Registered number: CE017712 Charity number: 1183721 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) Unaudited Trustees' report and financial statements For the period ended 31 August 2020 ## Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) ## Contents ||Page| |---|---| |Reference and administrative details of the Charity, its Trustees and advisers|1| |Trustees' repor|2 - 4| |Independent examiner's repor|5| |Statement of fnancal actvities|6| |Balance sheet|7| |Statement of cash flows|8| |Notes to the fnancial statements|9 - 1 7| |Appendix i|18| |Appendix ii|19| ## Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Reference and administrative details of the Charity, its Trustees and advisers For the period ended 31 August 2020 |Trustees|M Robers| |---|---| ||CEverard| ||J Rosso| ||A Kilbee| ||L Gorringe| |Company registered|| |number|CE01712| |Charity registered|| |number|118371| |Registered offce|Sir Roger Manwoods Grammar School| ||Manwood Road| ||Sandwich| ||Kent| ||CT13 9JX| |Accountants|Kreston Reeves LLP| ||Charered Accountants| ||37St Margaret's Street| ||Canterbur| ||Kent| ||CT1 2TU| Page 1 ## Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Trustees' report For the period ended 31 August 2020 The Trustees present their annual report together with the financial statements of the Charity for the period from 4 June 2019 to 31 August 2020. The Annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## Objectives and activities ## a. Policies and objectives The object of the foundation is to advance education for the public benefit through the award of prizes, scholarships and grants to current and former pupils of Sir Roger Manwood's Grammar School. Additionally to provide financial assistance to the Sir Roger Manwood's Grammar School at the Head Teacher's request within available levels of income. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## b. Grant-making policies The grant making policies are strictly defined and can only be enhanced within available income levels. ## Achievements and performance ## a. Main achievements of the Charity Sir Roger Manwood's Grammar School Foundation has provided a consistent level of financial support for the Sir Roger Manwood's Grammar School and its pupils, over and above central Government funding within available levels of income. ## b. Investment policy and performance No changes envisaged, unless additional bequests from Alumni are received to enable further investment to be undertaken. The portfolio has generated a return in the 4/5% range for many years. ## Financial review ## a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 2 Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) ## Trustees' report (continued) For the period ended 31 August 2020 ## b. Reserves policy The Board of Trustees has established a policy whereby free reserves (defined as the amounts held as current assets less current liabilities in the general fund) of the Charity should be maintained at £50,000. As at 31 August 2020 the unrestricted reserves stood at £65,765. Current general reserves are in line with the reserves policy. ## c. Material investments policy No additional investment is planned at present unless further bequests are received. ## Structure, governance and management ## a. Constitution Sir Roger Manwood's Grammar School Foundation is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission and was set up by a Trust deed. ## b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## c. Organisational structure and decision-making policies The policy and operating decisions of the charity rest with the trustees who meet regularly to monitor the activities of the Sir Roger Manwood's Grammar School Foundation. ## d. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## Plans for future periods No material plans at present, although the unrestricted Parkinson Fund could be used in support of the Sir Roger Manwood Grammar School's ambitious master plan to be implemented in the next few years. ## COVID-19 At the time of signing the accounts the Trustees are aware of the potential economic and social effects of the COVID-19 virus outbreak. The full impact of the pandemic on the UK economy is still evolving, but the Charity will continue to seek to mitigate this risk by following the UK Government's guidelines and adapting/developing its own internal strategy. Page 3 ## Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Trustees' report (continued) For the period ended 31 August 2020 ## Statement of Trustees' responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity wi continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. They are 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. Approved by order of the members of the board of Trustees and signed on their behalf by: A Kilbee Trustee Date: 7 2 , 2 . 2 2 1 Page4 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) ## Independent examiner's report For the period ended 31 August 2020 ## Independent examiner's report to the Trustees of Sir Roger Manwood's Grammar School Foundation ('the Charity') I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 August 2020. ## Responsibilities and basis of report As the Trustees of the Charity (and its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner's statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: - 1 . accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Kreston Reeves LLP Chartered Accountants Canterbury Page 5 ## Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) Statement of financial activities (incorporating income and expenditure account) For the period ended 31 August 2020 |||Restricted|Unrestricted|Total| |---|---|---|---|---| |||funds|funds|funds| |||2020|2020|2020| ||Note|£|£|£| |Income fom:
Donations and legaces|3|949,217|7,381|1,026,598| |Charitable activites
Investments|4
5|270
44,590|4,519|270
49,109| |Total income||994,077|81,900|1,075,977| |Expenditureon:||||| |Charitable activities|7|33,724|4,000|37,724| |Total expenditure||33,74|4,000|37,724| |Net losses on investments|9|(93731)|(12,135)|(105,866)| |Net movementin funds||866622|65,765|932,387| |Reconciation of funds:||||| |Net movement in funds||866,622|65,765|932,387| |Total funds carried forard||866,622|65,765|932387| The notes on pages 9 to 17 form part of these financial statements. Page 6 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) Registered number: CE01 12 Balance sheet As at 31 August 2020 ||||2020|| |---|---|---|---|---| ||Note||£|| |Fixed assets||||| |Investments||9||851,027| |Current assets||||| |Cash at bank and in hand|||83,760|| |Creditors:amounts faling due within one year||10|{2,400)|| |Net current assets||||81,360| |Total net assets||||932,387| |Charity funds||||| |Restricted funds||1 1||866,622| |Unestricted funds||1 1||65,765| |Total funds||||932,387| The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the period in question in accordance with section 4 76 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: A Kilbee Trustee Date: 1 2 . 2 . 2 2 f T h e notes on pages 9 to 17 form part of these financial statements. Page 7 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) Statement of cash flows For the period ended 31 August 2020 |||2020| |---|---|---| |||£| |Cash flows fom operating actvies||| |Net cash used in operatng activites|14|14,596| |Cash flows fom investing activities||| |Dividends, interests and rents from investments||(41)| |Cash inherited upon incorporation||69,205| |Net cash provided by investing actvities||69,164| |Cash flows from financing activities||| |Net cash provided by fnancing actvities||| |Change in cash and cash equivalents in the period||83,760| |Cash and cash equivalents at the end ofthe period||83,760| |The notes on pages 9 to 17 form par of these fnancal statements||| Page 8 Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Notes to the financial statements For the period ended 31 August 2020 1. General information Sir Roger Manwood's Grammar School Foundation is a registered charity, number 1183721, and was registered with the Charity Commission on 4 June 2019. ## 2. Accounting policies ## 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1 0 2 ) ­ 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sir Roger Manwood's Grammar School FoundationSir Roger Manwood's Grammar School Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 2.2 Going concern The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future. ## 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Page 9 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) Notes to the financial statements For the period ended 31 August 2020 ## 2. Accounting policies (continued) ## 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and support costs involved in undertaking each activity. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of financial activities. ## 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 10 Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Notes to the financial statements For the period ended 31 August 2020 ## 2. Accounting policies (continued) ## 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 1 1 ## Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Notes to the financial statements For the period ended 31 August 2020 ## 3. Income from donations and legacies ||Restricted|Unestricted|Total| |---|---|---|---| ||funds|funds|funds| ||2020|2020|2020| ||£|£|£| |Net assets inherited upon incorporaton|948,717|77,381|1,026,098| |Donations|500||500| ||949,217|77,381|1,026,598| |Income from charitable activities|||| |||Restricted|Total| |||funds|funds| |||2020|2020| |||£|£| |Compensations fr grnts||270|270| ## 4. Income from charitable activities Compensations for grants ## 5. Investment income ||Restricted|Unrestricted|Total| |---|---|---|---| ||funds|funds|funds| ||2020|2020|2020| ||£|£|£| |Income from listed investments|44,549|4,519|49,068| |Bank interest receivable|41||41| ||44,590|4,519|49,109| Page 12 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) ## Notes to the financial statements For the period ended 31 August 2020 ## 6. Analysis of grants ||Grants to|Total| |---|---|---| ||Individuals|funds| ||2020|2020| ||£|£| |Grnts&prizes|20,331|20,331| ## 7. Analysis of expenditure on charitable activities ||Restricted|Unestricted|Total| |---|---|---|---| ||funds|funds|funds| ||2020|2020|2020| ||£|£|£| |Grants&prizes (note 6)|20,331||20,331| |Speech day&funders day|4,814||4,814| |Other contributions to school|6179|4,000|10,179| |Independent examiner's fees|2,400||2,00| ||33,724|4,000|37,724| ## 8. Trustees' remuneration and expenses During the period ended 31 August 2020, no Trustees received any remuneration or other benefits. During the period ended 31 August 2020, no Trustees expenses have been incurred. Page 13 ## Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) Notes to the financial statements For the period ended 31 August 2020 ## 9. Investments ||Lsted| |---|---| ||investments| ||£| |Cost or valuaton|| |Inherited upon incorporation|956,893| |Revaluatons|(105,866)| |At 31 August 2020|851,027| Investments held at market value comprise listed investments of £851,027, all held in the UK. ## 10. Creditors: Amounts falling due within one year Accruals and deferred income 2020 £ 2,400 Page 14 ## Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) ## Notes to the financial statements For the period ended 31 August 2020 ## 1 1 . Statement of funds Statement of funds - current period |||||Balance at| |---|---|---|---|---| ||||Gains/|31 August| ||Income|Expenditure|(Losses)|2020| ||£|£|£|£| |Unestricted funds||||| |Parkinson|81,900|(4,000)|(12,135)|65,765| |Restricted funds||||| |Foundation|17,224|(8,548)|(19,525)|149,151| |Wybor|9,618|(300)|(1,211)|8,107| |Chivas Adam|7,454|(300)|(1,145)|6,009| |Prizes|11,426|(850)|(308)|10,268| |Claringbold|783,039|(23,384)|(70,681)|688,974| |Culross|5,316|(342)|{861)|4,113| ||994,07|{33,724)|(93,71)|866,622| |Total of funds|1,075,97|(37,74)|(105,866)|932,387| ## 12. Summary of funds Summary of funds - current period |||||Balance at|Balance at| |---|---|---|---|---|---| ||||Gains/|31 August|| ||Income|Expenditure|(Losses)||2020| ||£|£|£||£| |Generalfunds|81,900|(4,000)|(12,135)||65,765| |Restrictedfunds|994,07|(33,74)|(93,731)||866,622| ||1,075,977|(37,724)|(105,866)||932,387| Page 1 5 ## Sir Roger Manwood's Grammar School Foundation ## (A company limited by guarantee) ## Notes to the financial statements For the period ended 31 August 2020 ## 13. Analysis of net assets between funds Analysis of net assets between funds • current period ||Restricted|Unestricted|Total| |---|---|---|---| ||funds|funds|funds| ||2020|2020|2020| ||£|£|£| |Fixed asset investments|789,169|61,858|851,027| |Current assets|79,853|3,907|83,760| |Crditors due within one year|(2,00)||(2,400)| |Total|866,622|65,65|932,387| ## Total ## 14. Reconciliation of net movement in funds to net cash flow from operating activities ||2020| |---|---| ||£| |Net income fr the period (as per Statement of Financal Actvities)|932,387| |Adjustments fr:|| |Losses on investments|105,866| |Dividends,interests and rents frm investments|41| |Increase in creditors|2,00| |Lsted fxed asset investments inherited upon incorporation|(956,893)| |Cash inherited upon incorporation|(69,205)| |Net cash provided by operating activities|14,596| |Analysis of cash and cash equivalents|| ||2020| ||£| |Cash in hand|83,760| |Total cash and cash equivalents|83,760| ## 15. Analysis of cash and cash equivalents Page 16 Sir Roger Manwood's Grammar School Foundation (A company limited by guarantee) Notes to the financial statements For the period ended 31 August 2020 ## 16. Analysis of changes in net debt Cash at bank and in hand ||At 31| |---|---| |Cash flows|August 2020| |£|£| |83,760|83,760| |83,760|83,760| ## 17. Related party transactions Sir Roger Manwood's Grammar School Foundation contributed £14,993 in the period ended 31 August 2020 to the Sir Roger Manwood School, of which M Roberts, J Rosso and A Kilbee are all Governors. Page 17 |||U
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