## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2022** 

Charity No: 800450 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **REPORT AND ACCOUNTS** 

## **YEAR ENDED 31 AUGUST 2022** 

|**CONTENTS**|**Page**|
|---|---|
|Trustees’ Report|1 - 4|
|Independent Auditors’ Report|5 - 8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 - 15|





**ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **TRUSTEES’ REPORT** 

## **YEAR ENDED 31 AUGUST 2022** 

## **REFERENCE AND ADMINISTRATIVE INFORMATION** 

The Trustees present their report for the year ended 31 August 2022. 

## **Trustees** 

The Trustees of the Fund during the year under review and up to the date of signing of the Trustees’ Report were as follows: 

||Mrs K Garrett-Cox|
|---|---|
||Mr C Sillars|
||Mrs A Brooks|
||Mrs M Johnson|
||Mrs L Miles|
||Mr S Mitchell|
|**Address**|St Mary’s School Ascot|
||St Mary’s Road|
||Ascot|
||Berkshire|
||SL5 9JF|
|**Auditors**|Crowe U.K. LLP|
||Aquis House|
||49-51 Blagrave Street|
||Reading|
||Berkshire|
||RG1 1PL|
|**Bankers**|Lloyds TSB Bank Plc|
||10 High Street|
||Bracknell|
||Berkshire|
||RG12 1BT|
|**Investment Managers**|CCLA Investment Management Ltd|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4ET|



Page 1 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **TRUSTEES’ REPORT (CONTINUED)** 

## **YEAR ENDED 31 AUGUST 2022** 

The Trustees present their Annual Report for the year ended 31 August 2022 under the Charities Act 2011 and the Statement of Recommended Practice " Accounting and Reporting by Charities" SORP 2015 (FRS I02), together with the audited financial statements for the year. 

The charity was constituted by a declaration of trust on 2 November 1988 by St Mary's School Charitable Trust (Ascot) Limited as amended by deeds dated 25 March 2013 and 23 June 2016. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Recruitment, Induction and Training of Trustees** 

The Deed of Amendment executed on 25 March 2013 states that the number of Trustees shall not exceed ten and each Trustee will serve for a period of 5 years. A Trustee may be reappointed for a second term of 5 years if Trustees think fit. Only in exceptional circumstances will the Trustees be able to re-appoint an individual for a third term. The Deed provides for transition arrangements. Any Trustee can recommend a new Trustee to be appointed to the Board of Trustees at any time. However the appointment will not be ratified unless it has been unanimously agreed by the other Trustees at an Annual General Meeting. All new Trustees are provided with information on the responsibility of being a Trustee and, from time to time, are sent details of courses and seminars which may be relevant to their responsibilities. 

## **Management of Risks** 

The Trustees have identified a number of risks that might impact on the operation of the charity. The main ones surround the security of the investment assets and the protection of the income earned which is the main source of funds for the gift to the school. Controls including the regular review of investment advisor’s activity, thorough consideration of the investment risk profile and performance. Policies to mitigate other risks including those governing the risk of fraud, the potential impact of a cyberattack or the inappropriate use of charity funds are in place and are regularly reviewed by the Trustees. A risk management review is carried out bi-annually by the Trustees. 

## **Organisational Structure** 

The Trustees meet twice a year to monitor and review the level of the Charitable Funds. They delegate the day to day administration of the Charity to the Bursar at St Mary’s School Ascot and the investment of funds to a professional and regulated investment management company. In April 2021 CCLA Investment Management Ltd were appointed as the Charitable Fund’s investment managers, replacing Charles Stanley & Co. Limited. This change was driven by the Trustees’ aim of achieving a more streamlined investment management structure and process through an increased institutional approach, using pooled funds and benefiting from reduced fees. A representative from the investment manager presents a review of investment portfolio performance to the Trustees at each of their meetings. 

## **OBJECTIVES AND ACTIVITIES** 

The objectives of the Charity are to promote the charitable work carried on, promoted or supported by the Congregation of Jesus (CJ), being work to promote and provide for the advancement of education and religion, (with preference to female children of the Roman Catholic faith) 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 particular, subject to certain conditions, in the provision of bursaries, scholarships and grant-in-aid for the benefit of present and future pupils of the said school and for the maintenance and support of the school. 

The Trustees confirm that they have paid due regard to the Charity Commission's statutory guidance on public benefit in deciding what activities the Charity should undertake. By providing funds to St Mary's School Ascot (Charity Number 290286) for their means-tested bursaries and scholarship awards, the Charity is assisting the School in its continuing efforts to ensure that access to the education offered is not restricted to only those who can afford the fees. The Board of Governors of the School have developed an expanded means-tested bursary scheme, including admissions or access bursaries. The St Mary's School Ascot Charitable Fund awards to the School are in direct support of that scheme. 

Page 2 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **TRUSTEES’ REPORT (CONTINUED)** 

## **YEAR ENDED 31 AUGUST 2022** 

## **FINANCIAL REVIEW** 

The financial state of the Fund is considered to be satisfactory despite the volatility in the stock market during the year. The Trustees have continued to assess the needs of the School and have provided funds for bursaries and scholarships. 

The charity had income of £162,047 (2021: £229,777) and expenditure of £254,832 (2021: £314,679) in the year. Donations of £2,208 (2021: £97,251) were received from the families of past and present pupils at St Mary’s School Ascot. In the year to 31 August 2022 St Mary’s School Ascot donated £50,000 (2021: £nil) to the Fund. Included in expenditure are awards of £252,000 (2021: £293,000) made to St Mary’s School Ascot to fund bursaries and scholarships. 

## **Reserves Policy** 

In I997, the Trustees exercised their powers under the Trust Deed and transferred the accumulated balance of the Unrestricted General Fund at 31 August 1997 to an expendable Endowment fund in order to build a strong capital base from which the future requirements of the Charity could be funded. 

The investment income and interest income of the Charity are used to provide bursaries, scholarships and grants-in-aid for the benefit of present and future pupils of St Mary's School Ascot and to meet administration expenses; any surplus or deficit arising is transferred to or from the endowment. 

The Trustees aim to continue increasing the Endowment, which currently stands at £4.5million, investing the funds to generate income. The purpose of the Endowment is to provide funding for scholarships and bursaries and, subject thereto, meet major non-recurring expenditure related to the maintenance and support of the School and to increase the capital base in order to generate additional investment income and interest income. The Trustees monitor the level of the Endowment on a bi-annual basis and review the policy annually. 

## **Award Policy** 

The policy is to make awards to St Mary's School Ascot based on an approximation of annual unrestricted income available to the Fund. These awards are monitored to ensure they are used for purposes consistent with the objectives of the fund. 

## **Investment Powers, Policy and Performance** 

The Trustees have powers to invest and change investments freely and have powers to employ a professional investment manager at a reasonable remuneration. The Trustees have placed no constraints on their investment manager in respect of the holding of investment. The investment manager has been asked by the Trustees to refer to the Chairman should there be any concern about any particular potential shareholding. The Trustees are satisfied with the performance of the investment portfolio during the year but are mindful that the stock market remains volatile. 

## **PLANS FOR THE FUTURE** 

To continue to manage the investment portfolio in order to maximise the amount available to make awards to St Mary's School Ascot. 

Page 3 



**ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **TRUSTEES’ REPORT (CONTINUED)** 

## **YEAR ENDED 31 AUGUST 2022** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements 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 application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of 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; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed dated 2 November 1988 as amended by deeds dated 25 March 2013 and 23 June 2016. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

By order of the Trustees: 


Mrs A Brooks Chair 

Date: 7 February 2023 

Page 4 




## **Crowe U.K. LLP** 

_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **Opinion** 

We have audited the financial statements of St Mary’s School Ascot Charitable Fund for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

> Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. 

Page 5 




## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **Other information** 

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- adequate and proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ responsibilities statement set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Page 6 




## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context for the UK operations were the Charities Act 2011, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the Charity were Charity Commission regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of donation income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance. 

Page 7 




## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ST MARY’S SCHOOL ASCOT CHARITABLE FUND** 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


**Crowe U.K. LLP** Statutory Auditor **Reading** 

## **Date 8 February 2023** 

Page 8 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES** 

## **YEAR ENDED 31 AUGUST 2022** 

|Note<br>**INCOME FROM:**<br>**Awards:**<br>St Mary’s School Ascot<br>Parents of St Mary’s School Ascot<br>**Investments**<br>**Total income**<br>**EXPENDITURE ON:**<br>_Raising funds:_<br>Investment manager’s fees<br>_Charitable activities:_<br>Scholarships and bursaries<br>7<br>Support costs<br>3<br>**Total expenditure**<br>**Net (loss)/income before**<br>**investment gains**<br>Net (losses) /gains on investments<br>4<br>**Net (loss)/ income**<br>Transfer between funds<br>5<br>**NET MOVEMENT IN FUNDS**<br>**FUNDS BROUGHT FORWARD**<br>**FUNDS CARRIED FORWARD**|**Unrestricted**<br>**General**<br>**Fund**<br>**£**<br>-<br>2,208<br>109,839<br>112,047<br>-<br>252,000<br>2,832<br>254,832<br>(142,785)<br>-<br>(142,785)<br>142,785<br>-<br>-<br>-|**Expendable**<br>**Endowment**<br>**Fund**<br>**£**<br>50,000<br>-<br>-<br>50,000<br>-<br>-<br>-<br>-<br>50,000<br>(235,333)<br>(185,333)<br>(142,785)<br>(328,118)<br>4,524,289<br>4,196,171|**Total**<br>**2022**<br>**£**<br>**50,000**<br>**2,208**<br>**109,839**<br>**162,047**<br>**-**<br>**252,000**<br>**2,832**<br>**254,832**<br>**(92,785)**<br>**(235,333)**<br>**(328,118)**<br>**-**<br>**(328,118)**<br>**4,524,289**<br>**4,196,171**|_Total_<br>_2021_<br>_£_<br>_-_<br>_97,251_<br>_132,526_|
|---|---|---|---|---|
|||||_229,777_|
|||||_18,157_<br>_293,000_<br>_3,522_|
|||||_314,679_|
|||||_(84,902)_<br>_618,614_|
|||||_533,712_<br>_-_|
|||||_533,712_<br>_3,990,577_|
|||||_4,524,289_|



All activities are classed as continuing. 

There were no other recognised gains or losses 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 2022** 

|Note<br>**FIXED ASSETS**<br>Investments<br>4<br>**CURRENT ASSETS**<br>Cash at bank<br>**CURRENT LIABILITIES**:**Amounts falling due**<br>**within one year**<br>6<br>**NET CURRENT ASSETS**<br>**NET ASSETS**<br>**FUNDS**<br>- Unrestricted general fund<br>- Endowment/capital fund|**2022**<br>**£**<br>**3,928,800**<br>**270,221**<br>**(2,850)**<br>**267,371**<br>**4,196,171**<br>**-**<br>**4,196,171**<br>**4,196,171**|_2021_<br>_£_<br>_4,164,133_<br>_365,220_<br>_(5,064)_|
|---|---|---|
|||_360,156_<br>_4,524,289_<br>_-_<br>_4,524,289_<br>_4,524,289_|



The financial statements were approved and authorised for issue by the Trustees on 7 February 2023 and were signed below on its behalf by: 


Mrs A Brooks Chair 

The accompanying notes on page 11 - 15 form part of these financial statements. 

Page 10 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2022** 

## **1. ACCOUNTING POLICIES** 

## **a. Basis of accounting** 

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – effective 1 January 2015. 

The charity is a Public Benefit Entity registered as a charity in England and Wales. 

They are drawn up on the historical cost convention as modified by the revaluation of investments. 

## **b. Going Concern** 

The Trustees have an expectation that the charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the charity’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees’ Responsibilities on page 4. 

## **c. Critical accounting judgements and key sources of estimation uncertainty** 

In the application of the accounting policies, Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

There are no critical accounting judgements or key sources of estimation uncertainty used in preparing these accounts. 

## **d. Awards** 

Awards are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable. 

## **e. Investment income** 

Investment income and interest is credited on a receivable basis. Bank interest is credited when received. 

## **f. Awards of Bursaries and Scholarships** 

Grants are accounted for when they become payable. 

Page 11 



# **ST MARY’S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2022** 

## **1. ACCOUNTING POLICIES (continued)** 

## **g. Expenditure** 

The cost of raising funds consists of investment manager’s fees. Charitable activities include scholarships and bursaries. Support costs are those cost incurred in the charity’s compliance with statutory and constitutional requirements. 

## **h. Investments** 

Quoted investments are valued at their closing middle market price on the balance sheet date. Increases and decreases in market value are reflected in the Statement of Financial Activities. 

## **i. Financial instruments** 

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors. 

## **j. Creditors and provisions** 

Creditors and provision are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **k. Funds** 

The funds of the charity are classified as follows: 

The trust deed empowers the Trustees to treat part of the funds as endowment. The Trustees’ objective in treating these funds as capital funds is to build up a strong capital base from which the future requirements of the Charity can be funded. 

Endowment Fund - The trust deed empowers the Trustees to treat part of the funds as endowment. The Trustees’ objective in treating these funds as capital funds is to build up a strong capital base from which the future requirements of the Charity can be funded. Unrestricted/General Fund - This represents the income funds of the charity. The balance of the general fund at the year end is transferred to or from endowment funds. 

Page 12 



**ST MARY’S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2022** 

## **2. STAFF COSTS AND TRUSTEES’ RUMUNERATION** 

The Charity did not have any employees in the year (2021: Nil). 

The Trustees provide their services on an honorary basis. No Trustee received any remuneration and there were no reimbursements of expenses during the year (2021: Nil). 

## **3. SUPPORT COSTS** 

|Audit Fee<br>Corporation Tax Fee<br>**Governance costs**<br>Bank charges<br>**4.**<br>**FIXED ASSET INVESTMENTS**<br>**Stocks, Shares, Cash and Unit Trusts**<br>Market Value at 1 September<br>New funds invested<br>Withdrawals, Management and Custody fees<br>and difference on foreign exchange accounts<br>Net (losses) /gains on revaluation<br>Market Value at 31 August<br>**Cost of investments at 31 August 2022**<br>**was**|**2022**<br>**£**<br>**2,802**<br>**-**<br>**2,802**<br>**30**<br>**£**<br>**2,832**<br>_£_<br>**2022**<br>**£**<br>**4,164,133**<br>**-**<br>**-**<br>**(235,333)**<br>**3,928,800**<br>**£ 3,885,058**||_2021_<br>_£_<br>_2,592_<br>_900_<br>_3,492_<br>_30_<br>_3,522_<br>_2021_<br>_£_<br>_3,559,870_<br>_3,887,863_<br>_(3,902,214)_<br>_618,614_<br>_4,164,133_<br>_£3,885,058_|
|---|---|---|---|
|||_£_||
|||||



Page 13 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2022** 

## **4. FIXED ASSET INVESTMENTS (CONTINUED)** 

|The investment portfolio is made up as follows:<br>Investment and Unit Trusts|**2022**<br>**£**<br>**3,928,800**|_2021_<br>_£_<br>_4,164,133_|
|---|---|---|



In 2021 all the above investments (excluding cash) were quoted on a recognised UK stock exchange. Following the appointment of CCLA Investment Management Ltd the funds are now invested in a Charity Authorised Investment Fund. 

## **5. FUNDS** 

The transfer of £142,785 between the endowment fund and the unrestricted general fund represents the transfer to the expendable endowment of the deficit on the general fund in accordance with the accounting policy stated in note 1k. 

## **6. CREDITORS: Amount falling due within one year** 

|Accruals<br>Amounts due to St Mary’s School Ascot|**2022**<br>**£**<br>**2,850**<br>**-**<br>**£**<br>**2,850**|_2021_<br>_£_<br>2,592<br>2,472|
|---|---|---|
|||£<br>5,064|



## **7. SCHOLARSHIPS AND BURSARIES** 

Funding for the Scholarships and Bursaries was paid to St Mary’s School Ascot for the benefit of pupils attending the school. 

## **8. RELATED PARTIES** 

There were no disclosable related party transactions during the current or preceding year. 

Page 14 



## **ST MARY’S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS** 

## **YEAR ENDED 31 AUGUST 2022** 

## **9. PRIOR YEAR COMPARATIVES BY FUND** 

|_Note_<br>_INCOME FROM:_<br>_Awards:_<br>_St Mary’s School Ascot_<br>_Parents of St Mary’s School Ascot_<br>_Investments_<br>_Total income_<br>_EXPENDITURE ON:_<br>_Raising funds :_<br>_Investment manager’s fees_<br>_Charitable activities :_<br>_Scholarships and bursaries_<br>_8_<br>_Support costs_<br>_3_<br>_Total expenditure_<br>_Net (loss)/income before investment gains_<br>_Net gains/(losses) on investments_<br>_4_<br>_Net (loss)/ income_<br>_Transfer between funds_<br>_5_<br>_NET MOVEMENT IN FUNDS_<br>_FUNDS BROUGHT FORWARD_<br>_FUNDS CARRIED FORWARD_|_Unrestricted_<br>_General_<br>_Fund_<br>_£_<br>_-_<br>_-_<br>_132,526_<br>_132,526_<br>_-_<br>_293,000_<br>_3,522_<br>_296,522_<br>_(163,996)_<br>_-_<br>_(163,996)_<br>_163,996_<br>_-_<br>_-_<br>_-_|_Expendable_<br>_Endowment_<br>_Fund_<br>_£_<br>_-_<br>_97,251_<br>_-_<br>_97,251_<br>_18,157_<br>_-_<br>_-_<br>_18,157_<br>_79,094_<br>_618,614_<br>_697,708_<br>_(163,996)_<br>_533,712_<br>_3,990,577_<br>_4,524,289_|_Total_<br>_2021_<br>_£_<br>_-_<br>_97,251_<br>_132,526_<br>_229,777_<br>_18,157_<br>_293,000_<br>_3,522_<br>_314,679_<br>_(84,902)_<br>_618,614_<br>_533,712_<br>_-_<br>_533,712_<br>_3,990,577_<br>_4,524,289_|
|---|---|---|---|



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