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2023-07-31-accounts

Charity Registration No. 271592

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M French Mr J P Hargrove Mr R H Green Charity number 271592 Principal address Rosemary Cottage 8 Glebe Road Fernhurst GU27 3EH Independent examiner Anova The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ Investment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

Objectives and aims

For the advancement of education in any part of the world, for charitable purposes relating to Sherborne School and for the provision of bursaries at Sherborne School (for public benefit).

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Organisation

The original trustees as established under the Trust Deed have now all subsequently retired. They have been replaced by the current trustees who have served during the year as set out on page 2. No changes in trustees have taken place during the year to 31 July 2023.

The trustees are responsible for deciding investment policy. They meet on a regular basis to decide and evaluate their investment policy for generating the income which funds the bursaries provided at Sherborne School.

Expenditure is agreed by a Committee, and the committee members are appointed by the members of The Old Shirburnian Society. The Committee also appoints the trustees of the charity. The main committee meets three times a year. A Finance and Bursaries Sub-Committee meets twice a year and reports to the main committee.

Public Benefit

The trustees confirm they have complied with the duty in section 17(5) of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'. The charitable purposes of the trust are set out in its constitution.

Achievements and performance

The results for the period are shown on the Statement of Financial Activities on Page 5.

Investment income for the year has increased to £42,898 (2022: £41,870), however total income decreased to £59,733 (2022: £98,991) which includes £10,000 (2022: £10,000) of the loan write down from The Old Shirburnian Society General Fund and £Nil (2022: £40,000) receipt from the General Fund for investing their surplus funds, Legacies received were £Nil (2022: £296) and donations received were £35 (2022: £25). Expenditure on bursaries was £40,746 (2022: £21,594) which contributed to a deficit of £14,258 (2022: £4,143) on unrestricted funds before transfer between funds, but after investment losses of £32,376 (2022: £80,886).

Financial review

The policy of the trustees is to generate sufficient annual income from the investment portfolio in order to finance the bursaries paid out whilst maintaining the capital reserves of the trust at similar levels to previous year. Unrestricted funds were maintained at this level throughout the year. As at 31 July 2023, £20,000 of the £1,549,886 reserves held related to the Endowment fund.

Investment policy and objectives

The investment objectives, as agreed between the trustees and the investment managers, is to aim for capital growth of 3% above the Retail Price Index and a flat yield of around 3% gross per annum.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Old Shirburnian Society Charitable Trust 1975 is a registered charity (registered number 271592). The Trust was constituted under a trust deed dated 18 March 1976.

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The trustees who served during the year and up to the date of signature of the financial statements were: Mr M French

Mr J P Hargrove

Mr R H Green

Risk management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Related parties

The Old Shirburnian Society General Fund, which consists primarily of former pupils of Sherborne School, has as its aims:-

a) To enable its members to maintain contact with each other and with the school.

b) To support the school, and

c) To provide funds for the charitable trust to assist the sons of Old Shirburnians by way of bursaries.

The Old Shirburnian Society General Fund is effectively the "trading arm" of the society and is responsible for producing the Annual Record and occasional newsletters. The General Fund produces separate accounts.

The Trustees' report was approved by the Board of Trustees.

Mr J P Hargrove

Dated: 20 February 2024

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

I report to the trustees on my examination of the financial statements of The Old Shirburnian Society Charitable Trust 1975 (the charity) for the year ended 31 July 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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:

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 financial statements to be reached.

Matthew Cleghorn FCA, Anova

The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ

Dated: 12 March 2024

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2023

Unrestricted Endowment
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
35
-
Investments
4
42,898
-
Other income
5
16,800
-
Total income
59,733
-
Expenditure on:
Charitable activities
Direct costs
6
39,546
1,200
Support costs
6
2,069
-
Total charitable expenditure
41,615
1,200
Net gains/(losses) on
investments
9
(32,376)
-
Net outgoing
resources before
transfers
(14,258)
(1,200)
Gross transfers between
funds
(1,200)
1,200
Net movement in funds
(15,458)
-
Fund balances at 1
August 2022
1,545,344
20,000
Fund balances at 31
July 2023
1,529,886
20,000		 Total
Unrestricted
Endowment
funds
funds
2023
2022
2022
£
£
£
35
321
-
42,898
41,870
-
16,800
56,800
-
59,733
98,991
-
40,746
20,394
1,200
2,069
1,854
-
42,815
22,248
1,200
(32,376)
(80,886)
-
(15,458)
(4,143)
(1,200)
-
(1,200)
1,200
(15,458)
(5,343)
-
1,565,344
1,550,687
20,000
1,549,886
1,545,344
20,000		 Total
2022
£
321
41,870
56,800
98,991
21,594
1,854
23,448
(80,886)
(5,343)
-
(5,343)
1,570,687
1,565,344

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

All income and expenditure derive from continuing activities.

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

BALANCE SHEET

AS AT 31 JULY 2023

Notes
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
13
Income funds
Unrestricted funds
Designated funds
14
General unrestricted funds		 2023
£
£
1,496,426
13,763
45,227
58,990
(5,530)
53,460
1,549,886
20,000
347,262
1,182,624
1,529,886
1,549,886		 2022
£
£
1,528,802
12,134
39,804
51,938
(15,396)
36,542
1,565,344
20,000
355,099
1,190,245
1,545,344
1,565,344		 2022
£
£
1,528,802
12,134
39,804
51,938
(15,396)
36,542
1,565,344
20,000
355,099
1,190,245
1,545,344
1,565,344
1,565,344
20,000
1,545,344
1,565,344

The financial statements were approved by the Trustees on 20 February 2024

Mr J P Hargrove Trustee

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Investment income is accounted for in the period in which the charity is entitled to receipt.

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.5 Resources expended

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 shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charged are allocated on the portion of the asset's use.

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 obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to a particular headings, they are allocated to activities on a cost basis consistent with the use of resources.

Bursaries are charged in the period in which they are paid on behalf of the recipient.

Management and administration comprises costs for the running of the charity as an organisation.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

3 Donations and legacies

Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 35 25
Legacies receivable - 296
35 321
4 Investments
2023 2022
£ £
Dividends - UK equities 42,898 41,870
5 Other income
2023 2022
£ £
Contribution from General Fund 6,800 6,800
Loan write down 10,000 10,000
Surplus from General Fund for investing - 40,000
16,800 56,800

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

6 Charitable activities

Direct costs
Support
costs
£
£
Bursaries (Endowment)
1,200
-
Bursaries
39,546
-
40,746
-
Accountancy and legal fees
-
2,069
40,746
2,069		 Total
2023
£
1,200
39,546
40,746
2,069
42,815		 Total
2022
£
1,200
20,394
21,594
1,854
23,448

Fees payable to independent examiner for accountancy services and independent examination amounted to £2,069 (2022: £1,854).

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

There were no employees during the year.

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

9 Net gains/(losses) on investments

Unrestricted Total
funds
2023 2022
£ £
Revaluation of investments (32,376) (80,886)

10 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 August 2022 1,528,802
Valuation changes (32,376)
At 31 July 2023 1,496,426
Carrying amount
At 31 July 2023 1,496,426
At 31 July 2022 1,528,802

Investments at market value comprised;

UK equities and other investments £417,283 (2022: £528,765) UK equities and other investments £218,382 (2022: £116,965) Overseas equities and other investments £860,761 (2022: £883,073)

Fixed asset investments in the current and previous year were held in a single fund, being Alpha CIF.

11 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 13,763 12,134

THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2023
£
3,596
1,934
5,530		 2022
£
13,596
1,800
15,396

13 Endowment funds

Endowment funds represent assets which must be held permanently by the charity, principally investments. The endowment fund comprises a bequest of £20,000 which was received during 1999 from the estate of Miss Pound. The terms of the will state that the income from this legacy, together with such additional income as may be added by the society, should be used to fund the bursary of her nephew, killed in Italy in 1944, to be called the James Bradfield Bursary. The £20,000 originally deposited into the CAF cash account has been transferred to the Trustees for incorporation into the main investment fund. Income arising on the endowment is used to fund a bursary of £1,200 per annum in accordance with the objects of the charity, and any shortfall between the bursary and the income arising on the endowment fund is made good by a transfer of unrestricted funds.

Movement in funds
Balance at 1 Incoming Resources Balance at 31
August 2022 resources expended July 2023
£ £ £ £
20,000 - - 20,000
20,000 - - 20,000

14 Designated funds

The income funds of the charity include the following designated fund which has been set aside out of unrestricted funds by the trustees for a specific purpose:

Movement Movement
in funds in funds
Balance at Incoming
Balance at		 Incoming Balance at
1 August 2021 resources 1 August 2022 resources 31 July 2023
£ £ £ £ £
David Ellis Fund 324,493 30,606 355,099 (7,837) 347,262
324,493 30,606 355,099 (7,837) 347,262

During the 2018 and 2019 financial years, the Charity received legacy receipts from the estate of the late David Ellis. As at 31 July 2023, no monies have been awarded from this fund. The movement in the year represents the increase in value of the investments specific to this fund.

15 Related party transactions

There have been no related party transactions during the year that require disclosure.