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← The Monmouth Schools' Charitable Trust

2024-08-31-accounts

Charity number: 1151698

THE MONMOUTH SCHOOLS' CHARITABLE TRUST

TRUSTEE'S REPORT, FINANCIAL STATEMENTS AND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024

THE MONMOUTH SCHOOLS' CHARITABLE TRUST CONTENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Page
Trustee, officers and advisors 2
Trustee's report 3- 5
Independent Examiner's report 6
Statement of
Financial Activities		 7
Balance Sheet 8
NotestotheFinancialStatements 9- 16

4

THE MONMOUTH SCHOOLS' CHARITABLE TRUST TRUSTEE, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2024

Trustee and Directors

The Monmouth Schools’ Charitable Trust has a sole corporate trustee: MSCT Trustee Limited 11371492, appointed on 14 May 2022.

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, Company number
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Directors of MSCT Trustee Limited

Chairman Directors

Mr David Hitchcock OBE

Directors Mr Martin Anderson Mr Richard Booth, KC Prof Richard Carwardine CMG Sir Warren East CBE Mr Noel Manns Mrs Bridget Barker Ms Charlotte Hume Ms Claire Martinsen Mr Julian Stevens Mr Tom Wheeler Mrs Sarah Melvin Lord Moynihan (appointed 19.02.24) Mr Tim Haynes (appointed 6.12.24) Secretary Mrs Tessa Norgrove Principal Offices Monmouth Schools' Charitable Trust and MSCT Trustee Limited |Monmouth School for Boys Almshouse Street Monmouth NP25 3XP Registered Charity Number 1151698 Bankers Investment Managers Lloyds Bank ple Sarasin & Partners LLP 18 Monnow Street Juxon House Monmouth 100 St Paul's Churchyard NP25 3XH London EC4M 8BU Independent Examiner Solicitors Guy Biggin FCCA Veale Wasborough Vizards Crowe U.K. LLP Narrow Quay House 4th Floor Narrow Quay St James House Bristol St James Square BS1 4QA Cheltenham GL50 3PR

2

THE MONMOUTH SCHOOLS' CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Statement of Trustee's Responsibilities

The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for cach financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:

. Select suitable accounting policies and then apply them consistently;

. observe the methods and principles in the Charities SORP;

. make judgements and estimates that are reasonable and prudent:

. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions, disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity's constitution. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Structure, Governance and Management

The Charity and Corporate Trustee

The Monmouth Schools' Charitable Trust was established on 6th February 2013 by a Declaration of Trust, as an unincorporated association and registered as a charity with the Charity Commission under registration number 1151698. On 14 May 2022 the trustees of the Charity passed a resolution and appointed a new company, MSCT Trustee Limited, to act as sole trustee of the Charity.

MSCT Trustee Limited

MSCT Trustee Limited is a company limited by guarantee which is the sole trustee of The Monmouth Schools’ Charitable Trust. ‘The Company's responsibilities , as Trustee, are undertaken by its Directors, who were previously trustees of the Charity, and its activities are managed on a day-to day basis by the Foundation Bursar, the Director of External Relations and other staff of Haberdashers' Monmouth Schools.

The Directors are selected from the breadth of available talent in the current parent and alumni community. The Directors are largely made up of former pupils and have been carefully chosen to provide a depth of experience in law, business, academia and prior experience of fundraising. Neither the Trustee nor any of the Directors receive any remuneration for services performed in their capacity as Trustee or Directors.

The Trustee and the Governing Body of the Haberdashers' Monmouth Schools have jointly agreed that for the foreseeable future all the costs of generating funds shall be borne by Haberdashers' Monmouth Schools.

Aim, Objects and Activities

The Trust's aim is to enhance and substantially support means-tested places and capital improvements at the Haberdashers' Schools in Monmouth over and above the income received from the endowment allocated from the William Jones's Schools Foundation.

The Charitable Trust was formed to cover all the Schools in the Monmouth group. Initial fundraising efforts focused on Monmouth School for Boys. Fundraising activities have subsequently been widened to seek support for all of the schools in the group. With the creation of the Monmouth School's Charitable Trust the Schools have established a fundraising vehicle that is separate from the William Jones's Schools Foundation and which is administered by those with a clear affiliation to Monmouth.

The Trustee confirms it has referred to the Charity Commission's general guidance on public benefit under the Charities Act 2011 when reviewing the Trust's aims and objectives and in planning future activities and setting grant making policy. The main charitable activities undertaken to further the charity's purpose for the public benefit are set out in this report.

The charitable objectives for the Trust adopted on 6th February 2013, are as follows:

3

THE MONMOUTH SCHOOLS' CHARITABLE TRUST

TRUSTEE'S REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

The key areas of activities in the year are summarised below:

The William Jones Fund The focus for fundraising in 2023-24 has concentrated on the continuing aim of building up the William Jones (Bursary and Scholarships) Fund to provide an education to as many pupils of ability from the local area as possible. The fund is intended to help with fees for pupils who show potential, not just academically, but also in music or sport. Donations are given as restricted gifts with the donor deciding which discipline the donation should be channelled towards. Successful telephone campaigns in 2018 and 2021 have produced regular donations that during 2023-24 amounted to £46,268 (2023: £41,733) inclusive of gift aid.

Bursaries and Scholarships Building on the success of the two targeted campaigns detailed above, the agreed fundraising strategy has specifically targeted pupil fee support in its widest forms, We were extremely pleased to receive in the year a donation of £12,500 in the form of the Buckland 6th form Scholarship to add to the £37,500 already received in previous years. This scholarship has been established to support a deserving pupil entering 6th form. We were also grateful to receive in the year a further donation of £2,500 from the Wallis Family Fund to bring the total fund value to over £70,000 to be used for means-tested bursary funding.

Legacies

The Charity benefitted from a substantial legacy derived from the estate of the late Mr Stephen Addis which is to be utilised to establish the Stephen Addis Charity Trust for the benefit of Monmouth Schoo! for Boys for fee support. £97,547 was received in the year along with ownership of a property valued at around £550,000 which the Trustee must hold for the widow of Mr Addis in her lifetime. A legacy of £1,500 was also received from the estate of the late Mrs Barabara May Mathew to be used for the purpose of the School's Chapel.

Future Plans In September 2024 the schools successfully completed their planned merger and formed a new single school, Haberdashers’ Monmouth School, with the aim of delivering a clear and compelling co-educational offer to parents and pupils for this and future generations. Fundraising activities will continue to be targeted to support the development of the ambitious, wide-ranging and transformational aims of the school. This includes the aspiration to appoint a Development Director and funding has been raised to support the initial costs of this post. The Development team will continue to work closely with its major donors to support sustainability in planned estates enhancements and will continue initiatives to provide bursary support for the most deserving boys and girls. The work of the Development department is recognised as extremely important, especially in the form of fund raising for bursaries, which will become increasingly important as affordability of school fees continues to be an issue for all independent schools, An annual communication plan has been produced to raise the profile of the Development department with all stakeholders, including our overseas Alumni, with the aim of increasing awareness of the immense benefits of giving and securing ongoing support in the future.

Risk Management

The following took place during the year - annual review of risks faced by the Trust; - establishment and review of systems and procedures to mitigate those risks; and - establishment and review of procedures to minimise the potential impact on the Trust should any of those risks materialise. The main risks identified by the Trustee are investment risks and appropriate application of restricted funds which are both subject to comprehensive management procedures.

4

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

TRUSTEE'S REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

Investment Policy

Under the terms of the Trust Deed, the Trustee has general powers of investment subject to the provisions of the Trustee Investment Act. The overall policy of the Trustee is to maintain a balanced portfolio which includes Fixed Interest Bonds, Gilts and Equilies. Investment may be direct into individual shares or vi appropriote collectives or other relevant instruments. The Trustee docs not intend to invest directly in high risk derivatives. The Trustce has transferred sums thal are unlikely to be to be used in less thon 12 months to Sarasin & Poriners LLP and have agreed that the finds under their management should be devoted to equitics secking to maximise growth and income,

No additional funds were transferred into the investment fund during the year (2023; Nil) however, net dividend income of £9,650 (2023: £9,430) was reinvested into the portfolio. At 31 August 2024 the market value of the funds after costs and dividends was £271,783 (2023: £248,645) and the unrealiscd profit on the investments during the period was £13,488 (2023; £16,008 loss).

A fund balance of £271,783 remains under the management of Sorasin & Pariners LLP at 3] August 2024 which is set aside for future fec suppon and capital development costs incurred by Haberdashers' Monmouth Schools.

Reserves Policy

Reserves held as restricted finds are for specific purposes as requested by donors. The Trustee and the Governing Body of the Haberdashers' Monmouth Schools have jointly agreed that for the forescenble future all the costs of raising funds shall be bome by Haberdashers' Monmouth Schools. The Trusice does not therefore consider thal there is a need to maintain any fixed level reserves as the Charity has no commitments for expenses. The securities investments held at 31 August 2024 arc held in respect of future capital project development cosls and bursaries for which there are no commitments at 3] August 2024, £8,350 (2023: £5,335) of unrestricted funds were held at the vear end.

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Financial Review

The financial statements on pages 7 to 16 have been prepared for the year ended 31 August 2024. Income for the year to 31 August 2024 amounted to £21,549 (2023: £90,172). Costs of raising funds were £67,167 (2023: £69,752). These costs have been mel by a contribution from Haberdashcrs' Monmouth Schools, The Trustee and the Governing Body of Haberdushers' Monmouth Schoals have jointly agreed that this year and for the foresceable future all the costs of raising funds sholl be bore by the Schools,

'

Charitable expenditure was £97,518 (2023: £71,327) . The expenditure in 2023-24 represented grants to Haberdashers' Manmouth Schools to be used for educationul fee support and cquipment upgrades.

Investment management fecs in the ycar amounted to £1,933 (2023: £1,897).

Relationship with Connected Parties

The Trust has no relationships with connected parties with the exception of those transactions disclosed in note 5.

Going Concern

The ‘Trustee and management have continued to monitor the trailing impact of COVID-19 on its activities, and income projections have been prepared. The cash position is also being monitored on o more regular basis. As a resull, at the date of signing, these financial statements indicate that the ‘rust will be able to continue to operate as a going concern.

‘The Trustee considers that the Trust is well placed to continue meeting its various educational objects and the current range of activities is expected to remain in place for the foresecable future,

Forandsii

D Hitchcock Chairman of the Dircctors of MSCT Trustee Limited .

Dated 17 February 2025

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

INDEPENDENT EXAMlNER'S REPORT TO Tl-lE TRUSTEE OF THE MONMOUTH SCHOOLS' CHARITABLE TRUST

I report to the trustee on my examination of the accounts of The Monmouth Schools' Charitable Trust (the Trust) for the year ended 31 August 2024, which are set out in pages 7 to 16.

This report is made solely to the charity's trustee, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that l might state to the charity's trustee 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 repo11, or for the opinions I have formed.

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 Chari ties Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 20 l l Act and in carrying out my examination f 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 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 GL503PR

Date: 12 March 2025

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Designated
Funds
Funds		 Unrestricted Designated
Funds
Funds		 Restricted
Funds		 Total
2024		 Total
2023
Note £ £ £ £ £
Income from:
DonationsandLegacies
Investments		 2
3		 3,020
-		 -
352		 196,945
11,232		 199,965
11,584		 78,845
11,327
Totalincome _
3,020		 _
352		 _
208,177
211,549
90,172
Expenditure on:
Raising funds
Fundraising&Development
Investmentmanagement
Less: Contribution fromMonmouthScho		 4
4
4/5		 -
-
-
-		 -
-
-
-		 67,167
1,933
(67,167)
1,933		 67,167
1,933
(67,167)
1,933		 69,752
1,897
(69,752)
1,897
Charitable activities
Grants and bursaries		 4 5 32,239 65,274 97,518 71,327
a
Totalexpenditure 5 32,239 67,207 99,451 73,224
Net(losses) /gainsoninvestments 3 - 1,642 11,846 13,488 (16,008)
Netincome/(expenditure) 3,015 (30,245) 152,816 125,586 940
Netmovement in funds 3,015 (30,245) 152,816 125,586 940
Reconciliation offunds
Total funds brought forward
1 September 2023		 8 5,335 30,245 493,415 528,995 528,055
Total funds carried forward
31August2024		 8 8,350 - 646,231 654,581 528,995

The notes on pages 9 to 16 form part of these financial statements.

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

‘

BALANCE SHEET
ASAT 31 August 2024
Note 2024
£		 2023
£
Fixed assets
Investinents		 3 271,783 248,645
Current ussets
Debtors: amountsducwithin oneycor
Cash atbankand inhand		 6 14,566
370,253		 10,561
271,075
384,819 281,636
Current liabilities
Creditors: amounts fallingduewithinoneyear		 7 2,021 1,286
Netcurrent assets 382,798 280,350
Total net assets 654,581
————		 528,995
The Funds ofthe Charity
Restricted incomeFunds
DesignatedincomeFunds
Unrestricted Funds		 8
8
8		 646,231
-
8,350
654,581
_———————————		 493,415
30,245
5,335
528,995
ee

The finoncial statements have been approved by the Trustee on 17 February 2025 and signed on its behalf by:

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Signeil on behalfof the Trustee
aa . oe
Sebo f
D Hitchcock T Norgrove
Chairman of the Directors of MSCT Trustee Limited Scerctary
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The notes on pages 9 to 16 form part of these financiul statements.

8

THE MONMOUTH SCHOOLS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

The Monmouth Schools’ Charitable Trust was registered with the Charity Commission for England and Wales on 6 February 2013 (registered number 1151698). Its registered address and principal office is Monmouth School for Boys, Almshouse Street, Monmouth NP25 3XP.

b) Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The Monmouth Schools’ Charitable Trust meets the definition of a public benefit entity under FRS 102.

c) Going Concern Policy

These financial statements have been prepared on a going concem basis. The Trustee has reviewed this position in light of the trailing implications of the COVID-19 pandemic and remain of the opinion that there are no material uncertainties about the Trust's ability to continue. Additional scrutiny will be put in place to ensure that grants awarded are sustainable from funds in place.

d) Fund Accounting The following types of fund are maintained:

Restricted Funds hold income received for purposes specified by donors or by the terms of an appeal.

Designated Funds hold income earmarked by the Trustee for capital projects at Haberdashers' Monmouth School. Unrestricted Funds receive income which is expendable at the discretion of the Trustee in furtherance of the objects of the Trust.

€) Income All income is recognised in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Donations and all other receipts from fundraising are reported gross and any fundraising costs are reported in other expenditure. Tax recoverable relating to donations is accounted for in the same period as the related income.

f) Legacies Legacies are recognised as receivable once probate has been granted and notification has been received if sufficient information regarding the value is provided. Entitlement to legacies may be included in the year of notification subject to the funds being received during that financial year or within 2 months after the year-end.

g) Costs of Raising Funds

Costs incurred in fundraising for donations are shown as a separate line of expenditure in the Statement of Financial Activities. These include salaries and charges for specific staff involved directly in fundraising activities. The Trustee and the Governing Body of Haberdashers' Monmouth Schools have jointly agreed that for the foreseeable future all the costs of raising funds shall be borne by Haberdashers’ Monmouth Schools. The Charity is not registered for VAT and irrecoverable VAT is included with the item of expense to which it relates.

h) Charitable Expenditure Charitable expenditure includes all expenditure directly related to the objects of the Trust and is recorded on an accruals basis (nongrant expenditure) or, for grants, recognised according to the date on which each award is authorised by the Trustee to the extent that the beneficiary may reasonably expect to receive it, whether in a current year or in a future year.

9

THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

i) Taxation

The Trust is a registered Charity, and as such is entitled to taxation exemptions on all income properly applied for its charitable purposes.

j) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents and current investments are highly liquid and mature in no more than three months.

k) Debtors

Other debtors and amounts due from Haberdashers' Monmouth Schools are recognised at the settlement amount.

1) Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

m) Investments

Income from investments is included in the Statement of Financial Activities only if received, or declared and receivable. Gains or losses arising from the revaluation of investments are dealt with in the Statement of Financial Activities. Investments are stated at market value at the balance sheet date.

n) Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, these being investments, cash at bank, debtors and creditors (see notesj, k and 1). Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Financial assets held at amortised cost comprise cash at bank and in hand, other debtors and accrued income,

Financial assets measured at fair value through income and expenditure comprise listed investments.

0) Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to consider making any significant judgements and estimates where necessary. There are no items in the financial statements where significant judgements and estimations have been made.

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

2 Analysis of Donations and Legacies

2 Analysis of DonationsDonations and Legacies
2024 2023
£ £
Donations 95,918 76,845
Legacies 104,047 2,000
199,965 78,845
3. ‘Fixed Asset Investments
2024 2023
Investment Income £ £
Dividends 11,584 11,327
11,584 11,327
Securities Investments 2024 2023
£ £
AlphaCIF for Income and Reserves Income shares 262,133 236,797
Cash 9.650
271,783		 11,848
248,645
2024 2023
£ £
Market Value as at Ist September 2023 248,645 255.223
Purchases - =
Cash movement net ofreinvestment 9,650 9,430
Realised and unrealised gains 13,488 (16,008)
Market value as at 31st August 2024 271,783 248,645
HistoricalCost 303,314 291,467

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

4 Analysis ofexpenditure
Staff Other 2024 2023
Costs Costs Total Total
£ £ £ £
Costs ofRaisingFunds
Fundraising& development 32,063 8,769 40,832 50,672
Fundraisingevents - 9,116 9,116 892
Travel - 1,461 1,461 6,991
Office expenses - 665 665 1,518
Technology costs - 15,093 15,093 9,679
Investment management fees - 1,933 1,933 1,897
Contribution fromMonmouth School (32,063) (35,104) (67,167) (69,752)
Total - 1,933 1,933 1,897
Charitable Activities
Bursaries and awards - Haberdashers' Monmouth Schools - 65,279 65,279 71,327
Capital Grants awarded - Haberdashers' Monmouth Schools - 32,239 32,239 -
Total - 97,518 97,518 71,327
Total Expenditure - 99,451 99,451 73,224
Independent examination fees of£2,715 (2023: £2,640) are met by Haberdashers' Monmouth Schools
2024 2023
Salaries and wages £ £
Salaries and wages 26,126 30,325
Social security costs 2,117 2,653
Pension contributions 3,820 3,659
32,063 36,637

Development staff responsible for raising funds are employed by Haberdashers" Monmouth Schools. No employees received remuneration of more than £60,000 during either financial period. An average of 3 members of staff had a proportion of their time and costs allocated to fundraising during the year.

Directors of MSCT Trustee Limited received reimbursed expenses related to travel and subsistence during the year of £406 (2023: ENil). During the year no Director of MSCT Trustee Limited received any remuneration or other benefits (2023: £Nil).

5 Related party transactions

The Trustee and the Governing Body of the Haberdashers' Monmouth Schools have jointly agreed that for the foreseeable future all the costs of raising funds shall be borne by Haberdashers' Monmouth Schools.

£97,518 of capital and fee support was awarded to Haberdashers' Monmouth Schools in the year.

At 31 August 2024 amounts owed to Haberdashers' Monmouth Schools within | year amounted to £2,021 (2023: £1,286) and amounts owed by Haberdashers' Monmouth Schools amounted to £Nil (2023: £Nil),

In the year donations totalling £43,437 were received from 5 Directors of MSCT Trustee Ltd (2023: £4,880 from 3 Directors).

6 Debtors: amounts due within oneyear 2024 2023
£ £
Other debtors - Gift aid claimable 14,566 10,561
Accrued Income a
14,566 10,561
7 Creditors: amounts falling due within one year 2024 2023
£ £
Haberdashers' Monmouth Schools 2,021 1,286
2,021 1,286

12

THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

8 Restricted Funds

The Barker Scholarship Established to fund a scholarship for a deserving pupil entering Monmouth School for Girls.

Manns Sixth Form Scholarship

Awarded to external candidates who sit the Sixth Form Scholarship examination at Monmouth School for Boys, born locally, have achieved grades at GCSE significantly above average and who are intending to apply to Cambridge University. The Warren and Amanda East Fund

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Donations|specifically|to|help|finance|new|building|projects|at Monmouth|School|for|Boys.| |Anonymous|Bursary|Fund| |To|be|used|to|support|a|means|tested|bursary|at Monmouth|School|for|Boys|and|Monmouth|Pre-Prep|and Nursery.| |The|Wallis|Family|Fund| |The|Trustee|is|restricted|to|using|the|funds|specifically|for|means|tested|bursary|funding|at Monmouth|School|for|Boys.| |The|Quentin|Soanes|Rowing Fund| |Funds|received|specifically|to|award|a|scholarship|to|a pupil|excelling|in|rowing|at|Monmouth|School|for|Boys.| |OM|Bursary|Fund| |Specifically|to|support|bursaries|for|pupils|in|Monmouth|School|for Boys.| |The|Buckland|6th|Form|Scholarship| |Established|to|fund|a|scholarship|for|a|deserving|pupil|entering|6th|Form|at|Monmouth|School|for|Boys.| |Drabble|Legacy| |Funds|received|for|the|purpose|of advancement|of education.| |OM|Bursary|Support| |Specifically|to|support|bursaries|for|pupils|in|Monmouth|School|for|Boys.| |OM|Science|Scholar| |Funds|received|to|offer|a|science|scholarship|at|Monmouth|School|for|Boys.| |Hardship|Fund| |Funds|received|to|support|parents|continuing|to|be|adversely|affected|by|the|COVID-19|pandemic.| |Rowing|Boat|2022| |Funds|received|from|the|various|donors|to|support|a|long|term|rowing|boat|replacement|plan.| |William|Jones|Fund| |A|bursary|and|scholarship|fund|to|provide|education|to|boys|and|girls|of ability|from|the|local|area.| |Denning-Freeman|Bursary|Fund| |Funds|received|to|help|finance|a|means-tested|bursary|at|Monmouth|School|for|Girls.| |Development|Director|Fund| |Funds|received|to|support|the|initial|costs|of the|appointment|of a development|director|at|Haberdashers'|Monmouth|School| |The|Stephen|Addis|Charity|Trust| |Legacy|received|to|be|utilised|for|the|benefit|of monmouth|school|for|boys|for|fee|support.| |The|Chapel|Fund| |Legacy|received|to|be|used|for|the|purpose|of the|School|Chapel| |Sustainability|Fund| |Funds|received|to|support|sustainability|projects|in|the|school.| |Speech|Day|Prize|Funds| |Funds|received|to|provide|annual|speech|day|prizes|at|Haberdashers'|Monmouth|Schools.|

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8 Designated Funds

The Houldgreaves Legacy

Income designated by the Trustee for capital projects at Haberdashers' Monmouth School and fully expended in the year.

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THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

8 Restricted Funds (continued)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Movements|for the year|are|as|follows|At|At| |1September|Income|Expenditure|Transfers|Gains|and|31|August| |2023|Losses|2024| |£|£|£|£|£|£| |Restricted|Funds| |Barker|Scholarship|50,000|1,057|(235)|-|-|50,822| |The Manns|Sixth|Form|Scholarship|37,679|1,755|(293)|-|2,044|41,185| |The|Warren|and Amanda|East Fund|49.412|2,302|(384)|-|2,680|54,010| |Anonymous|Bursary|Funds|20,732|841|(875)|-|977|21,675| |The|Wallis|Family Fund|61,876|5,383|(481)|-|3,356|70,134| |Quentin|Soanes Rowing Fund|3,357|-|(1,998)|-|-|1,359| |OM|Bursary|Fund|500|-|-|-|-|500| |Buckland|6th Form|Scholarship|19,731|13,170|(10,107)|-|779|23,573| |Drabble|Legacy|28,276|-|(11,974)|-|16,302| |OM|Club|Bursary|Support|43,866|1,539|(257)|-|1,793|46,941| |OM|Club|Science|Scholar|17,334|-|(6,974)|-|-|10,360| |Hardship|Fund|4,009|186|(31)|-|217|4,381| |Rowing|Boat|Fund|2022|10,491|-|-|-|-|10,491| |William|Jones|Fund|-|Boys|117,422|31,944|(28,093)|-|-|121,273| |William|Jones|Fund|-|Girls|21,330|14,324|(5,405)|-|-|30,249| |Denning-Freeman|Bursary|Fund|5,000.00|-|-|-|-|5,000| |Development|Director|Fund|-|35,000|-|-|-|35,000| |The|Stephen|Addis|Charity|Trust|-|97,547|-|-|-|97,547| |Barbara Matthews|Estate|-|1,500|-|-|-|1,500| |Sustainability|-|1,250|-|-|-|1,250| |Speech|Day|Prize|Funds|2,400|379|(100)|-|-|2,679| |Total|Restricted|Funds|493,415|208,177|(67,207)|-|11,846|646,231| |Designated|Funds|30,245|352|(32,239)|-|1,642|-| |Unrestricted|Funds|5,335|3,020|(5)|-|-|8,350| |Total|Funds|—_Si8995.-—So211,549|~—iC“ST)—~—“‘“‘(‘(‘(‘ K]T!W!~dSSSC|[CSOT]|

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||||||||| |---|---|---|---|---|---|---|---| |At| |8|Analysis|of net|assets|between|funds|31|August| |Fixed|Asset|Current|Current|2024| |Investments|Assets|Liabilities|Total| |£|£|£|£| |Unrestricted|Funds|-|8,350|-|8,350| |Designated|Funds|-|-|-|-| |Restricted|Funds|271,783|376,469|(2,021)|646,231| |28STTY|SST|

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14

THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

Comparative information as at 31 August 2023

Movements for the year were as follows: Movements for the year were as follows: At At
1September
2022		 Income Expenditure Transfers Gains and
Losses		 31 August
2023
£ £ £ £ £ £
Restricted Funds
Barker Scholarship
TheManns Sixth Form Scholarship
The Warren andAmandaEastFund
Anonymous Bursary Funds
TheWallisFamilyFund
Quentin SoanesRowingFund
OMBursaryFund
Gwilliam Legacy
Buckland 6thForm Scholarship
Drabble Legacy
OMClub Bursary Support
OM Club Science Scholar
HardshipFund
RowingBoat Fund 2022
William Joneslund -Boys
William Jones Fund - Girls
Denning-Freeman Bursary Fund
SpeechDay Prize Funds
Total Restricted Funds		 50,000
38,676
50,719
21,817
60,388
3,000
500
4,348
11,147
33,276
44,740
17,334
4,115
10,786
111,017
27,833
-
2,000
491,696		 -
1,712
2,245
818
5,967
2-125
-
-
13,153
-
1,501
-
9,022
-
33,888
7.845
10,000
500
88,776		 - -
283.0
(371)
(744)
(495)
(1,768)
0
(4,348)
(3,644)
(5,000)
(248)
0
(8,870)
(295)
(27,483)
(14,348)
(5,000)
(100)
(72,997)		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
(2,426)
(3,181)
(1,159)
(3,984)
-
-
-
(925)
-
(2,127)
-
(258)
-
-
-
-
-
(14,060)		 50,000
37,679
49,412
20,732
61,876
3.357
500
-
19,731
28,276
43,866
17,334
4,009
10,491
117,422
21,330
5,000
2.400
493,415
Designated Funds 31,046 1,374 (227) - (1,948) 30,245
Unrestricted Funds 5,313 22 - - - 5335
TotalFunds a
528,055
90,172
(73,224)
-
(16,008)		 528,995
At
Analysis ofnet assets between funds Fixed Asset Current Current 31 August
2023
Investments Assets Liabilities Total
£ £ £ £
Unrestricted Funds
DesignatedFunds
Restricted Funds		 -
30,245
218,400		 5,335
-
276,301		 -
-
(1,286)		 5,335
30,245
493,415
ec
248,645
281,636
(1,286)		 528,995

15

THE MONMOUTH SCHOOLS' CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

(continued)

9 Statement of Financial Activities for the year ending 31 August 2023

Unrestricted Designated Restricted Total
Funds Funds Funds 2023
£ £ £ £
Income from:
Donations 22 - 78,823 78,845
Investments - 1,374 9,953 11,327
Total income 22 1,374 88,776 90,172
Expenditure on:
Raising funds
Fundraising& Development - - 69,752 69,752
Investment management - 227 1,670 1,897
Less: Contribution from Monmouth School - - (69,752) (69,752)
- 227 1,670 1,897
Charitable activities
Bursaries - - 71,327 71,327
Total expenditure - 227 72,997 73,224
Net gains on investments - (1,948) (14,060) (16,008)
Net expenditure 22 (801) 1,719 940
Net movement in funds 22 (801) 1,719 940
Reconciliation offunds
Total funds brought forward
1 September2022 5,313 31,046 491,696 528,055
Total funds carried forward
31August2023 5,335 30,245 493,415 528.995

16