**Marshall's Educational Foundation**
_Charity No. 312518_
## **Financial Statements**
for the year ended 31st December 2021
**Marshall’s Educational Foundation**
_Index_
## Page
Governors and Officer ................................................................................................................... 1 Report of the Governors ......................................................................................................... 2 & 3 Statement of Financial Activities ................................................................................................... 4 Balance Sheet ............................................................................................................................... 5 Report of the Independent Examiner ............................................................................................ 6
**1**
**Marshall's Educational Foundation**
_Governors and Officer_
## GOVERNORS
_Six Governors may be appointed by Marshall's Charity. Two may be appointed by St Olave's & St Saviour's Grammar School Foundation (*). The term of office is for three years._
Mr C Ledsam
_Chairman_
- The Very Revd A Nunn Mr W Eason Mr J Heawood Mrs T Scattergood Miss E Lang
STAFF - Clerk to the Governors
Mrs C de Cintra
## PRINCIPAL OFFICE
Marshall House 66 Newcomen Street London SE1 1YT
Tel : 020 7407 2979 e-mail: catherine@marshalls.org.uk
## INDEPENDENT EXAMINER
Lee Stokes FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
**Marshall’s Educational Foundation**
_Report of the Governors for 2021_
## **1. Background and Objectives of the Foundation**
The Foundation has its origins in the Will of John Marshall, a whitebaker in Southwark, who died in 1631. In that Will, he created a trust which has become known as Marshall’s Charity, and which continues to own substantial assets and mainly provides grants for the support of the Church of England and the Church in Wales.
In 1880, the Educational Foundation was separately constituted as a Charity, and continues as such to this day. In accordance with the original Scheme, as amended, the Foundation is wholly funded by Marshall’s Charity, which is required to make available 4% of its net income each year.
The Foundation disposes of its income on the following basis:
- a) In accordance with the Scheme, one-third of its available income is given to Stamford Endowed Schools, to be used by them for the support of the students at those schools at the discretion of their Principal.
- b) The remaining income is then used to make grants for educational purposes to individuals, who are native of Southwark, and with a preference for those students leaving St Saviour’s & St Olave’s School. In 2021 this objective has been met through awarding grants to individuals for their tertiary education.
In 2014 the Governors initiated a review of the grant-making activities of the Foundation and this was completed in early 2015. The Foundation has had a long relationship with St Olave’s & St Saviour’s Grammar School, which was historically located in Southwark, but is now based in Orpington. In consultation with the Charity Commission the Governors agreed that John Marshall’s primary concern was for young people in north Southwark and therefore the Foundation needed to establish links to Southwark schools. Over the past few years the Foundation has forged a link with the sister school of St Olave’s & St Saviour’s Grammar School, namely St Saviour’s & St Olave’s School, a girls’ comprehensive located on the New Kent Road in London. Students of St Olave’s & St Saviour’s Grammar School who are resident in Southwark remain eligible to apply for grants from the Foundation.
## **Public Benefit**
The objects and purposes of the Foundation are set out in the first paragraphs of this Report. The Governors confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant-making policy for the year.
## **2. Structure, Governance & Governors’ Responsibilities**
The Foundation is governed by a body of Governors acting under the terms of a Scheme made by the Minister of Education under Section 18 of the Charities Act 1960, as supplemented by various Schemes of the Charity Commissioners. All Governors serve on the General Committee, and there are no sub-committees. None of the Governors receives any remuneration or benefit from the Foundation.
The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
**3**
**Marshall’s Educational Foundation**
_Report of the Governors for 2021_
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Governors are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that financial statements comply with the provisions of the Scheme and applicable law. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **3. Review of Activities and Future Plans**
The Foundation seeks to distribute all of its income to beneficiaries, within the constraint that the exact allocation from Marshall’s Charity is not known until after the annual Governors’ Meeting in October to allocate the grants.
The funds made available to Stamford Endowed Schools are used by them to grant scholarships and exhibitions to students, as well as supporting school exchanges and travel opportunities for their students together with general support for students unable to meet the full cost of the activities.
Following the policy established in 2015, the Governors awarded grants to pupils going on to tertiary education and committed to supporting the students for the three to five years of their course. Each student was awarded a grant of £700 per year for the duration of their course, totaling £16,800 over three years for eight students, £5,600 over four years for two students and £3,500 over five years for one student. The decision took account of the students’ potential and commitment and each student who was awarded a grant had a strong supporting statement from St Saviour’s & St Olave’s School. In 2021 a total of £25,900 was made available to 11 students going onto tertiary education _(2020 – £18,600 to 9 students)._
The impact of Covid-19 has been limited. The charity is administered by staff from Marshall’s Charity and they have worked both remotely and on site over the year. Grants are applied for, awarded and paid for through online systems and these have continued to function well and are expected to continue to do so.
## **4. Reserves Policy**
Because the Foundation has no fixed costs, and all grants are charged at the time of the Meeting to approve them, the Governors’ policy is that no reserves are necessary other than those arising from minimal annual variations between income and expenditure.
Approved by the Governors and authorised for issue on 12 October 2022 and signed on their behalf
............................................................................... Chairman
**4**
**Marshall's Educational Foundation**
Statement of Financial Activities for the year ended 31st December 2021
|**Income from:**
John Marshall's Charity
**Expenditure on:**
**Support costs**
Bank account fee
Independent Examination fee
ICO fee
Clerk's salary
**Charitable expenditure - grants**
Stamford Endowed Schools
St Saviour's & St Olave's School
University entrant awards
**Total expenditure**
**Net surplus/(deficit) for the year**
Fund balances brought forward
**Fund balances carried forward**|**2021**|**2020**|**2020**|
|---|---|---|---|
||**£**
**£**
**£**
33,096
96
60
1,120
990
35
35
21
21
**1,272**
**1,106**
11,032
9,770
25,900
18,600
**36,932**
**28,370**
**(38,204)**
(5,108)
16,599
**11,491**|**£**
60
990
35
21|**£**
29,311
**(29,476)**|
|||**1,106**||
|||9,770
18,600||
|||**28,370**||
|||||
||||**(165)**
16,764|
||||**16,599**|
All the above amounts relate to continuing activites and include all recognised gains and losses.
## **Accounting policies**
1. The Foundation has no restricted or endowed funds.
2. The accounts comply with the Charities Act 2011, the Statement of Recommended Practice "Accounting and Reporting by Charities" and applicable accounting standards.
3. Grants are treated as expenditure when authorised by the Governors, not when they are paid.
## **Notes**
1. No Trustee receives any remuneration from the Charity, nor were any expenses reimbursed to Trustees by payment to a third party (2020 - none).
**Marshall's Educational Foundation**
**5**
Balance Sheet at 3st December 2021
|**Current Assets**
Debtors
Cash at Bank
**Creditors: Amounts falling due within one year**
St Saviour's & St Olave's School
University entrant awards 2017
St Saviour's & St Olave's School
University entrant awards 2018
St Saviour's & St Olave's School
University entrant awards 2019
St Saviour's & St Olave's School
University entrant awards 2020
St Saviour's & St Olave's School
University entrant awards 2021
St Saviour's & St Olave's School
Headteacher's Fund
Stamford Endowed Schools
Other creditors
**Net Current Assets**
**Creditors: Amounts falling due after more than one year**
St Saviour's & St Olave's School
University entrant awards
**TOTAL NET ASSETS**
**FUNDS**
**Unrestricted Funds b/f**
**Results to date**
**Unrestricted Funds**|**2021**
**2020**|**2021**
**2020**|
|---|---|---|
||**£**
**£**
**£**
**£**
33,096
31,645
30,178
29,175
63,274
60,820
-
500
-
1,000
3,500
6,500
5,400
5,400
7,700
-
16,600
13,400
6,751
6,751
11,032
9,770
1,100
1,000
(35,483)
(30,921)
27,791
29,899
(16,300)
(13,300)
**11,491**
**16,599**
16,599
16,764
(5,108)
(165)
**11,491**
**16,599**|**£**
31,645
29,175|
||||
|||29,899
(13,300)|
|||**16,599**|
|||16,764
(165)|
|||**16,599**|
Approved by the Governors and authorised for issue on 12 October 2022 and signed on their behalf:
Chairman
………………………………………
**6**
## **INDEPENDENT EXAMINER’S REPORT TO THE GOVERNORS OF MARSHALL’S EDUCATIONAL FOUNDATION**
I report to the Governors on my examination of the accounts of Marshall’s Educational Foundation for the year ended 31 December 2021 which are set out on pages 4 and 5.
## **Respective responsibilities of trustees and examiner**
The Governors are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The Governors are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 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 accounts to be reached.
Lee Stokes FCA Haysmacintyre LLP, 10 Queen Street Place London EC4R 1AG
## Date: 20 October 2022