THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31" AUGUST 2020 (Registered Charity Number 289971)
'I'HE LALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRu%r Annual Report and Accounts For the year tnded 3 il August 2020 Trustee, Officers and Advisers Trustee Bonktrs Barclays Ple UK Ilanking rDrwrA¢+ l>tyly'. I'ht (ioYcrncirq,'I'h¢ Head Ma%ter and the Lower Masltr of fhl King's S¢hool of tht Caihedral Chiirch of LanitrbLiry in tht City of fantc'rbury London El4 511P In¥Thi¢p J07Q12) Auditor5 Alliutts LLP PrTY c.ourt 15-21 High Street Guildford Surrl'y GU I IDI. Invi'mtment ManagerB 'I'he King's SchoL)I, Canierhury 1011 St l)aul's Churrhyard l.()ndon Fl-.4M 8BLI OfiTicer HU[JrrY TrtAN11r & CltvlK to M R'l aylnr l.'RbA Eiq (Huriarl Solicitor kys & Matighan 57 Quee.ii Siri'.ei Ram¥bi3ie K¢nl (."I'1 I YEI Krni C.'I'12F.'S Page I
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST
Annual Report oftbe Trustee
For the year ended 31" August 2020
The'l rustce. presents its ant)ual rtport ftsr the yt.ar vndcd 31st Aususi 2020 under the f,haritie8 Art 2011. to8ethe.r with t. auditcd
accounts for thc ycar and confirms that the lattcr comply with the requJre.mrnt5 of thc Act, thc-Iru5t l)ccd and thc CharitlC5 FR5102
SORP.
Reference and Administration Information
Thc Cilvirt & Rose G Hoifmn Marlowe Memorial Trust js a registerod tharity Ir¢gi$tration hurnb¢r 189971).
The Trust cstablished by a tru$t doed on I" May IY84.
"ltst'l rustee, cx¢¢uti¥¢ officer and the prinripl addrcyses ofthe Charity arc list¢d on page I together with p•rti¢ular¥ of the Chirity
proF¢$gional advis¢r$.
Structure, Governance and Management
Urganisation
The (ioverni>r8 olThtr. King'y School. Cinterbury. who wllectively act the Truiiee., Iht. ove.rall JK>lit.y for the. runttlN%afthc'l'n]it
in ar.cnrdance. with its objects and lor the puhliL' bLnL,fii.
The HeAdmastÈr nf The King'$ &kn)I mtht.s re.rnmmcndation5 to thc I rusiee as rcRard% e.duc.atirtrnal mAller% and condidatL's l()r the
Htsffman %rholarthips.
The Holfmtt Prl%e li aWaTdrd by the-l rustec of The Kin8'$ [?1, Thnterbury on iht reromme.J)dèil¢Jn fan Indeptndtnt adludl(4tvr.
T)Jr l.'Irrk f11p)llylb1C lor th¢ diy ID day mana¥cmcnt ol'thc TrusL'I Invr.slmtnt and lor pri'pJrin% thi'.'fruxl's aLr.¢)unti.
InveNtment powcr
'I''$t arl guv('In¢d by Ihe'l'rustre At.t 21XX). Stratcgic inveslmenl pnlir.yls xet hy thi.. GuvL'rnor5 In L'onjuniiuTh with S•ra%in & Sjartneri
LLP, the.%c.hool'% InV¢'&tm¢'nt managir, who thrn mana¥L' the inve%lmenls within prrq('.rihed xuide.linf y on a diTf.11narY ha&lY.
('urrrril Invi4Ytm¢nt ObjLctive i tr> proitrt the rcal valuc of Income and capital whil¥t ypr¢idin8 riyk. No invf.stmi'nl% in thL' toh¢ro
iThdu4lry may he niadi..
l)urin¥ the 12 munthy 10 51 Au&u%i 2Q2Q, thL'I'ru¥r'$ inveithie.nil priiduird a ¥rv¥o yicld of 3.25% againyt thc bcnLhrnark of 3%.
Th¢ cJVVLrnUr rimain ¢Dnfidtni tha¢ thelr Inyrsttncnt lICY 18 prudent, In keepinK with thi'ir invL'&tmLnt ()bji'.(.'tIVL'% and likL.ly to
prducL' attraLtri¥L rcturn$ over thr liin8L'r tCTIII.
-I'hc inv¢strncnt¥ arc hcld as p•ri ora c()Il¢c'.tivc pool idmlnlsiprt.d hy Thc King'5 SdJool, CaThtcrbury.
Scholarihipj and grants
I'he 2011) Prklt i£1.5.4(K)I wai awarded to Dr R Niu%hnanc'5 CSSIY.
I' SLholarship awardcd for the year 2019120.
The Essay Award wa5 not awarde.d.
Connected Charity
'lThc'l'rust is considertd to he a.iuhxidiary t>f th¢ ('hiriiy Yhp
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST
Annual Report of the Trustee
For the year ended 31" August 2020
Objects, Aims, Objectives and Activitie8
Within the objectives of the Charity th¢'l-rustet. ha5 given careful ¢on$idtrtinn to the ('harity Comrni5sion's Rt.t)t.ral Kuidancr on
publit .Qfil. in partlcular to its supplemontary public bcncfitguidancc on ady4nr.ing cducation.
The objectives ofthe Charity are..
l o promote and trttCQUTage Inve.stigative researth inra the life and work5 of Christophtr Matlowe, and lThts) the authorship of
the p(Jrrns and plays nvw commo¥nly attribultd io William hake¥are ¥viih prticular rtgard iu diL' P)Ysibility that
Chri5tDpher Marlowe wri?Iv JDtnc or all Ill- those POrm¥ and play¥ ur made Some Inspiratiunal creaiive or c()rnpu¥itional
coThtribulion$ towards thr auihor5hLF afthem. Ag a )se911+.11r.tr a PriTE, a Scholarship and an Award have bÈtn c¥tabli5hed.
Thr Tru$t l)¢ed 9ptr(.'ifir.¥ that incornc. gvnerated from $$eis held by the Trust shL)uld be allo¢aLEd ID the followlng manner..
l) Advi'rti¥ing the Prlxe should represcnt nol le&s than I0¥0'
2) 'I'hc Pri/.e sh¢Juld rLPY¢Stn¢ nDI IL'5¥ than 4tWu',
3) 'rhe ScholAr%hip. Aw•rd and adminisiration should nut rLprcsrtLt morc than S(Ylo.
Financial Review and Results for the Year
'rhe net movemenr In fundy wa& LS1,96012019.. L4U,2501. -I'ht Trust's policy is lo ensure thii avilliblv. rr.yuurcrs arc used to Further
ihL' objeci8 01'th¢ I'rust.
Risk asse¥Jmtnt
Il..1 rusiee. h*N undcrtaken a rilk asx'$¥meni rt.vl¢w. Rl%k ax%eyimeni Is a Jianding aRenda iti'.m foT meetings ofthe-l'rvstee.
ReyLrvL'II
'I'he re5rrYcx of thc Charity ¥e re8trlded th4t tknir u¥c i8 iubje.ct lo a 3clAC trust.
tie5L'rves 11¢Y
'I'h¢ 'l'ruJtei' 1% Fullowing polirir.s intcnded li> maintaln thc rer¥C.1 a¥ailablL' to fund yi.hvlar5hipJ and granly. 'I'hL I'rugiee tXJnxid¢
thal th¢ Lharliy g rr¥trictcd fund hai adcquiie. re.xt>urL¢$ io mrrt its ubligaLii)nx.
Accounting and Reporting Re$pon8ibilitics
Chority law r¢quirt? the Tru.41¢'L' to prepre linanLial Xiati+m¢ihlJ for C..h financlDI yeAr, which Rlvt i trur and14ir vicw of thv. alFairs or
thL' Choriiy and
THE CALVIN & ROSL. G HOFFMAN MARLOWE MEMORIAL TRUST
Indepettdent Auditors Report
For the year ended 31" August 2020
Opinion
We ve audited the finanLial statemcnts of l-he Calvin & Rosc G HolTman Marlowe Mettkorial'l rust for t year ended 31
Auyst 2020 wkn.ch comprise InLume and Expenditure ALLount, the Balance Sheei and the related notes. The finanLial
rLporting framework that been applicd in their preparation is applicablL law and United Kingdom Accounting Standards,
induding Financial Reporung Standard 102.. '11)c Financial Rcporting Standard applicable in ihe UK and Rtpublic of IrLland
Iunitrd Kingdom Generally Accepled Accounting Practice).
In our opinirjn fLnanLial ytatements:
ve a true and fair view of the state of the Lhariiy's aifairs as at 31 Auxust 2020 and uf its inwme and expenditure
for thc year thLn Lnded.
have beLll prowly prepared in accordance with United Kingdom Gcnerally Accepicd Accounting Practitt. and
havc been prepared in accordancL' With thc rcquircmcnts of thL Charitie$ Act 201 I.
Bayis fur uibinion
WL conductcd our audit in accordancc wilh International Standard5 on Auditing (UK) {ISAs IUKII and applicable law. ()ur
responiibilitics undLr thu¥L 8tandardJ ar¢ lurihrr deyurid in the Audilor'5 rc5ponsibililic¥ for Lhc audit L)[ the fLnanLial
8talemenLs 8eciion of our rep()rt. W¢ arc independcnl ol. thc Lharily in acLx)rdanLL' with thL Ctkn'Lal requirements that are
relevant to our audit of t. fLnanLial ¥tatemcntJ in the UK, including the FRC'S Ethical Standard, and WL, havL. fuifillrd our
other ethJ'Lal reiptsnsibilities in attordanLe with thcse requirements. We helieve that the audit evidence we have obiained
5¥ sunicient and apprt>wite to provid¢ * bayi3 for our opinion.
C1>ncluiir>n relating to ¥olng conccrn
We havL' nothin¥ lu report in re5PCrt of ihc fulluwing matters Ln rclalion lo whL'Lh the ISAS (UK) require us to report to
ytju where:
thc TruJtee'N uae of the going conLcrn hasi¥ ol. accnunling In thc preparation ol thc finanLial ¥tatementi li nr)t
appropriaLL' ur
Ihc Tru¥tee ha% ni)¢ discloscd in the fLnancial siaiemenis any identified tnaterial unLYrtainlie4 that may ca¥t
$ignilicant doubt abL)Ut the Lharily'J akn'lity to coniinue to adopi ihc going LonL
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST
Independent Auditors Report
For the year ended 3111 August 2020
Matters ot) which we are rcquired to report by cxctption
In the light of the knowledgc and understanding uf the company and Lts environment obtained in the courye uf the audit,
we have nut identified rnateriai misststem¥nts in the Trustee's Annual R¢port.
We have nothing lo report in re$peL tsf following matters where the Charities Act 2011 requires us to reporc to you ir,
in our opinii)n:
¥uTricicnt accouniing recurds have nui been kepl. tsr
the financial 51atcmeT5ts are nol in aetmeI with the aClunting recurds and return¥. or
we have not reLeived all iurmatiOn and explanaiiony wc require l
THE CALVIN & ROSE G HOT.FMAN MARLOWE MEMORIAL TRUST Income and Expenditure Account For the year ended 31" August 2020 ReStr1et¢dffjd 2020 2019 INCOME FROM Inm¢ frum ittve&menl POTifolLO Ini¢rrst on &postl h<ldby I'h¢ KuL8'1 .hIoI 29 J48 1,937 36,277 Total lThcome 38.408 APLNDJIiJR Tr'ON C•811 of¥¢ner•tl#8 fundi I1k Ini¢re51 and Char$ Ch4rliAblt Act111•$ <koni$,111 Ind prirf¢¥ 2J,962 28.077 TolAI oxpendltu 2J,962 28,092 NEfiNc.OMTr: R INVbSlMb74TlIAIN8 7 J23 10,J76 Inwe$lment i#lDI 44,6)7 29,874 I%EfMOVTrJIENT IP4 bWNDS Jl,960 40.250 d lanCeSl ill *pi¢Mr 2019 1,018JS8 978.108 FIIND BAIANCIS AT
t 31yt Augujl 202
1,070JI8 I,Ollk,358 All amount5 above relate to continuing activities. The notes on pa¥es 8 to 10 fomi pan of these awounts. Page 6
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Balance Sheet As at 31" Augugt 2020 2020 2019 Nole.s FLKTrD ASSEts Investnrnts 947 947088 )3251 3251 Deposrt held by Th¢ King'5 School 142,821 14221 138,369 13&369 CREDITO. du¢ 4th1n ofte ye&r 20J91) {23.262) NET CURRthT ASSETS 122.4JO 115.107 TO1'ALN Assrrs 1.070J18 1,018,358 RLSTIUCTU) FUND 1,070JI8 1,0111.35X l December 2020 Approved by the Trustec of the Calvin & Rose G Hoffman Marlowe Memorial Trus¢ on ..,. and Signed on its behalf by.. 14AfJL The Very Reverend Dr R Willis On b¢h4lf of the'lrustee Pag¢ 7
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Notes to the Accounts For the year ended 31" August 2020 STA TEMENT OF ACCOUNTING POLICIES a) Basis of aeeount1th8 Th¢ Calvin & Kos¢ G Hoffman Marlowe Memorial Tnjst is constituted under a Tnjst Deed dated ]' May 1984 ortd is rebFlStered under charity number 289971. The financial statements of the Trusi have been prepared in accordance with The Charities Act 2011, The Charities (Accounts and Reports) Regulations 2008 and the Staietlleni of Recommended Practice"Accounting and Reporting by Charities" ("FRS102 SORP") and with applicable OuntIng standards. They are drawn up on the historical cost accounting basis except that investments hcld fixed a55ets are carried at market value. The Charity is a public benefit entity &s defined by TrRS102. The accounts are prepared in sterling, which is the functional currency of the Charity- Monetary amount5 in these financial 5taternents ar¢ roun(kd to th¢ ncarest £. b) E¥p¢ndSture All expenditure is ae¢ounied for on an acc13 basis. 'I'he iTTecovernbl¢ elemcnt of VAT is included with the item of expense to which it T¢lat¢s. e) Investments And Investment In¢om¢ Investments are included at closing mid-market value at the Balan¢¢ Sheet da¢e. Any gain or1059 vn r¥valuation 18 taken to the SOFA. Investment income 15 COUnted for in the period in which th¢ Charity 1$ ¢n¢itled to re¢¢ipl. d) Gronts and awards (irants gnd owardb from unr¢stric(¢d funds are included as expenditure in the period for which the award is given. e) uitljnate Parent Charlty By virtue of common control and admirbistration, the Trust is considered to be a subsidiary charity to th¢ Charity known as The King's School, Canterbury (Re8iStered number 307942). Golng Concern At the time of approving the llccountg, the trust¢¢ hod o rcosonable expectation that the TTUSt ha$ adequate resources to continu¢ in operationjl ¢xi5tenc¢ for thc farcK¢able future. Thu5 the trustee c¢)ntinues to adopt the ¥oin¥ concern bos1$ of accounting in preparing the accounts. g) Fin&nciAI Instruments The Trust only holds basic financial instruments as deflned in fRS102. The finan¢ial assets and liabili¢ie$ of the Trust and their measurement b&sis are &$ follows.. Financial assel$- Amounts due from the Trust's trustee are debt instruments measured at amortised c05t Ls detailed in ftot¢ 4. Financial liobilities Trade creditors, accruals and other creditors are financial instruments and are measured at atnort15¢d cost as detailed in note 5. Page 8
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Notes to the Accounts For the year ended 31" August 2020 l) Tru$tee and employee eosts No Governor of The King's School, Canierbury {acting collectively &s the Trustee) received any r¢mun¢ration or was reimbursed cxpenses from the Charity. Therc were no employee5 during the year. 2) EKpeThdlture 2020 2019 Cost OrGenet18 Funth: BRnk charges Is tit¢rory prize horShIp Advertisin¥ Independent AdjudKator 12J25 3,500 3.961 3AIOO 3196 4115 3,00(1 22,992 27,111 GMrn&n¢¢ ndItre Ineludei: Mana8enrnl and Adnwni51rntion 970 970 Tot81 FApndtur¢ Grnnl$ And wwardi The grants and award5 are described in the Ttee,$ Report on page 2. 3) Investments I$tment p>rtfolio- Saruln Market Value at Isi Septetther2019 903251 Investnrnt 88ti1g 44h37 Mke1 at 31st Ausu5t 2020 947J88 HislorK Cost 325J09 All investrnt5 are lli Sarasin Alpha CIF for Endown*nt Ilnconr Units) [er$eAS uive5ttTrntS'. Uniied Kingdom Vestnts. 588,638 359,250 947,888 Page 9
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRu%r Notes to the Accounts For the year ended 31" August 2020 4) Debtors 2020 2019 Depostt h¢ld with The Kin8'$ School, C4ntcrbury 142 138,369 138.369 142021 5) Credltori 2020 2019 Audit fees Adjudicatovs fees Lit¢rnry prizc Scholarship 9711 3,000 12 J25 3J96 20J91 960 3,(K)O 15.400 3.896 6) Fln4ncl41 cornmltments There were no other financial commitments as at 31 August 2020 7) Reitrlcted Funds Balance lit Septembtr 2019 Tinglblt A¥$et Re11110 Baln 31st August 20211 Inv¢$tment Income pendltwr¢ Designated reserves .OIB.358 31.28J (23,9621 44.637 ,07fj318 8) Covld 19 1rnpa¢t The worldwide outbreak of the coronavirus pandemic {Covid-19) hBs caused extensive disruptions to organisations lobally with major implications for operation5 as well as finances. The Trustee acknowledges and re¢ogrt15es the impact of the Covid-19 par]demir on the operation5 of the charity, its beneficiaries, p8Jtr¢rs. siakeholder5 and on the wider society. and ha5 cnsured that both resources and process are in place w mitigate any di5niption to the operaiions of ¢h¢ charity Page 10