Registered Charity.. 1112215 THE MACLAREN FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INDEX Page1 2 Truslees, Annual Report Trustees, Responsibilities Independent Audilor's Report Statement of Financial Aclivities Balance Sheet Notes lo the Financial Statements 9-16
THE MACLAREN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Governing Document The Foundation is governed by a deed dated 8 July 2005 and is a registered charity, number 1112215. Trustees The Truslees for the period under review to the dale of signing Ihe financial statements were.. WG S Massey QC, MA Chairman J H Chalfeild-Roberts (retired 13 November 2023) J Sfakianakis PhD' M W D Little {appointed 5 October 2023) Governor of Summer Fields School Trust Limiled Principal address Mayfield Road Oxford OX2 7EN Objectives of the Foundation The Maclaren Foundation (the"Foundation") was established as a charitable trust in November 200510 provide for the advancement of educalion al the school of Summer Fields School Trust Limited (the 'School"I so long as the School, in the opinion of the Truslees, is conducted independently of the Slate and of any local or public aulhorily. The purpose of the Foundalion is to grant scholarships, bursaries and other awards to the School. The Foundation was sel up to lake over The Maclaren Trusl and the School Bursary Fund and hold il as a single fund (although the Trustees subsequently resolved in 2010 to return the Bursary Fund to Ihe School Ihereby providing the Headmaster wilh greater flexibility to deal with hardship cases as and when arising). PolicTes of the Foundation The Trustees are empowered through the Foundation deed to apply income (including interest earned) towards scholarships and bursaries (for boys selected by the Trustees in conjunction with Ihe Headmaster) and to make other awards of income or capital to the School. Trustse recruitment and training The Governors of the School have the power to appoint replacement or additional Trustees of the Foundation. Such appointments would usually be discussed between the Chairman of the Governors (or as delegated by him) and the Chairman of the Foundalion lor as delegated by him), with due consideration being given to the skills of the existing Trustees and the requisite skills. Truslees are encouraged to altend conferences and seminars, details of which are circulaled by Ihe Clerk to the Foundation from time to time. Application of funds and financial review The Foundation's principal funding sources are charitable donation5 from fomier pupi Is of the School landlor their parents), logether with interesl earned on its funds. In the year, the Foundation received income lotalling £414,416 (2023.. £477,803J and made scholarship and bursary awards lolalling £94,421 (2023.. £91,444) in furtherance of the Foundation's objectives of supporting pupils and advancing education at the School.
THE MACLAREN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 {continuedl Review of activities and achievements In the financial year ended 31 August 2024 The Maclaren Foundation received £233,211 (2023.- £294,693) in donationslgifts via the School's Annual Fund and £53, 141 (2023.. £76,866) in support of the Scholarship Programme directly Inol via the Annual Fund)- a total of £286,352 (2023.- £3TI,559). Public benefit The Trustees confirm that they have complied with their duly in Section 17 of the Charities Acl 2011 to have due regard lo public benefit guidance published by the Charity Commission for England and Wales. Reserves policy To build funds given by donors as expendable endowment for the purpose of making annual grants in fulfilment of the charity's objects. Grants in respect ol individual pupils usually cover a number of years (based on Gertain criterial. It is, therefore, possible that in any one year there may not be enough endowment income lo pay these grants in full. If Ihis were to occur, the Trustees would review the situation and consider all their options, including the possibility of releasing some capital value from the expendable endowment funds. Al 31 Augusl 2024 the total endowed funds stood at £3.817,222 (2023.. £3,290, 132). Volunteers and other support The Chairman would sincerely like to thank all those who voluntarily give so much of their lime lo support the work of the Foundalion. The Trustees would also like to thank the Headmaster, Finance Director and Development Director ofthe School for all their assistance. Approved by Ihe Board of Trustees of The Maclaren Foundalion on behalf by= and signed on its W Massey Ichaimian)
THE MACLAREN FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees are responsible for preparing the Annual Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the Charily for thal period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistenlly- observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions, disclose with reasonable accuracy at any lime the financial PDSltion of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulalions 2008 and the provisions of the Charitls conslitulion. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of Iraud and other irregularities. Approved and authorised for issue by the Board of Trustees of The Maclaren Foundation on and signed on ils behalf by.. 44L W Massey {Chaimianl
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of The Maclaren Foundation for Ihe year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial slatemenls, including significanl accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as a131 August 2024 and of its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charily in accordance wilh the ethical requirements that are relevant to our audit of the financial statemenls in Ihe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that Ihe audit evidence we have oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of Ihe financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating lo events or condilions that, individually or collectively, may cast significant doubl on the charity's ability to conlinue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistenoies or apparent material misstalemenls, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED) Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charilies (Accounls and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the financial slatemenls is inconsistent in any material respect with the trustees, report,. or sufficient and proper accounting records have not been kept by the charity; or the financial stalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set oul on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements thal are free from material misslalemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Irustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative bul 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 Ihe Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a malerial misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of delecling irregularilies, including fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's websile at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misslalement of Ihe financial statements from irregularities, whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on Ihose laws and regulations that have a direct effect on Ihe determination of material amounts and disclosures in the financial stalemenls. The laws and regulations we considered in Ihis context were the Charities Act 2011 logelher with the Charities SORP {FRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement ilems. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability lo operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist wilhin the charity for fraud. The laws and regulalions we considered in this context for the UK operalions was taxation legislation.
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MACLAREN FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024 (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 4[th ] Floor St James House St James' Square Cheltenham GL50 3PR
Date: 04 December 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.
6
THE MACLAREN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Funds Restricted Endowed Total Fund Funds Funds 2024 Total Fund 2023 Note INCOME AND ENDOWMENTS FROM: Voluntary Sources: Donations 286,352 286,352 371,559 Investments.. Investment income 128 062 128 064 106 244 TOTAL INCOME 128,062 286,352 414,416 477, 803 EXPENDITURE ON: Charitable expenditure 74 114 279 107 500 TOTAL EXPENDITURE 74 114 279 107 500 NET (EXPENDITUREII INCOME FOR THE YEAR (721 33,607 266,602 300,137 370,303 Net gain l {loss) on investments 260,488 260,488 (14,076) Transfers between funds 100 100 Net movement in funds 28 33,507 527,090 560,625 356,227 BALANCES BROUGHT FOR WARD at I Septgmbgr 2023 54 64,894 3,290,132 3,355,080 2,998,853 BALANCES CARRIED FORWARD at 31 August 2024 The noles on pages 9 to 16 form part of these Financial Slatemenls.
THE MACLAREN FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2024 Note 2024 2023 FIXED ASSETS Fixed asset inveslmenls 3,700,589 3, 190,845 CURRENT ASSETS Debtors Cash at bank and on deposit 83,118 131998 215,116 69,329 164,235 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS 215 116 764 235 NET ASSETS REPRESENTED BY Expendable endowed fund Restricted fltnd Unrestricted fund 8A 8B 8C 3,817,222 98,401 82 3,290, 132 64, 894 54 TOTAL FUNDS The notes on pages 9 to 16 fomi part oflhese Financial Statements. These Financial Statements have been approved and authorised for issue by the Trustees on 94L 08cty%2* Signed on behalf of the Trustees W Massey {Chaimianl
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Financial Stalements.. a) CHARITY INFORMATION The Maclaren Foundation is a registered charity with the Charities Commission England and Wales (charity number 1112215). The address of the registered office is Summer Fields School, Mayfield Road, Oxford OX2 7EN. bl BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared under the historical cost convention. The financial slatements have been prepared in accordance with Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) - (Charilies SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Maclaren Foundation meets the definition of a public benefit enlily under FRS 102. Cash Flow Statement As the results of the charity are included within the financial statements of the parent, Summer Fields School Trusl Limited, the charity has taken advantage of the FRS 102 exemption from preparing its own cash flow slatement. The functional currency of the charity is considered to be GBP because that is the currency of the primary economic environment in which the school operates. c) GOING CONCERN The Truslees have undertaken detailed planning and forecasling and continue to closely monitor the economic siluation, in particular the conlinued cost of living pressure, including high interest rates, and Ihe introduction of VAT on school fees by Ihe governmenl in January 2025. Despile the current circumstances the Trustees believe Ihal the Charity's financial resources and contingency planning is sufficient to ensure the ability of the Charity lo continue as a going concern for the foreseeable future, being at least twelve months from the date 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 investments is included in the Statement of Financial Activities only if received, or rf declared and receivable. e) EXPENDITURE Expenditure is included in the Statement of Financial Activities on an accruals basis. The provision of bursaries and scholarships lo pupils of Summer Fields School is included under Charitable Expenditure.
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 fj INVESTMENTS Investments are valued at market value al the Balance Sheet date. Gains or losses arising on realisation or revaluation are reflected in the fund lo which the inveslments relate and are recognised in the Statement of Financial Aclivilies. gl FUND ACCOUNTING Endowment funds represent the expendable endowmenl of the Charily. Restrided funds are to be used for specified purposes laid down by the donor. Unrestricted funds are donations and other incoming resources received or generaled 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 to the obligation. i) JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the view of the Trustees, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the Balance Sheet dale are likely lo result in a malerial adjustment to their carrying amounts in the next financial year. j) FINANCIAL INSTRUMENTS Basic financial instruments are initially recognised at transaction value and subsequently measured al amortised cost with the exception of investments which are held at fair value. Financial assets held al amortised cost comprise cash al bank and in hand together with amounts due lo connected entities and accrued income. ADMINISTRATION OF THE CHARITY I FUNDRAISING COSTS The expenditure for the administration and governance of the Charity and fundraising, including auditorfs remuneralion of £2,780 (2023.. £2, 700), are borne by Summer Fields School Trust Limited. TRUSTEES, REMUNERATION AND EXPENSES The Trustees received no remuneration or refund for expenses during the year (2023.. nil). There were no persons directly employed by the Charity during the year (2023.. nil). 10
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARITABLE EXPENDITURE 2024 2023 Grants and awards Investment management fees Bank charges Total 94,421 19,750 108 91,444 15,g70 86 FIXED ASSET INVESTMENTS 2024 2023 Market value at 1 September 2023 Purchases Disposal proceeds Nel gains l (losses) on inveslmenls Markel value at 31 August 2024 Historical cost al 31 August 2024 3,190,845 2, 706, 773 962,663 752,504 {713,4071 (254,356) 260,488 (14,076) 379084 DEBTORS 2024 2023 Amounts due from connected parties Prepayments and accrued income 77,618 68, 139 CREDITORS 2024 2023 Amounts due to connected parties
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FUNDS OF THE CHARITY 8A. ENDOWED FUNDS: MOVEMENTS IN THE YEAR Balance at Income I September 2023 Expenditure Investment Transfers Balance at Gains 31 August 2024 Endowment funds Maclaren Awards a2 Maclaren Awards The 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 nol otherwise be able to afford the fees. 8B. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at I September 2023 Income Expenditure Transfers Balance at 31 August 2024 Restricted funds Endowed income - Awards Endowment Income This fund represents monies earned on the endowed funds of the Foundation which are available to fund bursaries and scholarships as determined by the Trustees. 8C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balanc8 at I September 2023 Balance at 31 August 2024 Income Expenditure Transfers Unrestricted funds General reseNe General Reserve These funds are held for the general purposes of Ihe Charity. 12
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 NET ASSETS OF THE FUNDS OF THE CHARITY The Charity's nel assets belong lo the various funds as follows.. Fixed Assets Net Current Assets Fund Balances Endowment funds 3,700,589 116,633 3,817,222 Restricted funds 98,401 98,401 Unrestricted funds 82 82 10. RELATED PARTY TRANSACTIONS Awards of £94.421 (2023.. £91,444) were provided to Summer Fields School Trust Limited in the year, an associated charity (charity number 309683, company number 00553243) with effective control of the Foundation. During the year donations were received from School Governors and Trustees ofThe Maclaren Foundation Trustees of£1,000 (2023.. £1,000). Atlhe year end, a balance due from the School of£77,618 was included in debtors (2023.. £68, 139). 11. FINANCIAL INSTRUMENTS 2024 2023 Financlal Assets Financial assets measured at fair value 3 700 589 3 190845 Financial assets held at fair value include quoted assels held as investments. 13
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Restricted Endowed Total Fund Funds Funds 2023 Note INCOME AND ENDOWMENTS FROM: Voluntary Sources: Donations 371,559 371,559 Investments: Investment income 106 233 106 244 TOTAL INCOME 11 106,233 371,559 477,803 EXPENDITURE ON: Charitable expendilure 74 107 500 TOTAL EXPENDITURE 74 107 500 NET IEXPENDITUREII INCOME FOR THE YEAR 1631 14,776 355,590 370,303 Net losses on investments (14,076) 114,0761 Transfers between funds 10 10 Net movement in funds (73) 14,776 341,524 356,227 BALANCES BROUGHT FORWARD al 1 September 2022 127 50,118 2,948,608 2,998,853 BALANCES CARRIED FORWARD at 31 August 2023 All incoming resources and resources expended are derived from continuing activities. 14
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. FUNDS OF THE CHARITY YEAR ENDED 31 AUGUST 2023 13A. ENDOWED FUNDS: MOVEMENTS IN THE YEAR ENDED 31 AUGUST 2023 Balanc8 at 1 September 2022 Income Amounts Investment Expended Losses Transfers Balance at 31 August 2023 Endowment funds Maclaren Awards Maclaren Awards The funds are held as expendable endowmenl, Ihe 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. 13B. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR ENDED 31 AUGUST 2023 Balance al 1 S8Ptember 2022 Amounts Expended Balance at 31 August 2023 Income Restricted funds Endowed income - Awards Endowment Income This fund represents monies earned on Ihe endowed funds of the Foundation which are available to fund bursaries and scholarships as detemiined by Ihe Trustees. 13C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR 31 AUGUST 2023 Balance at I September 2022 Amounts Expended Transfers Balance at 31 August 2023 Income Unrestricted funds General reserve General Reserve These funds are held for the general purposes of the Charity.
THE MACLAREN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13D. NET ASSETS OF THE FUNDS OF THE CHARITY AT 31 AUGUST 2023 The Charity's net assets belong to the various fund5 as follows: Fixed Assets Net Current Assets Fund Balances Endowment funds 3,190,845 99,287 3,290,132 Restricted funds 64,894 64,894 Unrestricted funds 54 54 16