REGISTERED CHARITY NUMBER: 1159447 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ## FOR GILBERT HANNAM EDUCATION FOUNDATION Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX GILBERT HANNAM EDUCATION FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2022 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Notes to the Financial Statements|7|to|12| |Detailed Statement of Financial Activities||13|| GILBERT HANNAM EDUCATION FOUNDATION ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 August 2022 The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## OBJECTIVES AND ACTIVITIES ## Public benefit The charity confirms that the trustees have complied with their duty to have due regard to guidance on public benefit published by the Charity Commission in exercising its powers or duties and in deciding what activities the charity should undertake. The trustees believe that the charity's accounts demonstrate that it acts for the public benefit. The object of the charity is the provision of items, services and facilities for the school i.e. Midhurst Rother College or such other secondary school for pupils from Midhurst and the surrounding area as may replace it. If and in so far as the income of the charity cannot be applied towards the object above, it may be applied in promoting the education of persons who are in need of financial assistance in the following order of priority: a) Persons who are attending the School and b) Persons who have at any time attended the School. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. At the forefront of their considerations have been the impact of the pandemic on students. ## ACHIEVEMENT AND PERFORMANCE In large part the activities of the Foundation have returned to pre-pandemic levels. Trustees have resumed meeting in person, although the Foundation continues to take advantage of video teleconference facilities to allow trustees to join meetings virtually if required. The key activity supported this year was the 350th anniversary of the establishment of the original school by Gilbert Hannam. After a two-year break, the Foundation held its normal celebrations. Marking the 350th Anniversary, the preacher at the church service was Rt Rev Helen Bushyager, The Bishop of Horsham. Mrs Shelagh Legrave, the Government's Further Education Commissioner, was the guest speaker at the Foundation evening where prizes were awarded. The evening was well attended by students, parents, staff, governors, trustees and friends of the College. In addition to mark the 350th Anniversary, a tea party was held in July for current and past trustees of the Foundation, current and past governors both of MRC and Midhurst Grammar School, local politicians, the past and current Principals of the College, current and past teaching staff of both schools, past speakers from our Foundation evenings and past winners of the prizes supported by the Foundation. Around 100 people attended a wonderful event. In supporting requests for assistance, trustees continue to delegate a sum of £2,000 for use by the Principal and one trustee: Gill Welsman; without reference to all trustees. This has been agreed in support of efficiency and confidentiality. In other activities in support of the College, trustees supported the largest ever single grant to the College in support of the College's response to challenges and disruption caused by the Covid-19 pandemic. The enforced school closures during the reporting period meant some students had missed face to face teaching for a significant period and further days were lost through enforced self-isolation. The overall impact was very disruptive to student's education and there was a rise in mental health issues. In response, trustees have approved a £115,000 grant to support MRC's response across three areas: i. The appointment of an additional Maths and English teacher for a year to enable extra tuition for all students in these subjects. ii. Additional counselling support to allow additional support for students' mental health resulting from the pandemic. This paid for two additional days counselling per week and continued to support the alternative provision post. iii. One to one tuition in Maths, English and Science for disadvantaged students. Page 1 GILBERT HANNAM EDUCATION FOUNDATION ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 August 2022 ## FINANCIAL REVIEW ## Investment policy and objectives Smith & Williamson (Evelyn) Investment Management and Rathbones continue to look after the funds in line with the investment criteria contained within the Foundation's investment strategy. The strategy was reviewed during this reporting period. ## Reserves policy The charity has minimal financial commitments with no obligations or employees. Therefore the reserves policy is to have under investment sufficient funds to generate income in line with the charity's investment strategy and that the capital value will be preserved in perpetuity in line with inflation to continue to meet the objectives of the charity. Ignoring movements in valuation the trustees consider a portfolio value of between £2,500,000 and £3,000,000 sufficient to fund future activities. ## STRUCTURE, GOVERNANCE AND MANAGEMENT The charity was established by a charitable trust deed on 5 January 2011 (1159447) and was formerly known as Midhurst Grammar School Educational Foundation (3062231). The Foundation has a 5% interest in the land on which the College is located. The trustees are appointed to use their skills and experience in support of the aims of the Foundation and thus no specific induction training is required. One trustee has attended a corporate governance and risk management seminar offered by one of the Foundation's investment partners in the last reporting period. During the reporting period, trustees have completed a review of the Foundation's investment strategy and implemented meetings of an investment sub-committee formed of Adrian Moore, Phil Stringer and David Lawes. This has allowed greater scrutiny of investment partner's performance and more active management of the Foundation's financial business. All business completed by the investment sub-committee is reviewed at meetings of all trustees The trustees have considered the major risks to which the charity is exposed, supported by advice from the trust's financial advisers, including an annual report to the Trustees by Rathbones and Smith Williamson, and are satisfied that systems are in place to mitigate exposure to those major risks. The trustees who served during the period (1 Sep 20 - 31 Aug 21) were: Phil Stringer (chair), Adrian Moore, Gill Welsman, Gina Dutt, David Lawes and Stuart Edwards.A new trustee, Chris Hunt, was welcomed to the Board from June 2022. ## REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1159447 ## Principal address Halfacre 119 Midhurst Road Fernhurst Haslemere Surrey GU27 3EY ## Trustees P Stringer A Moore S Edwards G Welsman D J Lawes Mrs G Dutt C Hunt (appointed 20.6.22) Page 2 GILBERT HANNAM EDUCATION FOUNDATION ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 August 2022 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner S Moorey FCCA Chartered Certified Accountant Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... P Stringer - Trustee Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GILBERT HANNAM EDUCATION FOUNDATION ## Independent examiner's report to the trustees of Gilbert Hannam Education Foundation I report to the charity trustees on my examination of the accounts of Gilbert Hannam Education Foundation (the Trust) for the year ended 31 August 2022. ## 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 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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: 1. 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 form and content of 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. S Moorey FCCA Chartered Certified Accountant Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX Date: ............................................. Page 4 ## GILBERT HANNAM EDUCATION FOUNDATION ## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 August 2022 |Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Department support
Awards Evening
Charitable
Michael O'Kelly Awards
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD|2022
Unrestricted
funds
£
78,609
31,329
154,165
100
5,489
-
360
191,443
(322,855)
(435,689)
4,161,874
3,726,185|2021
Total
funds
£
65,815| |---|---|---| |||28,853
41,601
-
1,626
7,500
-| |||79,580| |||639,346| |||625,581
3,536,293| |||4,161,874| The notes form part of these financial statements Page 5 ## GILBERT HANNAM EDUCATION FOUNDATION ## BALANCE SHEET ## 31 August 2022 |Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
TOTAL FUNDS|2022
Unrestricted
funds
£
3,610,006
117,235
(1,056)
116,179
3,726,185
3,726,185
3,726,185
3,726,185|2021
Total
funds
£
3,995,594
176,337
(10,057)
166,280
4,161,874
4,161,874
4,161,874
4,161,874| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. P Stringer - Trustee The notes form part of these financial statements Page 6 GILBERT HANNAM EDUCATION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2022 ## 1. ACCOUNTING POLICIES ## Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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, as modified by the revaluation of certain assets. ## Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## Taxation The charity is exempt from tax on its charitable activities. ## Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank, cash in hand and short term deposits with an original maturity date of three months or less. continued... Page 7 GILBERT HANNAM EDUCATION FOUNDATION ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 August 2022 |2.
INVESTMENT INCOME
Income from listed investments
Deposit account interest
3.
RAISING FUNDS
Investment management costs
Investment management
4.
CHARITABLE ACTIVITIES COSTS
Department support
Awards Evening
Charitable
5.
SUPPORT COSTS
Other resources expended
Charitable|Direct
Costs
£
154,165
100
4,000
158,265|2022
2021
£
£
76,171
63,220
2,438
2,595
78,609
65,815
2022
2021
£
£
31,329
28,853
Support
costs (see
note 5)
Totals
£
£
-
154,165
-
100
1,489
5,489
1,489
159,754
Governance
costs
£
360
1,489
1,849| |---|---|---| continued... Page 8 GILBERT HANNAM EDUCATION FOUNDATION ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 August 2022 ## 6. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021. ## Trustees' expenses There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021. ## 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|| |---|---| |INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Department support
Charitable
Michael O'Kelly Awards
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD|Unrestricted
funds
£
65,815| ||28,853
41,601
1,626
7,500| ||79,580| ||639,346| ||625,581
3,536,293| ||4,161,874| continued... Page 9 GILBERT HANNAM EDUCATION FOUNDATION ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 August 2022 ## 8. FIXED ASSET INVESTMENTS |MARKET VALUE
At 1 September 2021
Additions
Disposals
Revaluations
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021|Listed
investments
£
3,995,594
614,453
(561,881)
(438,160)
3,610,006
3,610,006
3,995,594| |---|---| The value of investments outside the UK were £1,124,080 (2021 - £1,369,931) The movement in value of the fixed asset investments has been adjusted in the financial statements. ## 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |Other creditors
10.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS|At 1.9.21
£
4,161,874
4,161,874|2022
£
1,056
Net
movement
in funds
£
(435,689)
(435,689)|2021
£
10,057
At
31.8.22
£
3,726,185|2021
£
10,057| |---|---|---|---|---| ||||3,726,185|| continued... Page 10 GILBERT HANNAM EDUCATION FOUNDATION ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 August 2022 ## 10. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: |Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS|Incoming
resources
£
78,609
78,609|Resources
expended
£
(191,443)
(191,443)
At 1.9.20
£
3,536,293
3,536,293||Gains and
losses
£
(322,855)
(322,855)
Net
movement
in funds
£
625,581
625,581|Movement
in funds
£
(435,689)
(435,689)
At
31.8.21
£
4,161,874
4,161,874| |---|---|---|---|---|---| ||||||| Comparative net movement in funds, included in the above are as follows: |Unrestricted funds
General fund
TOTAL FUNDS|Incoming
resources
£
65,815
65,815|Resources
expended
£
(79,580)
(79,580)|Gains and
Movement
losses
in funds
£
£
639,346
625,581
639,346
625,581| |---|---|---|---| continued... Page 11 GILBERT HANNAM EDUCATION FOUNDATION ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 August 2022 ## 10. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: |Unrestricted funds
General fund
TOTAL FUNDS|At 1.9.20
£
3,536,293
3,536,293|Net
movement
in funds
£
189,892
189,892|At
31.8.22
£
3,726,185| |---|---|---|---| ||||3,726,185| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |Unrestricted funds
General fund
TOTAL FUNDS|Incoming
resources
£
144,424
144,424|Resources
expended
£
(271,023)
(271,023)|Gains and
Movement
losses
in funds
£
£
316,491
189,892
316,491
189,892|Gains and
Movement
losses
in funds
£
£
316,491
189,892
316,491
189,892| |---|---|---|---|---| |||||189,892| ## 11. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 August 2022. Page 12 ## GILBERT HANNAM EDUCATION FOUNDATION ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 August 2022 |INCOME AND ENDOWMENTS
Investment income
Income from listed investments
Deposit account interest
Total incoming resources
EXPENDITURE
Investment management costs
Investment management
Charitable activities
Hyman & Lucas awards
Department Support
Awards evening
Michael O'Kelly awards
Support costs
Governance costs
Administration fees
Accountancy and legal fees
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net (expenditure)/income|2022
£
76,171
2,438
78,609
78,609
31,329
4,000
154,165
100
-
158,265
469
1,380
1,849
191,443
(112,834)
(322,855)
(435,689)|2021
£
63,220
2,595
65,815
65,815
28,853
-
41,601
-
7,500
49,101
300
1,326
1,626
79,580
(13,765)
639,346
625,581| |---|---|---| This page does not form part of the statutory financial statements Page 13