THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31Jt AUGUST 2021 (Rwicrcd (hlY Numbtr 2199711
THL CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST
Annual Report and Accounts
For the year ended 31" August 2021
Trustee, Officers and Advisers
Bankers
Bar(.lay% Plr
The cori)orAte b[y1
The Cluvei.0r, 'fhv trlvAd Nlaslei. and Iht Low*r Ma$ier
l.(>nd
THE CAI.VJN & ROSI.. G HOTrI,'MAN MARLOWE MEMORIAL TRUST Annual Report of The Trustec For thc year ending 31" August 2021 Thr.'I'ru5tee presen15 jt% annual rErI for ihv. year ended 3 l%t AuRugi 2021 under the C.hariiies Aci 2011, iogeilief wjth thi. audited artounts Fnr the year and confirms that thc laller <¢imply with the requirtmeniy ()rthe Act, the Trusi Deed and the Charitiets FRS102 S()RP. Reference and Administration Information The Calvin & Ro5r. G I loffman Marlowe Mtm()rJal-I'rust 15 a re.xisle.red chariiy Ircgi$tratiort numl>v.r 289971>. lknc'l'ru5t ¥vas cstabliqh¢d by a ITU8t dccd on I" May 19&4. I'htr'l ruAt¢¢, txtr(.-utivc oificer and the print.ip41 addrcise.% nfihv c.harity are lislrd t>n paR¢ I tOReihvr wilh pariiculaTS ol'ihe Charity's proftssional dY18L'r5. Structure Governance and Management Organivtion -I'ht (IDvrrn(>r5 of'i'hi. Kin&,% School, ('.antrrbury, wh() c()Ilethively d('.t •J thc I ru$tee, Ihv nverall poliLy l()r ihe rnnIng ol'the Truyl in ar('()TdaThcc wilh it4 ()bi¢¢is and r()r thc public hi'nL'fit. 'I'ke 14t.adttiayter of Tlw King's h1)i)I nbake¥ r¢mmmcnd4lion5 11> Ihv 'fruslec a4 re#ard$ ¢du¢a(bortal mallv.ry and (7ndidates for the Hoifriian 51'hular4hipi. 'I'h l.lorrman l)rii.c i& awdrd¢'.d by Ihv I'riistce of'i'hi. King's %cliDI)I, lintcrbury on the ri.'('<)mmi'ndaiion oran indv.pettd¢ni adjudi¢at¢>r. Tlii. I'li'rk is rilSP()n¥iblc lor the day tu day manamtrrncnt (>f Ihv'l'rust'l inwesirnents and for preparlnx Ihi'.'I'rust'y accounts. InVtm£.nt i)tswerx Tlii'hL ari ki)vi'rnrd by Ihr'l'ru%LI'i' Act 201. 8trAtr8I¢ Invv1ffl1.nt p(Jlicy 1% by ihi, tsoverni>r5 In <.'(>nlunctlon with SaTa¥in & l>artne I LP. tlii. Sihool'4 iny¢4tmcnl mana%('r. who iheii 1114rta&ic tlle invi'.¥lnicn15 within pri¥s(.'ribcd guidelini'.¥ ()n a diKrL'riLinary haiix. i'urriint InvL'4imrnl ObjcLtivr is t(} prole¢i thr rvil Yaluc tsf In(Yimi' and rapilal whilst spreading r15k. No invcytme.nls In Ihv. iobicco induyiry Ihay br maili., l)iirin¥ thc 12 Iiii>nih¥ to I I" AuK115t 2021, 111('.'I'TIIg1'5 Invi.'tl'nI¥ produ(.'i.d a grosy yield af2.22% Againsi iht benchmark i)1. 3%. Tlii. CTI)¥Lr)r* rvmain c(>nfidv.ni Ili•t their Invi'8imcnt poli(.y 1% prudeni. in kiivpinsi with their lrtvc¥lmcnt objcctive% and likely ro produce aiira('Iivc Telurn¥ ()Ye.r thL lonRrr ie.rm. I'he inveslrnf ni% arc held IN part ol'a collei'.livL' puol adminitstL+rcd by'lhL' King's Sch()01. 1.4niv.A)iiry. Scholaryhip¥ and grant 'I'hc 2020 Pri7i {Ll 2,5251 was awardr.d to [-- Prlre.. 'l-hc 2021 PrlT.e. fund to bc awardrd 14 £9.060. Thc Schulirship was awrlrded Fnr th¢ ytar 2020121. Thc E$$•y Aw•rd w•s rtot awardcd. Connvrted Charity 'I'he'l ru%1 Is iJin5idrred tr he a siib5idiary ¢)1-Iht ('.hariiy I'hL. Covernorx,'fhr I lead ,Misipr and the IA)wer Malr nl'ihv King's SLhtsol ol the Laiht.dral Chiirrh ol ('anterbiiry in Ihe City of l.¥hl1'rhury° Irrgi%lv.re.d c.hariiy number 107IM21 rt)vre r.Dmm()nly known As'lkne King's.4rhll(Jl, C,antcrhury. by virlue. i)[ voting t.f>nirol and comrri()n nianagernenL. I lowever, the (Jovrfnurs vl I'hr Kinx's SLhool, Canltrbury cahsidvr that the objei'l4 (>l' the Trusi ditrer Iruin Ihow vf Ihe School in sur.h a manner iknt it would n()1 b<. mcaninKlul tu cc>nsoliddtv Ihe r¢¥u115 ul The Calvin & Rose G I lotFmatt Marlowe Metrburial Trust Into thosc ol'l'ht. King'j 5rhool. ('.antcrbury. Page 2
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRusr Annual Report of The Trustee For the year ending 31" August 2021 objec.ts. Aimy. Objectives and ALtivitiEs Wjthitt the obi¢ctiYe$ ofthe Charlty the Truster has given ortful coayideralion to the c.harity Cotllffli$3ion's general guidanc¢ on public bonofit. In priiclllar to Its stspplemetttary public benefit goidncL Ort adYatt¢lng education. The objechvc5 of the Charity are.. To promotv. and vn(.'(>uraRe inYesiigAtive research inr¢) thf. life and works of christopher Marlowe., and int() the auih(>r%hip Dr Ihc pocms and play5 now rottimnnly altrthulv.d to William %haki'.%pi'are svith r1(.111ar regard lo Ihr. pD58ibilily that C.hristophcr Morlowc wrotc Sotne or all af Ihosc and play5 or made Some inspirltional crcalivc or coMpusiti<)nal contributions lowaTd8 thr. authorsliip ol the.m. A8 a con8cguenc.e a Prri.e.. a &..holarship ind an Award have been cstablishrd. 'I'he'l ru51 1)L'ed spcilies that iom gentraitd from isstii held by ihÈ'l ruit $hauld br ill(Ji.'ied in ihe following Thianntr.. l ) Ad¥eriisin&i the Priie should repr¥setit nut legs than l(Y/ts', 2) Th¢. Prize 4h(>uld rtrPrr.nl n(>t li'ss than 4QVp: 3) 'rhv. s¢..11arS1i1i). Avsard and adminisiration should not repre5eni more ihan 50Vo. Financial Rcview and Results for the Ycar Ttr ntl muvi'.mLini in lunds ¥vas £112.92712020.. £51,960). The Tru6r'$ policy isio en$ur¢ tha( ayèilable resources are uw.d lo IiiTiher Ihc obje5 of the Trust. Risk a¢s$Ment -I'hi.'l-rusltr haj undtrrtlktn i rl$k 1sst.syrtLe.nt rv.Yie.w. Rlik a%ie3Ninv.ni iy i ilanding axrnda ilr.m lor mvr.liriAX <)1 thr. Tru#it.t. Ri'.Nc'rvcJ ebcrves l1¢Y -I'he'l rustee is (¢llfrwlnR ptsliciei initndrd li) tnainlain Ilx. rr.M'.rve.3 available to fund ALhvlaT3hip3 and Kranti.'I'hi'.'I ru814'.1'. 1.'(>n%idtri that IhTr Ch4rity'$ resrrided fund has d¢9Utt re80urc¢8 io mecL li$ obli8aLion$. Accounting and Reporting Re3ponJibilitie¥ Ihi Charity arid of Its finaiiL'ial aaiviliL'S for ihai ptrind. In pri'piring ihi>se finanrial %laie.niPnl ih. Trusice is requirtd io... 2) Makc jiid¥crni'nts and eylimate8 thal arc rcasonablL' and prudcnl., 3) I'ollow applirdblL' ar.counling standard% and thc Lharitirs S()RP, disrl(J%inx and trxplaining any material deprturcs in 4) I reparc thr linanLial Jlitcmtnis on Ihe Koing conlcrn basis unles4 li ix inapi>ri>prlaie io assume ihal the charity will Apprnvrd by thr'l'ru5trr TrFthr r.alvin & ROSE G I lofFman MarlDWC Mcmorial I'ru8t on and %iBned njl Ill hc.haif hy.. 30 November 2021 'llJe Vcry Rcvcrend Dr R Wil On bthaifof the Trustee Page 3
THE CALVIN & ROSE G HOI.FMAN MARLOWE MEMORIAL TRUST Independent Auditors Report For the year cnded 31" August 2021 Opinion We have dudited the Finanoal Statements of The Calvin & Rose Hoffman Marlowe MemorLal Tru.%¢ for the ycar r.nded 31 August 2021, which corYipri¥e the stsiement of FinanLial ALtJvities, the Balance SheeL and ilie reldled nutes, including a sunimary nl significant accoijnting policie%. 'I'hc Financial Re.p(>rLing Framework that has h¢en applied in iheir preparation is applicdblL law and Lttiited Kingdom Accounting Standard8, inc.luding Financial Reporting .%tandard 11)2: '1'he Financial Repnrtiiig Standard appliL7ble in the IJK and RepubliL ul. Ireland (United Kingdoiri GLfiL'rally ALLeptL.d Acwunting Practice). In our opinii)n the Financial Statemenis.. givc a trije and fcTrir view of tht statc (>f the. (:harLIy'8 alTair% a3 ai 31 Auguqt 2a21 arid ufils inLY)me and t.xpeniliture rur the year Lhen ended: have been properly prcpar¢d in arrnrdanLe wilh Unilcd Kingdrjm Generally ALcv.plEd Accoutitirig l)raLULe', and have been preparLd in aLcurdance with the requirLrn¢nty ul. thc Lharities Aci 2011. Ba5iy for upini()n We L()nduttd i)iJr Aiidit iii aLcy>rdan(r. willi Internalional %tandards nii Auditing IUKI {ISAs (UKII and appliLable law. Our rL8pnnsibililJes under ihu¥L ¥landards arl, furthL'r dcyLrih¢d rn the Audii<)r'% rr%i)r>n%ihiliiie. lor Ilic Audil al. the FindfiLiiil SLatLmcnl¥ ¥LLtinn afour RLport. Wc arc independetii of LhL Charily In ac('.urdanLe with ihL ethiral requirL'meniA tlwt are I'elcv4111 11) i)ur Aiidil uf LhL. Finanr.i41 Siaten)eni¥ in tl)L, UK. inclijdinx the FR(.. g Eihical Stliriclard, and we hav¢ rijifillL.d i)ur nthrr cthiLal rp1iKJnIbl]it1L'8 in ar.rotrdari¢e wilh iliL¥L fLquifLme.nLY. Wc belirve that the Audit cvideDLe we havL ijbtaincd i¥.4ufPi£icnl anil appri)priale Lo prvvide a lJa¥iJ f()r <)ur rjpininn. C()nc'luyion¥ rLlaling to goin¥ (.'i>ncern In auditing thr. finanLial iiaiernL'nl5, WL. have CL)nLludLd thdl thL,'I ruxii'.L 8 ii$c uf th¢ %i)in8 r.onr.r.riL l)Ayib ul. aLLx>uniing in Lhe prL'parattnn ofihL Pinancial staieniLll14 i8 apprvpriate. Ba%LYi nn ihL wiTrrk wc havc pcrf()ri?Icd WL liave nDi icl¢iJlif)¢d any malLridl unLertainLies rLlatin¥ l() event3 thr cnndiLiun8 Ihat, individually (Ir i'.nll¢('livLly, may ra.ll %ixnifJÉanl dotslTrl c)n thc. charity'¥ ahilLI.y t(> c(>nliniie ax a %tsin% Ll)nLLrn for a PCTiod of at ILasL LwtlvL tnonih% (r¢Ji whLn th(,. linancial %tatcm¢nt¥ iifL auihnri8¢d for ijtuc. ()ur I'e%p()niil)ilitie8 and iliL fLIn¥11]it1¢¥ l)f the 'l'rusLee with resL( tu going Lunrn arL dL¥LribL.d in the relevant scctiong nlihjs rLport. Other inlormation 'nie 'l'rustee is regwnsible lor ihe othcr information. Thc other infnrmation compri.8e5 the inlormation included in thc AnJ)iial RLP()ri, oiher in thr FinanLial Sta(eineriLs and uur Audilvr s Report ihcrcon. Our opjnion on tht Financjal .%tatcmcnts doe8 not Éovcr thc oihc.r iiifurniatinn and exipi to ihe exlenl otherwise expliLitly 5tatLd in our ReEX)ri WL do not txpre%5 any form of as8uranec conclusit>n thcrcon. In connection with our Audil of ihe Financial Ststemeni$, uur respon5ibili(y is 10 read the other inforniation and, in doing 8fJ. considcr whethcr thc athcr informaii()n is materially inc(In$istetil with the Financial St&lLmerits or Dur knowledge obtaincd in the Audlt or otherwi¥c appcars to be matcrially rni8%tatcd. If we ideybtily such maLcrial inconsi$iencie5 Dr apparenl material misslaierri<nis we are required to dcterinine whethLr thtrc i.g a material misstatcmcnt in the Financial %iatemenl¥ Dr a malerial niltatement ol. the i)ther inlvrmatiun. Il., based oti ihe work we havr perlormed, wc conclude that there is a tnatcrial miEstat¢m¢nt of this nlhtr informatiun, we are required lo r¢pori that laLI. We knve nothj.ng t<J repori in thi¥ regard. Page 4
THE. CAI.VIN & ROSF. G HOFFMAN MARLOWE ME.MORIAL TRUST Independent Auditors Report Tror the year ended 31" Augu8t 2021 Matter% on which we are required to rcport by exception Iii the light ol. thc knowlcdge and under8taDding of the Charity and ils environment obtained iii the course of the Audit, we have noi ideniilied rnater1 mi5Statements in lhe.l.ru$¢'5 Annual Report. Wc. have nothing to report in reqpect of the following rnat¢ers where the Lharitics Act 2a1 I r¢quirc4 u3 to rewrt trj ynu if, Jn uur upinion.. uificicnt accounting rceords have not been kepi; tsr Finanthal %t21emenis are nui Jn hgreemenl with accnuniing recx)rd8 and returny,. or WL havc nol rcccivcd all thc inFormation and oxi)lanatitsnb we rLquire for our Audit. Rc8pnn4ihilitiL$ of the Trus¢ccs A% explaitiLd rKiurL. fully in ihL A¢i(iunling and Reportiiig Statement. the Tru8tee 18 rt$pon8ihle for the pre.Piiratinn of the FiiianLial Siatcmenls and Inr Ix'.ing 4Hlislied iliai ilii'y gJvL a true and lair vi¥.w, aiid lur 4iic.li iniernal coiitrol dy ilie Tru4Lee detcrmine. is necL'¥¥afy LO enable thL preparaiion (jr Firtanrrijl S¢at¢tnent¥ that ar¢ Irr.c from malcrial mi>itatc.mr.nt, whcthcr duc tL) fraud or crror. In prcparin&i the Fin4nrial Sialeme.nts, IhL 'I'ru¥lLL )¥ reypon%ihle l<)r asse.s$iiig Lhc Lluriiy's abiliiy tu coriiinur gViTig Lnnce.rn, disclu.Yinx, as appliLable, mattLf4 related lo goiiix ¢y)nLcrn and using ihr gning conccrn ha4ii ol'arcnijniing iinlc.ii lh¢ .1 ru¥tce LLihLr inlLnd tu liquidatL ihL Charity or to cea8L' OPLraliuny, ur hav¥ no rLalibtlL dli¢rn4¢ivL but tc) du 50. Audit()r'.¥ rv.yponJibilitiei for thc Audit (bl-thi.. Trinancial State.mLnty l)ur objccLiYL'Y arL ts) (>btain reagnnahlL' ai$uranc.e aboui wliLikcr th¢ Financial %ialcmcntg a8 a whnl(' arr. Ircc froni malcrial mi8slalLiriLn(, whethLr duL to Irau(l ()r e.rrrJr, arid issui. an Audit()r'% Re.pori i114l incliidc8 tsijr opiniun. IILaSLITLabl¢ ayyurancL a higli l¢v¢l ()r a¥xuranLL l)ut i8 ni)t a giJaranleL IliaL ali audit LM>nduLtLd in aLiY>rdanLe wilh I%A$ IIIK) will always dtleLt a matt.rial mi8siAttmtnt whLli It L'Xl5L%. Mis8lale.mcnLs c ariye fr<)TD Frau(l or Crrvr and are L()n¥idered matL&rial if, indJ¥idually or In ihL d%ifL'kJatc, Ihty ei)uld rea.8<)nably bc LXPLL(Ld ill InlluenLY the cci)n()mic dcLi%ioni ()I'u8ers tAkLJi un thL ba¥i¥ ()[ thL.Ic. FinanLial %iatcinirits. Extv.nt to Trvhich ihc audit wa¥ L(hn.¥iilere(l Lapablc TrfdetLLting irrc'.gularitics ini'lucling fraud Our approach io idLlliifying and asse55ing the riik4 nl'malcr241 misytatLTnLnt in respocl of irregularitiey, including fraud and non-Ltsmpliance with law8 Rnd rtxulaliony. wa5 Fc)Ilc)w8'. the ¢ngagcmcT)I partner ensurLd thai ihe engagLment team cullcctivcly had thc appropriate coJnpetencc, Lapahililies and %knll¥ lu ideiilify ur reLwgni¥e non-compliarice with appliLable laws atid regiulatitjns., wc idcntifiLd thL laws and relatiOnS applicable to ihc 'l'rust thri)ugh diiLii8iioni with managcmc.nt, and from uur ¢omm¢rLial knowledgL and cxpcricncc of ihl SLLtor' wc focused L)n %t)ealic laws and rcgulalion5 which we c()nsidcrcd may havc a dircct fflatcrial c(Fcct on the finanoal siat¢fflents or the operations of thc I rust, including thc Chariiies Act 201 I, taxauon legislation, da prottctLOll, anii-bribery, employment, environmenial and health and 5aFety legi8lalion', wc assei3ed tkn extcnt nf complianr.c with thc lawg and regulations identificd aknve through making cnquiric5 of Inaiiagemeril aiid iiispeLiing legsal thrrespondence., and idcntiFied law8 and rcgulations werc communicated within thc. aijdit IcaJn rcgularly and icatn rcmaind alcrt to instances of non-compliance throughout the audil. Page i
THE CALVIN & ROSL. G HOFI",MAN MARLOWE MEMORIAL TRUST Independent Auditors Report For the year ended 31" August 2021 Wc as5es%ed the ¥uscepLihiliiy uf trusl's finanLial statemenls io Marial mi88taiement including obiainin¥ underslaiiding Dl'how Fraud might occur, by.. making en4uirie.s nf tnanagement as to where they con%idLrcd thcre was %uscf.ptihility tn Iraud, their knowledge of actual, ¥u8pected and allL'¥L.d fraud., and cnn%idering the internal cDnlrols in placc to mitigate risks rjr rraud aiid nun-cumplianLf wilh laws and regulaljuns. Audit re5iJi)nse to risky iil¢ntifiLd To addrL'¥Y tIIL' riyk ol'lraud thrnugh maniE gement bias and ovcrridc ofcontro15, we... performed anilylical prnccdiircs to identify ttny iinllyual or uncxperted rrlatinnghips- l2slcd iourrial entries io ideniily iinusual Iransd¢tioiis' asse89ed wheiliLr judgLillLnts and as8uTnption$ madL' 111 determining the a¢t¢)uniJng es1iinatc% wcre indicativt. nl poILnlial Tr)ias; ar)d investigated LIIL rati()nalt bchind si nificant nr uniisual transactit)n%. In rr8pon8c Lo the. risk of irrL'gulariiie.$ and non.cnmplianLx' wilh laws and r*&ulaiir>r)y, we d¢Ji%ncd praccdur¢% whir.h intluded, l)ut wLre nrjl limiicd Lo.. agrL¢inkT Einancial Jtaleincnt discl()8iireg iu undcrlytng %uppurtinR dncumcniatinn. cnquiring nl. ITlalld%emL'ni a% In a¢tUdl and s)(Il¢nlial liliKali()n and Llaim.%,' an<1 rcviL'wed IL'&Tal cxpLn%es for indicaiiuns ()f n()n-LnmplianLL vr IL&al aLtI()n. A fiirihLr dLMeriplii)n ()f our resporiyibililiLX l()r Lhc. au¢lit i)f the a('LniJniq 1$ l()Lati(I i)n ihL l.in4nLial RLI)orlin¥ ('.uunLil' wcb5ilL Al: http-. / /www.frc.nrg.iJk/aiJ(lili>r%r¢%priniil)iliLiL'¥. I'hig de4Lrii)11()n lorriis p4rl vl'vur Audili)r 8 R<'.porl. Usc ofour report Thi% Rcpnri J8 ITldde .%c)Icly lo ilic Lliarily'¥ 'l-riLS(LL', as a )dy, in a¢.t¢Jrclan¢¢ with ¥¢LliDn 144 1)I' Ihc CliariliL¥ Act 2011 ari({ IIIL re¥iilaiiony made undcr SLLIiL)ii 154 01. thai aLI. ()ur audit wnrk has bLLn undcrtakLn %() that we might 8talL 10 the Chariiy's'l ru%lte ili1)8L matlr.r8 wc arc rcquired In $iAit lu ihL'ln in an Audilnr's kl I)L>rt dri(1 for nil i>ihLr piirpnqc, l o ihc Fullc51 CXtL'nt permillc(I l)y law, wi.. dn nol dLILPI (>r a.4$11mc. resp()n4ihilily In anyniic otliL'r ihdn tliL Chdrity's'l'rusteL a$ a ody, l¢)r uur audit work, fur t.¥ RLpori, or fi)r the npinit>n$ we liavL formLd. 26 January 2022 Ajliotts Ll Chartered Ac.countants Statut4)ry Auditor Friary Louri. 13-21 High Street, Guildford, Surrey GUI 3DL Al]ioits LLP is ellble to act as Au&tor in terms of section 1212 of thc Compames Act 26. Page 6
THE CALVIN & ROSE C HOFFMAN MARLOWE MEMORIAL TRUST Statement of Financial Activitie5 For the year ended 31" August 2021 Restricled Fund Noles 2021 2020 INCOME TrROM stmeAts Income Irom Inv¢mL'ThI portfolio Inter1 on ¢ash thw)$il held The Kin3 &.hool 27.079 1,540 29.348 1.937 'rot#l Int•m 2R,619 31,2U5 bJ(VTrThDIIIIRLO N C.hrft#blt Att1111 (kani%.awirth prii&4 21,571 23,962 'lolAI eipcdlturt 4b."I'lli('.()MF. B RE IPqVTrS'tMTrTh'l'lvAINS 7.048 7,323 InTrt$lment i*lni lo179 44,637 Nbl. MoVEM'T IN FLIPIDS 112,927 51.960 Pund bHl4nccs BL 111 &piemkr 2020 .0711,318 1.018.358 IIND RAIAN(.' AT •t Jlsl Au%u%l 2021 .IllJ,241 1.070.318 Page 7
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Balance Sheet As at 31" August 2021 2021 2020 Notes ASS5 InvestTrrn¢s 1,053,767 1053,767 947,888 947.888 tkposit hekl by The K8,$ School 146 146 J44 142,821 242.821 CREDITOK8: due withln one y¢*r (17.066) 120,3911 NETcVRRFT Assrrs 129.478 122,430 TOTALNET ASSETS 1,183,245 1,070,318 RI3TRICTFJ) FUND ,183,24S ,070.318 Approved by th¢ Tru5t¢c of the Calvin & Rose G Hoffman Marlowe Memorial Trust on .. 10.No¥emb.20lI.,.. and signed ort its bchalf by.. Tho Very Reverend Dr R Willi5 On behalf of the Trustee Page 8
THL. C'ALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Notcs to the Accounts For the year ended 31" August 2021 STATEMENT OF ACCOUNTING POLICIES a) Bmsls ofHe¢ounllng The Calvin & Rose G Hoffman Marlowe Memorial Trust is constituted undeT a Trusi Deed dated I. May 1984 and is registered under charity number 289971. 1.he financial ststerncnts of the-fru5t have been prepared in accordance with The Charities A¢1 2011, Th¢ Charities (Accounts and R¢port5) Regulations 2008 and the Stalemcnt of Rccommendcd PrA¢ti¢¢"Accounting and Reponing by CharitlC5" 1"P'RSI 02 %()Rl>"l and wilh applicable aecounting slandards. Thcy ar¢ drawn up on the hisiorical ¢0st acoounling basis exccpi thai invesimcrti% held a5 fix¢d as5¢t5 are carried at mark¢l vulue. The Chariry is a public b¢n¢fit entity as detincd by FRS102. Th¢ a¢counts arc prepared in stcrling. which is th¢ functional cuThency of lh¢ Charity. Monetary amounts in these financiAI sttttements are rounded lo the nearest £. b) Expenditure All ¢xp¢iidilui'¢ is accouiiied for 011 wi aL'¢rual¥ bdyis. The irrecoverablL clement of VAT is included with ihe item of expcnse tu which it rclat¢s. GovernJnc¢ cos15 comprise thc cosis of runnin& Ihe I'rust, a150 intemal and exicrnal audit, any l¢¥al advicc for the Tru8t¢¢ and all costy Lomplying with Lonstiiulional staluiory requirements. such a5 the ofTrustcc mcclings and prep8rinkJ s¢alu¢ory accounis and Sdlisfying publiL uccouniability. e) Rutrleted funds Th¢ nuture of ihe Memorial Trust is thal all aclivitie5 ore esscntikl to ¢he operations of the TTUSI Dccd as detailed in la) above. As a resuli all incom¢ ynd expendilure is part ofthe restrir¢¢d funds Wlthin Ihc accountg and n(1 unresiricied rund is maintained. 'fhe rc%iri¢iiuns on thc Trust limii aciivilies lu th05c r¢laling to the aims of the Pri7E and bequesL which aTe ro dcmon.Itratc Ihc pnssibility that Christupher Marlow¢ wrote some or all of those pocms and plays 18llributed to William Sh¥kespcarel or made 50mL inspirational ¢reatlV¢ OT compositional contributiDn.I towards ihe auihurship ol'ihcm. d) Invtxtmenls and investment income Invcsiments arc included at clnsing mid-market valu¢ at ¢hc fjalanie Sheci date. Any ain or loss ort revaluation 15 taken io the %iaiem¢nt ol. Financial Activities. Inv¢5tm¢nL in¢orne is accountcd fur in Lhc period in which th¢ Charity is entitled lo receipt. e) Grants gnd awardy (irant5 and award5 from rcsiricted funds ar¢ included as cxpcnditure in ihc period for which ihc award is given. Ultlmale Pgrent Ch#rlty By vinue ol. common conlrol and adrninistrdlion. the Trust 18 ron5ider¢d to be a subsidiary charity to the Charity known as The Kin¥'s School, Cant¢Tbury (Rcgisiered number 3079421. (Join% Concern At the timc of approving ihe uLcuunts, the Irust¢e had a reasonable expeclalion thai ihc Trust has adequate resourcc5 lo ronlinu¢ in op¢ralional existence lor the fo$¢Cable future. Thus the trustee conLinue5 to adopi ihe going concern basi5 of uccountillg in PTepdrin¥ the accounts. h) Flnancial Instruments 'I'hc Trus¢ only holds basic financial instrument5 as defined in fRS102. Th¢ financial assets and liabilities of the Tru8t and their measurernent ba%is ar¢ as follows.. rinancial as5ets- Amounts due from the'frust's Irust¢¢ are debt inytruments measured at amort15¢d cost as detailed in note 4. Tradc crediLoTS, a¢cruals and other creditors ar¢ financial instruments and are measured at amortiscd cost as detailed in note 5. Page 9
THE CALVIN & ROSL G HOTrFMAN MARLOWE MEMORIAL TRUST Notes to the Account5 For the ycar ended 31° August 2021 l) Trustee and ernployee ¢wts No Govemor of The King's School, Canterbury (actin8 collectively as the I rusttt) received any remuneration or was reimburscd cxpense5 from the Charity (2020.. nil). The average number of persons employed by the Charity durin&J th¢ y¢ar was nil (2020.. nil). 2) Expendllure 2021 2020 Trust Actiiity EltUre Inclu&$: IAt¢r4ry prize Scholarship Advertising IndLpcndent Adjudicator 9,060 3,986 4.479 3,000 12,525 3.3( 3,961 3,0 20J25 22.992 rnAn¢¢ Ineludt8: Mana8emenl and Admini8iration 970 970 1046 2.3,962 C•r4nl$ and Awardj The grants and aword% described in the Trust¢¢'5 Rcport page 2. 3) InvtMentS tnJtment rffjrtfollo- SArAsin Market Value at 1st S¢ptcmber 2020 947,888 Inve8tnK'nt gains 105,879 Market Valu¢ 4131st Augusi 2021 ,053,767 Hisioric Cost 325 All inv¢$tnrnis alr in Sarasin Clinute Active Fmdownnts Fund Ilncon% Units) OverseA5 uivestnn1s'. Unitcd Kin8dom investnrntS: 571J87 478.410 Page 10
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Notes to the Accounts For the year ended 31° August 2021 4) Debtors 2021 2020 tkposit hekl with Th¢ King's khooL C&rtterbury 146444 146544 142,821 142,821 5) Creditor5 2021 Audit fe¢s Adjudi¢alorfs fe¢s Literary pri Scholarghip 1,020 3000 91160 3.986 17J)06 970 12,525 3,896 6) Flnanclml eommltments Th¢re were no other financial commitments us ut 31 Augusl 2U21 (2020: nil). 7) Restrlcted Funds Balftn¢¢ BAIAnce 31st Augus121J21 .Septemb¢r 2020 In¢ome Expenditur¢ glin¥ R¢striit¥d l.und 1.070.318 28,619 105.879 1,183,243 8) Restrietcd Fund Prior Year 15alante BAl*nce 3lgt August 2020 se0ernr 2019 Inwstment gAin5 kntyjme ENnlture Rc5tricted Fund 1.018,358 31.285 123.9621 44.637 I.070J18 Pige 11
THE CALVIN & ROSE G HOFFMAN MARLOWE MEMORIAL TRUST Notes to the Accounts For the y&qr ended 31" August 2021 9) Covld 19 Impact The worldwide outbr¢ak of the coronavirus pandemic (Cowid-19) has caused ¢xt¢n5ive disruptions to organisations globally with major implications for operations a5 well a5 finances. The TnJst¢¢ acknowledges and recognises the impact of the Covid-19 pandemic on th¢ operations of the Charity, its benefi¢iaries, pathers. stakeholders artd on the wider society, and has ensured that bo¢h resources and pro¢¢ss¢$ are in place to mitigate any disruption io the operations of the Charity. 10) Related P8rtles Th¢ Charity and The King's khool, Canterbury are related parties as dis¢los¢d ort page 2 of the Twstee Report. Thcr¢ are no other relaied party transactions. Page 12