Charity number: 1151698 THE MOI%MOUTH SCHOOLS, CHARITABLE TRUST TRUSTEES, REPORT, FINANCIAL sTATE1￿lENTs AND INDEPENDEwf EK4MIYER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021 THE MONMoirrH SCHOOLS, CHARITABLE TRUST CONTENTS FOR THE YeAR ENDED 31 AUGUST 2021 Page Trustees. officers and advisor5 Trustees, reptFrt Ind￿¢ndClll Examin¢T'5 r¢port Statemerti of Financial Activities Balan¢¢ Sh¢¢t Note8 10 the Financial Siatemenis 15 THE MONMOUTH SCHOOLS, CHARrrABLE TRUST TRUSTEES. OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2021 Trtystees and Director5 The Monrnouth Schools. Charitable Tru* ha5 a sole corporate truslc¢'. MSCF Tttjsttt Litnited. Cotnwy number 15371492. appointed on 14 May 2021. Directors of MSCT Trustee Limited Chiirm8n Mr David Hitchcr￿k Direttors Mr Martin Anderson Mr Richard Flwih, QC Mr Edward Butler Prof Richard Carwardinr CMG Mr Audlcy Twision-Davi¢s Sir Frank Davies CB&OSrJ (resigned 26.11.201 Mr Warren East CBE Mr Noel Manns Mrs Bridget Barkcr M5 Charlotte Hume M5 Claire Martinsen M5 Abigail Llewcllyn-W#t¢TS Mr Julian Stevens S¢cretary Mrs Tessa Nor8rove Principal Offices Monmouth Schools, Chllritablt Trvst and MSCT Trustee Limittd Montnouth Sch(M)I for Boys Almshouse Sire Monmouth NP25 3XP Registered Ch4Tity Numbtr 1151698 B¥nker5 Lloyds Bank pl¢ 18 Monnow Street Monmouth NP25 3XH Investment MaDggers Sarasin & Partners LLP j￿0￿ House 100 Si F3ul's Churchyard London EC4M 8BU Indepelldettt Examiner Guy Biggin FCCA Crowe U.K. LLP 4th Floor St James House St James Square Chcliettha]n Solicitor$ Veale Wasi*)rough Vizarts Narrow Quay House Narrow Quay Bristol BSI 4QA GL50 3PR THE MONMOUTH SCHOOLS, CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED JI AVGUST 2021 Statement of Trustees, Re5ponsibilitÉes The Trusttcs are responsible for preparing the Trusttes. Annual Report and the financi￿ staittnents trt accordw]te with opplicabl¢ law and United Kingdom Gener8lly Acccpled Accounting Pr&clice (United Kingdom Aceounrin8 Slandardsl. The low applicable to charit1¢5 in England and W81¢5 requir¢5 th¢ I'ru5t¢¢s to prepare linan¢ial 51atefflents tor each tinancial year which give a ITUt and fair view of the slat¢ of affair5 of the C>wity and of Ihc incomiDg ￿SoUr￿ and appliratioi) of r¢50UTce5 of the Charity for that period. In prcparing thcsc fjnancial Slatemcnis. the Trustees are required 10. * sclect suiiable accounttng polictes and ih¢n epply ih¢m consislenily,. . obsetve methods and principles in the Charities SORP,. make judgemtnts and estimates that are reL8onable and pwdettt., • st￿e whether applicable ac£ounLing standards have t*en followed. subject to any material departures disclosed and explained irt thc tinancial statements., prepare the fiftaneial st8tements on th¢ going cottcem basis unles$ it IS IDappfopTla* to pre5Utn¢ th3t the Ctlarity will Contin￿ in busLll¢SS. The TTusL¢es are responsible for keeping adequate accounting records that are suificient lo show and explain the Charitys rransactions. di$tlos¢ with reasonable accuracy at any time the financial P05Ltion of the Charity and enable them to ensure that the financial slatcmtnts comply with the Charities Act 2011, the Charities (Accounts and Reports} Regulations 2008 Jnd the provisions of thc Lharity's constitution. They also responsible for safeguarding thc asscts of thc Charity and h¢ncc for tthng rcasonable steps for the prevention and detection of fraud ond otheT LfTegul8Jities. Structure, Gtrverth2n¢e #nd Mahxgemtnt The Charity alld Corporlltt Trusttt The Monmouth Schools, Charitable Trust was established on 6th Fcbruary 2013 by a Declaration of Tru5¢ &8 an unincoTtM)raled a5sociatson and registered as a charity with tlle Charity Commissi¢n under ￿giStratIon nuTnber 1151698. On 14 May 2021 the trustees of the Charity passed a resolution and appoinicd a new compatpy, MSCT Twstee Limitcd. to act as sole trusice of the Charity. MSCT Trustee Limited Mscf Ttu$tee Litnited 15 a company lirnited by guarantee which is the solc Iru$ttt of 'fh¢ Montnouth Sch(K)15' Charitable Trv5t. The Company's restx)nsibilities , &% Trustsc, are ttndcrtakctt by its Dtrectots, who wcrc prcviotssly tntstecs of the Charity, and its activiti¢$ 3Te managed on a day-to day b￿j5 by the Principaj, the Foundation Bursar. the Development Director gnd othcr ststt of Haberd&shers' Monmouth S¢hwls. The DirectQTS are selectd from the breadth of available talent in the curT¢n¢ pgr¢nt and alumni community. The Directors are largely made up uf forn*r pupi15 and have been carefully chosen lo provide a depth of experience in law, busines4 acad¢rnia and prior uperience of fundraising. Ncitkr the Truste¢ nor any of the Directors rcceivc any r¢muneration for serviccs pcrformed in their capacity &$ Trustee or Dir¢ciors. The Trustee and the Govemin8 Body of the Haberthhers, Monmouth sCh￿]s have joinily 88reed that for the r￿se￿able fllttjre all thc C05t5 of 8eneraiin8 funds shall t¢ by Ha￿rd￿hers. Molunouih SctM)ols. Alryb, Objects and Activities Thc Trust'5 ai]n is to enhance and sub51anlially support tneans-tcsted placcs and capital itnprovetnent5 at the Haberda5hers' klNJols in Monmouth over and above the income received Irom Iht cndowryncrtt allocaitd ITOM the Williatn Jones'5 Schools Foundation. Thc Charitable Trust was fornied io cover all itK Schools in the Monmouth group. Initial fvndraising efforts f￿USed on Monmouth khool for Boys. Fundraising activit1¢5 have subsequenily becn widened io Kck support for all of thc schwls in the group. With the creation of the Monmouih Schth)I's Charitsble Trust the Schools have established a fijndrdising vehi¢le thai is sep3Ta* froTn the Williarn Jon¢s's Schools Foundation and which is adminisored by those with a clear atfjliation to Morfftiouth. The Tn￿te¢S confirtn that ihey have referred to the Charity CommisSiOtL'S g¢n¢ral guidance on public benefit under the Chartties Act 2011 when reviewing the Trust'5 aims #nd obje¢tive5 and in pl8nniftg future a¢tivitie5 and setting wt tn¥JLing policy. Th¢ main charitsbl¢ tivities undertaken 10 further the ch￿ity'S purpose for the public benefji are sei out in this rewrt. The ch&ritable objectives for the Trust adopted on 6th F¢btuary 2013, are follows.. To advance the education of pupils at ihe Schools. To promot¢ any othcr charitabl¢ purpose or purrM)ses f ability io aii¢rtd the sch(x)I In tli¢ year £1 1,669 12020. £12.5941 of donatlOL5 were receiv¢d In respect of the FUND 400 - Assistcd Places and Bursary Fund. In the year the trust¢¢s approved grarti awards from Ihis fund 10 SUPT deserving pupi15 ai Monmouth S¢hTr>l for Boys of £8,24112020.. £13.593}. The Willlom Jort¢s Fund Follo￿￿0 the success ot th¢ FUND 400 campaign the f￿u$ tOT fundra15ing has con¢¢ntrai¢d on the longer term aiin to build a new Williain Jones (Bursary and Scholarships Fundl 10 provtdc an education to as many pupils of ability from rh¢ loLal area as possible. The n¢w tund will h¢lp wilh fee5 for pupils who show POl¢niial. not just academically. but also in mu51c or sport. A telq)hon¢ Carnpaign was eatried Qui irt July 1018 which SULLesgfully laun¢h¢d Ihts key tundroising vehicle and a second v¢ry successful tclw)hone catnpaign which had beert swned due to pandemie restriLiipng wttg carried out tn June 21 and resulicd in a growth in incom¢ 10 £42,3)3 (2020.. £26,076}. Bursarie5 ItLd Legaries Building en thL' SULCts5 of Ihe Iwo targeted Q￿mpai￿$ detailed above, the agr¢¢d fundraising 5tTategy has spccificelly iatoeied pupil fee support In lis wid¢si tortns. During rhe yedr turther substaniial anonymous gift5 vf £18.750 12020.. £30,000) weTe s¥urd to support mvdns icsted bursaTies in Moninouih Sch(Kil for B()ys. Mmmouih Pre-Piep and Nursery and SPLrialisi Crick￿ pro￿lS1On at Montnouth sch(M)I tor Boys. WL have veritied Ihe prov¢nance ot the funds and know whu the donors gr¢ bui acknowledge th¢ir wish to show IhL*r gift5 as anonyrnous. We wcrc extretnely pleas¢d 10 rcceive In the year a dongfion o1.£30,000 in the fortn of the Barker 6th Scholarship. This is th¢ first major donaiion sinc¢ thL creation of lh¢ D¢velLn)mLml oftice thjt has b¢en re¢eivtd expressly to Sup￿1 ot Montnouth School foT Girls. li w&q v¢ry hLartening 10 also r¢¢ci%e substttntial namcd awards in support ot deserving pupils ai MonInouth Schwl Boys with continuLYl supp)rt tTQKn IhL Wallis FttTnily ot £40.045 12020. 16.2501. lh¢ old Monmoihian5 Ot £16.h6612020.. Nil) and a new Buckland 6ih Form Scholarship of £12.7(J412Q20.. Nill. A tinal insialmffii of £28.549 was T¢c¢iv¢d ln designaied tunds in lultilineni ot the legacy trotn the estate of Mr lan David Huuldgr¢av¢s. a tiYmLr pupil of Monmouth School foT Boys who had been resident in Australia. Thi% money was earmarked tor capital proj¢cts ai lunmuuth Schwl tor Boys and £100,0￿ was alvardL￿ from thi5 fund to suppon of the pruvision of a oew h￿Ilh and w¢llbtin¥ centre at Monmouih SLhthl The r¢tnaindw of the Houldgrrnv¢s l¢gacy has beth invested dunng the year in the lrtvesttnent Ac¢ouni mana¥ed by Sarasins and r¢ceived £424 of dividend iDcom¢. Hard5hlp Fund The COVID-19 pandemic has produc￿ extretnely Challen￿ng LondiEiVll5 that have had an enonnous economic impaci on tnany people's livelih￿￿. The Sihvols wish to SUPPlJrt Ihose parenis whose financial Circumstanc￿ have changed dramatically al thi% lirne. and have scl up a Hardship Fund as one otr the measures th¢y hop¢ will help. SLNne par¢nis found themselves in a positiLM 10 Contribute to thi% fund. for ¢xample. by donating the dilT¢rence beiwccn the Suintn¢T ienr tee whiLh wti5 discouni¢d for remoie ltrJrning and th¢ nonnal tijll fee. Parent di)nations and a subsianiial di)naii(hi from the Rvliihan Ttusi arn()uni¢d 10 a Ir*al ot £81,62612020.. E34.671 l in the y￿[ Jnd will be 10 ive additional fee suppon ro tatnilies whos¢ InLome or ability tD work continuts 10 be severely itnpaci¢d. Future PIAns The work of. the Trust this year Loniinues to be impacied both negdiively and Fosiiivcly by the COVID-19 pandemic. The team ha5 had to explore ditrtrerenl ways ot engaging wilh Ih¢ir membeT babe which Ih¢y will Continue lo d¢v¢lop. Regular ecornms 2re now b¢ing seni with recent new5 and updaies M how the schools ar¢ operating ditlerL*ily during rhe pandemic. Flexibl¢ w8yS Qt givino ha￿e been sei up on the wcbsire ro cnable both regular dirtsi debil& and one-017' payments. The seLond tel¢phon¢ Cainpaixn whTth had b¢¢n planned lor June 2020 had lo b¢ due to the pandcmic bui was sucLesstully completed In June 2021 atter very caretul planning and pr¢paTaiion work carried out by the DeveloprnLni tcatn. Und¢r th¢ direciiL)n of the Principal ol. Haberdashers. Monrnouih Sch(K>ls. Mr James Murphy O'connor. the tocus of the Trusi will continue to be grwp-wid¢. covering gir15 and boys ot all ages and will priinarily aiin 10 ideniify ￿nd dttraci both low¢r-l¢vcl re￿laF donor% and new major donoT5 to suppon bursarics and tLf SUPPLYt l()r d¢s¢rving pupils in the schw15 whilst remaining aware of opporninities ot support tor d¢v¢lopmeni of Itaching and learning spacL% in the sch(K>ls. tkn8k Martagemtnt Th¢ following r(x)k plaLe during the year nnual review ot risks faced by Ihe Trust.. establishmeni and rtVlLY Ot Sy51¢rn5 and prctedures lo miligar¢ thos¢ risks.. and establishmcni tsnd rewiew ot'procedurts lo rninimis¢ the poreniial Impact on the Trust Should any of those risk$ mai¢rialis¢. The main risks Idenlitied by the Trustees are investment risks and appropriate application ot restriCl¢d tundb. which are both subje£l 10 compTehensiv¢ Mana￿ment proc¢duTes. THE MONMOUTH SCHOOLS, CHARITABLE T..RUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 20ZI lttve5tment Polt¢y Under th¢ trrms of the Trust Deed, the TTUStxs have general powers of inv¢stm¢ni subject to the provisions of the Trustec Investtnenl Act. The overall policy of rhe Trustee5 is to Tnaintain a btslanced portfolio which Includes Fixed Intere51 Bonds, Gills and Equiiies. Investment may be dIr￿t into individuil 5htsres or via appropriaie cDlle£tives or othcr relevani InstTumcnts. The TTuste¢s do not intend 10 inv¢si dircctly in high risk derivatives. The Trustees hav¢ transf¢rr¢d Ihat or¢ unlikely to be to be used in less th2rt 12 months 10 Sarasin & Paftners LLP and have agr¢¢d that Ihe funds under their management should be devoied to 4uiiies sed(ing 10 maximise ￿Owth and incom During the year an additional £171,328 of funds unlik¢ly lo be required in less than 12 months was transferred into the fijnd and along with £3,672 of inv¢sment income was reinvtsled into the portfolio. Al 31 August 2021 the market value ot. the funds 8t¢er costs and dividends was £294,79712020.. £112,814) and the tsnrealised gttn on th¢ investmenr5 during p¢riod was £6.14512020.. £261. A (und balance of £294,797 remains under the tnanagemenl of Sarasin & Panners LLP al 31 Au8USt 2021 which is stt aside for fijtyjre tee supp(Kt and capital d¢v¢lopm¢nt C051s incurred by Monmouth School for Boys. Rejerves Policy Res¢rv¢s h¢ld as resiricted funds ar¢ for specific PUTPD5es as requested by donors. The Trustees and GovLYfttng BLkly of the H4berdashers' Monmouth SchiK>ls have jointly agreed that for the foresttablc future éll the costs of rat51ng funds shall b¢ born¢ by Monmouth S¢hty)l. The Tru51¢es do not Ihercfore ¢onsider thai Ihere is a n¢¢d ro Tnainiain any fiK¢d lev¢1 r¢serve$ 95 the Charity has no commitments for expenses. The se¢unties invesThenis h¢ld at 3 l Augu$1 2021 tre held in respect of filture capital project development costs and buTsari¢s for which there are no commitments ai 31 August 2021. £5.31312019.. £5.3131 of unrestricted funds W¢T¢ held at ihe year end. Flnantlal Revlew The financial statements on pages 7 10 15 have been PTep2ied lor the yeaT ended 31 Au8USt 2021. Income for the yur to 31 August 2021 amvunied lo £286,512 12020.. £216.3081. Costs ot. raising funds were £84,475 12020.. £112,613). Thes¢ cost$ have b¢en mct by contribuiiun from Habud8sh¢rs' Monmouih Schools. The T￿s[g¢S and the Govctning Bdy of Haberdttshcrs, Monmouth Schools hav¢ jointly agr¢ed that this yw and for the foreseeable fvture all the Costs ot raisittg tunds shall be borne by the Schwls. Chatiiable ¢xpenditUTe was £155,19312020.. £134.928). The expendiNre in 2020-21 r¢pr¢sented granis lo MonJnouth Sch￿1 Boys and Monmouth Sch(N)I for Girls to be used for ¢ducatlODal f¢¢ 5UPPOrt. Investment Tnana8eTnctit ftts in the ycaT atniyjnted to £1,26312020.. £6311. RelAtlonship with Ctsllnetted PArties The Trusi has no relationships wilh ¢mn¢ct¢d parti￿ with the exteplion of th05e transactions dihclosed irt note 5. Going Collcern Th¢ Tru51ees and managemeni have continu¢d 10 monitor th¢ poiential itDpacl of COVID-19 on it5 2tlivilies, and income projec1t￿$ have been prepared. Th¢ cash position 1% also bein8 rnotiitored on a more regular basis. As a resulr, at th¢ da￿ of SI￿1ng, these financial siatemcnis indicate thai the Ttust will bt able 10 continue 10 vp¢raie as a going conc¢rn. Th¢ Trustees consider thai the Trust Is w¢ll placed to ¢ontinu¢ rn¢elinB ils various educational objects and thc ctsrreni raft8e of a¢tiviiJes Is expected lo r¢rnain in plac¢ for the loresefdble futUTe. For and on behalf of the Tru5tccs • L-trLL 6 (n D Hitchcock Ch&irmatt Date 7 February 2022 ## **THE MONMOUTH SCHOOLS' CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MONMOUTH SCHOOLS' CHARITABLE TRUST** I report to the trustees on my examination of the accounts of The Monmouth Schools' Charitable Trust (the Trust) for the year ended 3 I August 2021, which are set out in pages 7 to l 5. This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity's members as a body and the charity's trustees as a body for my independent examiner's work, for this report, or for the opinions I have fanned. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20 I I ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - I. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3.[the accounts do not comply with the applicable requirements concerning the fonn and content of the accounts set out in the Charities] (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Guy Biggin FCCA Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham GL50 3PR Date 11 April 2022 6 THE MONkMOUTH SCHOOLS, CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EYDED 31 AUGUST 2021 Unrt51rleled Deslgnaied Restricied Funds Funds Funds Total 2021 Total 2020 Note Income from.. Donation5 Investm¢ni$ 28,549 424 25? 190 5.349 280,739 5,773 3247 Total income 28.97J 257,i39 286.512 216J08 Expendlture on.. Maisirtg furtds FundTai%ing & De¥elop¥nent Inves¢rn¢nt manag¢m¢ni Le55'. con￿bull0n from Monmouth Schools 84.475 84.475 1263 184.4751 1,26J 93 415 184.4751 93 631 Ch3rlrable attlvliles Grants and buTsaTies i(vJ.o 55.193 134.928 Total expelldlrure 100.093 56J63 151456 135,559 Nel 8ainsl(losses} on investments 5.694 6.145 26 Net in¢ortLel{¢ipenditur¢l 170,6691 206J70 136,2111 80,775 Net mov¢men¢ Én funds 170,6691 206070 1363ts1 80.775 Recon¢lliatlon of funds Total fijnds brou8hi fonvard I SepteTnber 202(> Total funds carried forward 31 AuEllSt 2021 5.313 205.939 303.541 222.766 5.313 21,620 412J09 4J9.742 JOJts41 Thc notes on pages 9 to 15 tomi part of Ih¢se fjnancial 5taternenls. THE MONMOUTH SCHOOLS. CHARITABLE TRUST BALANCE SHEET AS AT 31 AUGUST 2021 Note 2021 2020 Fixed iMetS Investments 294,797 112,814 Currellt assets Debtors.. amoun15 due within ¢)ne year Cash ai bank and tn hand 23,9)8 172,890 29,660 561.067 196.828 190.727 Current liabilities Creditors.. arnounis talling due within one y¢ar 51.883 Net tvrrent asset5 144.945 190.727 Total net assets 439,742 303.541 The Funds of the Charlty Reslri¢ltd income Funds D¢signated Income Funds Unrestncted Funds 412.809 21.620 5.313 439.742 205.939 92.289 303.541 The financial siaiemenrs have b¢en approved by the Tr￿[¢¢ oo 7 Fthruary 2022 and SI￿￿d on their behalf by.. SiE]]ed behalf of the Trustee D Hit¢hco¢k Cbatrmxn T Norgrove Bursar The notes on pages 9 tD 15 torm pan of these fi]tsnci81 statement5. THE MONMOUTH SCHOOLS, CHARITABLE TRUST NOTES TO TH£ FINAI¥CIAL STATENIENTS FOR THE YEAR ENDED 31 AUGusf 2021 Atcounting Polictes al L4gal St9tus of the Charity The MOOrr￿￿t￿ Schools, Charitablc Trust was registered with the Charity Comrnission foi England and Wales on 6 February 2013 {registried nutnber 11516981. It5 registered address and piincipal oftice is Monmouth School for Boys, Almshouse Sireei Motullouth NP25 3XP. bl B•$r5 of Prtparatio The financial statsm¢nts have been pr¢wed in accordance with AccountEng and RepDrting by Charities". Sta*tngnt of Recommended Praciice applicable to chariries preparing their accounts irt ac¢ordan¢e with the Fi[￿181 R¢p)rting Standard applicablc in the UK and Republic of Ireland IFRS 1021 azjd the Financial R¢porting Standard applicabl¢ in the United Kingdotn and Republic of Ireland IFRS 1021 and the Charilics Act 2011. The financial siatements have been prepa￿d under the historical t05t conventioft with the exception of investments which are inclu(kd t rnarker valuc. The Monmouth ScEy)ols' Charitable Trust rneets the definition of a publie benefit entity undcr FRS 102. ¢1 Going Concern Policy These financial Sraternen￿ have been prepared on a gotng concem basis. The Tru5ttts have reviewed this positiort in light of the subsequent COVID-19 pfthdernic remain of the opinion thai thcre are no tnaterial uncerwniies about the T￿1,$ ability to contlnue. Additional scrutiny will be put irt place to cnsure that yartis award¢d arc sustainable frotn funds in place. dl FuDd Accounting The followin8 types of fund are maintoincd.. Restricted Fund5 hold irttOTn¢ r¢c¢ived for PUTpose5 spErifL¢d by donors or by the terns of an aP￿al. Designaicd Funds hold income eatrnarked by the Trusiees for capitsl projects at Motun¢uth S¢hwl for Boys. Unresiricied Fllnds receive income which is Cxpcndable at th¢ discretion of the Trustee5 in furtkrance of the obje¢ts ofihe Tnkst. el Income All income is recognised in the Statern¢nt of Financial Aetivities when there Is ertliilement> probability of receipi and th¢ amount Can b¢ rneasured with suffici¢nt reliability. Denations and all oihet receipts frotn fimdraising are reported gross and any fvlldraising costs are rewrted in o¢hcr expenditur¢. Tax recovcrable relatirlg to donations is 2CCOUQt¢d for in the same ￿rIOd a5 the relaied income LeKxit5 Legacies reco8nised as rettivable once probate tLa5 been 8ranied and noiification has Ixen re¢¢iv¢d if sutTI¢i¢TJt infornialion re8ardin8 the value is provided. Entjtlement to le8acie5 may be included in the year of notification subject to the funds being received rfiiring ihAi fin?nciil veAr fir with7D 2 rrx>nSh% Afver rh¢ v¢ar-end g) Costs ol Raising Fynds Costs incurred in fi￿draising for donations are shown a5 a separate line of exptnditur¢ in the Statemerjt of FLn9￿CIal Activities. TtKse include salaries and charges for 5F¢cific staff involvcd directly in fundraising aetivities. The Trusiees and th¢ Govtrning Body of HabErda5h¢rs' Monmouth Schools h2ve jointly agrced that foT the for¢se¢able futurc all the costs of raising funts shall b¢ bome by Haberdasheis, Monmouth S¢hwls. The Charity is not T¢gistered for VAT and i￿¢COVerable VAT is included with ihe item of expense to which li rela￿. h} Charitsble Expenditure Charitable expenditurt iDeludes all eX￿ndIt￿re directly rclated to the objttis of tlle Trust amd is recoided on accruals basis InoTh- grant eX￿nditUre) or, foi grants, recognised according to the date on which each award is authorised by the Trustee to the extent that th¢ ￿￿triciary may wonably expe¢t to r¢ceive it, whcthcr 5n 2 rurrcnt year or in a fvtUTe year. THE MONMoufH SCHOOLS, CHAIUT ABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (¢ontinued} il Tix#tiory The Trust is a registered Charity, and as su¢h is entitled to laxaiion ¢xemption$ on all intOm¢ Properly epplied for its charitable putposes. jl Cash irtd ¢4sh equlvalenis Cash is reprcscnted by cash In hand and deposit5 with finan¢tal institutions. Cash equivulenls and cuffent investments are highly li9uid and tnature in no moTe than thr¢e rnonihs. k) Debtors Other debioTS and amounts due from Haberdashers, Monrnouth Schwls are recogtilsed at the s¢ttl¢m¢ni amouni. 11 Creditors Creditots aTe recognis¢d where the Chanry has a present Lknligation resuliing trotn a past event that will Probdbly result in th£ transler ot fvnds 10 a third pany and the amount due to s¢ul¢ Ihe Obli￿all￿ £ttn be m¢asur¢d or L%limaied reliably. ml Investments Income fri)m investtn¢nt5 is includcd in the Stat¢m¢ni ol. Financial Activities (Mly it reLeiwed. tr dLrlJT¢d and Tec¢i¥able. Gains tsr losses ansing from the revaluaiion ol. invcsimLn15 aTe deali with in the Staietnent ot FinJncial Activtiies. InvestTnents are sraied at markei value ai the balancc sheet date. n) Finantiol Instrumertts The ChJriEy only has tinancial assets and tinancial liabilities ot. ￿ kind thai quality as basic tinancial in%trumenis, these being investments. iabh ai b￿k, d¢biors and creditors ly¢e noies j. k and 11. Basie financial instruments aTe Initially recogniqed ai trans￿LI1￿ value and subsequ¢nily mtrdsuted at their 5rtilement ￿*Itse. Financial a¥Kts held ai amunised cosi comprise ¢￿h at bank and In hand. rther debtors and accnjed income. Financial a55ets inegsured ai fdir value through incixne and expenditure CQmPTiS¢ listed investments. ol Criliral accounting judgements and key sourcES of estimation ¥tt¢erialnty Pr¢paTaiion of the financial siaiemLlllS require5 management 10 c(>nsider makino any si¥nilicanl judganent% and estimates wheTe necessary. Thw¢ are no itern5 In lh¢ financial staieTn¢nts where signiticant Jud8eTnents and tsfiinaiims have been tnade. 10 THE MONMOUTH SCHOOLS, CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2021 (continued) 2 Anllysis of Donation5 and L¢ycie5 2021 2020 Donations L¢ga¢i¢s 252.190 28.549 280.739 9a.y70 213.U61 Flxed As$et lrtvestmeht¥ 2021 2020 Investment Income Dividend¥ 5.773 5.773 3,247 3,247 Securlties Investment5 2021 2020 Alpha CIF lor In¢ixne and Regerves Income shares Cash 291.803 2.994 294.797 110.658 2.156 2021 2020 Market Value as ai Isi Stptember 2020 Puicha$¢s Cash movement Realiscd and unrealised gain5 M￿k¢( valu¢ as at 31 si Augu512021 55,172 58,128 175,(K)O 838 6.145 294.797 26 Historical Cost 285,291 107,297 THE MONMOLrrH SCHOOLS, CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) Analysls of eiponditure Sti Cost5 Other Costs 3021 Tot41 2020 Total Costs of Ral$lnE Funds Fundraising & development FundTaising ¢venls Travel oirice eKpenscs Technology costs Investment TngDag¢meni tee$ Contribution trls have jointly agreed that tor the fortseeable tiLlure all the 051S Ot raising ￿rtd$ shall b¢ borne by Haberdashers, Monmouth SLh￿)lS. £IOO.(m ot'capit41 awards and £5i,193 ot t¢e support wcre award¢d 10 Haberdashers, ￿[onM￿Ulh Schools in the year. At 31 Augusi 2021 am￿nts ow¢d ¢0 Hab¢rdashers' ￿lonmouTh Schools wiihitt l year amouni¢d to £51.88312020.. £Nill and atnounis ow¢d by Haberda5h¢rs' Monmourh Sch(K>l$ Jmounied to ENil l?020.. £17.1521. Debtors.. amoun(5 due witllill one year 2021 2020 Other deb1015- Gift aid claimable Haber(ias'heTS' Monmouih SchLX)Is Accnjed Incom¢ 21,938 12,508 2.OiYJ 23.938 29,6fy 7 Credltors: amounts filling due wlttlln one y¢or 2011 2020 HaberdasheTS' Monmouth Sch(K>l$ 51,883 51.883 12 THE MONMoirrH SCHOOLS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATE.MEYTS FOR THE YEAR EIYDED 31 AUGUST 2021 (continued) Re$tricted Fund5 Fund 400 The TTUSiee5 aTe restitcted to using the funds. in tht foThn of ￿515[¢d places and buTSaries, to help provide a Monmouth Schtyil for Boys educaiion 10 childr¢n who would not Ixherwise be able to aftotd 10 attend the Sch(￿1. The Barker 6th Form S(holar$hip E5tab115h¢d to fund a scholarship for a deservin8 pupil entering 6th Form at Monmouth School tor Girls. Mann5 Sixth Form Scholaryhip Awarded lo extemal candidates who sit the Stxth Forni SchDlar5hip ¢xarnin&lion al Montnwih School for Boys. boTn I￿lly, hav¢ achieved grade5 at GCSE 51gniticonily abov¢ av¢rag¢ 4nd who are intending Iv apply EO Cambridge Uftiversily. The Wgrren and AmY4nda East Fund Donaiions specifically to help finance new building projects ai Monmouth School fer Boys. Athortymou$ BursAry Fund To b¢ usd to support a mean5 le51ed bursary at Monmiylih School tor Boys and Monmouth Pre-Prcp and Nursuy. The Walli5 Family Fund The Trusic¢s are rcMrici¢d to using Ihe fund$ specifically for means test&l bursary fundin8 ai m￿MI)uth Sch(x)I for Boys. OM Bursary Fund Specifically 10 Support bursartcs for pupils in Monmouth SchI for Boy$. The Quentin Soanes Rowing Fund Funds re¢eivcd specilieally 10 award a scholarship to a pupil ex¢¢lling in rowing al Monmouth School fix Boy5. The Phillips Family Fund Estsblished to fund a means iesi¢d bursary ai MOnM￿lh Schwl for Boy% for rh¢ benefit of a pupil frorn the Monmouth ar The E B Smith Cricket Fund Funds received specifically 10 award a scholarship to a pupil excelling at cricket ai Monmouth School for Boy5. Gwllliam Legacy Funds r¢¢¢iv¢d specifically 10 SUPPOrt a pupil ai Monmouth School in PUTSUlt ot excell¢nc¢ in rugby. The BuckiatLd 6th Form Scholarship Established to ￿nd a %cholaT5hip for & degerving pupsl ertierirtg 6th Forni at Monmouth School for Boys. Wllliam Jortts Fund A bursary and scholarship fvrsd 10 provide ¢ducalion lo boys and grls oFability froyn the local area. Hardshlp Futtd Fut￿$ received lo suppurt paTallS adversely affected by the COVID-19 pand￿￿1¢. Mov¢m¢nis for th¢ yeur are as follows.. At I September 2020 At 31 August 2021 In¢ome Expenditure Gains Losses Restrictcd Fundy Fund 400 Barker 6ih Fomi Scholarship The Manns Sixth Form Scholorship The Warren and Amanda East Fund Anonymous Bursary Funds The Wollis Fatnily Fund Qucniin Soan¢s Rowing Fund OM Bursary Fund Gwillidm Legacy BuLkland 6th Fortn ScholaFship Hardship Fund William Jon￿ Fund- Boys William Jones Fund- Girls Toial Restrleied Fund5 16,235 11,669 30,fNX) 875 1.147 18.750 40,045 1,5( 16,666 2( 12,704 81.626 34,894 7.459 257,SJ9 2&973 18.241) 19,663 30.000 44.673 58,583 25.104 66.142 IJ 8,81X) 43,058 56.465 13.106 25,￿1 931 1,222 16.7521 1283) 1.379 17,8661 1451 1451 129,9281 12,6861 7)) 156,36Jl IIQO.09Jl I I,(Nx> 216 216 1.730 12.875 53.428 65.327 15.339 412.809 33.119 7.955 205,939 92,289 S,Jl3 ,541 5.694 Deslgn*ied Fund5 nrestricted Funds 4SI 21,620 5,313 Total Furtd5 13 THE MONINIOUTH SCHOOLS, CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ELNDED 31 AUGUST 2021 (continued) At 31 August 2021 Total Avtsl>5is of net assets b¢tiYeen funds rixed A$sot Inve5tment5 Currenr Assets Currcnt Unre%tri¢ied Funds Dest.￿￿ted Funds Restricicd Funds 5,313 21.620 273.177 21.620 412.809 294.797 196,828 439.742 Compar&tivÉ informailon *8 gr 31 All￿45t 2020 Movem¢nis for the year were as follows.. At I September 2019 At 31 Allgu$t 2020 Expendlture G•in$ and Losses Rt5trlcted Funds Fund 4 Th¢ Phillip5 Family Fund ThL SIxEh Form Scholarship Thc Warren and Amanda East Fund Anonytnous Bursary Fund The Wallis Family Fund The E B Smith CriLkEt Fund OM BursJry Fund Gwilliain Legacy Hardship Fund WilliaTn Jones Fund - Boys William Jones Fund- Girls Total Resirltt¢d Funds 17.234 15,(M)9 41,058 55.142 6.133 18.751 t2.￿] 16.(AO I I,(KJO 12,594 12.5(K) 16,23) 127.i091 43.058 56.465 13.IiY> 25.001 1,625 30,OLK) 6,2iO 123.0271 112.LN)31 116.WOI I 1.0 34,671 20,784 5.292 134.0711 211.460 2.663 217.453 7,9)5 20i,939 113i,2431 DesignAted Funds 92,592 13 92.289 Unresiricred Funds 5,313 5JlJ Total Funds 222.766 1135.i591 26 303.541 At 31 August 2020 Total Analysls of net atset5 bètween funds Fi￿￿ Assei Kllve51menis Currtnt A$$et$ Curreni UnrestTiLted Funds Des1￿￿¢t￿ Fund Resrricted Funds 5,313 3i,9711 149.444 5,313 92,289 205.939 56.J19 56.495 190.?27 303.541 14 THE MOliMOUTH SCHOOLS, CHARITABLE TRUST I OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (Continued) 9 Statement of Flnantlil Acilvltles for the year endlnK 31 August 2020 Uttrtsirletel Desigttited FU￿0$ FoDd$ Re$tr5cttd Fund$ Total 2020 ID¢ome fr(Fm- Donaiions Inv¢simMIs ).970 1,622 122,091 1,625 213.061 3.247 Total Intome 92,592 216.J08 Expenditwrt on: Ratsing fu&ds Furtdrai5ing & Development Invesmient manRgement L¢ss' Contributiw fr(xn Montni)uih Sch(K)I 316 316 631 Charrtable artivittes BursaTi 134.928 134.928 Total expettdiiiire 135.243 135.559 Nei gains on inv&stm¢nts 26 Net expenditure 80.775 Net movement in fynd$ 80.775 Reconciliation of funds Toial funds broughi fi)rward I September 2019 Tot41 fund$ carried forward Jl August 2020 5.313 217.453 222.766 92.289 205.939 303.541 15