The Mount School York Foundation
Trustees’ report
Period ending 31 August 2024
The Trustees present their report and financial statements for the year ending 31st August 2024. The Trustees confirm that the report and the statement of receipts and payments of the charity comply with the current statutory requirements and the requirements of the charity’s governing document.
Objectives and Activities
The Foundation was registered with the Charity Commission on 13 January 2017. Its object is to advance education in accordance with the Religious Society of Friends (Quakers) in such ways as the charity Trustees think fit and in particular to advance the education of past, present and future pupils of The Mount School York (the school)
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit.
Achievements and Performance
The Trustees were grateful to receive donations totalling £20,133 during the accounting period, both for general funds and for bursaries.
Trustees paid grants of £27,000 from the Lydia Rous and Lucy Harrison Fund towards bursaries for the 2023-24 academic year. This is the final year of the Foundation’s commitment to pay bursaries for students from Ukraine. Of the £54,000 awarded, £8,720 was from donations received, the remainder coming from the Lydia Rous and Lucy Harrison Fund. The Trustees now intend to focus on rebuilding bursary funds.
A grant of £11,600 has been paid towards iPads for the junior school and a further grant of £25,000 for the second year of support for the Foundation Office.
Financial Review
The total invested with Brewin Dolphin was valued at £172,568 at the year-end (a net gain of £5,880 on the previous year end) and produced an income of £3,809 during the year. During the year the Trustees reviewed and updated the investment policy.
There are grant commitments of £6,593 outstanding from 2023-24 which are listed under liabilities. There is also a further commitment to contribute £25,000 towards the Foundation office in 2024-25. These liabilities are being settled in the new year.
Other costs of £62 were bank charges. The only other costs being incurred are the charges from the Investment Manager which are deducted from the investments.
The Trustees plan to transfer funds from investments to the bank account to ensure that there are cash resources to meet future obligations to pay grants from restricted funds.
A reserve of unrestricted funds of at least £5,000 has been developed, which in the Trustees’ view should be adequate to meet one off costs. Excluding the £25,000 which the Trustees have designated for funding of the Foundation office and taking account of other grant commitments of £3018, adjusted unrestricted funds were £6,177 at year end. This is ahead of the agreed policy and Trustees expect to make further grants to bring the balance closer to the preferred reserve level during the next financial year.
Structure Governance and Management
The Foundation is a Community Interest Organisation
Trustees are a combination of ex officio appointees from The Mount School York, being the Principal, the Chief Financial Officer or equivalent, the Clerk and the Deputy Clerk of School Committee, two Trustees nominated by old scholars of the school, and one Trustee who is nominated by the Mount School Association (MSA). The Trustees of the Foundation can nominate additional Trustees who bring complementary skills for the benefit of the Foundation.
We welcomed Naomi Blyth-Kubota as a Trustee. Naomi replaced Vanessa Charters who stepped down from her position at The Mount School in December 2023. Both Margaret Bryan and David Griffiths will be stepping down as Trustees in December 2024 when they depart from their roles at The Mount School.
We would like to thank Margaret, Vanessa and David for everything they have done for the Foundation. We look forward to welcoming Margaret and David’s successors as Trustees at the start of 2025.
The Trustees are grateful to Michael Sturge FCA who has volunteered to continue in his role as Independent Examiner. Day to day accounting is handled by the school and the Trustees take responsibility for the Annual Report and Accounts. The Trustees would like to thank The Mount School York for providing administrative services and support to the Foundation.
Reference and Administrative details
The Mount School York Foundation
Registered Charity Number: 1171116
Charity’s Principal address c/o The Mount School, Dalton Terrace, York YO24 4DD
Trustees
| Trustees | |
|---|---|
| Naomi Hatsue Simpson Blyth-Kubota | Ex-ofcio appointee (wef 22/5/24) |
| Margaret Bryan | Ex-ofcio appointee (until 31/12/24) |
| Catherine Olivia Birch | Appointed by MSA |
| Vanessa Charters David Elwyn Grifths |
Ex ofcio appointee (resigned 15/12/23) Ex ofcio appointee (until 31/12/24) |
| Era Gjurgjeala | Appointed by old scholars |
| Aileen McLeish | Appointed by Foundation Trustees |
| Claire Phillips | Appointed by old scholars |
Other
Bank: HSBC Bank Plc, 13 Parliament Street, York YO1 8XS Legal Advisor: Rollits LLP, Forsyth House, Alpha Court, Monks Cross, York YO32 9WN Investment Manager: Brewin Dolphin Ltd, 10 Wellington Place, Leeds LS1 4AN
Trustees
October 2024
| Charity Name | No (if any) | No (if any) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| The Mount School York Foundation | 1171116 | |||||||||
| Receipts andpayments accounts Period start date To Period end date 1-Sep-23 31-Aug-24 For the period from ~~ee~~ |
CC16a | |||||||||
| Section A Receipts and payments | ||||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Last year | ||||||
| to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | |||||
| A1 Receipts | ||||||||||
| Donations | 15,612 | 4,520 | - | 20,132 | 4,721 | |||||
| Investment Income | - | 3,809 | - | 3,809 | 4,332 | |||||
| Gift Aid Receipts | - | - | - | - | ||||||
| Reckitt donation | - | - | - | 25,000 | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| Sub total(Gross income for AR) | 15,612 (Gross income for AR) |
8,329 | - | 23,941 | 34,053 | |||||
| - - - - - - - - - Sub total - - - - - Total receipts 15,612 8,329 - 23,941 34,053 A2 Asset and investment sales, (see table). ~~——————_——~~ |
||||||||||
| A3 Payments | ||||||||||
| Grants to The Mount School York for | ||||||||||
| Bursaries and Awards | - | 27,000 | - | 27,000 | 30,813 | |||||
| Further Education Fundgrants | - | - | 1,000 | |||||||
| Grant to The Mount School York for | - | - | - | 3,018 | ||||||
| CRM system | ||||||||||
| Grant to School for ipads | 7,445 | 4,155 | - | 11,600 | ||||||
| Grant to The Mount School for Foundation | ||||||||||
| office | 25,000 | - | - | 25,000 | 25,000 | |||||
| Reckitt Donation granted to The Mount | ||||||||||
| School York | - | - | - | 25,000 | ||||||
| Other | 62 | - | - | 62 | 92 | |||||
| Grants to The Mount School Yorkfor | ||||||||||
| attendance atQuakerjunior meeting | - | - | - | 500 | ||||||
| - | - | - | - | - | ||||||
| Sub total 32,507 | 31,155 | - | 63,662 | 85,423 | ||||||
| - - - - - - - - Sub total - - - - - Total payments 32,507 31,155 - 63,662 85,423 A4 Asset and investment purchases, (see table) ~~——————~~ |
||||||||||
| Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end **Cash funds this year end ** |
- 16,895 - 22,826 - - 39,721 - 51,370 - - - - - 51,090 12,010 - 63,100 114,470 34,195 - 10,816 - 23,379 63,100 ~~====>=>~~ |
Section B Statement of assets and liabilities at the end of the period
| Categories B1 Cash funds B2 Other monetary assets B3 Investment assets B5 Liabilities B4 Assets retained for the charity’s own use |
Details Details Details Details Details Funding of Foundation office approved Grants forprizes and awards Grants for prizes and awards Total cash funds (agree balances with receipts and payments account(s)) Brewin Dolphin discretionary mandate - income and capital growth |
to nearest £ 34,195 - - 34,195 OK to nearest £ - - - - - - Restricted Funds Unrestricted Funds Restricted Funds Unrestricted Funds Unrestricted funds Unrestricted funds Fund to which asset belongs Fund to which asset belongs Fund to which liability relates |
to nearest £ - 10,816 - - - 10,816 OK to nearest £ - - - - - - Cost (optional) 158,443 - - - - Cost (optional) - - - - - - - - - 25,000 3,575 3,018 - - Restricted funds Restricted funds Amount due (optional) |
to nearest £ Endowment funds |
|---|---|---|---|---|
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| OK | ||||
| to nearest £ Endowment funds |
||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| Current value (optional) |
||||
| 172,568 | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| Current value (optional) |
||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| When due (optional) |
||||
| Funding of Foundation office approved | Unrestricted Funds | 25,000 | 2024-2025 | |
| Grants forprizes and awards | Restricted Funds | 3,575 | 2024-2025 | |
| Grants for prizes and awards | Unrestricted Funds | 3,018 | 2024-2025 | |
| - | ||||
| - |
Signed by one or two trustees on behalf of all the trustees
Signature
Print Name
Date of approval