerscy of the ¢harily is con51dered to be GBP because that the currency of thè primary economic environment In whl¢h the school op8r8tes. cl GOING CONCERN The Tru5te85 have undertaken det8lled planning and forecasting and continue to c105ely monitor the economic sSluation In the aflemalh of the pandemic and in the Ilght of inflationary pressurès arising from the sitLJalion in Ukralne. Despile the curr&nt clrcumslances the Trustees belleve thal th9 Charity's financlal resources and eonllngency planning is sufficient to 8nsure the abillly of the Charity to continue as a going conc8rn for the foreseeable futur8, belng at least Iwelve month8 from the date of approv81 of these finandal stslemenls and Iherelore hav& prepared ihe flnanclal slalements on a golng concern b8SIS. d) INCOME Donations are accounted for In th8 Stalernent of Fln8ndal Actlvilles on a recelvabl8 bas18. Incom6 frorn inveslments Is Includ8d in Ihe Statemènt of FSnan¢lal Acllv5tles only If e1ved. or rf dÈclared and reIVable, g} EXPENDITURE Expenditure is Includtsd the Statement of Flnan¢lal Activities on an 8ceruals basis. The prO$10n of bur5aiies and s¢holarshlps to puplls ol Summer Flalds School Is Induded under Charitable Exp8ndilure.
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 fl INVESTMENTS Investments ai8 valued * market v81u8 81 the Balanc8 Sh881 date. G8lns or losses arlslng on realisalion orrevaluallon are reflected in the lund lo which the investments relate and are recognised in the Slalemenl of Financial Aclivilie8. 9> FUNDACCOUNTING Endowment lunds represent the &xpend8ble endowrnent of the Chaiity. Restrirtsd fvnds are lo be used for specified purposes laid dow by the donor. Unreslrioled funds are donations and olher incoming resources re¢Ved or 98n8raled for expendllure on Ihe gfyner81 obleollves of the Ch8rlly. h) RECOGNITION OF LIABILITIES Liabililies are recognised there Is a leg81 or Gon$lruolNe obligation Ih8t commlls the Charflyto tho obllgatlon. 11 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Eslimale8 and judg8rnenls cor)Ilnually èvaluatèd and are based on hlstorlcal experlence and other factors, including expectations ol future events that are believed to be reasonablè under the circumstances. In Ihe vlew olthe Trustees, no assurnpllons concernlng the future or eslirnalion uttcertalnly affecllng assets and liabilities al the Balance Sheet dale are likely to iesult in a malerlal adjustment to their carrySng amounts In the next financlal year. 11 FINANCIAL INSTRUMENTS BaS1cffinanal In8lrurnenls arè Inltlally cognL%ed at transacllon value and subsequently measured at amortised cost with the exception ol investments which are h&ld at fair value. Fin8ncl81 asse15 held al amortlsed ¢osl ¢owpr15e cash 8t b8nk and In hand togetherwith amounts due to connecied entili&s and accrued Sncome. ADMINISTRATION OF THE CHARITY I FUNDRAISING COSTS The expendlture forthe admSntstratlon and governance of the Charlly andfundralsing. Includlng audilorfs remuneration of £2,700 (2022.. £2,360), 818 born8 by Sumrn8r Fields School Tiust Limited. TRUSTEES, REMUNERATION AND EXPENSES The TIu8lee8 recelved no remuneratlon or refund for expenses during the year (2022.. nll). Thwe were no person8 dlrectly employod bythe Ch8rhy durfng the year (2022.. nll). 10
THE MACLAREN FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2023 CHARftABLE EXPENDITURE 2023 2022 Grants and award5 Investment management fees Bank charges Total 91A44 15,970 86 92,567 18,744 149 FIXED ASSET INVESTMENTS 2023 2022 At 1 Seplember2022 Purchases Disposal prLKeeds N61 losses on inveslmenls Market value at 31 August 2023 Hlstortcal Lx)sl al 31 August 2023 2,706,773 752,504 1254.3561 114,0761 1761,151 681,531 (662,636) IT3,273) DEBTORS 2023 2022 Amounts du8 from wnnected partles Prep8ymenls and accrued Incorn8 68.139 CREDITORS 2023 2022 Amounts due lo connected partle5 11
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 FUNDS OF THE CHARrrY 8A. ENDOWED FUNDS.. MOVEMENTS IN THE YEAR Balance 8t Incom• I September 2022 Expenditure Investment Transfers Balance at Los8e 31 August 2023 Endowment fund8 Madaren Awards Macl8r8n Awards The funds are held as expendable endowment, the Income received on the funds wlll be PTovided as bursa118s and scholaf5hips at Sumrner Fields for able boys whose parents would Thot otherwlse be ab19 10 afford the fees. 8B. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR B8laJJGe al t Sapt6mb8r 2022 Balance at 31 August 2023 Incom8 Expendlture Restricted funds Endow8d in(x>me- Awards Endowment Income This fund represents monles earned on the elldowed funds of the Foundation whlch are avalble to fund bursaii85 and 8cholar8hips as delerniined bylhe Trustees. 8C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR BAlance Bl I September 2022 BalanGo at 31 August 2023 Income Exp8ndlture Tran3fer Unrestrlcled funds Gen&ial reserve General Reserv• These funds are held for the general purposes of Ihe Charfty. 12
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2023 NET ASSETS OF THE FUNDS OF THE CHARITY The Charity's n81 assets belong lo tho varlous funds as follows.. Flxgd Assets Net Current Assets Fund Balances Endowment funds 3,190.845 99,287 3,290,132 Restrlcted funds 64,894 64,894 Unrestrfcted fund5 54 10. RELATED PARTY TRANSACTIONS Awards of £91,444 (2022.. £92,567) were provided lo Summer Fle$ School Trust Mited in the year. an assocSated chaiily Icharily number 309683, cornpany nurnbgr 005532431 with effectlve eonlrol of the Foundation. Durfng the year donallons were recelv8d from School Governors and Trustees of The Maclar8n FoundalDn Trust8e5 of £1,000 (2022.'£1.OQOI. Atlhe year arKI, 8 balance due frorn the School of£68.139 was included In debtors {2022.' croditorof £17,774. 13
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 restricted Funds Restrlct•d Endowed Total Fu Funds Funds 2021 No INCOME AND ENDOWMENTS FROM.. Voluntary Sources: Donations 89,709 89,709 Investmènts: Investment Income TOTAL INCOME 87,273 89.709 176.990 EXPENDITURE ON: Charitable expenditurè 121 109460 TOTAL EXPENDITURE 121 109460 NET IEXPENDITUREII INCOME FOR THE YEAR 15,3081 72,951 67.530 Net Ilossesllgalns on Investmants 173.2731 173,2731 Transfers between Yund¥ Net movement In funds 113,4761 16,3081 13,041 {5,7431 BALANCES BROUGHT FORWARD at I S8Pt8mb8r 2021 13.603 65,428 2,935.567 3,004,696 BALANCES CARRIED FORWARD at 31 August 2022 Atl incoming resDufGes and resources expended are deiiv8d frorn coNlinuing aclivities. 14
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. FUNDS OF THE CHARITYYEAR ENDED 31 AUGUST 2022 12A. ENDOWED FUNDS.. MOVEMENTS IN THE YEAR ENDED 31 AUGUST 2022 Balance at I S8plgmber 2021 Income Amounts Investment Expended Losses Transfers Balance at 31 Augu$t 2022 Endowment funds Maclaren Awards Maclaren Awards The funds are held as expend8b18 enclowment, the Incorne received on the funds will be provided as bursarles and scholarships at Summer Fields for ab18 boys whose parents would not oth8rwis8 be able to afford the fees. 12B. RESTRICTED FUNDS.. MOVEmErS IN THE YEAR ENDED 31 AUGUST2022 B8lanGe at I S8pt8nJb8r 2021 Amounts Expanded Balance at 31 August 2022 Income Rostrictsd funds Endowed income- Awards Endowm8nt Income This fund represents monS8s 88med on th8 endowed funds of th8 Foundallon which ar8 avallable to fund bursaries and schd8r8hip8 as delermlned by the Trustees. 12C. UNRESTRIGTED FUNDS.. MOVEMENTS IN THE YEAR 31 AUGUST 2022 B8lanc8 81 I Septembpr 2021 Arnounts Expended Transfers Balance at 31 August 2022 Income Unr•strlct8d funds General reseNe General Resetve 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 2023 12D. NET ASSETS OF THE FUNDS OF THE CHARITY AT 31 AUGUST2022 The Charttws ng1 assets belong lo the various fund5 8s follows.. Fixed Assets Net Current Assets Fund Balances Endowmènt fund8 2,706,773 241.835 2,948,608 Restricted funds SO,118 50,118 UnreslriGled funds 127 16