Charity number: 1151698 THE MONMOUTH SCHOOLS, CHARJTABLE TRUST TRUSTEES, REPORT, FINANCIAL STATEMENTS AND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022
THE MONMOUTH SCHOOLS, CHARITABLE TRUST CONTENTS FOR THE YEAR ENDED 31 AUGUST 2022 Pige Tru5*r4 offi¢ers and advisors Tru5tees' repokrt Ind¢pendent 8xamin¢trs report SLltement of Financi ActivitlC5 Balance Sheet Nr>t¢s to the Financi Stattrn¢Jts 16
THE MONMOUTH SCHOOLS, CHARITABLE TRUST TRUSTEES, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2022 Trustee5 und Directors 'rhc Mtsnmouih Schools, Charitable Trust has a sole GOTFKiratt truMee'. Mscf Truslce Limii¢d. Company number 11371492. aproinied on 14 May 2022. Directors of Mscf Trustee Limii¢d ChairmAn Mr David Hiichc4)ck Dire¢tors Mr Martin AndeT50n Mr RiChd Booih. Mr fdiiL rd Buil¢r PToI'Ri¢linrd C8rw3tdIne CMG Mr Audlcy Tii'islon-Davi¢5 Mr WRrren 1 CBE MrNoel Manns Mry Bridgd Bark"er Ms Lh&Yloiit Hurnc Ms Claire Martinsc Ms Abigail L1¢wcll-wters MrJulian Si¢v¢ns Ms Sorfjh M¢lvin [dece¢d 15.09.221 (Tesied 07.02 221 Iresi8n¢d 07.02.221 18ppoinied 20.06.221 Secretary .1r. TL%%a Nor8rove Principal Offite$ Monmouth Sehools, Chftrit*blE Trust ad MSCT Trustee LimÉttd Montnouth School feT Boy$ Almshouse S'¢t MoninLlUth NP25 3XP Registered Ch#rliy Number 1151698 Hankers Lloyds Bank pl 18 Monnow Sircet MonTnouih NP25 3x14 Invtsttnent ManHgers Sara5in & PAruJers LLP Juxon 14ousc 100 Si P&ul'$ ChuTch}'aTd London EC4M 8BU Independent Examithtr Guy BI1 FCCA, ACA Cro%vc U.K. l.LP 4th Floor St James l.louse 51 Jamcs Square ChLltenham GL50 3PR Solicitors V¢ale WasburDugh Vizards Narrow Quay House Narroiv Quay BSI 4QA
THE MONMOUTH SCHOOLS, cHATABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 StAt¢mtnt of Trustees, Responslbillties The Tru51e£s are rsponsible for preparing the Tru. Aiiiiual Repi)rl and tlic finartcial 51alciiients in accordaDc¢ with applicablc law 8nd United Kingdom G¢n¢iaily Accepied Accounting Pr&ctLCt Iunitrd Kingdom Actountin8 StttndJrdsl. lThe Igw applicablc to charities in Lngland and Walcs requircs the-I'ru5¢s to prcpare tingnciul statnents lor ¢ach tinancial y¢8r which give H true and fair view of the siatc ofaffairs of the Ch&¥'ity and of the incotning SOUrc(S and 4iplirntion of r¢50urccs of the Charity for thai peiiod. In prtptying ih¢se finanGial %tatem¢n15, the TrL)se5 tr¢ reqvid to." seleth suitable a¢¢ounting poli¢i¢5 and then Apply them consi%nily' ob5ervc the mcthod5 and principles in the Ch8ritie5 SOiiP; iiwk¥ jud¥¥iiiiJJL> ¥5llTIILfs Iliul ujr i¥dwiiubl¥ diiJ piuJ¥iiL' stat¢ wh¢th¢T applicable accounting standards liave Ixxll lollowed. 5ubje¢i to any material d¥partur¢$ dis¢los¢d and explainrd in Ihe t5nancial siatcrnents,. prepa the financial ststemeDt$ on the Boing concem basis unless it is inappropriate to presume ihat the Charity will rontinur in bu51ne$5. Thc Tiust¢es are r¢5ponsible for ke£ping ad¢qu8te accounting records thgt are 5UtYicieni 10 show and explain the Chariiy's transaciion& disclose wilh reOllable accuracy ai any lime the financial posititsn of the Charity and enable them to ensure Ihat th¢ finaDtial $iaternent5 Cotnply with the Charitics Act 2011, the Charlties (Accounts and Reports} Regulations 2008 and provisions of thc Charity's Canslirution. They are olso Ic5ponsiblc for safegu8rding th¢ assets of the Charity and hence for taking reasonable steps lor the prcveniion and detection of fraud and othcr irregularities. Strvcture, GovernHnre arkd Mangement The Charlty and Corporate Trustee Th¢ MoTrmoulh schools, Ch4Lriiable Tiust w&% esiablislied utt 61h l Lbruary. 2013 by a DLLIIiTation uf TTUSL as uniiicorporated 50¢)tIOn and rcgisttTrd a5 a charity with the Chariiy Commissioii undLI' rcgisiralioii number 1151698. On 14 May 2022 the trustees of the Charity pLssed o resolution and appoinled a new compan). MSCT Trusiec Limiied. 10 act as sole Irustec ofthe Charity. Mscf Trustee Limited MSCT Trustx Limitrd i8 a company litnited by guarantee which is the 501e trustcc of TIIC Imonrnouth Schools, Charttable Tntst. The Cotnpany's responsibililies , as Truste& arc underk¢ll by its DiTe¢tors, who were previously trustces of the Charity. and its &CllVlties are m2ntged on a dtty-to d&y ha.qig hy the PrincipAI. Ihe Fniifrdxrittft Rilt.%Xr. Ihc fJr.vplnpme.nt nIrtr nthpr 5t9ff of Habprdasher Monmouth School5. Thc Dircctoys are selc¢ted from the breadth of availablc talent in the current parent and alumni communiiy. The Dirrctors arc largely m&de up of fornier pupil$ 8nd have been carefully chosen to provide a depth of expcricnc¢ in law. busincs& academiA snd prior experience or fundraising. Neither ihe Trustce nor yny of Ihc Dir¢cloF% rcceivc any remuiieraiion for SLrvitcs p¢rfom)ed in their ¢apacity as TTUStee or Dir¢ciors. The Trugtee #nd the Governin8 Ilody of the Haberdagherg, Naonmr>uth School$ have jointly 88red tknt for th¢ forese¢able futur¢ all th COS15 of generating funds shall be borne by l.labBrdast]er8' Monmouth Schools. Aim, Objetts and Attivitle5 Trust's is to enhance 8nd subsi&ntially support m¢bos-sted Pla arKI capital improv¢ment5 ai thc H&berdashers' Schoo15 in .Monmouth over and obov¢ the income received from the endowmEnt allocèicd fTOtn Ihc William Jon¢5'5 Schools Foundation. The Chariiable Trttst was IoTrned to cover all the Schools in the Monmouth group. Initial fundr&i$ing etTorts focused on Monmouth School for Boys. Fundraising activities have $ubscqucntly bvcn widencd 10 Seek 5UPPOrt for 1 of the schools in ihc Eroup. Wilh the t¥¢ation of thc Monmouth SEhool'5 Charit2blc Trusi the Schools hpLve esthblished & fundraising vchicle that Is Kparale from Ihe William Jonegs Schoo15 Foundation and which is admini5t¢rcd by those willi a clL4U' Utlilialion lo Monmouth. The Trusi¢es confinn that they havc rt[rCd tD Ihc Lliarity (.'oniinission's gcneral guidaiice on public bcncfit under th¢ Charilics Act 2011 when reviewing thc Trusi's aim5 and objcctive$ and in planning future acliviiies and setting grant making policy. The tnain Charitable activtlics undertakett 10 furthcr ihe charity's purposc for the public ben¢fit air scl out in thi5 r¢port. The charit&bl¢ ObjtiVeS for the Tn]51 adopi¢d DD 6th PcbTuary 2013. a5 follow5.. To advanff ih¢ education ofpupi15 tt the S¢h(K>l5. To protnote any other charitable purwsE or purposes conn¢cled with or othcrwis¢ associated with the Schools. To providc grant funding to the Schools for the provisioo of stholar5hLP5 and bursarics an<Vor direci financial $1s13C¢ to pupils and prospective pupils oftlie Schools. To provide grant nding for thc provision of lacilitle5 8nd ¢qvipmtnt 10 5UPPOrt the education of pupil% al the Schools. lo provide oth¢r forms of8roni futtdin8 to thc Schoolj.
THE MONMOUTH SCHOOLS, CHARITABLE TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 Th¢ key areas of tIVItIeS in th¢ ycllr are summllrised below.. FUND 400 The Trusi¢es hav¢ remaitkd mindful of Ihe corc b¢li¢Fth&t the Schools should continu¢ 10 support those from thc lo1 are4 from low- income household4 ÈS it ha5 always donc and as Williarn Joncs intended. Tn 2014, to c¢lebr&le 400 years of MonmDUth Schrfvl for Boys FUND 400, an assisicd pla¢c5 and txjrsary fund. launched. This was Ihe tir$i lime sintt thc cnd of Dir¢¢t Grant Ihat the School had appealed fo¢ money to dire¢tly help boys of ibilily to aitend the school. During the year, trusttts decided to ¢ombill¢ the FUND 400 and the William JorKs fund due w Ihc align¢d purpose of each fund. The Wllllthm Jone& Fund Following the su¢ce55 of ¢he FtTND 400 eampai8n ¢hc focus for fvndralslng Concentred on the longer term alm to build a rW Williftm Jones IBursRry Bnd Scholarships Fund) to provide kn educaiion to as many pupils of abslity frorn th¢ lo¢al are& os P055ible. Th¢ n¢w fi4nd will help with fe¢s for puplls who show potcnlial, not just acad¢mi¢ally, but also in musi¢ or 5porL A t¢lwhone ¢ompaign was carri¢d out in July 2018 which successfully laUbed this key fundraislng vehi¢l¢ and a sccond v¢ry successful lelephoK ¢ampaigrL which had been stponcd duc to pandemic re51TiCtions was carried out in June 21. Donaii¢Jns arr given as reslri¢tcd gills wilh Ihe donor d¢¢iding whcihcr th¢ donation should be ¢bannelled toward5 Monmouth SGhool for Boys or Monmouth S¢hool for Girls. DurinE th¢ yeAr, the Williatn Joncs Fuiid cornbined with FLfND 400 both fisnds had the sam¢ rpose and aims. During the year, th¢ combin¢d William Jones Fund had £148,206 ofdonations12021.. £156.1601 in¢lus5Ye of aid. Bursaries gnd Le8acIts Buildin8 on th¢ SucSS of the two iargeted c8mpaign5 detailed abo the a8reed fondraising strategy has specifically targct¢d pupil fee support in its widest forms. We were extrernely plea5cd to receiv¢ in the year a dondiion of £20.000 in the fomi of the Birker 6th forni Seholar5hip lo add to the UO.QOO alr• received in the previous year. This is lh¢ first major donation 51DC¢ th¢ Cmation OF the Development offjce that has ixen reeeiv¢d ¢xprcssly lo Supp of Monmouth School for Girl& Hardship Fund Th¢ COVID-19 pandemic producrd eKlr¢m¢ly challenging ¢ondilions Ihat111¢ ve had ¢normous ¢¢onomie impact on many p¢oplds livelihood5. The.Schools wish (o suppori those p&rcnts whose financial circtsmsiwiLCS have ¢harsged dramdtleally at this lim4 2nd xi up a Hardship Fund tys oa¢ orth¢ measyrFs th ho will hclp. Parent donatlons and a sub51anii&l donsrion ftom the Reliihon Trust in Z(>2ts-21 was used ID give additional fee 5UPPOrt io families wh05¢ incom¢ or ability io work contin 10 bc SCVeTely inpacted. Fulure Plan5 On 27 june 2022 the Chalrnjan ofGovcmor5 of HabErd&sh¢rg Monmth Schools announud the proposed merger of Monmouth School for Boys and Monmouth SGhool for Girls with the aim of d¢liverin8 a clear and Com]11n8 ¢Oryedu¢a¢ion&l offer 10 pwts 8nd pupils for this and fiJtur¢ gen¢ration& Fundraising a¢tiviti¢s will bc lar8et¢d to support this 8mbitjOU5. wide-ran8ing, and trEn5fonnalional review of the school& Thc tkvelopment Tcam will work closely with its major donors to support sustkinability in planJJe41 esidies Enhanccrncnts and will rtiinuc iQitiAlives to provide bursary support for mt dcservin8 boys and 8Éri& Risk Mgnag¢ment The following tLN)k place during thc ycar annual review ofri5ks faeed by th¢ Tru5t- estttblishrncnt and review of systems Aftd prrKedures to miliRate those Tisks. and es(ablishm¢nt and review of predureS to minimisc the potential irnp8ct 00 the Tt should any ofth05c risk5 rnatcrialise. The main risks identificd by the Truste¢s are inlment risks and approprlate application of restricted OJnd5 whi¢h are b)th subjeet compr¢hen5ive mttn8g¢ment procedures.
THE MONMOUTH SCHOOLS, CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2022 Investment Polity Under the term5 of the Trusi Deed. the Trusi¢es have gener21 powers of Tnves(ment subject to IhB provisions of the Trustee Inv¢51mcnt Aei. The overall wlicy of thr Truste is ¢0 mairttain & balanced portfolio which include5 Fixed Inieresi Bond$, Gills and Equilies. Invc51ment may ix direct inio individual shS or via appropria1¢ collecliv¢s or oih¢r r¢levant insirumenis. The Truste¢5 do not intend to inv¢si di¥e¢¢ly in high rL5k derivalive5. The Tru5tccs havc Iransf¢rred 8un15 Ill arc unlikely 10 be 10 bc uscd in Icss thon 12 monih5 to Sara5in & Partners LLP and hove agreed that thc funds tsndeT their m3na8emciii sliould bc devoled to equilics serking 10 maximi5e 8r01h ond incomE. Nts additianal Funds ivere trylnqfeffcd into the invcstsnenl furtd durine the yc8r {2021.. £171.328 invesiedl hrsw¢ver. dividend income or £8,59512021'. £3.6721 was reinvcsied into the portfolio. At 31 Au8U5t 2022 thc market valu¢ of the funds after c051S and dividends was £255.22412021.. £294,797) the unrealistd loss on the inveslrnents during th¢ F¢TÉod Wds £48.1691202I.. £&145 gain). A fund bal8nce of £255,224 remains under the management of Sarasin & Partners LLP 8131 Au8u5t 2022 which is sei asid¢ for future fee 5UPPOrt and c2piiaJ developm¢nt costs incurred by Monm¢Juth School for Boy5. Re5erve$ Poliey R¢seryes held 15 restricted funds are for Specific purtM)Nis fcquEsi¢d by donors, The TrusiLLs and Govcrning Body of the HabErdashcrs' Monmouth Schools have joinily a8reed Ihat for foreseeable future all the w$ts of raisin8 fund8 shall be borne by Monrnouih School. Thc rTusiee5 do not therefore consider th&( there is a need to malntsin any fix¢d level reserYc5 a5 the Charity no commiinwnis for expenses. The se¢urities Invesents held at 31 Augusi 2022 ar¢ h¢ld in respect of future capital project development cost5 and bwsaries for whieh there sre no commitments at 31 Augus¢ 2022. £5,3 13 {2019.. £5.3131 of unrestricted hjnds were held at the year cnd. Flnartcifil Ravlew The financial stttternents on pages 7 ¢0 16 have been preFQTed for th¢ year ended 31 Au8USt 2022. Incorn¢ for th¢ year Iv 31 August 2022 amounted to £221,95512021.. £286,512). Costs of raising funds w¢re £84,656 (2021.. £84.4751. These ¢osis have been m¢1 by a ¢ontribuiian from Haberdash¢rs' Mwmourh Schtyjls. The Trusi¢¢$ and Ihc Govemin8 Body of Habttrdher$' Monrnouih Schools have jointly oBreed that this year and for the fores¢¢abl¢ future 811 the cost5 01.rJi5ing fiinds shall be borne by the SLhooL5. Charitable expenditure WLS £83.37512021.' £155,193). The pendIture in 2021-22 r¢pres¢n¢¢d grants to MoThmouih School for Boys and Monmouth School for Girls to be used for edut&lional fee suppjrt. Investnwt management fees in ttle yellr &mounted to £2.073 (2021.. £1.263). R¢lAtionshlp wlth Coonected Partits The Trust h&$ no relationships with connected pani¢s with the exception of those transd¢tions disclosed in noie S. Going Con¢¢rn The Truses and mattAgement have ¢onitnued to monitor ihc irailing imp8¢L ot'COVID-19 it¥ acLivsti4 and in¢om¢ projections have ¢¢n prepared. The cash position is 2130 being monitored ort a more regular b1$. As a r¢sul4 al the dalc oF5iWLin& th¢sc financial stments indic2te that the Ttwst will be able to continue to operate as & 8Otng corsc¢rn. The Truste¢5 ¢on$thdu that thc Trust 15 WCII placed to eorttinue meeting its V8TiOU5 educ&tional objects and the tueTht r ofa¢tivlt?es is expected to remain in place for the forcseeable futsre. For And otl bchalf of the Trusttes D Hit¢h¢o¢k ChBirman Date 13 Abruar 2023
THE MONMOUTH SCHOOLS, CHARITABLE TRUST INDEPENDElT EXAMIliER'S REPORT TO THE TRUSTEES OF TIIE MOi¥iMOLpTH SCHOOLS, CHARITABLE TRUST I rerrf)rt 10 th¢ tru51ees on my examinaiion of ihe accounts of The Monmotsth Schools, Charitable Tnjst (the TrtI for the year endrd 31 August 2022, which are set out in pageq 7 10 16. Thi5 rcport is made 501¢ly tu ih¢ charity's irustees. as a body, in awordance with section 154 of thc Chzrities Aet 2011. My indepcndcnt exarnin¢rfs work ha5 been undertaken so that I might staic to the charity's trusitts ihose matters l am requit¢d tQ Slal¢ To them in aft independent examinels i¢p)rt and for no othcr purwse. To the lullest ¢xicnt tKrmittcd by law. I do not x¢c¢pl or assume re$pDnsib¥lily lo anyone othet than thc charil>, Ihc charity's members a5 & body and the cliarity's Irusitt¥ a5 a body lor niy indcpendLnl ¢xarniner'5 work. for thi5 rcport. or lor ihe opinions I have forrned. Re5ponsiblliti¢$ and basis of riport As the charity Irusiecs of IFK Tru you are tt$pJnsible for the prcparaiion of th¢ tt¢¢ount5 in accord8nC¢ With the requirements of Ihe Chariiies Art 2011 I'lhe Aci'i. report in resp¢Et of my examination of Ihe I rust'5 accounts Carried out under sectton 145 tsf the 2011 Aci and in Garrying out rny cxamination I hav¢ follow¢d #ll IhE applicable Direction5 given by the Chariry, Commission undcr scction 14515llbl of ihe Act. IndependeRt txarniner's ststemeut I have complekd my exarninalion. l ¢onfinn thai no tnat¢rial matters have ¢om¢ to m}, attctsiion in wnn¢clion with ihc cxaminlliion giving me tau5r to klieve that in any maiwial rc%pecl'. accvunling records W¢ noi kepi in rcip¢¢l ofihe Tru%1 ii.s requircd by %LliOlI 130 tsf the Aci; OT 2. the accounts do not accord w'ilh IhDS¢ 0rd5-.. or the accounts do not comply with Ihe applicable rtquirem¢nt5 concemin8 ihe rom and conlenl of the accounts scr out in the Charities IAccount5 and Keports) Regulations 2008 other than anv regulmen1 ihai the accounts give a'lrue and fairf view iihich is not a maiitr considered as part o18n indcptnd¢ni eyaminalion. I have no concerns and have come a¢T05$ no other maiiLrs in ¢onneciion ¥vith th¢ Ekaminaiion 10 which al*nlion should k drawn irt this rew)rt in order lo enable a proper undcrsianding ol"Ihe auounis tv be reached. UELUD. Guy Biggin FCCA, ACA Crowe U.K. LLP 4ih floor Si J8rnes Hou5¢ St James Squarc Cheltenh GL50 3PR Date 21 Febrllary 2023
THE MONMOUTH SCHOOLS, CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Uiir¢51J'ictéd De51gn*¢ed Rtsirl¢ted Funds Funds Funds Total 2022 Total 2021 Note Income from: l)onaiions and L¢gacie5 Investment5 14,241 ,297 197.021 9,371 211,262 10.668 280.739 5,773 T(btg1 income 15.538 206.392 121.9JO 286.512 Expenditure on: Raiying funds Fundr8lStng & Dev¢lopment Inve51tnent monag¢ment Le55.' Cgnlribution frorn Montnouih Sch 84,656 84,656 2,073 84,6561 2.073 84,475 1.263 84,475 ,263 252 415 84.656 252 ChArit2ble attivitlts Grants and burs8rie5 83,375 83,375 155,193 Total expenditure 252 85,196 85.448 156,456 Net Ilosse51 J gain5 on investmenis 15.8601 142.3091 148.1691 6.145 Not Intomd(expenditur¢l 9,426 78,887 88,313 136.201 Net movemtÈht in fund$ 9,426 78B87 88J13 136,201 RtconciliAtffion of futtd$ Told fiLnd5 brought forward I S¢ptetnb¢r 2021 Totgl funds carried forwxrd 31 August 2022 5.313 21,620 412.809 439.742 303.541 5,313 31,046 491.096 $28.O55 439,742 The notcs on pages 9 to 16 form part of Ihc5c financial stsiemenis.
THE MONMOUTH SCHOOLS, CHARITABLE TRUST BALANCE SHEET AS AT 31 AUGUST 2022 Note 2022 Z021 Flxtd issets Inv<stmcDIs 255,223 294,797 Current asset$ Debtor5.' arnoun15 due within gne year CASh at bartk ttnd in hond 11.226 261.J51 23.938 172.890 273 077 196.828 Currtnt Il•bilities Creditors.. antounts falling due within one y¢aT 245 51,883 Net turrent iss¢ts 272,832 144.945 Total nel assets 528 055 439.742 The Funds of the Chirlty Restricted in¢ome Funds Designated inwrnc Fuftds UnTesrrictcd Funds 491.696 31.046 5.313 528.055 412,809 21.620 439.742 The fin&nci&l statements have been approved by the Trus¢$ tsn 13Wts gnd si8ned otl their beh&lf by: S5gned on behgllof the TrustetS D Hltehto¢k Chairman T Norgrove Biir5llr Th¢ notcs on p88es 9 to 16 form part of th¢se financial slatem¢nts.
THE MONMOUTH SCHOOL5. CHAIUTABLE TRUST NOTES I'0'fHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 l A¢¢ounting Policles a} Legal St•tu$ ofthÈ ChArity The Monmouth Schoo15' Charitable Trust wos re8isiered wilh the Chority Commission for Enelllnd And Walcs on 6 Febyuary 2013 Ir¢gisiered number 1151698). Its regisred Addre55 princi ofFice is Monmouth School for Boys. Almshouse Street, MDnmouth NP25 3XP. bl BRsis Df Prepiratlon The fiDan¢ial statements have been prep8rtd in accordance wtth AccouniinE and Rcporting by Charit1¢5.' Siatcment ofR¢commended Practice appltC8bl¢ 10 charities preparlng their aecounis in OrdanCe wilh the Financial Reporting Siand8rd applicable in rhe UK and Republic of Ireland {FRS 1021 attd the Financiol Reporting Siandard applicable in the Urrited Kingdom and R¢public of [land {FRS 1021 and the Charities Act 2011. The fLnanciol Slaments hav¢ be¢n preparcd under the historical c051 wnvenLIOD with exceptron of rTrve51mcnts whieh ert Incled at market value. Th¢ Monmouth S¢hoo15' Charitabl¢ Tru5¢ meets th¢ definition of a public benef5¢ ¢ntity under FRS 102. cl Goinl Con¢ern Pollcy These financial statements hLve been prepared on a goirtg ¢on¢¢rn b#sls. The Trusi¢es hove r¢vi¢wed this wsition in light of the trailing irnplieaiion5 of the COVID.19 p2ndemi¢ and remain of the opinion that ¢h¢re 4t¢ no merIal un¢ertain¢ies about th¢ Trust's ability continue. Additional scrutiny will b¢ put in place to ensure that grants &ward¢d sustatn8ble from fvnd$ in plac& dl Fund A¢¢ourtting The followin8 types of fvnd art maintalned: Rc51rici¢d Funds hold incomt tt¢eived for purposes spetifJ¢d by donors or by th¢ terms of an appeal. Desial¢d Funds h(tld inGoffl¢ &4tnJarkd by th¢ Tu51¢£& foi rapiral proj¢cts al MonLnouili for Boy5. Unrestrieted Fun&4 r¢ceive incomc which IJ cxpen4JublL Ul Ihc dLSLrelion of(he Trusices In furtlier4Lnce of the objects of thcTru5L el Imcomt All ithwmc L5 reCols¢d in Iht Statetnent of Finzncial ActLVLtie5 when there is entitlemen¢ probability of rr¢eipt and the amount can b2 m¢a5urcd with su1¢1¢Tht reliability. Donations and ill other receipts from fundrELiSin8 are reported gross and any fundrai5in8 costs are report¢d in oltler expendi¢ure. Tox recoverable relating to donations is accounted for in the same period as th¢ Klated inwme. Legacles L¢8acie3 are re¢ogrtised as Te¢¢ivabl¢ once proba kas been grant¢d 8nd notifi¢ation has been r¢¢¢ived if sufficient inforrnstion regardiag the value is provided. Entitl¢m¢ni to l¢gari¢s may be included in the yw of notific&iion subjeci w ihe fund5 being Tcceivcd diirinp th81 finAneig1 ve8T nr within 2 Tr¥inth% afver Ili¢'. ¥.111.nrf. 8) Costs of Rgl$lng Funds Costs incurred in fundraising for donations are shown 8 5epHrate line of expenditure in the Sthiemenl of Financial Activities. Th¢s¢ includ¢ salarie5 and charges for $cIfiC staff tnvolved directly in SJndrai5in8 activities. The Trustees and the GoverninE Body of HobBrdash¢rs' Monmouth S¢hools have jointly agreed that for the foresecable tUre all the Sts of raising funds sholl be borne by Habcrd&%hers' Monmouth S¢hools. The Charity is noi reglstered for VAT artd iTrecoverle VAT is in¢lud¢d wiib ihe item of expense to which it relates. h) Charlt#ble Expendffitur¢ Charitable expenditure includes sll ¢xpendiiure dirccLlI' reled to Ihe objects of the Trust And is corded on an accwals bosis {non- grant cxpenditurel or. for gr8nis. re15¢d according lo Ihe dat¢ on which r&ch award 15 4uihoris¢d by Ihc Tmstee 10 ttL¢ eKtent that ihe beneficiary may re&%on8bly ¢XF¢a w r¢¢eiv¢ IL wh¢th¢r in a ¢urrent year or in a tsjiure year.
THE MONMOUTH SCHOOLS, CHARITABLE TRUST NOTKS TO THE FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 31 AUGUST Z022 (¢oJJ¢inuedl il Tix*tion The Trust is a Tcgister¢d Clwiry, and 05 such is eniiiled lo t&xation c¥emptions on all incomc ProTlY applied for lis chzriiable purrM)ses. jl Cash 4nd cash equlvalents Ch is reprV'Scnt by cash in hand and detK)sit5 wilh financial instiiuiions. c.ash ¢quivalents and eurreni inve8ttn¢nt5 are highly liquid and rnaiure in no More ihan three monihs. k) Debtors Other debtors and amount$ due from HAknd&shs, Monmouih Sch(x)Is are recognised at lh¢ scttlttnenl amount. 11 Creditor$ Crediiors are rec4)gnised where thi Chariiy has a pSent obligaiion resulting I'rom a posi cvLnt thai will probably rll]l in th¢ tran$feT ot. funds lo a third part) and the amount due to slIe the obligaiion can be m¢a5ured or esiiTn8tcd rcliably. ml InvestmtDts Incorne frarn inveslmcnis is included in Ihe Slaiemlni uf i.'iiiaiicial ALlii'ili1s oinly if received, or declared 2nd reE¢ivablc. Gains or 105ses arising from the ¥3]ualOn of invc5tmenls arL deali with in Ilie blal¥m¢ni of Financial Aaivitie5. Inv£sim¢ni$ are stalcd at markei valuc at Ihe balance sh¢ei dale. n) FinIrIal Instruments 'I'hc Chariiy onl!, has finan¢icil assets and financial Isabiliiies ol. a kind thai qualify bil sic financial insiTUTncnts. Ihcse beillg inv¢51rn¢nis, Lash at bank, dcbiors and crediiots (see note5 j. k and 11. B355c financial insirutneD15 are inilially recogni5ed at transalOn value and sub5eqiienily rn¢a5urcd ai their 5Ctil¢tntnl ¥aluc. Financial se15 held Ji atnortiscd cost comprise Lash ai bank and in hand, oiher debtor5 and accrucd incotnc. rinancial assets ¥neasured at fair value IhrouEh incomc and txpendilure comprise lisied invc51mcnt5. ol Criti¢fil A¢COUlItIllE iudgem¢Dts and key 50urtos of estimAtion ulltertoiniy Preparation of the financial 51alemenis r¢quiTCS managemeni lo ¢onsid¢r making any significant judgcments Bnd c51imales where necessary, Thcrc are nu iietns in the financial 51aicTnen15 where significant judgtmenis and cstirnalion5 have bcen made. 10
THE MONIMOUTH SCHOOLS, CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 2 Analysis of Donationg and Legatie 2022 2021 Donation5 Legacie5 252.190 28,549 280,739 33,276 211.287 J Fixed Asset Inveytmtnts 2022 2021 Inve$tmtnt Income Dividend$ 10,668 10,668 5,773 5,773 S¢curitie$ lrt¥¢$tmtnts 2022 2021 Alpha CITr for InGotne and Rescr5 Income shares C&h 252,804 2,419 255.223 291,803 2.994 294.797 2022 2021 Market Value as ai 1st Sepiember 2021 Purch¢5 Cash movement Re2lised and u)Jr¢alistd gaihs Market valu¢ a5 al 315t Augusl 2022 294,797 9.170 1575} 48,169 255,223 175.000 838 6.145 294,797 14isioTic81 Cost 291.467 285.291
THE MONMOUTH SCHOOLS, CHARtTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 AUGUST2022 contlDuedl 4 AnAIy$i5 of expenditure SIRf( Costs Other Costs 202Z TotAI 2021 Total Costs of Raising Fund5 Fundraising & (kveluptnent l.'undrai5in8 events Travel 51.422 27,372 1,167 3.268 78.793 74,699 608 556 670 7,942 ,263 84,475 1,263 3,268 ¢X5KnscS T¢chnoloEY COSI$ InvestmLni managernenl f¢es Coniribution from Monjnouih School Total 323 2,073 33.2341 2.073 323 2.073 84,656 2.073 51.4221 Chthritablt Attivitie5 Bursaries and awards- HabeTdashers' Monmouth Schw1$ Capital Grants awarded- Hdberdashers. Monmouth Schools 74,375 9.000 83.375 74,375 9.000 83.375 155,193 155.193 Tot#1 Expenditur¢ 85.448 85,448 156,456 IndependeDI cxarnination ft¢5 of £2.60412021.. £3,100) are met by Hakndash¢rs' Mot)nwuth &hwls 2022 2021 Silxries atld wages Salarics and wag¢s Social security co.qls Pension contributions 42,384 4,037 5,001 38,803 3.853 4,Q69 51.422 46.725 DevelopTnenl siarr resp)nsible for r4i5ing funds are etnplDyed b), Montnouth School. No cmployc¢s receiv¢d retnuiKralion of mor¢ Ih&n £60,000 during eith¢T financial period. An average of 3 memr$ of were cmployed in fiJndraising during thr year. Tru%tees rcceiv¢d rcimbuT5cd expenses related to travel and subsistence during the year of£Nil12021., £2941. During th¢ y¢aT no -rrusie¢ reLLived any remuncralion or oih¢r btTrelil$12021.' £Nill. Relnted party Iransactio#s The Trustees and the Governing Body of Ilic Ilaberdhers, Monmouth Schools hav¢ joioily agreed ihat for the forc5c¢able tuiure all the costs ofraising funds shall bc tome by Flukrdastkrs, Montnouih Sch(M)l$. £9,000 ofcapithl dwards tOW8rds a new rowin8 Lx)at and £74.375 of fee support w¢re awardcd to Haberda5h¢rs' Monmouth Schoo15 in the y¢ar. Ai 31 Augusi 2022 a[nOulS oi¥td 10 Ilaberdashers, Monmouth Schools within l year atntsunlcd lo £24512021.. £51,883) and atnounts owed by Ilab¢rdashers' Monmouth Schwls amounied to INil12021.. £Nil). Debtor5.' amouthts due withÉn Dn¢ year 2022 2021 Oiher debtors- Gift aid claitnablc Accrued Income 1.226 21.938 2.000 23.938 1,226 7 Creditors: amounts falling due within one yeAr 2022 2021 Haberdashtrs, Monmouth SchoDIs 245 51.883 245 51.883 12
THE MOPIMOUTH SCHOOLS, CHARJTABLE TRUST NOTES I'O I'HF. filYAryCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinucdl B Re$trlcted Funds Futtd 400 Th¢ Trus¢$ are rtgtricted io using the fund5, Sn the for5n of a55Tsied places and burwie4 to help PTovid¢ a Monmouth School for Boys Education to children who would not othcnvisc b¢ abl¢ to affoi'd to attend th¢ School. During tlie Jear, Fund 400 was combined with the William Jonc5 Fund. The Barker 6th Form Stholarship Established ie fund a scholarship for A de5ervin¥ pupil LiilEriDg 6ih Fomi ai Monmouth Scliool for Girls. anns Sixth V'orm bcholArship A w81.ded tts extern&l candidatcs who sir thc Sixth form Scholarship exgThination ar Monmouth School for Boys. knrn locally. have achieyed grades at GCSE significantly abovc averag¢ &nd who are intending 10 apply lo Cainbrtdge Univ¢rsily. The W#rrert And Amkllda Et Fund Donation5 $tif1¢allY to help finance new building projects at M4)ninouth Sch(M)I for Boys. Artortymous Bursary Fund To be used 10 suppon a mcan5 t¢sted bursary at Monmouth School for Boy5 and Monmouth Pre-Prep andTr4urscry. The WAllis FAmily Fund The Trustces arc restricted to Using th¢ fund5 5petific&lly for mcan5 testcd bursary funding at Monmouih SchrM)I for Boys. The Quentin Soanes Rowing Fund Funds received spe£ifically to award a scholarship lu a pupil excelling in rowing at Monmouth School for Boys. OM Bursary Fund Specifically to 5UPPOrt bursari¢s for pupils in Monmouth Srhool foi Boys. Gwilliam Leg4cy Fund.£ ¢¢iV¢d spcrifically to suppon a pupil at Monmouth School in pursuii of excellence in ru8by. The BucklaDd 6th Form Scholarship Csiablished fund a scholarship for a deserving pupil entering 6th Form ai Monmouth S¢hool for Boys. Drabble Lega¢y rund5 reccived for the purpose of tdvan¢eincni ol'¢duebtion, OM BursAry Support Specifically to support bur$arie5 for pupils in Monmouth School for Boys. OM Seience Scholar Fund5 rccctved to oiT¢r a s¢ient¢ Scholarship At Montnouth Schotsl for Boys. Hardghip Fund5 reteived 10 support Pdrents adverscly affecied by the COVID-19 pandemic. Rowing Boat 2022 l."und5 re¢civtd froTn Ihe various donors lo support a long tcrm Towing boAt rcplacemetjt plan. This inclllde$ & dortation reteivcd from lh¢ Old Monmothian Club in 2022 of £5.000 which fully donaicd in thc same yoar io Monmouth School for Boys towards a new rowing boai. William Jones Fund A buT5ary and scholarship fund to provid¢ cducaiion th boys and girls olability from the local Ar¢& During thc yt&r. the Willi8m Jones Fund wa5 combincd with Fund 400. Speech DRY frize Funds rund reccived to providc annual spe£ch day prizes at Habcrda5hw5' Monmouth School5.
Designated Funds Th¢ Houldgreovts Lcg4cy Income deSiare0 by the I'ruslees for future capithl PTOjCCts ai Montnoulh Scliuol for Boy5. THE MONMOUTH SCHOOLS, CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 8 Resirlcted Funds Icontinuedl {cohtinuedl Movements for the year are as fijllows At I S¢piomber 2021 At 31 AuEu51 2022 Expendlturo Transfers Gwins and Lo55e5 Restrltted Funds rund 400 BarkeT 6th Forni Scholarship 'lThc Manns Sixth Form Scholarship The Warren and Amanda Easi Fund Anonymou% Jlursary Fund5 'rhc Illallis Family l und Quentin Soancs Roiving Furtd OM Bursary Fund Gwillitm l.tgac> Buckl£lDd 6ih fortn Scholarship DrBbblc Leg&¢y OM Club Burstry Support OM Club Srience Scholar Hardship Fund Roi4'ing Eloai Fund 2022 WTrlliam Jones Fund- Boys William Jones Fund- Girls SFr¢ch Day l)riz¢ Funds TDtal Restricted Funds 19.663 30,000 44,673 58.583 25,104 66.142 ,500 8.800 10.794 20.000 1.616 2,120 772 130.4J71 50,(X)O 38.676 50,719 21.817 60.388 3.(X)O 500 4.348 17.2991 19.5721 13.4891 110.8081 15701 14651 ,500 18,3001 15.5801 412 467 33.276 51,417 17.334 12.875 12,1041 33,276 44,740 17,334 12751 16,4021 53,428 148.7081 19,0001 15,6991 15,7821 17761 19,786 20.932 18,276 2.000 206J93 15.538 10,786 65.327 15,339 30.457 27.833 2.000 491.696 41Z,809 21,62 5,313 185.196 1251 142JlOI {51601 Design*ted Trunds Llnrestrlcitd liunds 31,046 5.313 Totil Funds 14
THE MONMOUTH SCHOOLS, CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUCII8T 2022 (continued} At 31 August 20Z2 Total Anllysis of not assets betwÈeD funds Fixed A51et Invt5tments Current As5etJ Current Unresiricicd funds Designaitd bunds kcstricted Futtds 5.313 31,046 491,696 31,046 224.177 267.764 12451 245 255,223 273,077 528,055 Compirfitive illformition x$ it 31 Augllst 2021 Muvements for the ar wcr¢ a5 follows.. At I Septtmbtr 2020 At 31 Augyst 2021 ltt¢om¢ Expertdi¢¥re Gftlns And L055es Restricted Funds Fund 400 Barkcr 6th Fortll Scholarship Thc Manns Sixth Form Scholarship The Wsrren and Amanda Ea51 Fund Anonymou5 Bursary Furtds The Wallis Family Fund Quentin Soanes Rowing Fund OM Bursary Fund GWillin Lega¢y Buckland 6th Forni Scholarship Hardship Fund lilliatn Joncs Fund- Boys Willi&m Jones Fund - Girls TotAI Restricted Fund$ 16,235 11,669 30,000 875 18.2411 19.663 30.000 44.673 58.583 25,104 66,142 1,500 8,800 43.058 56.465 13,106 25.001 931 1,222 18.750 40,045 1,500 16.666 204 12,704 81,626 34,894 7,459 257,539 16,7521 (2831 1,379 17,8661 1451 1451 129.9281 12.6861 75 156.363} 11,000 216 216 1.730 12,875 53,428 65,327 15.339 412,809 7.955 205,939 5,694 De$ignAted Funds 92.289 28,973 1100.093} 451 21,620 Unrestricted Fund5 5,313 5,313 TotAI Fundj 303,541 286.512 1156,456 6.145 439,742 At 31 Awgust 2021 Total Angly515 of net assets btiween fuThds Fixed AJ5et Inve5tnLents Current A$sttx Current Unre5triclcd Funds Desigrtated Funds Restricied Funds 5,313 5,313 21,620 412,809 21.620 273,177 151,8831 294,797 196,828 51.883 439.742 15
THE MONMOUTH SCHOOLS, CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUCUST 20Z2 l¢ontin¢iedl 9 Statement of FinHnciAI Attlvlties for tht year eniring 31 Augu51202I Unrestricted Deslgn8trd Funds Fund5 Restricttd Futhds Total 2021 Intorne from.. Donaiions Inyesimenis 28.549 424 252,190 5,349 280.739 5,773 Total income ?8.973 257,539 286,512 Expertditure on: Ralsing fund5 riindrai51ng & D¢v¢lapment Invcstmeni manageineni l.ess.' Contribution Irom Monmouih Srhwl 84.475 84,475 1.263 84,475 1.263 93 84.475 93 ChAri¢able A¢tivit1¢5 Bur5aTies 100.000 55.193 TotAI expenditure 100,093 56,363 156,456 1 gains on InveMentS 451 5,694 6,145 Net expenditur¢ 70.669 206.870 136.201 Net movtmtnt in funds 170,6691 206.870 156.201 Reeon¢ÈllatioN of funds Toial funds brought foTward I SLplember 2020 TotAI funds CArritd fonvanl 31 Au2USt 2021 5,313 92,289 205.939 303,541 5.313 21,620 412.809 439.742 16