ICA FQRMEIILY THE THE PHILOLOGICAL FOUNDATION Annual Report 2023-24 Trustees Clio IDJhittaker (Chair) Carolyn Keen (Vice Chair) Rizk Saade (Vice Chair) Jemma Bourn James Fox Sophie Gordon - appointed October 2023 Ali Ibrahim - appointed February 2024 Naomi Leaver Andrew Mederick David Richards - resigned October 2023 Cleth to the Trustees Stephanie Hallin the hilolo ical mail.com hilolo ical.or Registered Charity Number 312692 REPORT OF THE TRUSTEES FOR THE YEAR 2023-24 During this year David Richards resigned as a trustee, and Sophie Gordon and Ali Ibrahim joined us. Ali brings important experien￿ as a previous beneficiary of the Foundation. The trustees continue to meet regularly to consider applications from schools and individuals, and to monitor the performance of our fund managers. Trustees are most grateful to our Clerk, Stephanie Hallin, for her efficient management of the charity's business. We are also very grateful to The Portman Estate for providing free accommodation for our meetings. Our website content contains pictures and reports from our beneficiaries providing an insight into the difference that our funds make in enabling young people to benefit from an enriched education. Clio Whittaker Chair OBJECTS OF THE PHILOLOGICAL FOUNDATION The Philological Foundation is an educational charity distributing grants to individuals and schools in the City of Westminster and the London Borough of Camden. It was established in 1982 from capital available after the closure of the St Marylebone Grammar School for Boys. Individual recipients of grants must be under 26 years of age and be, or have been, pupils at a secondary school in the City of Westminster or the London Borough of Camden. Grants are made to support students, tuition, or undertaking travel, and may be used to purchase books, materials and equipment necessary for studies or to pursue a qualification for a trade or profession. Grants are also given to primary and secondary schools in Westminster or Camden for the provision of recreation or leisure activities such as special projects, playground equipment and educational visits. Grants are not made for capital works or for the payment of a school's teachers and support staff, although payment for outside tutors may be approved. student applicants are asked to provide independent proof that they have been or are still pupils at a secondary school in either Westminster or Camden. Trustees expect to receive reports from beneficiaries which may be used on the website. Trustees normally meet five times a year and in addition may undertake visits to schools and interview prospective beneficiaries. The Foundation's affairs are administered by Stephanie Hallin, who is responsible for the day-to-day running of the Foundation on a part-time basis. DURING THE YEAR 2023-24 GRANTS WERE PAID TO THE FOLLOWING SCHOOLS: Westminster Essendine Primary School Robinsfield Infant School St Mary's Bryanston Square Primary School St Matthew's Primary School St Stephen's CE Primary School The St Marylebone CE School Camden Brecknock Primary School Camden School for Girls Christopher Hatton Primary School Gospel Oak Primary School Fleet Primary School Our Lady's Roman Catholic Primary School St Eugene de Mazenod Primary School GRANTS TO STUDENTS FOR FURTHER AND HIGHER EDUCATION: Grants were made to nine individual students studying a wide range of courses at A-Level, BTEC, degree and postgraduate levels. Awards are not, ordinarily, made for Postgraduate Research Degrees. Apprenticeships are also considered. APPLICATIONS Request for information and application forms should be made via email to.. thephilological@gmail.com. Trustees normally meet in February, April, June, September and December. Grants are not made retrospectively and applications must be received two months prior to a meeting. Further information is available on the website: www.philological.org.uk CHARrrY REGISTRATION NUMBER 312692 THE PHILOLOGICAL FOUNDATION FINANCIAL STATEMENTS 31 MARCH 2024 Buckle Watson Limited 57a Broadway Leigh On Sea Essex SS91PE THE PHILOLOGICAL FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 CONTEwrs PAGE TTUStees and professional advisers Trustees Annual Report Independent eknminevs report to the Trnsttts Statement of fwancial activities Balancc sh¢et Notes to the accounts The following pages do not form part of the accounts Detailed statement of financial activities io THE PHILOLOGICAL FOUNDATION REPORT AND ACCOUNTS TRUSTEES AND PROFESSIONAL ADVISERS Registered chaiity The Philological Foundation Charlty r¢£istration nurnber 312692 Trustees Ms C Whittaker MsCRKeell Mr R Saade MrJFox Mr D Ricliards (resigned in October 2023) MsJMBoum Mr A Mederick Ms N Leaver Ms S Gordon Mr A Ib￿hIM Clerk S Hallin Iiidependent Examliier J Edwards ACA FMAAT 57a Broadway Leigb On Sea Essex SS9 IPE Bsnkers CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME194JQ Sollcltors Simons, Muirbead & Burto 8-9 FTillI Street I￿dOn WID 3JB Stockbrokers JM FI[￿ & Co 4 Coleman Street London EC2R STA Quilter Cheviot S¢nator House 85 Queen Victoria Street L￿1]dON EC4V 4AB RathtrM)nes Port of LIVery￿01 Building Pier Head Liverpool L3 INW THE PHILOLOGICAL FOUNDATION TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trustees have pleasure in pr&senting their re￿rt and the accounts of the charity for the year ended 31 Marcli 2024. RESPONSIBILITII£S OF THE TRUSTEES The trustees ￿'e i'equired to prepare accounts for eacli financial year wliich give a frne and fair view of tli¢ state of affairs of tlie eI￿ritY at the end of the year and of tlie in¢oming and outgoing resources foi- tbe year then ended, In prepai.ing tliose financial statements, the I￿Ste&S are required lo select suitable accounting pollcies and then apply theni on a consistent basis, make judgcincnts and estimates that are prudent and reasonable alld also prepare the accowits on tlie golng conceiu basis unless it is inappiDpriate to presume that the cbarity will continue. RESULTS The results for the year are set out on page 4. PRINCIPAL ACTIVITIES AND REVIEW The principal activities of tbe Chaiity are those of the pmvision of financial and other assistsnce to fjjrther educaLional objectives in the City of Wesliniiister aad London Borough of Camden and to individuals educated in secondary schools in those Boi'oughs. ANNUAL REPORT A comprehensive review of the Foundations. activiti¢s is set out the annual iEpoit attsched to these accounts. Signed by ol'der of the t￿￿teeS Chaii. of Trnstees THE PHILOLOGICAL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PHILOLOGICAL FOUNDATION YEAR ENDED 31 MARCH 2024 I report on th¢ accounts of The Philological Foundation for the year ended 31 March 2024 whi¢h air set out on pages 4 to 8. This repoit is made solely lo the clwity trustees as a body iii accoi'dance willi requirements of the Charities Act 2016. 0￿. work l)as been undeitaken so that we might state to the charity trustees those )J)atteYs we are required to slate to tliem in an independent ex2niiner8' report and for no otlier purpose. To the fullesL extent peiTnitted by law, we do nol accept or assume responsibility to anyono other than the charity trust¢es and the charity th￿Ste¢S as a body* for our worf(, for this report, or for tl]e Oplliions we have fonnLd. RF.SPF,CTtVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINF.RS As described on page 2 the charity's tsuSte￿ are responsible for Ibc prcparatiun uf the accounts. Tlie charity's tn]stees conSid￿- that an audit is not required for this yeai. undei. section 144 (2) of the Chat'ities Act 2016 (tile 2016 Act) and tliat an independent examination is needed. It is our i'esponsibility to examine the accounts under section 145 of the 2016 Act. to follow the procedures laid down in tlie General Directions given by the Charity Cor(unission under section 145(5)(b) of the 2016 Act. and lo stst¢ wheil)er particular mattaE have coine to our attention, BASIS OF INDEPENDENT EXAlI(tNER?S REPORT My examination was C￿ried out in accordance with the General Directiotss given by the ch￿1ty Commission. An exaniination includes a review of the accounting ￿e0r<￿ kept by the Chai'ity and compai'isou of Ibe accounts pr￿ellted will) tliose records. It also includes considei'ation of auy unusual items oi. disclosures in the accounts, and seeking explanations froni you AS trustees conceining any sucli Inalters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express all audil opinion on the view given by the accounts. INDEPENDENT Ei klMINERS' STATII MENT In eonne¢tion witli our examination, no matter has come to rny attention: which gives me reasottable cause to believe that in any material respect the irquAi'ements to keep accounting reciH'(Ls in 8ccol￿a￿e with section 386 of the Conipanies Act 2016, And to prepai'e accounts wliicli accord witli tlle accounting records, cornply witli tlie accounting requii'cnients of section 386 of the Companies Act 2016 Act and witb the metliods and principles of the Staternent of Recommended Practice: Accounting and Reporting by Chaiilies have not been met: or 2. to which, in my opillion, attention should be drawn in orderto enable a pi.0perunde￿I￿ndlng of lh¢ accounts to be irached. Julia Edwai'ds ACA MAAT Independent exatniner 57a Broadway LLigl) on Sea Essex SS9 IPE THE PHILOLOGICAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT> YEAR ENDED 31 MARCH 2024 2024 2023 INCOMING RESOURCES In¢oming resow'ces from geDei'ated fund8 418,701 33,905 RESOURCES EXPENDED Costs of generating funds Charitable a¢tivities Governance costs {3,184) (46,166) (7,687) (14,357) (51,599) (6,516) TOTAL REI SOURCES EXPENDED (57,037) {67,672) NET INCOMING RESOURCES FOR THE YEAR 361,664 (38,567) Umtstrfficted fijnd balance brought foTward 843,157 881,724 Unrestricted fund balance catTied forward 1,204,821 843,157 All movements are in Unrestiicted Funds Tlie charity has no recognised gains or losses other than the results for the year as set out above. All of the activiiies of th¢ charity are classed as coiitinuing. The notes on page 6 to 8 fonn part of those accounts. THE PHILOLOGICAL FOUNDATION BALANCE SHEET 31 MARCH 2024 2024 2023 Nots FIXED ASSETS Investments 1510,549 1,143,680 CURRENT ASSETS Cash at bank and in haud 5,171 10,309 CREDITORS: Amounts falllng due withln one yeai. (2,180) (2,114) iYKT ASSETS 1,513,540 1,151,875 FUTrIDS OF TEiE CHARtTY Funds held under Charity deed Unrestricted income fullds 308,719 1,204,821 308,719 843,156 TOTAL FUNDS 1,513,540 1,151,875 These accounts were appj'oved by tile truste￿ on by.. and are signed on their belialf Trustee TNstee not•s on pages 6 to 8 forni part of th¢$e accounts. THE PHILOLOGICAL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES B8sis of accounting These accounts bave been prep2r¢d on ljie basis of Ilistoric Cost in accordance witli Accounttng and Reportillg by Cbarities - Statement of Recommendcd Practice (FRS 102), applicable UK accounting slandard8 and with the Cliarities Act. In¢omlng Ye80urces Investment income sknown ullder inconiiDg reSoU￿eS itpresents the g'oss value of interest alld dividends receivable together with any profit or loss genernted on the salc of investni¢nts, Iiivestments Inveslnients are included al cosL Proviston is made for any pennaneut diminution in value where required. INCOLWNG RESOURCFS The incoming resources were dthived from the piincipal funds of the charity which were wholly widertaken in Ihe UK. TRUSTEES EXPENSES 2024 2023 Allllual cos18 reunbursed to trustees FEES FOR EXAMINATION OF THE ACCOUNTS 2024 2023 Total fees paid to Independent Examiner INVESTMENT ASSETS 2024 2023 Cost at be£inning of yeai. Additions to investments at cost Disposals at canying value Cost at end of yedr 1,143,680 1,181,717 1,497,569 74,802 1 130 700 112839 1510 549 1 143 680 THE PHILOLOGICAL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 STMENTS Market Value Cost 702,784 45,900 21,000 600.500 Quilter Investors Lltllited QC Global Income & GIDwth Triple Poini Energy Ilome Reli PLC Ord GBP 0.01 Ralbbon&s A&set Managetnent Core 717,805 46.460 21,020 725,264 800.471 31,442 7,991 709,388 151054 1549 292 CRCI DITORS: Amounts falllng due wlthlll one year 2024 2023 Ac¢iuals 2,180 2.114 THE PHILOLOGICAL FOUNDATION MANAGEMENT INFORMATION YEAR ENDED 31 MARCH 2024 Th8 following page does not fom) part of the accounts which are the subject of the Independent examiner's report on page 3. THE PHILOLOGICAL FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 2024 2023 INCOME Investment income Profitl(loss) on illvestmeDt sales TOT AL INCOME 42,101 376,600 418,701 43,716 (9,811) 33,905 COSTS OF GENERATING FUNDS: Portfolio maDagetnenL fee 3,184 14,357 14,357 3,184 CHAIUTABLE EXPEf4DrruRE: Gr&nts paid 46,166 51,599 46,166 51,599 MANAGEMENT AND ADMINISTRATION CleL'k's honorniium Website development costs Insiwance Bank charges Accountancy fees Sundry expense8 5,085 460 96 60 1,351 35 4,800 209 96 56 1,320 35 7,687 6,516 TOTAL EXPENDITURE 57,037 67,672 NET INCOIKINGI(OiITGOING) RESOURCES FOR THE YF.AR 361,664 (38,567)