ST MARY'S SCHOOL ASCOT CHARrrABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023 Charity No.. 800450
ST MARY'S SCHOOL ASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023 CONTENTS Pago Trustegs, Report Independent Auditors. Report Statement of Financial Activities Balan¢• She•t 10 Notes lo the Financial Statements
ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES. REPORT YEAR ENDED 31 AUGUST 2023 REFERENCE AND ADMINISTRATIVE INFORMATION The Trustees present th8* reFKxI for the ye8r onded 31 August 2023. Trust¥ The Trustees of the Fund during thè year under review and up lo Ihe date of Signing of the Truste, Report were as lolknvs: Mr C silr8 Mrs A Brooks Mrs M Johnson Mrs L MilB8 Mr S Mitcho11 Addr•is Sl Mary 5 School Axot St Mary S Road Ascot Berkshire SL5 9JF Audltorn Crowe U.K. LLP Aquis House 49-51 81awave Street Reading Berkshire RG1 1PL Bankers Lloyds TSB Bank PIC 10 Hwh Streel Bracknell Berkshire RG12 1BT Inv•slment M•nag•r• CCLA Investment Managemenl Ltd One ArrfJel Lane London EC4R 3AB Pago 1
ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 The Trustees present their Annual Report for the year ended 31 August 2023 undef the Charities Act 2011 and the Statement Of Recommended Practice. Accounting and Reporting by Charities" SORP 2015 IFRS 1021. together with the audited financi81 slalements for the year. The charity was constrtuted by a declaration of trust on 2 November 1988 by St Mary's School Charitable Trust (Ascol) Limited as amended by deeds dated 25 March 2013 and 23 June 2015. STRUCTURE. GOVERNANCE AND MANAGEMENT R•¢rultment, Indu¢tlon and Tralnlng of Trnst••s The Deed of Amendmenl executed on 25 March 2013 stales that the number of Trustees shall not exceed ten and each Trustee will serve for a period of S years. A Trustee may be reappointed for a second term of 5 years if Trustees think fit. Only in exeaptronal circumstances will the Trustees be able lo re-appoint an individual for a third lerm. The Deed provides for transrtion arrangements. Any Truste8 can recommend a new Trustee to bg appointed to the 8oard of Trustees al any lime. However the appointment will nol be ratified unless il has been unanimously agreed by the other Trustees al an Annual General Meeting. All new Trustees are provided with information on the responsibility of being a Trustee and, from time lo time, are sent details of courses and seminars whi¢h may be relevant lo their re$pon$ibililiè$. Management of Rlsk5 The Trustees have identified a number of risks that might impact on the operation of the charity. The main ones surround the security of Ihe investment assels and the protection of the income earngd which is the main source of funds for the gift lo the school. Controls including Ihe regular review ol investment advisor's activity, thorough consideration of the investment risk profile and performance. Policies lo miligale other risks including those governing the risk of fraud, Ihe potential impact of a cyberallack or the inappropriale use of charity funds are in place and are regularly reviewed by the Truslees. A risk managemenl review is carried out bi-annually by the Truslees. Organlsatlonal Structur• The Trustees meet twice a year lo monitor and review the level of the Charitable Funds. They dolegale Ihe day lo day administration of the Charity lo the Bursar al St Mary's School Ascot and the investmènt of funds lo a professional and regulated investment management company. In April 2021 CCLA Investment Management Ltd were appointed as the Charitable Fund's investment managers, replacing Charles Stanley & Co. Limited. This change was driven by the Trustees, aim of achieving more streamlined investment management structure and process through an increased inslrtulional approach. using pooled funds and benefiting from reduced fees. A representative from the investment manager presents a review of investment portfolio performance lo Ihe Trustees al each of their meetings. OBJECTIVES AND ACTivrriES The obj9¢tivg$ of the Charity ara lo promote thè charitabl6 work carried on. promoted or supported by the Congregation of Jesus ICJ}, being work to promote and provide for the advancement of education and religion, (with preference to female children of the Roman Catholic faithl and lo help to develop Sl Mary's School Ascot wheresoever and whatsoever by such means as the Trustees in their discretion think fil and in particular, subject lo 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 confim Ihal they have paid due regard lo the Charity Commission's statutory guidance on public benefit in dgciding what activities the Charity should undertake. By providing funds to Sl Mary's School Ascot (Charity Number 2902861 for their means-tested bursaries and scholarship awards, the Charity Is 8SSlSting 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-lesled bursary scheme, including admissions or access bursaries. The Sl Ma$ School Ascot Charitable Fund awards lo 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 2023 FINANCIAL REVIEW The financial state of the Fund is considered to be satisfactory despite the volatility in the stock market during Ihe year. The Trustees have continued to assess the needs of the Sehool and have provided funds for bursaries and scholarships. The charity had income of £302.664 (2022.. £162.047) and expenditure of £189.621 (2022: £254,832) in the year. Donations of £139.248 (2022= £2,208} were received from the families of past and present pupils al St Mary's School Ascot. In the year lo 31 August 2023 St Mary's School Ascot donatod £50,000 12022: £50,000) lo the Fund. Included in expenditure are awards of £181,739 12022= £252,000) made lo Sl Mary'5 Sthool Ascot lo fund bursaries and schdarships. Restrvès Poll¢y In 1997, the Trustées exerclsed their powers under the Trust Deed and transf8rred the accumulated balance of Ihe Unrestricted General Fund al 31 August 1997 to an expendable Endowment fund in order to build a $trong capllal base from which the future requirements of the Charrty could be fvnded. The investment incom6 and interest income of the Charity are used lo provide bursaries. scholarships and granls-in-aid lor the nefit of present and future pupils of Sl Mary's School Ascot and to meet adminislralion expenses., any surplus or deficit arising is transferred lo or from the endowment. The Trustees aim lo continue increasing th& Endowrnent, which currently Stands al £4.1million. investing the funds to 9enerale income. The purpose of the Endowment is to provide funding for scholarships and bursaries and. subject thereto, meet rnajor non-recurring expenditure related lo the maintenance and support of the School and lo increase the capital base in order lo generate additional inveslmenl income and interest income. The Trustees monitor the level of the Endowment on a bi-annual basis and review the poli¢y annually. Award Polley The policy is lo make awards lo Sl Ma$ School Ascot based on an approximation of annual unreslriclèd ineome available lo the Fund. These awards are monitored lo ensur8 Ihgy arg used for purpose$ consistent wrth the objectives of the fund. Inv•$lm•nt Pow•r•, Pollcy and P•rform•nco The Trustees have powers to invest and change investments freely and have powers to employ professional investment manager al a reasonable remuneration. The Trustees have placed no conslrainls on Iheir inveslmenl manager in respect of the holding of investment. The investment manager has been asked by the Trustees lo refer lo the Chaimian should there be any concern about any particular potential shareholding. The Trustees are satisfied with the performance of the investment portfolio during the yèar but are mindful that the stock market remains volatile. PLANS FOR THE FUTURE To continue to manage Ihe investment portfolio in order to maximise the arnounl available to make awards to St Mary's School Ascot. Page 3
ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- The law applicable to charities in England & Wales requires the Trustees to prepare financial stalemenls for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required lo.. select Suitab accounting policies and then appty thèm con$i$tèntly'. observe the methods and principles of the Charities SORP- make judgements and estimales that are reasonable and prudent.. slate whether applicable accounting slandards have been followed. subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going ¢on¢orn basis unlo$s it Is Inappropriate to presume Ihat this basis applies. The Trustee$ are Te$ponsible for keeping proper accounting records thal disclose with reasonable accvracy al any lime the financial position of the charity and enable Ihem to ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounls and Reports) Regulation5 2008 and the provisions ol the Trust Deed dated 2 November 1988 as amended by deeds dated 25 March 2013 and 23 June 2015. They are also responsible for saleguafding the assets of the Charity and hence for taking reasonabl• steps for the prevention and detection of fraud and other irregularities. By order of the Tru$tees'. /thA. Mrs A Brooks Chair /q Dec& Date-. Page 4
A Crowe U.IL LLP ChartedA¢¢OunI8ts Member of Crowe Glob Aquis Hwse 49-51 BIrave Street Read1ng Berkshire RG1 1PL. VK Tel +44101118 959 7222 Fax +44101118 958 4640 w%VW.¢ro*.co.uk INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Oplnlon We have audited the financ1 Statements of St Mary's School Ascot Charitable Fund for the year ended 31 August 2023 which Comprise the Stsiemenl of Financial Activities, the Balance Shèet, and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has bo applied in their preparation is applble law and United Kingdom Accounting Stsndards, including Financial Rewrting Stsndard 102 The Finanual Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted A¢counling Praclicel. In our opinion th¢ financ1 statements: give a trug and fair vièw of the stale of the charity's affairs as at 31 August 2023 and of tl$ incoming resources and application of resourcos, for the year then ended: have been properfy prepared in ac(thanca with United Kingdom Generally Accopted Accounting Pra¢ti¢e- arKI have been prepared in acctydance with the requirements of the Charitses Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK} {ISA$ IUKII and applicable law. Our responsibilities under Ihoso stsndards are further described in the Auéllor's Tesponsibililie$ for the audit of the financial slalements section of our report. We are independent of the charity in accordance with the ethical requiraménls that are relevant to OLIT audit of the financial slatemonts in the UK. including the FRC'S Elhi¢al Standard. and we hav• ftjlfilled our other ethical responsibilities in accordance wlh these reqU1Ments. We telieve that the audit evidence we have obtained 1$ SLrfficienl and appropriate lo provide a basis for our opinion. C•nGlu•lons relatlng to golng conc•rn In auditing the financial statements. we h8ve concluded that the Trustee's use ol th8 9olng concern basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have pgrformod. we have not identified any material uncertainties relating to events or conditions that, individually or collectivety, may cast signrficant doubt on the charity's ability to Continue as a going concern for a r¥)0 of at least tWee months from when the financial ststements are authorised lor issue. Our Tesponsibilities and the responsibilities of the Trustees with TPect to going concern are deSbed in the relevant sections of this rep)rt. Page 5
A Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Oth•r Infomiatlon The Trustees are responsible for the other infomiation. The other information comprises the infornalK*n included in the annual report, other than the financia5 slalements 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 8s$urance Conclusion thereon. Our r8sponsibilty is to read the other infonnation an(1, in doing so. consider whelhor tho othor informat Is materially incon5islenl with the financial slalemenls C our knOwdge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsisten¢ie$ or apparerbl material misslalements. we are required lo determine whethèr this gives rise to a material misslalemenl In the financial statements Ihemsefves. If, ba$ed on the work we have performed. w6 conclude that there Is a material misstatement of this other inforniation. we are ruired lo report that fa¢L Wg havg nothing lo rgport in this regard. M•ttor8 on whl¢h w• ar• r•qulr•d to r•port by •xG•ptlon We have nothing lo report in respect of the follow.ng matters in relatH)n to which the Charities IA¢counts and Reports) Regulations 2008 requires u$ lo report to Ye if. in tsjr opinion= Ihe information gwen Ki the financial stalements is inconsistent in any material respect with the Iruslees, report,. or adequate and proper accounting records have not been kept,. or the financial statements are not in agreement th the accounting records and retums.. or we havo not r•¢oivgd all th8 infonnabon and expkinations we roquirg for r audit. R•sponslbllltl•s of Twsl••s A$ oxplained more fulty in the Tru$lees' respon$ibilitie$ $t8temont sel out on pag8 4. the Trustees are responsible for thè preparation of the finanGial statements and for being satisfied that they give a true and fair view, and for such intèrnal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalements, the Truslees are responsible for assessiThJ the charity's ability to conlinve as a going concern, disclosing. as applicable. matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the tharity or lo ¢ea$& operations, or have no realistic allemative bLrt to do so. Page 6
Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Audltor's rvJponslbllltl•s for th• audlt of the flnanclal $tat•ments We have been apwnled as audbtor under section 151 01 the Charities Act 2011 and report in accordance with the Act and relevant regulations made or haviThJ effe¢l thereunder. Our objeGtives are to obtain reasonable assurance about whelhef the financial statements as a whole are free from material rnisslalemenl. whether due to fraud or error. and lo issue an auditor'5 report that includes our opinion. Rèasonable assurance is a hwJh level of assurance, but is not a guarantee that an audit ndU¢l&d in accordance with ISAS (UK) will aayS dolect a material misstalemenl when il exists. Misstsl¢monl$ can arise from fraud or error and are ¢onsid6r6d material rf, individually or in the aggregalo, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these finan¢lal statements. Detall$ of the extent to which the audil was ¢onsNl8red capabbe of detecting irrngularities, including fraud ond nonwcomplianc& wilh laws and regulati$. are set CMJI below. A further do$¢riplion of our responsitH'lrties for the audit of Ihe financial slaternenls Is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibililies. This dfrscriplion forms part ol our auditor'$ roport. Extent lo whl¢h th• audlt was consldered ¢APab of detectlng Irrogularltl•8, Includlng fraud 1rre9ularilS. including fraud, are instances of non-compliance with laws an(1 regulalions. We identified and assesse(J the risk$ of material misstatement ol the financial statements from irregularities, whether due lo fr8ud or orror. and discussed these between our audit team members. We then designed and performed audit procedures SponSive lo those risks, in¢hJding obtaining audft evidence suffi¢ient and appropriate lo provide a basis for our opinion. We obtsined an understanding of legal and regulatory frafTwffjrks wthln which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amoun18 and discbsures in the financi81 slalemenls. The laws and regulations we considered in this context for the UK operations were the Charities Act 2011. Ic#3ether with the Charities SORP {FRS10212019. We assesse(J the required compliance Ihese laws and regulations as part of our •udil procedures on the related financial statements. In addilion, we considered provisions of other kws and fegulatK)ns that do not havè a direct effect on the financial slatémenls but compliance wlh which might be fundamentsl lo the charity's ability to operate or to avoid a material penatty. We also considorod thè opportunrties and incentives that may exist within the Charity for fraud. The laws and re9ulalions we considered in this context for the Charity were Char Commission regulations. Auditing standards limit thè required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correSwndere. if any. We identified the greatest risk of material impact on the financial slalements from irregularities, Including fraud, to be wtthin the recognition ol donation income and the override of ntrOl$ by management. Our audit procedures to reswnd to these risks included enquiries of management about their own identification and assessment of the risks of irrggulartties, reviewing accountirwJ estimates for biases and reading minutes of meetings of those charged wrth govemance. Page 7
Crowe "'
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 non compliance 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 non compliance 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 2 January 2024
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ST MARY'S SCHOOL ASCOT CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2023 Unrestricted Expendabl• General Endowmenl Fund Fund Note Total 2023 Total 2022 INCOME FROM: Awards: Sl Mary's School Ascot Parents of Sl Mary's School Ascot Inv¢¥tments so,000 50.000 139,248 113416 so,000 2,208 109839 139.248 113416 Ttstsl Incoma 252 664 162 047 EXPENDITURE ON: Charitable 8Ctivities.' Scholarships and bursaries Support ¢o$ts 181.739 181.739 252,000 Total oxpendltur• 189621 189 621 254 832 Net Incomellloss) b•for• Invèstment galns 63,043 50.000 113,043 (92, T85) Nel Ilossesl on investments 170 022 17 022 235 333 Net Incomel{lossl 63.043 1120.022) 156,979> (328, 178) Transfer befvleen funds NET MOVEMENT IN FUNDS 156,979} 156.979) {328, 118) FUNDS BROUGHT FORWARD 4 196 171 4 196 171 FUNDS CARRIED FORWARD All o¢1ivilies are classed as continuing. There were no other recognised gains or losses during the year. The accompanying notes on pages 11- 15 form part of these financial stalemonl$. Page 9
ST MARY'S SCHOOL ASCOT CHARITABLE FUND BALANCE SHEET
YEAR ENDED 31 AUGUST 2023
| Note FIXED ASSETS Investments 4 CURRENT ASSETS Cash at bank CURRENT LIABILITIES: Amounts falling due 6 within one year NET CURRENT ASSETS NET ASSETS FUNDS - Unrestricted general fund - EndowmenUcapital fund |
2023 £ 3,933,778 211,214 (5,800} 205,114 4.139.192 4,139,192 4,139.192 |
2022 3,928,800 270,221 (2,8501 267 371 4.196.171 4 196 171 4.196.171 |
|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 19 December 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.
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ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Basis of accounling The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republbc of Ireland IFRS102)- effectsve 1 January 2015. The charity is a Public 8enefit Entity registered as a charity in England and Wales. They are drawn up on the historical $t convention as modified by the revaluation of investments. Golng Concern The Trustees have an expectation that the charity has adequate resources lo continue its aclivilies for the fore$eeable fulure and consider that Ihefe were no material uncertainties over the charity's financial viability. Accordingly. they continue lo adopt the goin9 concern basis in preparing the financial slalements as outlined in the Sialemenl of Truste8s' Responsibilities on pag• 4. Crltlcal accountlng ludgem•nt# and key •ourc•s ol •stlmatlon uncertalnty In the application ol Ihe a¢¢ounling wlicies. Trustees are required lo make judgement. estimates and assumptions about the carrying value of assets and liabilities Ihal are not readily apparent from other sources. The eslimales and underlying assumptions are basee on historical experience and other factors that are considered lo be relevanl. Aelual results may differ from these eslimates. There are no critical aecounling judgement$ or key sources of •$tsmalion uncertainty used in preparing the$6 accounts. Awards Awards are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic bgnefit to the charity is considered probable. Investment Income Investment income and intorest is credited on a rwivable basis. Bank inlerest is credited whon received. Awards of Bursarles and Scholarshlps 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 2023 ACCOUNTING POLICIES (contlnu•d) Expenditurè Charitable activrties include scholarships and bursaries. Support costs are those cost incurred in the charity's compliance with ststulory and conslilulional requirements. Inv•stm•nts Quoted investments are valued 81 Iheir closing middle market price on the balance sheet dale. Increases and decreases in market value are rellecled in the Stalemenl of Financial A¢livilies. Fln•nclal Instrum•nts Basic financial instruments are initially re¢ognisad al transaction value and subsequently measured at amortised cost wilh the exception of investments which are held at fail value. Financial assets held al amortised cost comprise cash al bank and in hand. Cash at bank and in hand is defined as all cash held in instsnt access bank accounts an(1 used as working capital. Financial liabililies held al amorlised cost comprise all creditors. Cr•dltors and provislons Creditors and provision are rocognised where the eharty has a present obligation resulting from a past event that will probably resuft in the transfer of funds to a third paty and the amount dug to settle the oblallOn can be measured or eslimaled reliabty- Creditors and provisions are normally reGognised al Iheir settlement amount after allowing for any trade discounts du8. Funds The funds of the charity are classified as follows: Endowment Fund - The trusl deed empowèrs the Trustees lo Ireal part of the funds as endowment. The Trusle8s' objeelive in treating these funds as pital lunds is lo build up a strong capital base from which the future requirements ol the Charity can be funded. UnreslricledlGeneral Fund- This represents the income funds of the charity. The balance of the general lund al the year end is transferred lo or from endowment funds. Page 12
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2023 STAFF COSTS AND TRUSTEES. RUMUNERATION The Charity did not have any empbyees in the year12022". Nil). The Tnjslees provide théir services on an honorary basis. No Trustee received any rernuneralion and there were no reimbursements of expense$ during the year12022.. Nil}- SUPPORT COSTS 2023 2022 Professional fee5 7.852 2,802 Governance costs Bank charges 30 30 FIXED ASSET INVESTMENTS 2023 2022 Unlt Trust Market Value al 1 Sèptember New funds invested Nel {losses) on revaluation 3.928,800 175,000 4.164,133 Market Value al 31 August Cost of Investrnents at 31 August 2023 was Page 13
ST MARY'S SCHOOLASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2023 FIXED ASSET INVESTMENTS (CONTINUED) The investmenl portrolio is m&le up as follows: 2023 2022 Charity Authorised Investment Fund FUNDS The transfer of £63,043 belween the endowment fund and the unrestricted general fund represents the transfer lo the expendable endowment of the Surplus on the general fund in accordance with the a¢¢ounling pdicy stsled in note 1 k. CREDITORS: Amount f•llln9 du• wlthln on• y••r 2023 2022 Accruals SCHOLARSHIPS AND BURSARIES Funding for the Scholarships and Bursari8s was pa to Sl Mary s School A5COt for the benefit of pupils attending the school. RELATED PARTIES There were no disclosable related paty transactions during the current or preceding year. Page 14
ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2023 PRIOR YEAR COMPARATIVES BY FUND Unrestricted General Fund Expendable Endowment Fund Total 2022 INCOME FROM.. Aw8rds.' St Marys School Ascot Parents of St Marys School Ascot Inv8slmenls 50,0(KI 50,000 2,208 109 839 2.208 109 839 Total Income EXPENDITURE ON.. Raising funds.- Inveslmenl manager's fees Charit8bl& 8ctivili8s.' Scho18rships and bursanes Support Costs 252,000 252,000 Total expendilu 254 832 Nel (loss)/income belore inveslmenl gains (142.785) 50,OLIO (92, 785) Nel (losses) /gains on investments 235 333 235 333 Net (los$)/in¢oma (142, 785) (185,333) (328, 118) Transfer between funds 142 T85 NET MOVEMENT IN FUNDS (328. 118) (328, 118) FUNDS BROUGHfFORWARD 89 452428 FUNDS CARRIED FORWARD Page 15