ST MARY'S SCHOOL ASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2021 Charty No. 81)0450
ST MARY'S SCHOOL ASCOT CHARrrABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2021 CONTENTS Pag• TNsleeG' Report Independent Auditors, Report Statement of Financial klivrt Balance Shggt 10 Notes lo the Financial Statements
ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 REFERENCE AND ADMINISTRATIVE INFORMATION The Trustees present their report for the year ended 31 August 2021. Trust•es The Trusteès of the Fund during the year under revw and up to the date of signing of the Trustees, Report were as follows: Mrs K Garyett£ox Mr C Sillars Mrs A BTook6 Mrs M Johnson Mr P south111 (Retired 21 October 20211 Mrs L Miles Mr S Mrtchdl Addr•s$ Sl Mary's School Ascot Sl Mary's Road Ascot Berkshire SLS 9JF Audltorn Crtr• U.K. LLP Aquis Hou 451 Blagravg Str•8t Reading Berkshiro RG1 1PL Bnk•rn Lbyds TSB Bank Pk 10 High Stre Bracknell Berkshire RG12 18T lTrv•stm•nt Manag•rn Charles Stanley & Co. Linrted {Unlil 26 April 20211 55 Bishopggate London EC2N s CCLA Invesknent Management Ltd (From 26 April 20211 Sfjn*or House 85 Queen VKtoria Street London EC4V 4ET Page 1
ST MARYS SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 The Trustees present their Annual Report for the year ended 31 August 2021 under the Charities Act 2011 and the Stslement of Recommended Practice" Accounting and Reporting by Charities" SORP 2015 IFRS 1021, together wrth the audited finanaal statements for the year. The charity wa5 conststuted by a declaration of tnjst on 2 November 1988 by Sl Mary's School Charrtable Trust (Ascot) Limrted as amended by deeds dated 25 March 2013 and 23 June 2016. STRUCTURE. GOVERNANCE AND MANAGEMENT R•cruStm•nt. Inducllon and Trainlng of Trust• The Deed of Amendment executed on 25 March 2013 ststes that the number of Trustees shall not exceed len and each Trustee will serve for a period of 5 years. A Trustee may be reappointed for o second lefm of 5 years if Trustees think fil. Onty in exceptional circumstances will the Trustees be able to IapPOInt an individual for a Ihird lem. The Deod prOVe$ for transitson arfangemenls. Any Trustee can rocommend a new Truslee to be appointed lo the 8oaTd of Trustees al 8ny lime. However the appointment will not be ratified unless rt has b&en unanimously agreed by the other Tru$toe8 al an Annual General Meeling. All new Trustees are provided with information on the responsibility of being a Trustee and. from time to timè, are sènt details ol courses and seminars which may be levant to their responsibl1r¢$. M•nag•mont of Rl•ks The Trustees have identsfied a numb•r of risks that n¥ght impacl on the operation of the charity. Tho main ones Surround the 8ecunty of the investment assets and the protection of the income earnèd which is the main Souree of funds for the gift lo the school. Controls including the rogular review of investment advisor's activity thorough eonsideralion of the investment risk profile and performance. Policies to miligalè other risks including those 9oveming the fisk ol fraud. the pol&ntial impact of a cyberattack or the inappropriate use ol charity funds are in place and are r•gLtlarty reviewed by the Trusttes. A risk managernent revitrw carried out bi-annually by the TNsl•es. Organh•tlon•l Slrudur• The Tru51ees meet tsvice a year lo monitor and review the level of the Charitable Funds. They delegate the day lo day administration of the Charrty to the Bursar at St Mary's School Ascot and the investrnenl of funds to a professional and regulated investment management company. In April 2021 CCLA Investment Managernent Ltd were appointed as the Charitable Fund's investment manag8rs, roplacing Charlés Stanley & Co. Limited. This change was driven by the Trustees, aim of achieving more slrearnlinèd investment management structure and process through an increa$gd insts'tulional approach, using pooled funds and benefitsng from reduced fees. A representstive from the investment managef presènts a review of inveslmenl portfolio wrforrronce to the Trustees at èa¢h of th•ir meetings. OBJECTIVES AND ACTivrriES The objèctives of the Chanty are to promote the charitable work carried on, promoleil or supported by the Congregation of Jesus ICJI, being wofk to promote and provide for the advancement of education and religion. Iwilh preference lo female children of the Roman Catholic faithl and to help to develop St Mary's School Ascot wheresoever and whatsoever by such means as the Trustees in their discretion think fit and in particulaf, subject to certain conditions. in the provision of bursaries, scholarships and granl-in-aid for the benefit of present and future pupils of the said school and for the maintonanc8 and support of the school. Thè Trustees confimi that they have paid due regard to th• Charity Commission's statutory guidanee on public benefft in deciding what activities the Charty should undertake. By providing funds lo Sl Mary's School Ascot Icharty Number 2902861 foi their means-testod bursaries and scholarship awards. the Charity is assisting the School in its conbnuing efforts lo ensure that access lo the education offered is not restricted to only those who can afford the fees. The Board of Governors of the School have ¢Jeveloped an expanded means-lested bursary scheme, including admissions or a¢cess bursaries. The St Mary's School Ascot Charilae Fund awards to the School a in direct support ol that scheme. Page 2
ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 FINANCIAL REVIEW The financial state of the Fund is conwdered lo be satisfactory given the improvements in the stock market during Ihg year. The Trustees have continued to assess tha needs of the School and have provided funds for bursafies and scholarships. The charty had income of £229,77712020: £535.4111 and expenditure of £314,67912020.. £175,236> in the year. A donation of £97.251 12020.. £343.0001 was received from the familie$ of past and present pupils at St Mary's School Ascot. In the prior year this was supplemented with an additional donation of £50,000 from St Mary's Schod Ascot In the year to 31 August 2021 St Mary's School Ascot made no donation lo the Fund, as the school minimised outgoings during a period of Careful cash man89emenl in response to the impact ol the COVID-19 pandemic. Included in expenditure are awards of £293.000 12020." £150,000) rnade lo Sl Mary's School Ascot to fijnd bursarie5 and scholarships. The increase in donations is connected lo the Board of Governors of Sl Mary's S¢h¢x>l Ascot increasing spending on hardship bursaries for families impacted by the COVID-19 pandemic. R•••rv•• Pollcy In 1997. the Trustees exercised their powers under the Trust 06ed and transferred the accumulated balance of the UnTeslricl¢d General Fund at 31 August 1997 to an expendab Endowm?nl fund in order to build a Strong capitsl base from which the future requir8ments of the Charity could be funded. The inve8tm8nl income 8nd inlerest income of thè Charity ar• used lo provide bursaries. 8cholarship8 and granls-in-aid for the benefit of present and future pupils of Sl Mory's School Ascot and to m801 adminislratson expenses. any 8urrAu8 or deficit arising is transf•rr•d lo or from the endowment. The Trustees aim to continue increasing the End¢?wffnt, which currently slands at £4.Smillion, investing the fvnds lo generate incoff. The purpose of the Endowment is to provide funding for scholarships and butsaries and, 8ubJé¢l Ih8relo, meet major nonvrecurring expenditure related lo Ihg maintenance and support of the School ond lo increase the capital base in ordor to generate dditional investment income and intoiest income. The Trustees monitor the level of the Endowment on 8 bi-annu81 basis and revièw th¢ policy annu811y. Award Poll¢y Thg policy 1$ to make awards lo Sl Mary'$ School Ascot based on an approximation of annual unreslricled income available to the Fund. These awards are monitored to ensurè they used for purposes consislent with the objectNes of the fund. Inv••tmeTrt P0r, Pollcy and Porfomi•n¢• The Trustees have powers to invest and change investments free and have powers to employ professional investment manager * a reasonable remuneration. The Trustees hav& placed no conslrainls on their investment manager in respect of the holding of investment. The investment manager has bèen asked by the Trustees lo refer to the Chairman should there be any concern about any particular potential shareholding. The Trustees are satisfied with the p8rformanc• of the investment portfolio durin9 the year bul are mindful that the stock market Temains volatile. PLANS FOR THE FUTURE To continue lo manage the investment portfolio in order lo maximise the amount available to make awards to St Mary's School Ascot. Page 3
ST MARWS SCHOOL ASCOT CHARITABLE FUND TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 STATEMENT OF TRUSTEES. RESPONSIBIUTIES Thè Trustees are responsib for preparing the Truste85' Report and the financial slatemenls in accordance with applicable law and United ngdorn Accounting Standard8 (United Kingdom Generally Accepted Accounting Practs'cel. The law applicable lo eharilies in England & Wales requires the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the State of affairs of the Charity and of the incoming resources and applieation of resour of the Charrty for that period. In preparing these financial statements, the Trustees are required to.. seléct suitable accounting polic8 and ¢hen appty them consistently.. observe the methods and principles of the Charities SORP.. make judgements and estimates that are reasonablè and prudént., state whether applicable accounting standards have beèn followed, subjrfl to any material departures disclosed and explained in the financial staternent5', and prepare the financial statements on the going concém ba$18 un1é68 It is Inappropriatè lo presume that this basis applies. Tho Trustegs are responsible for ke•ping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial $tatemenl¥ comply wlh the Charities Acl 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed dated 2 November 1988 as amended by deod$ doted 25 March 2013 and 23 June 2016. They are al80 responsible for safeguarding the 08sèl$ of the Charity and hence for tsking reasonable steps for the prevents'on and detection of fr8ud and othèr irregularili•s. y order of the Tru$lee$'. Mrs K Garrett-cox Chair Date_ 2•lL Page 4
A Crowe Crnwg U.K LLP Charter•dAccotsnÈ8nts Member of cro Global Aquks Houx 451 Blagrave Street Re8(#ng 8ersh¥e RG1 IPL, U Td +44101118 959 7222 Fax +44 (Ql118 958 4640 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Oplnlon We have audited Ihe financial statements of St Mary's School Ascot Charitable Fund for the year ended 31 August 2021 which comprise the Statement of Financial Aclivrties, the Balance Sheet. and notes lo the financial sLitemenls. including a summary of Signrfunl accounting policS. The financial reporting framertork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financ1 Reporting Standard applicable in the UK and Republ of Ireland (Unrted Kingd( Generly Acwted kcounling Practi¢81. In our opinion th8 financial statements: gw• a Inje and fair Vie•V of the state of the Charity's affairo 89 at 31 August 2021 and of its irming resources and applKalion of resources. for the year then ended.. have been properly prepared in accordance with Unrted Kingdom Generalty Accepted Accounting Practice., and have begn prepared in x¢ordance with th¢ roquIr?nts of the ChaIrt5 Act 2011. B•kn foroplnlon We conducted our audrt in accordan with International Slandards on Audrting IUKI IISAS IUKII and appl8b1e law. Our responsibilitios under those standards are further described in the Auditor'$ responsibilrties for the audrt of the financ1 slalements secth)n of our report. We are independent of the charity in accordan wrth Ihe ethical requirements Ihal are relevant to our audrt of the financial slatemenls in the UK, including the FRC'S EthKal Standard, and we have fulfilled our other ethical responsibilrties in accordance wilh these requirements. We bel¥9 that the audit evidence we have obtainod is sufficient and appropnate lo provKle a basis for our opinK)n. Concluslons rnl•tlng to golng conc•m In audrting the financi81 ststèments, wa have concluded that the Govemor's use of the going concern ba818 of accounting in the preparation ol the financial statements is appropriate. Based on the work we have perfornied. we have not KIentrf any material uncertaint$ relating lo events or conditions that. individualty oi colleclivety. may cast Signrfant doubl on the charrty's ability lo conlinug as a going concern for a ped of at bast tsvefve months frLYn %then the financial statement$ are authorised for issue. Our responsibilib'es and the responsibilrties of the Tru5tee$ ryth respect to going concern are described in the relevant sections of this feport. Cttr4rtU K LLP rmfftkn(7043 $sL Lor Page S
Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Other Infomiatlon The Trustees are responsible for the other infomialion. The olher infomiation comprises the infomalion included in the annual report, other than the finanekql stalemenls and our audrtor's report thereon. Our opinion on the financial slalements does not the other inf0mlat and we do not express any fomi of assurance conclusion thereon. Our responsibilrty is to read the other infrxmalKn and. in doiry so, Consider whether the other infomiation is materially ineonsislenl wrth the financial Slalements or our knowledge obtained in the audit or otherwisè appears to be materialfy misstated. 11 we identfy such materid incons15tencies or apparent material misstslemenls. we are required to detefmine whether this gNOS rise lo a material misstalemenl in the financ1 statements themsefves. If. based on the work we have perfomied, we nclUde that ther8 is a material misslatemenl of this other informats"on. we are required to report that facl. We have nothing lo ieport in th reg8rd. M•tt•vs on whlch w• are r•qulr•d to r•port by •x¢•ptloD We havé nothin9 to report in respect of the folh)wng matters in relatn lo the Charrtie8 (Accounts and Report81 Regulations 2008 requires us lo report lo you rf. in our opinion.. the infomiation gtvon in the finarKial ststemenls is inconsistent in any malerkgl respect with tho Irustees, report,. or adequate and proF4Jr accounting records have not been képt.. or th6 financial $tslements are not in agfeemenl wlh t accounting record$ and retums., or we have not received all the information and explanati¢5 we require for our audrt. R•spon#lbllltltt of Tru8t••s As explained more fully in the Trustees. responsibilrties statement set out on page 4. the Trustees are responsible for Ihe preparation of the financKal slalements and for being $81isfied that they give a true and fair view, and for such inlernol control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that aro free fr(xn maten•l mi$stslemenl. whethef due lo fraLvJ or error. In preparing the financial slalements. the Trustees are responsible for assessing the Charity's gbilily lo continue ag a going Concern. disck)sing. 8$ applicabk. matters reIed lo goin9 concem and using the going concem basis of accounting unless the Truslees either intend lo IiquKlale the charty or lo cease yerations, or have no realistsc attematNe bul lo do so. Page 6
Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Audltof s rPOnsIbl11t18$ for the audlt of th• financll Statnents We h8ve been appointed as audrtor under soclion 151 of the Chaftties Act 2011 and report in accordan¢e with the Act and revant regulations made or having eff1 thereunder. Our objectives are lo obtain reasonable 8SSUTance about whethgr the financkql statemts 88 4 whole are free from malerol misstatement, whether due to fraud oi error. and lo issue an auditor's report that includes our cyinion. Reasonab assurance is a hyh level of assurance. bul is not a guarantee that In audit conducteil in accordance wrth ISAS IUKI w1 afv4ays delecl a malerral mi$stalemenl when il exists. Misststemenls can arise from fraud or error and are considered malefial rf, individually OT in the aggrogate, they could rèasonably be expected lo inlluence the economK dectsions of users ten on the basis of these financial slatemenls. Detai of the gxt•nl to which the audrt was con$Klored capabl8 of detectin9 irrogularitios, including fraud and non<ompliance wlh lws and regulat$. are set out below. A further description of our responsibilities for the audrt of the financial slalgments is located on the Financial Reporting Council's website al." vMw.fr¢.org.uklaudilorsresponsibilrties. This description fom8 part of our audrtorf8 report. Extent to whlch the audlt was consldored capabl• of d•tectlng Ie9u1arltl•8, Includlng fraud Irregularit$. including fraud. are instances of nonrycomplHnce wrth laws and regulations. Wè identified and assessed the risky of material misslotement of the financial ststemenls frn irregularrties. whether due lo fraud or error. and discussed these betsween our audrt team members. We then designed and performed audrt prlxedures fe¥pon$ive lo those risks. including i)btainin9 audit •vHlen¢e sufficienl and appropriate lo provKle a basis for our opinion. W¢ obtained an understsnding of the kgal and repulatory Iramtr•vorks 7Mthin which the Charity operates, focusing on those laws and regulalions that have a diwl effeel on the detemiination of material amount$ and disclosures in the financial slatemenls. Thelaws and regulations we considered in this eonlext lor the UK operations were the Charities Ad 2011, together wrth Charrt$ SORP IFRS10212019. Wo assessed the required coMplnce wrth these Lvs and regul'ons a5 part of our audrt procedurès on the related fin8ncral statements. In addition, we considered provIsn$ of other lav and regulatnS that do nol have 8 direct effect on the financial slalemenls but compliance which mvJht be fundamental lo the charity's abilrty to operate or lo avoid a rnalerial penatty. We also conspjered the opportunities and incentives that may exist wthin the Charrty lor Iraud. Tho laws and regulations we con$idered In this conlex1 for the Charity were Charty Commission regulattons. Auditing standards limrt Ihe required audrt procedures to idenlrfy non-compliance with these laws and regulions lo enquiry of the Trustee5 and other managoment and inspection of regvlalory and legal Corresponde¢, rf any. We identffj the greatesl risk of material impacl on the financial $talemenls from irregularities, including fraud. lo be the ovefride ol controls by management. Our audrt prccedures to respond to these risks included enquiries of m8n8gement about their tY•vn Kienttk)n and assessment of the risks of Irregularit5, reviewing accounting estimates for bSe5 and reading minutes of meetings of those charged wilh governance. Page 7
A Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Owing lo the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some materLal misstatements in the financial sLitemenls, even though we have propèdy planned and perfomied our audit in ardae with audrting standards. For example. the further removed non- compliance wrth laws and regulations lirregularilwl is frryn the events and transactnS refiecled in the financial slalernenls, the less likety the inherently limrted procedures required by auditing $landards would idontify it. In addfrtion. as wtth any audrt. Ihefe remained a higher risk of non4etedion of irrogularities, a5 these may invofve collusKn, forgery. intentional omissK)ns, misrepresentstions, or the overrhle of intern81 controls. Wè are not responsible for preventing non<0mplnCe and cannot be expected lo delect non- compliance with all law$ and regUlatn3. U#• ol our rnport This report is made solely lo the charity S twslees. as a body. in acrdanCe wth Part 4 of the Charitiè5 (Accounls and Reports) Regul8lions 2008. Our audrt has been undertakon so that we mwjhl $lale lo the charrty's trustees those matters we ale reqUId to state to trn in an auditor's report and for no other purpose. To the fvllesl extent perned by law. do nol accept or assume responsibility lo anyone olheT than the charily and the charty's trustees ès a body, lor our audrt work, for this report, or the opinions we have fonned. Crow• U.K. LLP Stalulory Auditor R•dlng D•t• 18 March 2022 Pago 8
ST MARY'S SCHOOL ASCOT CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2021 ilnrestricted Expendable G•n•ral Endowm8nt Fund Fund Total 2021 Total 2020 INCOME FROM.. Awards: Sl Mary's S¢hool A0t Parents of Sl Marys School Ascot Investments 50,000 343,000 142 411 97,251 97,251 132 Total Incom• EXPENDITURE ON: Raising funds., Investment manager's f8 18,1S7 18.167 22. 764 Charitable aclrvilies.. Scholarships and bursarios Support costs 293.1)00 293,000 150.000 Total •xp•ndltur• 14 N•t Ilos$lllncome b•fore Invo$lment galn¥ (163,9961 79,094 184,9021 360. 175 Net gain8lllosaesl on investments Net Ilo••V Incom• {163,996) 697,708 633,712 (15,849) Transfer beeen lunds NET MOVEMENT IN FUNOS 533.712 633.712 115,849J FUNDS BROUGHT FORWARD 42 FUNDS CARRIED FORWARD All aclivrties are classed as continuing. There were no other recognised gains cr h)sses during the year. The accompanying notes on pages 11- 15 form part of these financial statements. Page 9
ST MARY'S SCHOOL ASCOT CHARITABLE FUND BALANCE SHEET YEAR ENDED 31 AUGUST 2021 2021 2020 FIXED ASSETS Investments 4 164133 3 559 870 CURRENT ASSETS Cash al bank Cash held by Charles Slanley Deblors 365.220 2, 992 87, 187 343 365,220 433, 179 CURRENT LIABIUTIES." Amounts lalllng du• wlthin on• year 47 NET CURRENT ASSETS NET ASSETS FUNDS Unreslrided general fund Endowmenvcapitsl fund 4 $24 289 The financial slalemenls were approved and authorised for issue by the Tw$lge¥ on 08 iail and were signed below on rts behaK by.. Mrs K Garrelt-cox Chair The acccynpanwng ncrtgs page 11- 15 ftmm part of these financkql statements. Page 10
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2021 ACCOUNTING POUCIES Basis of a¢¢ounting The financial slatements have been prepared in accorda1 %wth the Financi Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, and the Statement of Recommended Practice applicable lo charils preparing their accounts in accordance wi(h the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS1021- effective 1 January 2015. The charty is a Public Benefrt Enlrty regtsleTed as a charty in England and Wales. They are dfawn up on the historical cost convention as medffied by the revaluation of inveglmenl8. Golng Conurn The Trustees have an 0xpectatn that thè tharrty has adequatt resourtss lo continue ils activities for the foreseeable lulure and cOnser that there were no material uncertainties ovèr the charity's financial viabilrty. Accordingly, they tonlinue lo ad¢Jpl the going concern basis in preparing the financial stslemènts as outlined in the Statement of Trusteès, Responsibilities on page 4. CrWcal ac¢ountlng ludg•m•nt• and k•y ¥our¢•s of •stlm•tlon unc•rtalnty In the applicion ot the accounting Pol18$, Twstees are required to make judgomonl, slimates ond assumptions about the carrying value of assets and liabilities that are not readily apparent Irom otheT Sources. The estimates and undertying assumptions are based on historical experiencè and other factors that aro considèred to b• rean1. Actual resulis may differ from these estimates. The are no critical aOUnting judgements or koy sources of estimation uncertainly used in prepanng these accounts. Awawtls Awards a accounted for as and when enlrtlement arises. the amount can bè rèliably quanlrf*d and the econ¢Jmie benefrt lo the charity ts Considered probable. Inv•8tm•nt ineom• Listed investment income and interesl is credi1 on a receivable bosis. Bank interest is redited when [e1ved. Awards of Burnari and Scholanhlps Gran18 are accounted for when they beccrfne payable. Page11
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES {continu•d} Expenditur• The cost of raising funds consists of investment manager's fees. Charrtable 8ctivi(ies include scholarships and bursaries. Support costs are those cost incurred In the charty's compliance with statutory and conslilutional requirements. Invostm•nts Quoted investments are valued al Iheir cbsing middle market prtce on the balance sheet date. Increase6 and decreases in markel value are reflected in the Statement of Financial Aclivilie6. Fln•nclal in¥trnments Basic financial instruments afè inilralty recognised al Iransaclion value and subsequently measured al nortised cost bwth the exceplKJn of investments whh are held al fair value. Financial assets held al amortised eosl comprtse cash at bank and in hand. Cash al bank and in hand is defined as all cash held in instant aecèss bank accounts and used ès working capital. Financial liabilrties hew al amortised eosl comprise all erediloTS. Crtdltorn and provlJlon# Creditors and provision are recognisgd wthere the ¢harty ha5 a present obligation Tesuhing from past event that wll probably resuK in the Iransfer of funds lo a Ihird party and the amount du8 lo settle the oblvjation can be measured or estimaled reliabty. Creditors and provisions are normally recognised al their settlement amount after alhThw'ng for any trade discounts due. Funds The funds of the charty are cla88ifd as folltrNs'. Elowment Fund- The trust deed ornpowers the Trustee$ to Ireal part of the funds as endowment. The Trustees, objectiv8 in Irealing these funds as caprtal funds 1$ lo buikl Ltp a strong caprtal base from which the fLrture requirements of the Chanty can b• funded. UnrestrKleillGeneral Fund- Th repsents the irKome funds of the charrty. The balanco of the general fund at the yeaf end is tran$feriod lo or from endowment fvnds. Page 12
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2021 STAFF COSTS AND TRUSTEES. RUMUNERATION The Charrty did not have any emph)yee8 in the yeaT12020.' Nill. The Twslees provide their semces on an honorary basis. No Trustee received any remuneration and there were no feimbursements of expenses during the year12020." Nill. SUPPORT COSTS 2021 2020 Audit Fee Corporation Tax Fee 2,592 2,472 Gov•rnance costs 3.492 £ 2,472 Bank charges FIXED ASSET INVESTMENTS 2021 2020 Sttxkl. Shr•. Cash •nd Vnll Trusts Market Value al 1 September New funds invested Wrthdrawals. Management and Cuslody fees and difference foreign exchange xcounts Net gainsl I108ses) on revalUatn 3.559.870 3.887,863 3,972.639 13.902.214) (26. 745) Market Value at 31 Augusl Cost ol Inve$tm•nts Ilnclvding Cash) •t 31 August 2021 was Included in New funds investe<l and Withdrawals is a transfer of £3.884.057 frryn Charles Stanloy lo CCLA Investment Management Ltd. Page 13
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2021 FIXED ASSET INVESTMEKfs (CONTINUED) The investment portrd) is made up as folh)ws". 2021 2020 Fixed Interest UK Fvnd oitr 77.402 540, 983 1.240,425 1.689,989 Equrties Investment and Unrt Twsts Cash 4.164.133 In 2020 all the above investments above lexclLtding cashl were quoted on a Tecognised UK stock exchange. Following the appointment of cc Investment Mana98menl Ltd thé funds are n¢)w invested in a Charity Authorised Investment Fund. FUNDS The transfer of £163,996 between the endowment fvnd and the unreslricled gener31 fund represents the Iransfef to the expendable èndovm)ent of the deficrt on the general fund in accord8nce with the xcounlirvj poliw slated in ncle 1k. DEBTORS: Amount falllng due wlthln on• y•ar 2021 2020 Amounts due from Sl Sch1 Ascot CREDITORS: Amount f•lllng du• wllhln y•ar 2021 2020 Aceruals Amounts due to Sl Mary s Sch¢JoI Ascot 2.592 2,472 SCHOLARSHIPS ANO BURSARIES Funding lor the Scholarships and Bursa$ was paid lo Sl Mary s Schcol A5COt for thè benefit of pupils attending the school. RELATED PARTIES There were disclos8b related party transactions during th8 Current or preceding y&w. Page 14
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2020 10. PRIOR YEAR COMPARATIVES BY FUND Unffjstiicted Genernl Fund Expendable Endowment Fund Total 2020 INCOME FROM. Aw8rds.' St Marys SchoolAscot Parents of St Mary's School Ascol Inveslmenls 343,Lk)O 343,000 14 411 142411 Total incom 14 EXPENDITURE ON: R8ising funds .' Investment manèprfs lees 22, 76 22, 764 Chari18ble actwiltss.. Scholarships and bursolies Support costs 150.0 150,000 Total expendilu 17 Nel income before investment gains (10,067) 370,236 360, 175 Nel flossesyg8ins invgstmenls Nel Income (10,061) (5, 788) (15,849) Trnnsferbetween lunds NET MOVEMENT IN FUNDS (15,849) (15,849) FUNDS BROUGHT FORWARD FUNDS CARRIED FORWARD Page 15