2023-08-31-accounts

Charity number: 1183721

Sir Roger Manwood's Grammar School Foundation

Unaudited

Trustees' report and financial statements

For the year ended 31 August 2023

Sir Roger Manwood's Grammar School Foundation

Contents

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5 - 6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 16
Appendix i	18
Appendix ii	19

Sir Roger Manwood's Grammar School Foundation

Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 August 2023

Trustees	M Roberts
	C Everard
	J Rosso
	A Kilbee, Chair
	L Gorringe
	J Maine (appointed 1 June 2023)
Charity registered number 1183721 Principal office Sir Roger Manwood's School Manwood Road Sandwich Kent CT13 9JX Accountants Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU

Page 1

Sir Roger Manwood's Grammar School Foundation

Trustees' report For the year ended 31 August 2023

The Trustees present their annual report together with the financial statements of the Sir Roger Manwood's Grammar School Foundation for the year from 1 September 2022 to 31 August 2023. 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).

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 School. Additionally to provide financial assistance to the Sir Roger Manwood's School at the Headteacher'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 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.

b. Reserves policy

The Board of Trustees has established a policy whereby unrestricted reserves of the Charity should be maintained at a minimum level of £50,000. As at 31 August 2023, the unrestricted reserves stood at £77,603 (2022: £77,771), in line with the reserves policy.

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Sir Roger Manwood's Grammar School Foundation

Trustees' report (continued) For the year ended 31 August 2023

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 registered charity, number 1183721, and was registered as a Charitable Incorporated Organisation on 4 June 2019.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees.

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

The unrestricted Parkinson Fund could be used in support of the Sir Roger Manwood School's ambitious master plan to be implemented in the next few years.

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' Sir Roger Manwood's Grammar School Foundatlon Trustee5' report (contlnued) For the year ended 31 August 2023 Ststsment of Trusto•s' r•sponslbllllles . The Trustees are responslble for preparing the Tnjstees, report and the financial statements in accordance with appllcable law and United lQngdom Accountry Standards {United Kingdom Generally Accepted Accounting Pracllce). The law applicaNe to charftles In E￿Jand & Wales requlr8s the Trustees to prepare financial statements for each financtal wNch glve a true and fair Mow ol the state of affairs of the Charity and of its incomlng resources and applicallon of résources. inthding Its Income a￿1 expenditure. for that perbd. In preparing the$8 financial ststemgrrts, the Trust88s are requlred to: elect sullable accounting polioes and then apply th8rn conslstenlly. observe the methods and principles of the Charltles SORP IFRS 102); make lu(wnents and accounting estlmates that qre reasonable and prudent, 81ate whether 8pplcablé UK Accounting Standards (FRS 102) have b8&n followed. 8Lthlect to any Mate￿ departures d15clos@d and explained in the financial statemonts; pr8par• thè finartlal statemenis w the gcry corwn basls ￿lesS 5t Is hapwopyiate to pre8um8 that the Charity will continue in bu8ine The Tru6ts88 are r68pon8lble for ke￿n9 adequate a￿OUntE￿ records that are suffident to show and explaln tho Charws Iransactlons and disdose with reasonable accurncy at any tlm& Ih8 finanrial positlon of the Charfly and ènable thèm to ensure that the finan¢ial stslements ¢omply with the Charities Act 2011, the Charity (Accounts and Rewrts) Regulations 2008 and Ihe Fffovlslons of tho Trust deed. They are also responslble for safeguardlng the assets of the Charlty and herTh f(Y taking rea80nabte 818p8 for the preventlon and dotectlon ol fraud and other IrregularlUe8. Approved by (xder of the Thmbers ofthe board of Twstees and ned on thelr behalf by. A Kllbee Chair of TNstees Date.. l .3

Sir Roger Manwood's Grammar School Foundation

Independent examiner's report

For the year ended 31 August 2023

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 year ended 31 August 2023.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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.

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Sir Roger Manwood's Grammar School Foundation

Independent examiner's report (continued) For the year ended 31 August 2023

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.

Signed: Dated: 8 March 2024 Peter Manser FCA DChA

Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU

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Sir Roger Manwood's Grammar School Foundation

Statement of financial activities For the year ended 31 August 2023

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2023 £ 540 39,604 40,144 39,646 39,646 498 (38,770) (38,272) 891,281 (38,272) 853,009	Unrestricted funds 2023 £ - 3,908 3,908 - - 3,908 (4,076) (168) 77,771 (168) 77,603	Total funds 2023 £ 540 43,512 44,052 39,646 39,646 4,406 (42,846) (38,440) 969,052 (38,440) 930,612	Total funds 2022 £ 500 37,128
				37,628 41,315
				41,315 (3,687) (74,231)
				(77,918) 1,046,970 (77,918)
				969,052

The Statement of financial activities includes all gains and losses recognised in the year.

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

Page 7

Sir R•)gor Manwood Grammar School Foundatloft Balance sheet As al 31 August 2023 2023 2022 Fixed assets IrNeslments Current ass•ts 851.363 894.209 Cash at bank and In hand 82.153 77,483 Credilors: amounts falllng due within one year (2,904) (2,640) Not currant assets 79.249 74,843 Total n•t a8$ets 930.612 969.052 Charlty funds Restrlcted funds Unrestrtcted fund8 10 10 853.009 77.603 891,281 77,771 T¢)lal fund8 0,612 969,052 Tho financlal 8ts1ements were apwoved authori8￿ fOr1s8￿ by tha Trust868 and ned on Ihelr behall by.. A Kilbee Chair of Trustees Data: 1.3. The notes on Pag￿ 9 to 16 forn part of the88 Ilrwwl stalements.

Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

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 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Sir 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.

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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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.

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

2. Accounting policies (continued)

2.4 Expenditure (continued)

Grants payable are charged in the year 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 year 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 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 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.

2.8 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.

2.9 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.

2.10 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.

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

2. Accounting policies (continued)

2.11 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.

2.12 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.

3. Income from donations and legacies

Donations Total 2022	Restricted funds 2023 £ 540 500	Total funds 2023 £ 540 500	Total funds 2022 £ 500

4. Investment income

Income from listed investments Bank interest receivable Total 2022	Restricted funds 2023 £ 39,333 271 39,604 33,597	Unrestricted funds 2023 £ 3,860 48 3,908 3,531	Total funds 2023 £ 43,193 319 43,512 37,128	Total funds 2022 £ 37,118 10
				37,128

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

5. Analysis of grants

Grants & prizes Total 2022	Grants to Individuals 2023 £ 25,125 21,718	Total funds 2023 £ 25,125 21,718	Total funds 2022 £ 21,718

6. Analysis of expenditure on charitable activities

Grants & prizes (note 5) Other contributions to school Independent examiner's fees Clerk's fees	Restricted funds 2023 £ 25,125 6,604 2,904 5,013 39,646	Total 2023 £ 25,125 6,604 2,904 5,013 39,646	Total 2022 £ 21,718 5,232 2,640 11,725
			41,315

7. Trustees' remuneration and expenses

During the year ended 31 August 2023 (2022: £Nil), no Trustees received any remuneration or other benefits.

During the year ended 31 August 2023 (2022: £Nil), no Trustees expenses have been incurred.

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

8. Fixed asset investments

Cost or valuation At 1 September 2022 Revaluations At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022	Listed investments £ 894,209 (42,846)
	851,363
	851,363
	894,209

9. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Accruals	2,904	2,640

10. Statement of funds

Statement of funds - current year

Unrestricted funds Parkinson Restricted funds Foundation Wyborn Chivas Adam Prizes Claringbold Culross Total of funds	Balance at 1 September 2022 £ 77,771 156,300 8,978 7,053 8,831 705,569 4,550 891,281 969,052	Income £ 3,908 7,426 408 355 835 30,862 258 40,144 44,052	Expenditure £ - (8,469) (403) (296) (801) (29,417) (260) (39,646) (39,646)	Gains/ (Losses) £ (4,076) (7,068) (378) (323) (375) (30,394) (232) (38,770) (42,846)	Balance at 31 August 2023 £ 77,603 148,189 8,605 6,789 8,490 676,620 4,316
					853,009
					930,612

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

10. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Parkinson Restricted funds Foundation Wyborn Chivas Adam Prizes Claringbold Culross Total of funds	Balance at 1 September 2021 £ 79,187 167,778 9,471 7,359 9,469 768,866 4,840 967,783 1,046,970	Income £ 3,531 6,470 366 326 778 25,916 241 34,097 37,628	Expenditure £ - (6,460) (300) (200) (750) (33,365) (240) (41,315) (41,315)	Gains/ (Losses) £ (4,947) (11,488) (559) (432) (666) (55,848) (291) (69,284) (74,231)	Balance at 31 August 2022 £ 77,771
					156,300 8,978 7,053 8,831 705,569 4,550
					891,281
					969,052

11. Summary of funds

Summary of funds - current year

General funds Restricted funds	Balance at 1 September 2022 £ 77,771 891,281 969,052	Income £ 3,908 40,144 44,052	Expenditure £ - (39,646) (39,646)	Gains/ (Losses) £ (4,076) (38,770) (42,846)	Balance at 31 August 2023 £ 77,603 853,009
					930,612

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

11. Summary of funds (continued)

Summary of funds - prior year

General funds Restricted funds	Balance at 1 September 2021 £ 79,187 967,783 1,046,970	Income £ 3,531 34,097 37,628	Expenditure £ - (41,315) (41,315)	Gains/ (Losses) £ (4,947) (69,284) (74,231)	Balance at 31 August 2022 £ 77,771 891,281
					969,052

12. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Restricted funds 2023 £ 785,111 70,802 (2,904) 853,009	Unrestricted funds 2023 £ 66,252 11,351 - 77,603	Total funds 2023 £ 851,363 82,153 (2,904)
			930,612

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Restricted funds 2022 £ 823,881 70,040 (2,640) 891,281	Unrestricted funds 2022 £ 70,328 7,443 - 77,771	Total funds 2022 £ 894,209 77,483 (2,640)
			969,052

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Sir Roger Manwood's Grammar School Foundation

Notes to the financial statements For the year ended 31 August 2023

13. Related party transactions

During the year, Sir Roger Manwood's Grammar School Foundation contributed £11,617 (2022: £5,232) to the Sir Roger Manwood's School, of which J Maine and A Kilbee both served as Governors during the year.

During the year, the Foundation received proceeds of £448,245 for the sale of a property, which was transferred directly to the School. As the property was held on the school's balance sheet, the disposal has been recognised within the School's accounts.

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