**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.
Page 2
## **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.
Page 3
' 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 EJand & 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 a1 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 ken9 adequate aOUntE 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.
Page 5
**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
Page 6
**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.
Page 9
**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.
Page 10
**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|
||||||
Page 11
**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.
Page 12
**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**|
Page 13
**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**|
Page 14
**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|
Page 15
**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.
Page 16