Charity registration number 1015449 Company registration number 02739356 {England and Wales) DERBY GRAMMAR SCHOOL TRUST LIMITEO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
DERBY GRAMMAR SCHOOL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees. dirg¢tors and governors MrA Gentles Mr J Pugh-lewis Mrs M Viles Mr l Louch Mrs D M Cadman Mrs N K Virk Secretary TS C Cook Charity number 1015449 Company number 02739356 Registered office and business addrgss Rykneld Hall Rykneld Road Littleover Derby Derbyshire DE23 4BX Auditor HSKS Greenhalgh 18 Sl Christopher's Way Pride Park Derby DE24 8JY Bankern Barclays Bank PLC Derby Solicitors Flint Bishop LLP Patron Sir Nigel Rudd Head Mr P Logan
DERBY GRAMMAR SCHOOL TRUST LIMITED CONTENTS Page Trustees, report statement of trustees, responsibilities Independent audrtor's report 10-13 statement of financial activities 14 Summary income and expenditure account 15 Balance sheet 16 Slalemenl of cash flows 17 Notes to the financial statements 18-36
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY2021 The Iruslees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements ft)r the year ended 31 July 2021. The financtal statements have been prepared in accordance wf(h the aecounling policies set out in note 1 to the financial slalemenls and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191 Since the company qualifies as small under section 383 of the Companies Act 2Q06, the strategic report required of medium and large companies, is not required. Objectives and activities The charity's principal objective for which the company was established is to educate children in the City ol Derby, South Derbyshire and Burton-upon-Trent. At Derby Grammar School we aim not only to teach, but lo inspire a passion for leaming that remains with our pupils throughout their lives. Combining intellectual challenge with a real breadth of experience, we encourage each pupil lo harness their strengths, work on their weaknesses, and realise their full potential. AJ) education with us provides a strong basis for higher education, for a subsequent career and for a well-rounded life, whilst having fun and being happy in our school environment. Founded in 1995. our aim is lo provide an excellent education for able boys aged 4 to 18 and girls aged 16 10 18 in the East Midlands. Our high quality education allows pupils lo flourish in an atmosphere that provides intellectual challenge and celebrates success Our education extends far beyond the classroom to the sports field. the deb81ing table, the concert hall, the race track, and even the Tanzanian plains. We aim lo equip our pupils with a breadth of skills and knowledge which will enable them to perform outstandingly well al school and in later life. We strive lo encourage independent thought, expression and leaming, in an environment where learning is fvn. Pupils and staff share high expectations and all of our staff are committed lo helping and encouraging our pupils lo succeed. The school is fortunate in having stsff who are more than willing lo éevote time to a subslanlial number of extra- mural aclivilies, designed to give pupils experience over and above the academic curriculum, with the aim that by the lime pupils leave the school, they will be confident, articulate, self-assured and well prepared for life after school. Inspiring a passion for learning that remain5 Wlth pupils Ihroughoul their lives is central lo our values and our motto embodies this - 'vila sine Iitteris mors it translates as 'life wilhoul learning is death,. Three principles lie al our core.. excellen, enrichment and encouragement. We provide superb leaching, incredible opportunities and a supportive, friendly atmosphere. These are the things that make us special. They are the reasons our pupils come into school every day with a smile. eager lo learn and expand their minds. Finally, we aim to increase the number of pupils and further develop links with local stste schools, particularly those wilhoul their own sixth forms, with a view lo being able to offer sixth form places to their pupils,. bursaries, the level of which will be means tested, will be made available for this purpose. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity shoukl undertake.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Grantmaking The Governors of Derby Grammar School are committed lo broadening access lo the School by offering lo eligible parenlslguardians means-lesled financial support with the payment of the school's fees. Such support is known as a bursary and these may be awarded in the form of a discount of up lo 1 OOOA on tuition fees payable. depending on the financial, compassionate or other pertinent circumstances of applicants. Grants and bursaries, all of which are made from unreslricled funds, are subject to repeal lesling of parental means each year and may be varied upwards or downwards, depending on parental circumstances. We also recognise gifted pupils with a wide range of scholarships and exhibitions and as51s1 families of multiple children with sibling discounts. Achievements and performance Curriculum The National Curriculum provides the basis for our Primary School's broad and balanced curriculum, which focuses on developing excellen in literacy and numeracy, whilst encouraging every boy to discover his own individual strengths across many other subject areas. Class sizes are small which means that we carefully track progress and ensure each pupil is suitably challenged and guided lo maximise their polenlial. Trips and residential visits, as well as a variety of h0o1 and community-based activities, also slimulale boys, interests and enrich the curriculum further as they're encouraged lo explore, enjoy, imagine, create, experience, and achieve lo the besl of their ability. In Years 7 10 9, the curriculum is designed lo broaden pupils, interests and explore their strengths in a wide range of subjects. A limited number of options are introduced in Years 8 and 9. As boys progress on to Year 10 the curriculum is divided into core and options which enables each boy lo study up lo len subjects lo GCSE in Year 11 Individual support and guidance is given lo each pupil as they make these important choices. Pupils choose three A levels lo study at Derby Grammar School. The range of 22 subjects we offer ensures a wide curriculum to meet pupils, strengths and aspirations, preparing them for undergraduate study al the best universities. The Extended Project Qualification can also be pursued by pupils in the Sixth Form Context to 2021 examination results The 2021 series of GCSE and A Level examinab'ons had been cancelled in response lo the COVIO 19 outbreak. Teacher Assessed Grades ITAGS) in each subject rePlad the summer examinations. The grades referred to in this report are a result of the school submitted TAGS being awarded by Ofqual as the final GCSE and A Level grade for all pupils. The TAG process required subject teachers to use existing assessment data for all pupils with the 8vailable historical performances for each subject to arrive al TAG for each pupil. GCSE Subject Headlines Music- 100% grade 9 History- 100% grade 7-9 Computer Science- 1000kn grade 7-9 Design & Technology- 750h gr8de 7-9 English Literature - 750A grade 7-9 Chemistry- 73Q/¢ grade 7-9 Geography- 73% grade 7-9 GCSE Pupll haadlines Three top scoring candidates achieved 9 grade 9's. Two further candidates achieved all grades 7-9.
DERBY GRAMMAR SCHOOL TRUST LIMITED
TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY2021
A Level Trnnds
An increase in A, grades in Summer 2021 compared with Summer 2020, from 150kn to 26%
An increase in A"_A percentage in Summer 2021 compared to Summer 2020, from 36% to 54%
An increase in A'_B percentage in Summer 2021 compared to Summer 2020, from 68% to 82%
Wdlue-added analysis showed significant positive value-added al A Level.
A Level Pupil Headlines
3 pupils achieved three A. grades
6 pupils achieved 3 or more A-A. grades
41 % of pupils with university destinations gained places at Russell Group universrf(ies
A Level Subject Headlines
usic, Music Technology, Religious Studies, German - 100% A.
The Housg System
Inler-house competitions have largely been reinstated after Covid lockdown, invofving all pupils in sports,
curricular and co-curricular aclivilies. Sporting House Compeb"tions during 2020121 and on into 2021122 have
included football, rugby, cross-counlry running, lug-of-war, cricket and alhlelics. In addition, there have been
House Competitions in art, chess and writing A few other competitions remain difficult lo organise, for example
House music and drama, bul the aim is to reinstate these during spring and summer 2022. During summer term
2021 the annual school play was completed and viewable online, having been in pr¢)duclion since autumn 2020.
A modern comedy adaption of Chautsrfs 'Knighl's Tale, Iwrillen by Karen Walson Head ol English) was filmed,
scene by scene with pupils appropriately bubbled and socially distanced throughout.
Musi¢ and Co
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Pupils have continued lo enjoy success in regional and national competitions, including the UK Mathematics Challenge al all levels. The Formula 24 team has raced at Goodwood, Ainlree and Castle Combe. Co-curricular trips during Activities Week in summer 2021 saw pupils in Years 7-12 sailin9, canIng and climbing and at the start of the autumn term Year 7 enjoyed an outdoor education residential al Whilemoor Lakes, Speech and Drama Speech and Drama lessons remain a popular peripatetic lesson choice, with over 40 pupils participating from YeaTS 3 10 13. LAMDA exams are taken in house al the end of each term Charitablo support Tanzania Our partnership with Gedeli B Ilbeshil School in Mwanza. Tanzania and orphanages in the vicinity is now in ils 1 Oth year. We continue lo raise money for the project in school lover £2000 In this year's School Charities Weekl bul due to the impact of COVID pupils have been unable lo visit Tanzania since 2019. YMCA Our Harvest Festival and Christmas Shoebox appeals provided food, provisions, toiletries and gifts for homeless young people in the Derby area. Donations for the October 2020 Harvest Festiva5 exeded all previous years, despite the pandemic. During 2021 the school has also raised money for Children in Need and the Derby Hospital Children's Ward. Sport The School continues to benefit from having a dedicated Sports Department of trained PE teachers, delivering PE and Games lessons lo all students both in the Junior and Senior parts of the School. This provision is continued within the co-curricular offer and ensures pupils receive excellent input from qualified physical educators. The quality of provision in the PE department is being supplemented by a partnership with Loughborough University that now welcomes trainee teachers into school to complete their Initial Teacher Training. Pupils lesl their progress in inler-school matches against other local schools and having smaller year groups means that there are frequent opportunities for school representstion in 8 competitive environment. Mr Smyth has further developed the scholarship prIramme. which gives invaluable input lo our sports scholars on a myriad of tOPlC5 including.". health and fitness, target setting, nutrition, relaxation, sleep, planning, amongst other things. This both allr8Cts and retains gifted and talented pupils. The School focuses on rugby, hockey and cricket as ils main sports and is well resourced in terms of practice and playing facilities, bDlh on sile and al ils sports facility al Rykneld. Both indoor and outdoor cricket nels, an arb"ficial wicket, floodlit astro turf, multiple rugby pitches and beautiful grounds inspire our young people to be active and improve their skills and fitness. Pupils in our Prim8ry Schoc>l receive swimming tLJilion throughout the academic year, whilst our athletes have access to a tartan running track lo further develop their polenlial. Unlike many slate schools Derby Gramm8r maintains (within the curriculum) a sporting provision for its co- educational Sixth Form. There are a plethora of opportunities available lo both our boys and girls, in addition to the main 3 sports, including basketball, footba11, tsble tennis, badminton and fitness, with free choice available to engage our young people in purposeful physical activity to sit alongside their academic study, lo encourage and embed exercise into the normal working week.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 School Trips Our commitment to trips and visits to enrich pupils, education continues lo be Important. During 2021 Primary School visits have included Year 6 to Hollowford Centre for outdoor education, Year 3 and 4 to Derby Cathedral, Bikability Week for various Year groups and Activities Week visits lo Cadbury 5 World and the Sea Life Centre in Birmingham. In the Senior School the priority has been lo support academic studies with GCSE Geography fieldwork al Cannock Chase and in Stafford and A Level Geography field work in Cheshire. History fieldwork has seen GCSE pupils visit Hadrian's Wall and A Level Psychology pupils have spent time in Shrewsbury Prison. Rykneld Sports Centre At Rykneld Sports Centre investment in new changing facilities has benefited the pupils. The 8slro turf is swept on a regular basis and is annually .freshed,, with the addition of sand to the base. This has not only benefited our pupils bul also impToved school-club links have resulted in external ¢lubs now using the faality as an additional venue for their senior and junior hockey team5. Unfortunately, COVID has meant that the Sports Centre has remained closed to the general public for much of the year. Vve look forward lo working with the local community and sports clubs to maximise its use once facilities are fully operational. Financial review Business Review The Trustees are satisfied with the results achieved foi the year, in what can only be described as quite exceptional trading conditions, as a consequence of the Global Pandemic. Due consideration has been given lo the impact this has had on both the operations and finances of the School for a second year. The principal focus of our attention has been on the quality of educational provision throughout in order lo minimise the impact on our pupils. learning and Weare. The Trustees would like lo register thèir thanks and appreciation to the Head, Senior Leadership Team and leaching staff for their tireless efforts, desire and willingness to adapt lo these difficult conditions. Once again, pursuant of ils charitable objectives the School has continued lo support families directly affected by the p8ndemic with the introduction of slruclured payment plans and where necessary direct bursarial awards To a large extent these additional costs to the School were offset by a variety of Government inilialives, including, in particular, the Coronavirus Job Retention Scheme. As previously reported the School has continued to Teslruclure its operating cost base which ni)w more accurately rellecls the education provision and curriculum. Particular attention has been given lo the realignment of the marketing and promob.onal activity lo promote the School "Brand Values. with the resullanl benefit clearly seen in enquiry levels. Pupi1 numbers have remained constant during this period, bul unfortunately. we hav8 not felt the full benefit of the investment In our EYFS facilities given the difficulty in arranging tours of the building, and not being able lo welcome parents to enjoy an insight into the School through our exciting programme ol Open and Taster Days. The restrictions surrounding COVID directly impacted the Sports Centre which for a18rge period we were unable to open lo the general public, with the resullanl imp8¢1 on revenue. Investrnenl has been made In a dedicated Sports Centre Manager which has already resulted in a significant uptum in occupancy and enquiry levels moving forward. Finally. The Trustees are extremely grateful for thè ongoing support of ils benefactors, past Governors and former teachers for their indication of and willingness lo support The School in what has to be acknowledged as a challenging period.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Reserves Policy The balan sheet presents the assets and liabilities of the various funds by type. Note 22 presents the various trusts of the charity and summarises the movements for the year on each fund. The Trustees believe that a reasonable Sevel of reserves should equate to fvjo term's expenses. There remains much work lo do in this respect, which will be achieved by stimulating local demand for the School. in order lo attain higher sustainable numbers of pupils attending, and by general purpose appeals from lime lo time. The Trustees have continued to keep the secured overdraft under review to ensure that, whilst reserves remain less than ideally required, il remains adequate lo cover the school's working capital quIrements. Princip¥l risks and uncertainties The IrLtslees have a duty lo identify and review the risks lo which the charity is exposed and lo ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. Where risks are identified. any required action is delegated lo the Senior Leadership Team or other appropriate school personnel lo implement, with approPrate oversight by the Governors to ensure any required action is undertaken. The trustees have assessed the major risks to which the charity 15 exposed, and are satisfied that systems are in place lo milig8le exposure lo the major risks. In the Trustee's opinion. the piincipal areas of risk lo which the School is exposed are.. The market in which the Schoo1 operates is highly competitive and the ongoing uncertainty in relation lo the economy and the governmenvs policies with regard lo education means that maintaining and increasing the level of pupil numbers remains a key focus. Pupils achieve excellent results and Ihe School continues lo be placed as one of the lop performing schools in the East Midlands. We constantly monitor the educational stsndards of our School in order lo attract and retain pupils 8nd we are increasing our marketing effort lo ensure that our success is more widely known. As for any school. the level of regulation and compliance is high. Specifically, the safeguarding of pupils and the health and safely of stsff and pupils remains a key priority. Significant investment in the School's protective measures ha5 been made ie¢ently lo ensure high levels of compliance during the COVID-19 pandemic. This has included enhanced cleaning regimes and the implementation of the govemmenl-advised system of controls. To ensure any risks are considered and addressed the School has appropriats risk assessments, policies and procedures in place. Staff undertake appropriate and regular training with accredited training proVerS. Consullalion is sought where necessary from exiernal expert agencies, particularly with regards lo Health and Safety and safeguarding training. The Board of Governors 1$ a member of AGBIS which gives expert advice and training lo ensure the thvernors are SLJitably trained lo oversee the School in this regard. There are sufficient members of the Board lo specialise in their sub-committee slruclure.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Plans for futurn periods With the recent opening of provision for Reception, Year 1 and Year 2 the trustees are embarking upon an ambitious phase of growih. The Primary School will go fully co-educational from September 2022 and the Senior School from September 2023. Links with local nurseries, p-sChoOlS and Primaries are being reinslaled, with community events planned for 2022, including stay and play and forest school events. The school has expanded its sports provision through the opening of a gym and weights roorn. This B open to the public and offered free to staff al certain limes lo enhan well-being. Additions to the programme of girls, games have been well received, and we are looking lo embed and develop this further as the school attracts increasing numbers of girfs into the co-educational Sixth Fom and Primary School. Plans for the development of a new library and independent study facility. particularly for Sixth Fomi use, in the main school building have borne fruit, antl we will be looking al further enhancements of facilities. The trustees are seeking lo further develop the IT facilities and infraslruclure of the School. Investment has been m8de in in-class technology, purchasing the latest SMART inleraclive while boards for a number of subject areas, with more or belter allematives lo be installed in 2022. As a Google Education Suite School, more Chromebooks have been bought lo enable further IT-based learning, independènt leaming and research skills to be developed. In addition. a new rolling programme of external and inlemal redecoration has begun. Having rolled out a successful online learning programme for pupils during the COVID pandemic, investment has been made in new hardware, such as in-class webcams and visualisers, new educational $Ofare, staff training and virtual educational platforms such as Microsoft Teams. lo enhance this provision. Any future necEssity of online education is therefore fully resourced. Structure, governance and management The charity is a company limited by guarantee. The trustees, who are also the direclofs for the purpose of company law, and who served during the year and up lo the dale of signature of the financial ststements were.. Mrs S Flear (Resigned 22 April 20221 MrA Gentles Mr J Pugh-lewis Mrs M Viles Mr l Louch Mrs D M Cadman Mrs N K Virk Mr S D Richardson Mr l D Beardmore (Resigned 21 September 20201 (Resigned 21 September 20201 The company's Articles of Association allow for Trustees lo serve for a three year lemi. Trustees musl retire at the annual general meeting following their completion of three years, Servi but may sland for re-election. The Board has the power at any lime, and from time lo time, lo appoint any person lo be a Trustee. either to fill a casual vacancy or as an addition to the existing Trustees, subject to the lolal number of Trustees al any b.me not exceeding sixteen. Any Trustee appointed holds office only until the next following annual general meeting, and then becomes eligible for re-election. New Trustees are generally found from the contacts and neorking of existing Trustees lo provide for the school a wide range of skills. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to eonlribute £1 in the event of a winding up.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 The Board of Trustees administers the charity. The Board meets four times a year, as do the Governors, and there are sub-committees covering education. finance, propety, health and safety and safeguarding which also meet at least four times a year. The He8d, appointed by the Trustees. manages the day lo day operations of the school. Induction and trainlng of new Trustges The school follows the guidelines in iespecl of this matter issued by the Independent Schools Association and AGBIS. Related parties Derby Grammar School Foundation {DGSF) (Charity Number 10781931 is 8 connected charity within the meaning of the Statement of Recommended Practice, by virtue of the majority of its Trustees also being Twstees of this company. An amount of £41 k remains as an interest free loan lo the school with no fixed dale for repayment. The Trustees are grateful to DGS Foundation for ils continuing support. Auditor In accordan with the company's articles, a resolution proposing that HSKS Greenhalgh be reappointed as auditor of the company will be PLtt al a General Meeting. Disclosur• of inforn)ation to auditor Each of the Iruslees has confimied that there is no information of which they are aware which is relevant lo the audit, bul of which the auditor is unaware. They have further confimied Ihal they have taken appropriate steps lo identify such relevant information and to establish that the auditor is aware of such information. Th slees, repo was approved by the Board of Trustees. nl ste
DERBY GRAMMAR SCHOOL TRUST LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2021 The trustees, who are also the directors ol Derby Grammar School Trust Lirniled for the purpose of company law, are responsible for preparing the Trustees, Report and the financial s18temenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the trustees lo prepare financial ststements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resour$, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Iruslees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methoLls and principles in the Charities SORP., make judgements and esbmates that aTe reasonable and prudent., slate whether applicable UK Accounting Stsndards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustees a responsible for keeping adequate accountTng records that disclose with reasonable accuracy al any time the financial position ol the charity and enable thern lo ensure that the financial stslements comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DERBY GRAMMAR SCHOOL TRUST LIMITED Opinion We have audited the financial stslements of Derby Grammar School Trust Limited Ilhe 'charity'l for the year ended 31 July 2021 which comprise the statement of financial aetivilies, the summary income and expenditure account, the balance sheet, the slalement of Cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their prep8r8tion is applicable law and United Kingdom Accounting Standards. including Financial Reporting Stsndard 102 The Firpancial Reporting Standard 8pplioable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs'cel. In our opinion, the financial slatemenls.. give a true and fair view of the stale of the charitsblè company's affairs as al 31 July 2021 and of its incorning resources and application of resources, for the year then ended., have been properly prepared in accordan with United Kingdom Genefally Accepted Accounting Practice,. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accoidance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are futher described in the Audilorfs responsibilities for the audit of the financiel stal8ments seth'on of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial stslements in the UK, including the FRC'S Ethical Stsndard, and we have fuKilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is suffieienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial stslements 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 doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the infoimation included in the annual report other than the financial statements and our auditorfs report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other infom)ation and, in doing so. considei whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we idenlfy such material inconsistencies or apparent material misststemenls, we are required lo determine whether this gives rise to a material misslatemenl in the financial Statements themselves. If, b8sed on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. 10-
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DERBY GRAMMAR SCHOOL TRUST LIMITED Oplnion8 on other matter8 pre$cribed by the Companies Act 2006 In our opinion. based on the work undertaken in the Course of our audit.. the information given in the trustees, report for the financial year for which the financial statemen15 are prepared, which includes the d1ctOrS. report prepared for the purposes of company law, is consistent with the financial slalemenls., and the directors, report included within the Iruslees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the directors. report included within the trustees, report. We have nothing lo report in resped of the following matters in relation lo which the Companies Act 2008 requires us lo report lo you if. in our opinion.. adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and returns.. or rtain disclosures of trustees, MUneratIon specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the trustees were not entitled lo prepare the financial statements in accordan with the small companies regime and lake advantsge of the small companies, exemptions in preparing the Iruslees. report and from the requirement to prepare 8 strategic report. Responslbilitie8 of trustees As explained more fully in the slalemenl of Iruslees. responsibilities. the Iruslees, who are also the directors ol the charity for the purpose of company law. 8re responsible for the preparation of the financial stslemenls 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 ststemerils that are free from material misslolemenl, whether due lo fraud or error. In preparing the financial 51alernents, the trustees are responsible for assessing the charity's 2bilily to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. Auditorfs responsibilitles for the audlt of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud ol error. and to issue an auditor's report th81 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 il exists. Misslalements can arise from fraud or error and are considered material if, individua15y or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DERBY GRAMMAR SCHOOL TRUST LIMITED We considered the nature of the Charitable Company's activities and its control environment. We also enquired of management about their identification and assessment of the risks of irregularities. We obtsined an understanding of the legal and regulatory framework in which the Charitable Company operates and identified key laws and regulations that-. Had a direct effect on the delemination of material amounts and disclosures In the financial stalemenls, which included the Companies Act 2006. lax legislation and payroll legislation., and Did not have a direct effect on the financial slalements bul compliance with which may be fundamental lo the Charitable Company's ability lo operate. We discussed among the audit engagement team the opportunities and incentives that may exist w((hin the organisalion for fraud and how I where fraud might occur in the financial stalemenls. In common with all audits under ISAS {UKI, we are also required to perfomi specific procedures lo respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of aontIng adjustments and joumal entries, 8ssesseLI whether accounting estimates were reasonable and accurdte and reviewed the accounting records for any significant and unusual Iransaclions. In addition, our procedures to respond lo the risks identified included.. Reviewing financial slalemenl disclosures by testing lo supporting documentstion to assess compliance with piovisions of relevant laws and regulations described as having a direct effect on the financi slatemenls", Perfomiing analytical procedures to idenlfy any unusual or unexpected variances that may indicate risks of material misslalemenl due lo fraud., Enquiring of management about any instsnces of non-compliance with laws and regulations and any instances of known or suspected fraud.. and Reviewing minutes of meetings of those charged with governan. Because of the inherent limitstions of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misslalement in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events 8nd transactions reflected in the financial slalemenls, as we are less likely to become aware of instances of non-compliance. This risk is also greater gardIng irguIaTItieS occurring due to fraud rather than error, as fraud involves Intentional cOnalMent, forgery, collusion, omission or misrepiesenlalion. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 www.frc.org.uklauditorsresponsibililies. This description forns part of our audilorfs report. 12-
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF DERBY GRAMMAR SCHOOL TRUST LIMITED Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo slate lo them in an auditors. report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the chaTilable wmpany's members as a body, for our audit work, for this report, or for the opinions we have fomed IPS UJ Philip Handley FCA (Senior Staluto for and on behalfof HSKS Grnenhalgh udltor) Chartered Accountants ststutory Audltor 18 Sl Christopher's Way Pride Park Derby DE24 8JY 13-
DERBY GRAMMAR SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JUL Y 2021 Unr•$trictod Endowment funds funds 2021 2021 Total Unrestricted Endowment funds fund$ 2020 2020 Total 2021 2020 Notes ome Donations and legacies Charitable acts'vilies Investments 244,048 2,821,194 715 244,048 308,995 2,821,194 2,824,216 715 1,287 308,995 2,824,216 1.410 123 Total income and endowments 3,065,957 3,(5,957 3,134,498 123 3,134.621 ndi Charitable activities 2,933,047 2,933.047 2,939,561 2.939,561 Other 10 19,410 19.410 19,990 19,990 Total expenditure 2,952,457 2,952,457 2,959,551 2,959,551 Net Incoming resources 113,500 113,500 174.947 123 175,070 Other recognised gains and108ses Revaluation of18ngible fixed assets 52,610 52,610 Net mov•ment in funds 166,110 166,110 174,947 123 175,070 Fund balances at 1 August 2020 1.439,042 10,722 1,449,764 1,264,095 10,599 1,274,694 Fund balances at 31 July 2021 1,605,152 10,722 1,615,874 1,439,042 10,722 1,449,764 The statement of financial activitses includes all gains and losses recognised in the year. All income and expenditure derive from conts'nuing activities. 14-
DERBY GRAMMAR SCHOOL TRUST LIMITED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021 Unrestri¢t•d funds 2021 2020 Gross income 3,065.957 3.134,498 Total expenditure from income funds 2,952.457 2.959,551 Net income for thg yèar 113,500 174,947 15-
DERBY GRAMMAR SCHOOL TRUST LIMITED BALANCE SHEET AS AT 31 JULY2021 2021 2020 Notss Fixed a$8ets Tangible assets Investments 12 13 2,627,000 28,337 2,552,043 28,337 2.655,337 2,580,380 Current a88ets Stocks Debtors Cash at bank and in hand 14 15 1,385 108,160 27.514 2,810 143,863 196,155 137.059 342,828 Croditor6- amounts falling due within ono year 18 {1,026,6661 1425,1091 Nel current liabilities 1889,607} 182,281) Total assets le88 current liabilitiès 1,765,730 2,498,099 Creditors.. amounts falling due after more than one year 19 1149,8561 11,048,335) Net assets 1.615,874 1,449.764 Capital funds Endowment funds - general Income funds nreslri fund General unrestricted funds Revaluation reseNe 21 10,722 10,722 1,552,542 52.610 1,439,042 1,605,152 1,439,042 1,615,874 1.449,764 The financial slate ts were approved by the Trustees on . .8.1.71). enl ee pany Reglstration No. 02739356 16-
DERBY GRAMMAR SCHOOL TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2021 2021 2020 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 25 40.872 1225.0661 Investing actlvitigs Purchase of tangible fixed assets Investment income received 1200,3321 715 {253,9571 1,410 Net cash used in investing actlvltles 1199,617) 1252,5471 Flnancing activitie8 Proceeds from borrowings Repaym&nl of bank loans Payment of obligations under finance leases 806 124,3891 18,7231 11,1731 17,0361 Net ¢a$h used in financlng activltles 19,8961 130,6191 Net decrease In cash and cash equivalents {168,6411 1508,2321 Cash and cash equivalents at beginning of year 196,155 704,387 Cash and cash equivalents at end ofyear 27,514 196,155
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 A¢countlng policies Charity information Derby Grammar School Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Rykneld Hall, Rykneld Road, Littleover, Derby, Derbyshire, DE23 4BX. 1.1 Accounting ¢onvontion The financial statements have been prepared in accordan with the Companies Act 20, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"18nd the Charities SORP "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" (effective 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial ststemenls are rounded lo the nearest £1. The financial slalements have been pPared under the historical cost convention, as modified by the revaluation of certain assets which are included at mafkel value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the lime of approving the financial slalemenls, the trLJStees have a reasonable expectation that the charity has adequate resources lo continue in operational exislenee for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial stalemenls. The Board of Trustees has considered the impact of the ongoing global pandemic on the School operaions and f1nances. Notably the pandemic has had a significant financial impact on its ability to let the sports facility, which has been closed lo the public under government guidelines. However, the School has mitigated the Impact of that closure through support packages provided by the governmenl and cost reductions. However. the relatively small size of the School means that the ability lo pursue any support packages through furlough or cost reductions are limited. The School's aim through the pandemic has been lo ensure that the delivery of excellent academic Provision 15 not compromised, whilst protecting the financial position of the School in these challenging limes. The School has traditionally met its day to day working capital requirements through an overdraft facility of £500k. Fees are only paid by parents on a lermly basis and as such that there is considerable variation in the liming of cashflow. However, the School did not have to use the overdraft facility during the year to 31 JLbty 2021. The School has prepad cash flow forecasts for the period lo 31 July 2023 and ntInueS to closely monitor the impact of the pandemic on finances. As at 31 July 2021 the Trust had nel assets of over £1.6m which has increased on the prior year. The Board of Trustees acknowledges that nel cufnI liabilities are £890k at the balance sheet dale. However, included in creditors are bank loans of £718k that based on the final repayment dale have significant increased the value of nel current liabilities this year. The bank loan facility has since been successfLJIIy renewed. Further details are given in note 23. The School also has key benefactors who have signified their willingnes5 to continue to Support the School, although there is no expectation that this will be required based on forecast information. 1.3 Charltable fund$ Unrestricted funds are available for use at the discretion of the Iruslees in furtherance of their charitable objecb'ves. 18-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Accounting policie8 (Continued) Restrided funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial ststements. The endowment fund is in respect of funds for prizes awarded on Speech Day every year. Further explanation of each fund is detailed in note 21. 1.4 Income Income is recognised when the charity is legally entitled to il after any performance conditions have been rnet, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relats.on lo donations received under Gift Aid or deeds of covenant Is Tecognised al the lime of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and CeIpt is expected. If the amount is not known, the legacy i¥ treated as a wnlingenl asset. Government and other grants are recognised in the Slalemenl of Financial Activrties in the period lo which they relate when there is a reasonable assurance that the charity will comply with conditions attaching lo them and the grants will be received. School fees receivable represent invoiced fees for education supplied and are recognised in the year lo which they late. School fees recognised are reported nel of any scholarships, bursaries 01 other allowances granted by the charity. Income from other trading activits'es, including non-ancillary trading income is reccgnised as it is earned from any services supplied. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notfficalion of the interest paid or payable by the bank. 1.5 Expendltur• Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity lo that expenditure, Il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reasonably. Expenditure is accounted for on an aceruals basis and has been classified under headings that aggregate all cost related lo the category. Vvhere costs cannot be directly attributed to particular headings Ihey have been allocated lo activities on a basis consistent with the use of resources. Grants and bursaries, all of which are made from unreslrieled funds, are Irealed as a deduction from fee amounts billeé. More details with regard5 to the charity's bursary programme can be found in the Trustees, report. 19-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Accounting policies {Continued} 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, nel ol deprecialion and any impairnienl losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, or if held under a finance lease, over the lease term, whichever is the shorter. on the following bases.. Freehold land and buildings Plant and equipment Motor vehicles straight line over varying numbers of years al varying rates on cost 25% on cost The gain or loss arising on the disposal of an asset is determined as the difference beeen the *le Proed$ and the carrying value of the asset. and is recognised in the slalement of financial activities. The charity has adopted the revaluation model for properties where fair value can be measured rel£bly. The fair value of land and buildings is usually determined from markel-based evidence by appraisal that is normally undertaken by qualified valuers. Revaluation gains and losses are recognised In other Statement of Financial Activities and accumulated funds. 1.7 Flx8d asset investments Fixed asset investments are initially measured at transadion price excluding transaction costs. and are subsequently measured al fair value al each reporting date. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred. Surpluses and deficiencies arising on sale are Feflected in the year of disposal. 1.8 Impairment of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangibie assets lo determine whether there is any indication that those assets h8ve suffered an impairment loss. If any such IndtIOn exists, the recoverable amount of the asset is estimated in order to determine the exlenl of the Im1rMenI loss Irf anyl. 1.9 Stocks Stocks are ststed al the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving items. Nel realisable value is the estimated selling pri less all estimated costs of compleb'on and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other 5hort-lerm liquid investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 20-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE YEAR ENDED 31 JULY2021 Accounting policie8 {Continued} 1.11 Financial instruments The charity has elected lo apply the provisions of Sectson 11 '8asic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes p8ty to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset. with the nel amounts Presented in the financial statements. when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financiTal assets Basic financial assets, which include debtors and eash and bank balans. are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable 8re classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of flnancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire Of are diseharged or eancelled. 1.12 Taxation The charity is exempl from corporation tax on ils charitable activities. but can claiM income lax on certain voluntary income. 1.13 Employee bonefits The cost of any unused holiday entitlement Is Tecognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to lerminale the employment of an employee or lo provide termination benefits. 21
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY2021 Accountlng policies (Continued) 1.14 Retirement benefits The chaiity participated in a mutti employer pension scheme, the Governments. Teachers Pension Defined Benefits Scheme, for Ils teaching stsff until 31 Dember 2019. The pension liability is the responsibility ol the Teachers Pension scheme. As a result Il is not possible lo identify the assets and liabilities of the scheme that are attributable to the charity. Accordingly, under Section 28 of FRS 102 the scheme is accounted for as if il We a defined contributions scheme. From 1 January 2020 the charity has operated a defined contribution scheme for teaching staff. The charity also operates a money purchase scheme for non teaching staff. Contributions lo all schemes are charged in the Statement of Financial Activities as they be¢X)me payable in accordance with the rules of the scheme. 1.15 Loases Leases are classified as finance leases whenever the terms of the lease transfer subslanlially all the risks and rewards of ownership lo the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets al the lower of the assets fair value at the dale of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged lo nel incomellexpenditurel for the year so as lo produce a constant periodic rate of interest on the remaining balance of the liability. Assets held under hire purchsse contracts are depreciated over their esttmated useful lives. Those held under finance leases are depreciated over their eslimaled useful lives or the lease term, whichever is shorter. 1.16 Foreign exchange Assets and liabilities in foreign cUrnCIeS are translated into sterling al the rates of exchange ruling at the statement of financial position dale. Transactions in foreign currencies are translated into sterling al the r8te of exchange ruling al the dale of the transaction. Exchange differences are tsken into acwunl in arriving at the operating result. 1.17 Concesslonary loans Concessionary loans are initially measured at the amount received or paid. In subsequent years the carrying amount of concessionary loans will be adjusted to reflect any accrued inteiesl payable or receivable, where such inleresl is charged. 1.18 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. 22-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Critical accounting estimates and judgements In the application of the charity's accounting policies, the Iruslees are qUired lo make judgements. estimates and assumptions about the carrying amount of assets and liabilities that a not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 10 8ccounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Unrestricted fund8 funds 2021 2020 Donations and gifts Government grants Gift aid 217,358 26,500 190 308,425 570 244,048 308,995 Further details on amounts included within donations and gifts are given in note 11. -23-
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DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Invg$tments Unrestricted Unrestricted Endowment funds funds funds general 2020 Total 2021 2020 2020 other investment income Interest receivable 715 1,287 123 1,410 715 1,287 123 1,410 -25-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Charltablo activitles Education Welfare Premises Support Financo Total 2021 Total 2020 2021 2021 2021 2021 2021 Staff costs Depreciation and impairment Hire of plant and machinery Rates and refuse collection Insurance 1,912.744 99,418 35,8 209,487 2,257,545 2,265,860 149.0231 68,877 19,854 59,225 22,519 22,519 14,855 26,971 35,505 63,248 26,971 35,505 63,248 3,917 24,812 32,549 80,622 4,958 Telephone Postage and ststionery Marketing Sundry expenses Motor expenses Repairs and maintenan Legal and professional fees Bank charges Other school operating cosis Bad debts 3,917 7,089 51,475 7,089 51,475 8,264 47,060 501 30,629 31,130 14,777 6.392 2,196 8,588 5,530 185) 66,286 73,435 139,636 118,664 56,976 56,976 46,037 5,308 5,308 5,741 89,303 13.658 46,313 15.729 24,148 175,493 13,658 206.724 {8,178} 2,022.598 147.842 194,612 548,552 5,308 2,918,912 2,927,500 Share of governance costs (see note 71 2,485 11,650 14,135 12,061 2,022.598 147.842 197,097 560,202 5,308 2,933,047 2.939,561 -28-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE YEAR ENDED 31 JULY2021 Charitable activitie8 Icontlnuedl For the year ended 31 July 2020 Education Welfare Premise$ Support Flnan¢o Total 2020 Staff costs Depre¢ialion and impairment Hire of plant and machinery Rates and refuse collection Insurance utiirties Telephone Postage and stationery Marketing Sundry expenses Motor expenses Repairs and maintenan Legal and professional fees Bank charges other school operating costs Bad debts 1,938,424 71,884 60,545 195,007 2.265,860 59,225 59,225 14,855 14,855 24,812 32,549 80.622 24,812 32,549 80,622 4,958 8,264 47,060 14,777 5,530 118,664 4,958 8,264 47,060 13,967 810 5,530 2,510 63.081 53,073 46.037 46,037 5,741 5,741 121,602 18,1781 41,660 16.940 26,522 206,724 {8,1781 2,057,378 116.054 279,359 468,968 5,741 2.927.500 Share of govemants costs (see note 71 2.028 10,033 12,061 2,057,378 116,054 281.387 479,001 5,741 2.939,561 Analy$ls by fund Unrestricted funds 2,057,378 116,054 281.387 479,001 5,741 2.939,561 -27-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Support costs Support Governance costs Costs 2021 Support Governance costs costs 2020 Audit fees Accountancy Insurance 8,720 2,930 2,485 8,720 2,930 2,485 8,580 1,453 2,028 8,580 1,453 2,028 14,135 14,135 12,061 12,061 Analysed between Charitable activities 14,135 14,135 12,OS1 12,061 Trustegs None of the trustees lor any persons connected with them) reiVed any remuneration or benefits from the charity during the year. Employee8 The average monthly number of employees during the year was.. 2021 Number 2020 Number School Catering Adminislralion Propety Maikeling Sports Centre 48 51 Totsl 74 76 Employment Costs 2021 2020 Wages and salaries Social security costs Other pension costs 1.752,441 226,758 278,346 1.755,892 166,017 343,951 2.257,545 2,265.860 28-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 Employees Icontlnugdl The charity participated in the Teachers, Pension Scheme (England and Wales) fyhe TPS'I for ils leaching staff until 31 December 2019. The pension charge for the year includes contributions payable to the TPS of £51812020- £120,274} and at the year-end £nil12020- £nil} was accrued in respect of contributions to this scheme. The TPS is an unfLJnded mulli*mployer defined benefits pension scheme governed by the Teachers, Pensions Regulations 2014. Members contribute on a "pay as you go" basis with conlribulions from members and the employer being Credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is sel following scheme valuations undertaken by the Govemmenl Actuary's Department. The lalesl actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuation report, which was published in March 2019, confirmed an employer contribution rale for the TPS of 23.6Vo from 1 September 2019. Employers are also required lo pay a soheme administration lewy of 0.08Vo giving a lolal ernployer contribution rate of 23.68910. Had the charity not left the scheme on 31 December 2019 this employer rale would have been payable until the outcome of the next actuarial valuation which was due lo be prepad as al 31 March 2020, with any resulting changes to the employer rale expected lo lake effect from 1 April 2023. This valuation will also delemine the opening balance of the cost cap fund and provide an analysis of the cost cap as required by the Publie Service Pensions Act 2013. In October 2019 the charily commenced a defined contribution scheme with Aviva which became the sole scheme for leaching staff from 1 January 2020. The cost for the year represents the chaiity's contributions lo this scheme of £231,65212020- £177.3081. The school also administers an auto enrolment scheme, The People's Pension, for ils non-leaching stsff. The cost for the year represents the charity's contrib4Jtions lo the auto enrolment scheme of £19,88912020- £25.460}. The number of employees whose annual remuneration was more than £60,000 is as follows.. 2021 NuMr 2020 Nurnber £60,001 - £70,000 £70,001 - £80,000 Pension conlribub.ons made in respect of higher paid employees lotslled £15,260 {2020- £17,226). 10 Other Unrestricted Unrestricted fund8 funds 2021 2020 Financing Costs 19,410 19,990 19.410 19,990 -29-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 11 Excgptional Items Included within donations and gifts receivable of £217,358 12020- £308,425) is an amount of £208,848 12020- £250,000) relating to donations from a related charity, Derby Grammar School Foundation. This donation was effe¢led on 9 July 2021 12020- 3 May 20201 via the release from an obligation to repay loan funding received in previous years. Further details relating lo this related charity are shown in note 24. 12 Tangible fixed assets Freehold land 8nd buildlngs Plant and Motorvehicles eqltlpment Total C08t or valuatlon At 1 August 2020 Additions Revaluation and impairment 2,939.362 1,168,994 9,971 32,230 101,633 63,830 4,172,186 42.201 101.633 At31 July2021 3,050,966 1,201.224 63,830 4,316,020 Depreciatlon and Impairnient Al 1 August 2020 Depreciation ch8rged in the year 524,184 1,042,676 19,965 40,385 53.303 8,527 1,620, 143 68,877 At 31 July 2021 544, 129 1,083,061 61.830 1,689,020 Carrylng amount At 31 July 2021 2,506,837 118,163 2.000 2,627,000 At 31 July 2020 2,415,198 126,318 10,527 2,552,043 The school's properties were independently valued on an operating unit basis on 17 March 2022 by Jonathan Barnett Bsc IHonsl MRICS of Lambert Smith Hampton al a total valuation of £2,625,000 of which £2,100,000 is attributable lo the school and £525,000 to the sports centre. Of these valuations respective amounts of £1,992,157 and £514,680 are attributable lo land and buildings with the remaining balances being the nel book values of respective plant and equipment assets. Although these valuations were carried out in March 2022 the trustees, ere of the opinion that the values provided are a fair valuation of these assets as al the balance sheet dale. At 31 Juty 2021, had the revalued assets been rrIed al historic cost less accumulated depreoation and accumulal&d impaimenl losses, their carrying amount would have been approximately £2,454,227 {2020 - £2,415,196). Revaluation and impairment included in cost or valuation consists of £94,122 reversal of prior year impairment plus £52.610 revaluation surplus, both in respect of the sports centre. less £45,099 impaimienl of school buildings. These values are all recognised in the Statement of Financial Aclivib'es with the nel impaimienl income of £49.023 recognised as a negative cost 8ttribu18ble lo propety as detailed in note 6. All freehold land and buildings have been pledged to secure the bank borrowings of the charity. The nel book value of tangible fixed assets includes £nil 12020- £ 10,5271 in respect of assets held under hire purchase contracts. These assets are also the security held by the lender in resped of associated hire purchase liabilib'es. -30-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 13 Fixed asset investments Unlistsd investments Cost or valuation At 1 August 2020 & 31 July 2021 28,337 Carrying amount At 31 July 2021 28,337 At 31 July 2020 28,337 There were no investment assets outside the UK. The unrestricted fund investments comprise historic assets donated lo the charity. 14 Stocks 2021 2020 stocks 1,385 2,810 15 Debtor8 2021 2020 Amount8 falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 40,943 12,571 54,646 34.230 11,054 S8.579 108,160 143,863 16 Loans and overdrafts 2021 2020 Bank loans Other loans 717,833 85,701 726,556 304,459 803,534 1,031,015 payab within one year Pay8ble after on& year 762,878 40,856 67,976 963,039 31
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 16 Loans and overdrafts (Contlnued) There is in place an overdraft facilty of £500,000, which was renewed in May 2019. This facility carries interest al a variable rale set at 2.25% above the base rate of Barclays Bank Plc. Barclays Bank holds the following security for its loan and overdraft facilities.. a first legal charge over the charity's buildings and certain propety a debenture over the charity's other assets first legal charge over Rykneld Sports Centre The bank loan of £717,83312020- £726.5561 funded the purchase of Rykneld Sports Hall. The bank loan is repayable over a period of 5 years in the first instance, repayments having started in May 2017. The bank have the right to ask foi immediate repayment of the whole of the loan outstanding if any of the terms and conditions of the loan are breached. The bank loan carries interest at a variable rale set al 2.3Yo above the base rale of Barclays Bank plc. Other loans comprise a concessionary loan of £40,65612020- £249,144) and a benefaelor loan of £45,045 12020- £55.3151. The concessionary loan advanced to Derby Grammar School Trust Limited by Derby Grammar School Foundation was for the purpose of furthering the objectives of the public benefit entity, is interest free and has no fbxed repayment date. Loans from benefactors carry interest at a variable rate set al 1% above the base rate of Barclays Bank plc, with the exception of loans lotalling £45.045 12020- £55,315} which remain InteSt free. Loans from benefactors have no fixed date for repayment. 17 Finance lease commltments Future minimum lease payments due under finance leases,. 2021 2020 Within one year 1,173 Hire purchase contracts are secured on the funded asset.
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 18 Creditors: amounts falling dug Within one year 2021 2020 Notes Bank108ns Obligations under finance leases Other borrowings Other tsx8tion and social security Payments received on account Trade creditors Other creditors Accruals and deferred income 16 17 717,833 12,661 1,173 55,315 41,536 54,514 20,397 54,729 184,784 45,045 42,021 52,301 81,184 59,665 28,617 1,026,666 425,109 19 Creditors.. amounts falling due after more than one year 2021 2020 Notes Bank loans Other borrowings other creditors 16 713,895 249,144 85,296 40,656 109,200 149,856 1,048,335 20 Secured debts Infom)alion about secured debts is given in notes 12 and 16. -33-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 22 Analysi$ of net absets betsyeen funds Unrestrictod Endowment funds funds 2021 2021 Total Unrestricted Endowment funds funds 2020 2020 Total 2021 2020 Fund balances at 31 July 2021 are represented by.. Tangible assets Investments Current assetsl 2,627,000 27,609 2,627,000 2,552,043 28,337 27,609 2,552,043 28,337 728 728 1941,8971 1107,560} 9,994 1889,6071 1134,571) 1149,8561 11,006,039) 9,994 182,2811 11,048,335) Long tem liabilities 1,605,152 10,722 1,615,874 1,439,042 10,722 1,449,764 23 Events aft&r the reporting date The bank loan facility was renewed on 6 March 2022 for an amount of £750,000 repayable over 10 years at a fixed rate of interest of 4.79%. 24 Relatsd party transactions Transa¢tSons with rolated partles During the year the charity entered into the following transactions with related parties". Loans amounting lo £nil12020- £8061 were received from a charitable organisalion, wrth which the charity is affiliated, as noted In the Report of the Trustees. During the year the charity was released from the obligation to repay loans to 8 lolal of £206.84812020- £260,000) as referred in note 11. As al the balance sheet dale amounts owed to the affiliated charitable organisalion, as noted in the Report of the Trustees, lolalled £40,656 {2020- £249,144). At Ihe year end the charity owed £45,045 12020- £55.3151 lo former Iruslees. During the year loans amounting to £10,270 12020- £20,110) were forgiven by these individuals and are reflected in donations and gifts in the slalemenl of financial acb'vilies. Four governors have children who attend the School. No fee discounts or benefrts are provided to those families due to their positions on the Board of Trustees. -35-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2021 25 Cash generated from operatlons 2021 2020 Surplus for the year 113,500 175,070 Adjustments for.. Investment income recognised in ststement of financial activities Depreciation and impairment of tangible fixed assets 17151 19,854 {1,4101 59,225 Movements in working capital.. Decrease in stocks Decreasellincreasel in debtors (De¢aSe) in ciedilors 1,425 35,703 1128,8951 147 158,6851 1401,4131 Cash genorated froml{absorbed by} operations 40,872 1225,0661 26 Analysis of changes In net Idebtllfunds At I Au9llSt 2020 Cash flo# ¢)ther non-¢ash At 31 July 2021 changes Cash al bank and in hand 198,155 1188,641} 27.514 Loans falling due within one year Loans falling due after more than one year Obligations under finance leases 167,9761 {963,0391 11,1731 8,723 {703,6251 922,383 1762,8781 140,8561 1,173 1836,0331 1158,7451 218,758 1776,0201
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