SA¢¥OoYae Old (Èdo, Juftd &iotued 307421 SHERBORNE OLD GIRLS, UNION BURSARY FUND FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 AUGusf 2023 9iOte¥ed eAa¥ty 307421 Principal address: 16 Conifer Drive. Meopham. Gravesend. Kent DA13 ufL S14e464w Oed grf¥¢o' 91¢￿ £nded 31108123 Intentlonally blank Registered Charity 307421: Principal address: 16 ConEfer Drive, Meopham, Gravesend. Kent DA13 OTL SAe¥6oww iyed gHlo' Suttd- £ttded 3110812023 FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 CONTENTS page{sl Trustees of the fund Trustees, report Accountant's report Statement of financial actlvltles Balance sheet Notes to the financial statements Registered Charity 307421: Principal address: 16 ConFfer Drrwe. Meopham, Gravesend. Kent DA13 OTL Sl¢¢YOww eped <È¥ts' IIAlon st￿4- gle￿ &ul¢d 3110812023 Intentionally blank Registered Charity 307421: Principal address: 16 Conifrr Drive. Meopham, Gravesend, Kent DA13 OTL sikn oed g¢¥&' Ilnion Jund- ?1￿ £nd¢d 31IQ812023 TRUSTEES OF THE FUND Trustees Mrs A Benbow {Senior Trustee) Mrs H Garton Mrs V Thurstan Mrs J Wright Principal Address 16 Conifer Drive Gravesend Kent DA13 OTL Bankers HSBC l Middle Street Yeovil Somerset BA20 ILR Accountantl Independent Reviewer Miss Jessica Elphick ACCA 17 Crossfield Walk Snodland Kent ME6 5SE Registered Charity 307421: Principal address: 16 Conrfer Drive, Meopham. Gravesend. Kent DA13 OTL Page 11 She¥bOW￿ iryid (>do' qIAtan Sund- 91*￿ 3110812023 TRUSTEES. REPORT The trustees present their report for the year ended 31 August 2023. The accounts have been prepared In accordance with the accounting policies set out in note I tothe accounts and comply with the charity's constitution, applicable law, and the requirements of the Statement of Recommended Prartice. 'Accounting and Reporting by Charities" issued in March 2005. Legal status The Emolument Fund was formed by a Declaration of Trust dated 22 February 1966. As agreed with the Charity Commissioners, the name was subsequently changed to The Bursary Fund on 20 March 1997. The Bursary Fund is re8iStered as a charity, number 307421. Objerts of the trust As endorsed by the Chartty Commission,'To make grants to such Daughters and Grand-daughters of Old Girls of Sherborne School for Girls. who are at the time of such grant currently attendingthe school, or who desire to commence attendingthe school during the current or next academic year, and shall, in the uncontrolled discretion of the Trustees, in consukation with the Headmistress of the School, be in financial need, such grants to be used towardsthe fees and other expenses incurred by such girls attendingthe school.. Trustees Mrs Wright handed the SeniorTrustee role to Mrs Benbow on lstseptember 2022 to coincide with the new accounting period and the start of the academic year. The trustees met via Zoom on several occasions and in person on 16th January, 2023. They agreed thatthey were concemed that the Bursary Fund was not being drawn on and that theirfocusfor the coming year should be on publicisingthe Fund. Moreover, they decided to explore the full scope of the current objects of the Fund. with a view to taking proposed changes to the Old Girl< Union as necessary. Bursary fund income The income for the period was £26.729 {2022 £6581. The bulk of the trustees, income was derived from the BlackRock investments. including arrears that had been withheld whilethe investment account was suspended followingthe death of Miss June Taylor, then the Senior Trustee (see Investment and cash flow). The remaining income came from Old Girls, regular donatlons. The trustees are aware that the income from and the value of investments can go down as well as up. Expenditure - present bursary position At the beginning of the Trlnlty term. the trustees received an urgent request for assistance from the th family of a girl in the Lower Vl , whose circumstances had changed dramatically. The trustees agreed to support the pupil for fourterms, to enable herto complete her A level studies. The trustees also agreed to assist a girl due to start at the school in September 2023 with start-up costs. A further request was rejected. on the basis that it did not demonstrate a real financial need. Registered Charity 307421: Principal address: 16 Conifer Drive. Meopham, Gravesend, Kent DA13 OTL S1¢e40w￿ oed fj(•lo' qiffioA Swd- gle￿ &ded 3110812023 Policles In deciding grants, the maln consideration given by the trustees to each application is the questlon of real need. The trustees are strongly of the opinion that ft is helpful to Old Girl parents or guardians to know that if a bursary is gNen it is available each year up to the first public examlnation, subject to an annual means test. The trustee5 are always wlllln8to consider renewin8the bursary if the holder stays on at the school for the two-year vith fomi 'A' level course. The trustees are also wlllln8 to consider bursaries for vith form entrants. The trustees welcome applications from parents and guardians if they are experiencing real drfficulties in meeting school fees. They should apply dirert to the School Bursar for an appllcatlon form. Investment and cash flow There was £4,000 expenditure on a bursarles In the 2022123 academlc year. The only additional c05tS were the HSBC char8es for banking servlces1£60). The arrears of dlvldends from BlackRock were eventually recelved on 51h January 2024. This meant that the in-year income was boosted by £4,228 ori8lnally due in 2020121, and a further £9,220 due In 2021122. Regular Income from the Investments was £9,858. Rlsk pollcy The trustees have examlned the major strateglc, business, and operatlonal risks for the charity and confirm these are re8ularly reviewed. It Is common for famllles In flnanclal need to recelve support from more than one source. Bursarles are therefore granted in consultation wlth the School and, to ensure that bursaries are used for their intended purpose, monies are pald directly to the School Bursar. Data Protectlon Names of those requesting and/or receiving bursarles are never publlshed and the trustees do not dlsclose the names. The involces from the School Bursar do not name bursary reclpients. Only the Senlor Trustee and Honorary Treasurer keep financial records that include donors, personal data. Result Income and donatlons for the period exceed expendlture by £22,668 {2022-£2,553 Ideficit}). There was an increase irs the value of the investments of £5,67512022 £18,703 decrease). The level of reserves at the end of the period stood at £388,751 (2022 £360,408). Flnal Comments In makln8 awards, the trustees pay carefvl heed to the Charity Commission's Guidance on Public Benefit. Thls will also guide the Trustee5' r&examination of the scope of the charltys objects. The current award Is part of a packa8e of support with grants from other sources. Dated: Z AMANDA L BENBOW Senior Trustee Registered Charity 307421: Principal address: 16 Conifer Drwe, Meopham. Grdvesend. Kent DA13 OTL Page 13 iryed W, &no(M¥ Suftd- VeaT &uled 31IOSI2023 ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2023 In accordance with instructions given to me, I have examined. without carrying Out a detailed audit, the attached Financial Statements forthe year ended 31 August 2022 and, in my opinion, they agree with the books, records and explanations given to me. 17 Crossfield Walk Snodland Kent ME6 5SE Jessica Elphick ACCA Honorary Accountant Dated: STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 AUGUST 2023 Note 2023 2022 INCOMING RESOURCES Donatlons: Glft Aid Other Bank interest Investment Income 590.13 2,803.25 23,335.26 607.13 51.11 Total Income 26,728.64 658.24 RESOURCES EXPENDED Dlrect charitable expendlture: Bursaries Management and administration: Other costs 4,LX)O.(KI 3,165.(K) 60.40 46.20 Total ex endlture 4,060.40 3,211.20 Net Incomingjoutgolng resources Unrealised 8alns/llossesl Net movement in funds 22,668.24 5,674.85 28,343.09 12,552.96) {18702.771 {21255.731 Total funds brought forward 360,408.07 381,663.80 Total fijnds carried forward 388.751.16 360,408.07 Registered Charity 307421: Principal address: 16 Conifer Drive. Meopham, Gravesend. Kent DA13 OTL Page 14 Sl*kn ejed Gido, Ilnwrt Sund- qle￿ &tsled 3110812023 BALANCE SHEEfAS AT 31 AUGUST 2023 Note 2023 2022 Fixed assets Investments 279,936 274,261 Current assets Banks 108,815 86,147 Net assets 388,751 360,408 Funds Unrestrlcted 388,751 360,408 These flnanclal statements were approved by the board of trustees and slgned OD thelr behalf by: date: AMANDA L BENBOW Senlor Trustee Reglstered Charity 307421- Principal address: 16 Conifer Drive, Meopham, Gravesend, Kent DA13 OTL SAedd4n¢ Cjid ¢1410, IIAi•K ￿4*￿a￿ Jund- &ded 3110812023 NOTESTO THE FINANCIALsfATEMEKfs FOR THE YEAR ENDED 31 AUGUST 2023 l. Accounting policies The accounts are prepared on the accruals and prepayments basis, under the historical cost convention Imodified forthe revaluation of investments). They have been prepared in accordance with applicable accounting standards. in accordance with the Statement of Recommended Practice, 'Accounting and Reporting by Charities" issued in March 2005, and the Charities Art. Income All income is credited to the financial statement of financial activities in the period received. Investments Investments are included in the balance sheet at market value. The galn or loss on revaluation during the year is included in the statement of financial activities for that period. 2. Investments The Fund invested in the BlackRock Charnico and Charishare investment funds, which are specifically geared for investments by charitable trusts. The funds invested in Charinco were designed to produce a guaranteed income, and those in Charishareto produce growth and variable income. Following consultation by BlackRock. these funds were converted to the Charity UK Bond and Charity UK Equity respectively on 6 December 2019. 2023 2022 Cost brought forward 155,IXKI 155.(YJ) Additions at cost Unrealised gain 124,936 119,261 Market value at 31 August 279,936 274.261 The charity's investment comprises: Charity UK Bond (formerly Charinco Common Investment Fund) 28,659 31,423 Charity UK Equity (formerly Charishare Common Investment Fundl 251.277 242.838 3. Trustee remuneratlon No remuneration Ivas paid to any of thetrustees duringthe year ended 31 August 2023. Registered Charity 307421: Principal address: 16 Conifer DrNe. Meopham, Gravesend. Kent DA13 OTL