Charlty reglstratlon number 271592 IEngland and Walesl THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M French Mr R H Green Mr E Bridges (Appointed 10 May 20251 Charlty numbgr 271592 Prlnclpal address Abbots Acre Hospital Lane Sherborne Dorset DT9 3AP Independent examiner Anova 2 Piries Place Horsham West Sussex RH12 1EH 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 Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 6-12
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2025 The financial slalements have been prepared in accordance wf(h the accounting policies set out in note 1 to the financial statements and comply wlh 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 wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 2016} Objectives and activities For charitable purposes relating lo Sherbome School and for the provision of bursaries al Sherborne School (for public benefiti. The Iruslees have paid dLJe regard lo guidance issued by the Charity Commission in deading what activities the charity should undertake. Oryanlsatlon 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 They have been replaced by the Current trustees who have served during the year as sel out on page 2. During the year, a new Trustee has been appointed. 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 sheorne School. Expenditure is agreed by a Committee, and the Committee Members are appointed by the hnembers Df The Old Shirburnian Society. The Committee also appoints the trustees of the charity. The main Committee meets three times a year. A Finan and Bursaries Sub-committee meets bNice a year and reports to the main Committee. Publlc Beneflt The trustees confirm they have complied wf(h the duly in section 17151 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 sel out in its conslilution. Achievements and perfomiance The resu$ for the period are shown on the Statement of Financial Activities on Page 5. Investment income for the year has decreased to £45,619 12024.. £46,095). and total income has decreased to £53,132 12024.. £72,914) which includes £nil 12024.. £3,596) of the loan write down from The Old Shirburnian Society General Fund and £nil 12024.. £18,400) receipt from the General Fund for investing their surplus funds. Legacies received were £nil 12024.. £51 and donations received were £13 12024.. £181. Expenditure on bursaries were £58,612 12024.. £58,249) which contributed lo a surplus of £44,259 12024.. £153,015) on unrestricted funds before transfer between funds, but after investment gains of £52,271 12024.. £140,5161. Flnanclal r&vl&w 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 ID previous year. Unrestricted funds were maintained al this level throughout the year. As al 31 July 2025, £20,000 of the £1,747,160 reserves held related to the Endowment fund. Investment pollcy and oblectlves The investment objectives. as agreed been the trustees and the investment managers, is to aim for caprtal growth of 3Q/o above the Retail Price Index and a flat yield of around 30h gross per annum. The Iruslees have assessed the major risks lo which the charity is exposed, and are satisfied that systems are in place lo mitigate exposure lo the major risks.
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 JULY2025 Structure, governance and management The Old Shirburnian Society Charitable Ttusl 1975 is a regisleied charity Iregislered number 2715921. The Trust was constilutetl under a trust deed dated 18 March 1976. The charity is not currently seeking lo appoint any new trustees, as the existing Board of three trustees continues to serve. The ¢harily does not consider it necessary lo maintain a formal trustee recruitment or training policy at this lime. The Board will keep this position under review and implement appropriate procedures should the need for new appointments arise in the future. The Iruslees who served during the year and up to the dale of signature of the financial slalemenls were.. Mr M French Mr R H Green Mr E Bridges (Appointed 10 May 20251 Risk management The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established lo enable regular reports lo be produced so that the neSSary steps can be taken to lessen these risks. Relat8d parties The Old Shirburnian Society General Fund has as ils aims'.- al To enable its members to maintsin contact with each other and wth the school. bl To support the school, and cl To provide funds for the charitable trust to assist the families 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. ML Trghch Mr M Fronch Date.. Apr 17, 2026
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 Charitsble Trust 1975 Ilhe charityl for the year ended 31 July 2025. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements In accordance wth the requirements of the Charities Act 2011. 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 14515llbl of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial slalemenls do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 auoss no other matters in connertion rith the examination to which attention should be drawn in this report in order lo enable a proper understsnding of the financial slalemenls to be reached. 4* Katie Squire ACA, Anova 2 Pines Place Horsham West Sussex RH12 1EH
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2025 Unrestricted Endowment funds funds 2025 2025 Total Unrestricted End0Vllent funds funds 2024 2024 Total 2025 2024 Notes Income and endowm9nts from: Donations and legacies Investments Other income 23 46,095 26,796 23 46,095 26,796 45,619 7,500 45,619 7,500 Total income 53,132 53,132 72,914 72,914 Expenditure on: Charitable activities Dired costs Support Costs 57,654 2,290 1,200 58,854 2,290 57,281 1,934 1,200 58,481 1,934 Total charitable expenditure 59,944 1,200 61,144 59,215 1,200 60,415 Total expenditure 59,944 1,200 61,144 59,215 1,200 60,415 Nel gainslllossesl on investments 10 52,271 52,271 140,516 140,516 Net incomellexpenditurel 45,459 11,2001 44,259 154,215 11,2001 153,015 Transfers betrMeen funds 11,2001 1,200 11,2001 1,200 Net movement In funds 44,259 44,259 153,015 153,015 Reconciliation of funds- Fund balances al 1 August 2024 1,682,901 20,000 1,702,901 1,529,886 20,000 1,549,886 Fund balances at 31 July 2025 1,727,160 20,000 1,747,160 1,682,901 20,000 1,702,901 The slalemenl of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 BALANCE SHEET ASAT31 JULY2025 2025 2024 Notes Flxed assets Investments 12 1,728,981 1,676,710 Current assets Debtors Cash al bank and in hand 13 7,664 54,021 164 46,433 81,885 46,597 Creditors: amounts falling due within one year 14 143,5061 120,4061 Ngt Currgnt ass9ts 18,179 26.191 Total assets less current Ilabllltles 1,747,160 1,702,901 The funds of the charlty Endowment funds Unreslricled funds 15 16 20,000 1,727,160 20,000 1,682,901 1,747,160 1,702,901 The financial slalemenls were approved by the trustees on . Apr 17, 2026 Mr M French
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 Accounting policies Charity information The Old Shirbumian Society Charitable Trust is a registered charity (registered number 2715921. The Trust was consliluled under a trust deed dated 18 March 1976. 1.1 Accounting convention The financial slalemenls have been prepared in accordance with the charity's goveming document, Declaration of Trust Dated 18 March 1975, the Charities Act 2011, FRS 102 "The Finanaal Reporting standard applicable in the UK and Republic of Ireland" and the Charities SORP'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" 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 not to prepare a statement of cash flows. The financial statements have departed from the Charities IAccounts 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 bul which has Sin been withdrawn. The financial ststements are prepared in sterfing, which is the fundional currency of the charity. Monetary amounts in these financial statements are roLJnded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern At the lime of approving the financial slalemenls, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial stslemenls. 1.3 Charltable funds Unrestricted funds are available for use al the discretion of the trustees in fjjrtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors or granlois as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes to the financial statements. Endowment funds are subject lo specific Conditions by donors that the capitsl musl be maintained by the charity. 1.4 Incomlng reSoue$ Income is recognised when the charity is legally entitled to it after any perf0mlan conditions have been met, the amounts can be measured reliably, and il is probable that income wll be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless perfOrrnan conditions require deferral of the amount. Income lax recoverable in relation lo donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a conlingenl asset.
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Accounting policies (Continued) Investment income is accounted for in the period in which the charity is entitled to receipt. 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo 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 lo a single activity are apportioned behNeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charged are allocated on the porb'on of the asset's use. Liabilities are Tecognised as expendrture as soon as there is a legal or constructive obligation committing the charity lo that expenditure, Il 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 ba515 and has been classified under headings that aggregate all cost related lo the Category. Where costs cannot be directly attributed to a particular headings, they are allocated lo activities on a cost basis consislenl wth the use of resources. Bursaries are charged in the period in which they are paid on behalf of the recipient. Management and adminislralion comprises costs for the running of the charity as an organisation. 1.6 Flxed asset Investments Fixed asset investments are initially measured at transaction pri exduding transaction costs, and are subsequently measured at fair value al each reporting date. Changes in fair value are recognised in net incomellexpenditurel 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-lerm liquid investments wth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Critical accounting estimates and judgements In the application of the charity's accounting poliaes. 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 eslimales and associated assumptlons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying 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 JULY2025 Income from donations and legacies Unrestricted funds 2025 Unrostricted funds 2024 Donats"ons and gifts Legacies 13 18 13 23 Investments 2025 2024 Dividends- UK equities 45,619 46,095 other income 202S 2024 Contribution from General Fund Loan write down Surplus from General Fund for investing 7,500 6,800 3,596 16,400 7,500 26,796
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Charitable activities Diract costs Support costs Total 202S Total 2024 Bursaries (Endowmentl Bursaries Investment management costs Bank charges 1,200 57,612 1,200 57,612 1,200 57,049 232 42 42 58,854 58,854 58,481 Accountancy and legal fees 2,290 2,290 1,934 58,854 2,290 61,144 60,415 Fees payable to independent examiner for accountancy services and independent examination amounted 10 £2,29012024'. 1,9341. Net movement in fund5 2025 2024 The net movement in funds is stated after chargingllcreditingl.. Fees payable for the independent examination of the charity's financial statements 2,290 1,934 Trustees None of the Iruslees lor any persons connected with them) received any rerlluneralion or benefrts from the charity during the year. Employees There were no employees during the year. 10 Gains and losses on investments Unrestricted Unrestricted fund5 funds 2026 2024 Gainslllossesl arising on.. Revaluation of investments 52,271 140,516 11 Taxatlon The charity is exempt from taxation on ils activities because all ils income is applied for charitable purposes.
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 12 Fixed asset investments Listed investments Cost or valuation At 1 August 2024 Valuation changes 1,676,710 52,271 At 31 July 2025 1,728,981 Carrylng amount At 31 July 2025 1,728,981 At 31 July 2024 1,676,710 Investments al market value comprised., UK equities and other investments £136,45812024.' £261,147) UK fixed and variable interest securities £206,18212024.' £183,652) Overseas equities and other investments £1,386,341 12024.. £1,231,911) 13 Debtors 2025 2024 Amounts falllng due wlthln one year.. Other debtors 7,664 164 14 Creditors- amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 41.514 1,992 18,472 1,934 43,506 20,406 10-
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 15 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 reiVed 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 lo 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 lo 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 accordan 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 unreslricled funds. At 1 August 2024 Resources expended Transfers At 31 July 2025 Permangnt endowments 20,000 11,2001 1,200 20,000 Previous year: At 1 August 2023 Resources expended Transfers At 31 July 2024 Permanent endowments 20,000 11,2001 1,200 20,000 16 Unrestricted funds The income funds of the charity include the following designated fund (David Ellis Fund) which has been sel aside out of unrestricted funds by the trustees for a specific purpose.. At 1 August 2024 Incoming re$our¢es R&source$ expended Transfgrs Gains and lo$ses Al 31 July 2025 David Ellis Fund General funds 354,563 1,328,338 {10,0001 149,9441 11,828 40,443 356.391 1,370,769 53,132 11,2001 1,682.901 53,132 159,9441 11,2001 52.271 1,727,160 Prevlous year: At 1 August 2023 Incomlng resoUe$ Resources expended Transfers Galns and losses At 31 July 2024 David Ellis Fund General funds 347,262 1.182.624 124,8471 23,647 32,148 108.368 354,563 1,328,338 72,914 159,2151 1,529,886 72,914 {59,2151 11,2001 140,516 1,682,901
THE OLD SHIRBURNIAN SOCIETY CHARITABLE TRUST 1975 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 16 Unrestricted funds (Continued) During the 2018 and 2019 financial years, the Charty received legacy receipts from the estate of the late David Ellis. As al 31 July 2025 £34,847 12024.. £24,8471 has been awarded from this fund. The remaining movement in the year represents the increase In value of the investments specific to this fund. 17 Related party transactions There have been no related paty transactions during the year that require disclosure. 12-