Charity registration number 1015449 Cornpany registration number 02739356 (England and Walesl DERBY GRAMMAR SCHOOL TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
DERBY GRAMMAR SCHOOL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tru5t¢as, dlrectors and governors MrA Gentles Mr J Pugh-L8wis Mrs M Viles Mr l Louch Mrs D M Cadman Mrs N K Virk Secretsry Mrs C Cook Charity number 1015449 Company number 02739356 Règistered offl¢è and business address Rykneld H811 Rykneld Road Litlleover Derby DE23 48X Auditor HSKSG Audit 18 St Christopher's Way Pride Park Derby DE24 8JY Bankers Barclays Bank PLC Derby Soliritors Flint Bishop LLP Patron Sir Nigel Rudd Head Mr P Logan
DERBY GRAMMAR SCHOOL TRUST LIMITED CONTENTS Page Trustees, rèport Statement of trustees. responsibilities Independent audilorfs pOrt 10- 12 Statement of financial aclivits'es 13 8alan¢e sheet 14 Statement of cash flows 15 Notes to the financial statements 16-33
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2022 The Iruslees. who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 31 July 2022. The financial slalements have b88n prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charitls governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Siaternent of Recommended Practice applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Since the company qualifies 8$ small under section 383 of the Companies Act 2006, the strategic report required of medium and large comp8nies, is not required. Objectlves and actlvltles The charity's principal objective fDr which the company was established is to educate chIldn in the City of Derby, South Derbyshire and Burton-upon-Trenl. At Derby Grammar School we aim not only to te8Gh, but to inspire a passion for learning that remains with OUT pupils throughout their lives. Combining intellectual challenge with 8 real breadth of experience, we encourage each pupil to harne5S their strengths. work on their weaknesses, and rea11se their full potential. An education with us provides a strong basis for higher education. for a subsequent Career and for a welkrounded life. whilst having fun and being happy in our school environment. Founded in 1995, our aim is to provide an excellent education for able boys and girls in the East Mid18nds. Our high quality e(Jucation allows pupils to flourish in an atmosphere that provides intellectual challenge and celebrates SuC$s. Our education exlends far beyond the classroom to the sports field, the debating table, the concert hall, the race track, and even the Tanzanian plains. We aim to equip our pupils with a breadth of skills and knowledge which will enable them to perform outstandingly well at sdFooI and in later life. We slnve to encourage independent thought, expression and learning, in an environment where learning is fun. Pupils and staff share high expectslions and all of our staff are committed to helping and encoureging our pupi15 10 succeed. The schi)ol Is fortunate in having staff who arg more than willing to devote time to a substantial number of extra- mural activities, designed to givè pupils experience over and above the ecademic curriculum, with the aim that by the time pupils leave the school, they 11 be confident, articulate, self-assured and well prepared for life after school. Inspiring a passion for learning th81 remains with pupils throughout their lives is central to our valuès and our motto embc>dies thls - 'vita sine litteris mors,; it translates as 'life without learning is death.. Three prin¢iples lie at our core.. excellence, enrichment and encouragement. We provide superb teaching. incredible opportunities and a supportive, friendly almc>sphere. These are the things that make us special. They ale the reasons our pupils come Into school every day wth a smile, eager to learn 8nd expand their minds. Finally. we aim to increase the number of pupils and further develop links with local state schoo15, particularly those withoLJt their own sixth forms, with a view to being able lo offer sixth form places to their pupils and bursaries, the level of which will be mean5 tested, will be made available lor this purpose. The trustee5 have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Grantmaking The Governors of Derby Grammar School are cornmitted to broadening access to the School by offering lo eligible parentslguardians means-tesled financial support with the payment of the school's fees. Such support is known as bursary and these may be awarded in the form of a discount ol LJP to 1 OOVD on tuition lees payable, depending on the financial, compassionale or other pertinent oirGumstances of applicants. Grants and bursaries, all of which are made from unreslricled funds, are subject lo repeat testing ol parental me8ns each year and may be varied upwards or downwards, (Jepending on parental circumstances. We also recognise gifted pupils with a wide range of scholarships and exhibitions and assist families of muliiple children with sibling discounts. A¢hlevements and perfomiance Curriculum The National Curriculutn PTovides the basis for our Prim8ry School's broad and balanced curriculurn, which focuses on developing exllenCe in liter8Gy 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 trad( progress and ensure each pupil is suitably challenged and guided to maxifflise their potential. Trips and residential visits, as well as a variety of school and ¢ommLJnity-based activities, also stimulate pupils, interest5 and enrich the curriculum further a5 they're encouraged to explore, enjoy, imagine, create, experience, ancs achieve to the best ol their ability. In Years 7 to 9, the curriculum is designed to broaden pupils. interests and explore their strengths in a wde range ol subjects. A lirnited ntjmber of options are introduced in Years 8 and 9. As pupils progress on to Year 10 the curriculum is divided into Core and options which enables each boy lo study up to ten subjects to GCSE in Year 11. Individual support and guidance is given to each pupil as they rr8ke these important Choices. Pupils choose three A levels lo slu¢Yy at Derby Grammar School. The range of 22 subjects we offer ensures a wide curriculum to rneet pupi15' strengths and aspirations, preparing Ihem for LJndergradu&le study at the best universities. Th¢ Exlended Project Qualification can also be pursued by pupils in the Sixth Form. GCSE Subject Headline5 History- l OO°/o grade 7-9 Combined Science- 10001¢ grade 7-9 Music 100 /0 grade 7-9 GCSE Pupil he¥dlines Two top sCorng candidates achieved 9 grad8 9's. Six further candidates achieved all grades 7-9.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 A Level Trends In Summer 2022, public examinations went ahead as expected after two y8ais of significant disruption due to Covid-19. Results were above those achieved by the school in 2019, exceeding expectations following Ofqual and Department for Education guidance. Percentage of A'A grades.. 450/0 Percentage of A'_B grades.. 720 A Level Pupil Headlines 5 pupils achieved three A" grades 3 pupils achieved 3 or more A-A. grades A Level Subje¢t Headlines English Lileralure, German - 1000k A. The House System Inler-house competitions have been largely rein5t8ted after Covid lockdown, involving all pupils in sports, curricular and ctrcurricLJlar activities. Sporting House Competitions dUrIg 2021122 included football, rugby, cross-counlry running, tLJg-of-war, hockey, cricket and 8lhleti¢s. In addition. there have been House Competity'ons in art, music, debating, chess and writing. There are a lew other traditional competitions to reintroduce post covid. for ex8mple Hous¢ drama and the is debate about introducing some new competitions. Mu51c and Corycurricular Weekly co-curricular opportunities across the school have returned to pre-covid levels. For the Primary School clubs (excluding music 2nd sport) in¢luded.' Street Dance, Three Bears Cookery Club, sO¢r Stars UK, Monday Morning Mile, Fiction Library. Art and Craft. Lego Club, Junior School Magazine, Aulhorfy and Gardening Club. Forest School INB the School has official accredilalionl is embedded in the Primary School as part of the curriculum, bul is offered as an after school co-curriculum activity lo Senior School pupils. Senior Schix>l clubs for 2021-22 (excluding music and sports) include:_ Foreign Languages Film Club, Arts and Crafts Club, IDEA Ilnspiring Digital Enterprisè Award), Year 7 Film Club, Senior Forest School. Senk)r Chess Club, Y7-9 Science Club, Magic Clkjb, Table Tops Games Club, Warhammer, Psychology Club. Archery and Code Club. The School's Formul8 24 racing team won national compelits.ons during summer 2022. Music continues to be a strength of Derby Grammar School. Cholrs, bands and ia22 ensembles rehèarse weekly and perform at wncerts the School, city and county. Significant nLJmbers ol pupils are mernbeTS of Hrt House and rehearse in School on several evening each week and pupils also play with the County Youth Orchestra. The Duke of Edinburgh Award programme has engaged 18rge numbers ol pupils. All pupils in Year 9 ar 10 took P8rt in Bronze expeditions in Summer 2022. There has also been notsbSe success al Silver and Gold level with record breaking number of pupils allending a Gold Award Ceremony at Buckingham Palace during summer 2022.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2022 Pupils have continued lo ènjoy success in regional and national c¢)mpelition5, including the UK Mathemali¢s Challenge at all levels. The Fomiula 24 team has raced at Goodwood, Ainlree and C8st18 Combe. Co-curricular trips during Activities Week in summer 2022 saw pupils in Years 7-12 sailing, canoeing and climbin9 and at the start of the autumn term Year 7 enjoyed an outdoor education residential at Whilernoor Lakes, sech and Drama Speech and Drama lessons remain a popular peripatetic lesson choice, with over 40 pupils partiCiP8ting from Years 3 10 13. LAMDA exams are taken in house 8t the end of each term Charltable support Tan2ania Our partnership wth Gedeli B Ilbeshil School in Mwanza, Tanz8nia and orphanages in the wcinity is now In its 1 Oth year. We continue to raise money for the project in school lover £2000 this year's School Charities Weekl. Due lo the impact ol COVID pupils have been unable lo visit Tanzania since 2019, but a party ol pupi15 are visiling during surnmer 2023. YMCA Our Harve51 Festival and Christmas Shoebox appeals provided food, provisions, toiletries and gifts for homeless young people in the Derby area. Donations for the October 2021 Harvest Festival exceeded all previous years, despite the pandemic. During 2021 the School has also raised rnoney for Children in Need. Sport Sport continues lo be a very popular subject and plays a wlal role in the lrfe of all Derby Grammar School pupils. The School benefits from having a well qualified and experienced Sports Department ol specialist PE teachers, delivering high quality PE and Games le550ns to pupils across the whole School. This provision Is conts'nued within Ihe co-curricular offer and ensures pupils receive excellent input from specialist physical educators at all time5. Pupils participate in regular inler-school matches against other schools and have frequent opportunities for school representation in a competitive environment. The School has a well developed sport5 scholarship pro9rarnme that provides pupils wilh an off field sporting education where PLJpils have aGGess to leading experts from the Derfjyshire Institute of Sport covering 8 wide range of sports performance tOPlCS Such as nutrition, strength and conditioning, sports psychology, sleep, injury and prevention. This k>th attracts and retains gifted and talented pupils to th8 school. The Schools core sports prowsion of rugby, hockey and cricket is offered termly and provides pupils with the opportunity to represent the School wlhin 8 well ba13nGed, competitive and enioy8ble set of sports fixiures throughout the year. The School is well resourced in terms ol practlce and playing f8cililies, both on sitè and at its sports facility at Ryklleld Sports Centre. In addition to the core sports provision, the School offers its pupils the opportunity to explore and develop their personal, physical. social and moral qualities aGross a wide variety of sporting activities, at various key stages, including,. health related fitness, basketball, short tennis, badminton, swirnming, gymnastics, dance. invasion games. ball skills, footba11. tsble tennis, striking and fielding, and athletics.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 School Trips Our commilrnent to trips 8nd visits to enrich pupils, education continues lo be irnportant. During 2022 Primary School visits have included Year 6 to Hollowfcird Centre for outdoor edLJeation, Year 3 and 4 to Derby Cathedral, Bikability Week for various Year groups Activities Week visits lo Cadbury's World and the Sea Life Centre in Birmingham. In the Senior School the priority has been to support academic studies with GCSE Geography fieldwork al Cannock Chase and in Stafford and A Level Geography field work in Cheshire. History fieldwort( has seen GCSE pupils visit Hadrian's Wall and A Levèl Psychology pupils have spènt b'me in Shrewsbury Prison. Rykneld Sports Centre At Rykneld Sports Centr& investment in n8w gym facilities has benofitéd the pupils. The astro turf is swept on a regular basis and is annually'refreshed., with the 3ddition of sand lo the base. This has not only benefited our pupils bul also improved school-club links have resulted In exiernal clubs now using the facility as an additional venue for their senior and junior hockey learns. FÉnancial review Busine55 Rèview This w85 8 challenging year for the sector in general, as families and schools emerged from the period impacted by the Global Pandemic. The focus of our 8ttention ha5 continued to be the quality of educational provision 21ongside strong pastoral care as we have seen the impact of the Pandemic on Dur pupils, learning and welfare. The Trustees were therefore particularly pleased to see another strong year lor both GCSE and A-L&vel exam results, which is 8 huge credit to the pupils, families and staff, who hav8 maintained extremely high levels of achieveTnent. The School moved from a surplus in 2021 to break even (before the annual depreciation chargel in 2022, with lower level of donations and gifts cogniSed in the year compared lo the previous year. The underlying perfomiance of the School in the academic year remained solid, with higher pupil numbers. The School was able to invest in upgrading Ihe Science block facilities and opening a gym at the sports cenlre, both of which have benefited the pupils greatly. Reserve5 Policy The balance sheet presents the assets and liabilities of the various funds by type. Note 22 presents the various trusts of the charity and summarises th6 rnovemen15 for the year on each fund. The trustees believe that a reason8bl& level of reserwes should equate to terms, expenses. Thère remains much work to do in this respect, which will be achieved by stimulating local demand for the School., in order lo attain higher suslain8ble numbers of pupils attending, and by gener81 purpose appeals from lirrTre to time. The Trustees have continued to keep the secured overdraft under review to ensure that, whilst reserves remain le5S than ideally required, il remains adequate to cover the School's working capital requirements. Prlnelpal risks and uncertaintle$ The trustees have a duty lo identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable 8ssurance against fraud 8nd error. whe risks are identified. any required adion is delegated to the Senior Leadership Team or other 8ppropriate school personnel to implement, with appropriate oversight by the Govemors to ensure any required action is undertaken. The trustees have assessed the major risks to which the charity is exposed, and are salisfied that system5 are in place to rnits.gale exposure to the major risks.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 In the Trustees, opinion, the principal areas of risk to which the School is exposed are.. The market in which the School operates is highly competitive and the ongoing uncertainty in relation to the economy and the government's policies with regard to education means that maintaining and increasing the level ol pupil numbers remains a key focus. Pupils 8chieve excellent results and the School continues to be [aCed as one ol the lop performing schools in the East Midlands. W& constantly monitor the educational standards of our School in order to attract and retain pupils and 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. Specrfically, the Safeguarding of pupils and the health and safety of staff and pupils remains a key priority. Significant investment in the School's protective measures has been made recently lo ensure high levels ol compliance during the COVID-19 pandemic. This has included enhanced cleaning regimes and the implementation of the govemment-advised system of controls. To ensure any risks are considered and addressed the Schoo1 has appropriate risk assessments, policies and procedures In place. Staff unttertake appropnate and regular tiaining with aGGredited training provi(Sers. Consultation is sought where necessary from external expert agencies, particularly with regards to Health and Safety and safeguarding training. The Board of Governors is a member of AGBIS which gives expert advice and training to ensure the Governors are suilobty trained to oversee the School in this regard. There are sufficient members of the Board lo speaalise in their sub-¢ommittee structure. Plans for future periods With the re¢enl opening of provision for Reception, Year 1 and Ye8r 2 and the Primary School going fully co- educational in September 2022 and the trustees are embarking upon an ambitious phase ol growth. Links with local nurseries, pre-schools and Prirnaries a being reinstated, with communily events planned for 2023, including slay and play and for8St school events. The school has expanded its sports pro%Ysion through the opening of 8 gym and weights room. This s open to the public and offered free to staff at certain limes to enhance well-being. Additions lo the programrlle of girls, games have been well received, and we are looking to embed and develop this further 85 the school attracts increasing numbers of girls into the fully co-edu¢alional School. The trustees are seeking lo further develop the IT facilities and infrastructure of the School. Investment has been made in in-cla55 technology, purchasing the latest SMART interactive while boards for 8 number of suble¢t areas, with more or better altern8tlves to be in51alled in 2023. As a Google Education Suite School, rnore Chromebooks have been bought lo enable further IT-based learning, independent le8rning and research skills to be developed. In addition, a new rolling programme of exlemal and Internal redecoration has begun. Having rollecl out a successful online learning programme for pupils during the COVID pan(Jemic, investment has been made in new hardware, such as in-class webcams and visualisers, new education81 software, staff training and virtua5 &(Jucational platforms such as Microsoft Team5, to enhance this provision. Any future necessity of online education is therefore fully resourced. Structure, govèrnance and management The charity is a Cornpany limited by guarantee.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements wère.. Mrs S Flear IR&signed 22 April 20221 Mr A Gent5es Mr J Pugh-Lewis Mfs M Viles Mr l Louch Mrs D M Cadman Mrs N K Virk The cornpany's Articles of Association allow for Trustees to serve for a the year term. Tnjstees must retire at the annual general meeting following their cornpletion of three years. service but may stand for re-election. The Board has the power at any lime. and from time lo time, to apwint any person to be a Trustee, either lo fill casual vacancy or as an addition lo the existing Trustees, subject to the total number of Trustees at any time not exceeding sixteen. Any Trustee appointed holds office only until the next following annual gen&ral meeting, and then becomes eligible for re-election. New Trustees are generally found from the contacts and networking of existing Trustees to 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 ihe company and guarantee to contribute £1 in the event of a winding up. The Board of Trustees administers the charity. The Board meets four times 8 year. as do the Governors, and there are SLJb-cornmittees covering education, finance. property, health and safety and safeguarding which also m2el al least four limes a year. The Head, appointed by the Trustees, rnanages the day to day operations of the school. Induction and training of new Trustees The sGhool follows the guidelines in respect of this matteT issu&d by the Independent Schools Assccialion and AGBIS. Related parties Derby Grammar School FDundalion IDGSFI (Charity Number 10781931 is a connected charity within the meaning ol the Statement of Recommended Practice, by virtue of the majority of ils Trustees also bèing Trustee5 of this company. An amount of £41 k remains as an interest free loan to the school with no fixed dale for repayment. The TrLJStees are grateful to OGS Foundation for ils Continuing support. Auditor Since the financial year end. the School appointed HSKSG Audit, being the successor firm to HSKS Greenhalgh, the previous auditor. A resolution to reappoint HSKSG Audit will be proposed at the forthcoming Annual General Meeting in accordance with the School's articles.
DERBY GRAMMAR SCHOOL TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Drsclosure of information to auditor Each of the trLJStees has confirmed that there is no information ol which they are awere which 15 relevant to the audit. but of which the auditor is unaware. They have further confirmed thal they havè taken appropriate steps to identify such relevant information and to establish th81 the auditor is aware of such infomiation. The Trustees would like to register their thanks and appreciation to all sl8ff for their tireless efforts, desire and willingness to do the very best for our pupils. The Trustees are once again extremely grateful for thè ongoing support of tts benefactors, past Govemors and former teachers for their indication of and willingness lo support Th8 School. Thet ees, re approved by the Board ol TnJstees. Ge te tle 30
DERBY GRAMMAR SCHOOL TRUST LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2022 The trustees, who are also the directors of Derby Grammar School Trust Lirni18d for the purpose of company law, are responsible for preparing the Trustees, Report and the fillanGial staternenls in accordance with applicable law and United King(fom Accounting Standards (United Kingdom Generally Accepted Accounting Practi1. Company L8w requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the Incoming resources and application of resources, including the income and expenditure, of the charitsble cornpany for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are Teasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial sl3tements', and prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Irustees are responsible for keeping adequate accounb'ng records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial 51alements comply with the Companies Ad 2006. They are 8150 responsible for $8feguarding the assets of the charity and hence for taking reasonable steps for the prevention 8nd detectlon of ftaud and other irregularities.
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DERBY GRAMMAR SCHOOL TRUST LIMITED Opinlon We have audited the financial sl8temenls of Derby Grammar School Trust Limited (the 'charily'l foi the year ended 31 July 2022 which comprise the statement of financial activities, the belence sheet, the st8temenl of cash flows and notes to the financial statements, including significant 8CCOLJnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounb'ng Standar(Js, including Financial Reporting Stsndard 102 The Fin&ncial Reporting Slandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi¢el- In our opinion, the financial statements". give a true and fair view of the slate of the ¢haritable company's affairs 85 at 31 July 2022 and of ils incoming resources and appliGalion of resources, including ils Income and expenditure, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practi", and have been prepared in accordance with the requirements of the Comp8nies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII 8nd applicable law. Our responsibilities under those standards are further described in the Auditors spOnSIbl1111eS for the audit ol Ihs financial slalemenls section of our report. We 8rÈ independent of the charity in accordence with the ethic81 requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fuffilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going concern In auditing the finanGial statements, wtr have concluded that the trustees, use of the going concem basis ol accounting in the preparation ol the finanaal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainlie5 relating lo events or conditions that, individually or collectively, may cast signifiGanl doubl on the charity's ability to continue as a going concern for a period of al leasl hwelve months from when the financial s181ements are authorised for i55U&. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Othèr Informatlon The other information COTnprises the inform81ion induded in the annual report other than the finarcial statements and our auditor's report thereon. The trustees are responsible for the other informatiori contsined within the annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, In doing so, consider whether the olher information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistències or 8pparent maler181 misslatements. we are required to determine whether this gives rise to a materi81 misstatement in the financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We hove nothing to report in this regard. Opinions on other matters pre5¢rlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of c>ur audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report prepared lor the purposes of company Saw, is consisltrnt with the financial statements., and the directors. report included within the trustees, report ha5 been prepared in a¢cordanc& with applicable legal requirements. 10-
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DERBY GRAMMAR SCHOOL TRUST LIMITED Matters on which w¢ are required to report by exceptio In the light of the knowledge and understanding of the charily and ils environment obtained in the course of the audit, w8 have not identified material misstalemenls in the directors, report included within the trustees, report. We have nothing to report in respe¢t of the followlng matters in r&l81ion to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate lor our audit have nol been received from branches not visited by us., or the financial statements are not in agreement with the accounts'ng records and returns., or certain disclosures of truslees, remuneration specified by law are not made., or we have not received 811 the information and explanations we require for our audit., or the Irustee5 were not entitled to prepare the finan081 statements in a¢¢ordance with the small companies regime and take edvantage of the sm811 ¢ompanies' exemptions in preparing the Iruslees, report and from the requirement lo prepare a strategic repDrt. Responsibilities of trustees As explained more fully in the staternent of Iru5tees' responsibilities, the trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial stslements that are free from malerial misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitys ability to Continue as a going CDncem, disclosing, as applicable, mallers related to going concern and using the going ¢oncern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bLrt to do so. Auditorf5 re$ponsibilitie5 for the audit of the flnancial slatemonts Our objecty'ves are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in 8ccordance with ISAS IUKI will always detect a material misstatement when it exists. Mi5St8lements can 8rise frDm fraud or error and are considered material if, individually or in the aggregate, they could reasonably be axpected lo influence the economic decisions of users taken on the basis of these financial stal8ments. The extent to which our procedures are capable of deteth.ng irregularities, including fraud, is detsiled below. We considered the nature of the Charitable Company's activities and its control environment. We also enquired ol management about their identification and assessment of the risks of irregularities. We obtained 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 determination of materi81 amounts and disclosures in the finanaal statements, which included the Companies Act 2006, tax legislation and payroll legislation., and Did not have a direct effect on the financi81 statements bul compliance with which may be fundamenial to the Charitable Company's ability to operate. We discussed among the audit engagement team the opportunities and incentives that may exist within the organi581ion for fraud and how I where fraud might occur in the financial stslements.
DERBY GRAMMAR SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DERBY GRAMMAR SCHOOL TRUST LIMITED In common with all audits und8r ISAS IUKI, we are also required lo perform specific procedures lo spond lo the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of accounting a(Jjuslments and journal entries, assessed whether accounting estimates were reasonable and accur8le and reviewed the accounting records for any significant and unusual Ir8nsactiDns. In addition, our procedures to respond to thÉ risks identified included. Reviewing financial s18lement disclosures by testing to supporting documentstion to assess compliance wrth provisions of relevanl laws and regulations described as having a direct effect on the financial statements., Performing analytical proCedUS to identify any unusual or unexpected variances that may indicate risks of material misstatement due lo fraLJd', Enquiring of management about any instances of non<ompliance with laws and regulations and any instances of known or suspected fraud., and Reviewing minutes of meetings of those charged with governance. Bec8use of the Illhent limitations of an audit, there is a risk that we will not detecl all irregularities, including those leading to a material misstatement in the financial statements or non-compli8n¢e with regulation. This risk increases the more Ih8t compliance with a law or regulation is removed from the events and transactions reflected in the linancial s18lements, as we are less likely lo become aware ol instances of non-complian. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentlDnal concealment, forgery, Collusion, omission or misrepresentation. A further description ol our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklaudttor5responsibilities. This description fomis part of our auditor's report. Use of our report This report is made solely to the charitsble cornpany's members, as a body, in aG¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we mighl state to lh$ charitakle company's Tllembers those matters we are required to state to them In an auditorfs report and for no other purpose. To the full&st extent permitted by 18w, we do not accept or assume responsibility lo anyone other than the charitable company and the charrftable company's members as a body, for our audit work, for this report, or for the opinions we have fomed. Phillp Handley FCA (Senior Statuto lor and on behalf of HSKSG A 3)Th kn13 Chartered A¢¢ountants Statutory Auditor 18 Sl Christopherfs Way Pride Park Derby DE24 8JY 12-
DERBY GRAMMAR SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2022 Unrestricted Endowment funds funds 2022 2022 Total Unrèstricted Endowment funds funds 2021 2021 Total 2022 2021 Note5 Donations and legacies Charitable activities Inv8Stments 11,582 3.179,530 30 11,582 3,179,530 30 244,048 2,821,194 715 244,048 2,821,194 715 Total income 3,191,142 3,191,142 3,065,957 3,065,957 Chariiable activities 3.236,351 3,236,351 2.933,047 2,933,047 Other 32,955 32,955 19,410 19,410 Totsl expenditure 3,269,306 3,269,306 2,952,457 2,952,457 Net loutgoingllincoming resources 178.1641 178.1641 113,500 113,500 Other recognised gains and loss&$ Revaluation of tangiblts fixed assets 52,610 52,610 Net movement in funds 178,1641 178,1641 166,110 166,110 Fund balances at 1 August 2021 1,605,152 10,722 1,615,874 1,439,t142 10,722 1,449,764 Fund balances at 31 July 2022 1,526,988 10,722 1,537,710 1,605,152 10,722 1,615,874 The stalernent of financial activities includes 81I gains and losses re¢ognised In the year. All income and expenditure derive from continuing activities. The statement of financial 8¢tivities also complies with the requirements for 8n income and expenditure account under the Companie5 Act 2006. E8ITOA reconeiliation . for Information 2022 2021 Net loutgoingllincoming resources Interest ch8rges Depreciation and impaSrment 178,1641 32,955 77,096 113,500 19,410 19,854 Earning5 before interest and depreciation 31,887 152.764
DERBY GRAMMAR SCHOOL TRUST LIMITED BALANCE SHEET AS AT 31 JULY2022 2022 2021 Notes Fixed a5S&ts Tangible assets Investments 13 14 2,632,138 28,337 2,627,000 28,337 2,660,475 2,655,337 Current assets Stocks Debtors Cash at bank and in hand 2,803 127,900 948 1,385 108,160 27,514 16 131,651 137,059 Creditor5= amounts falling due wlthln one year 18 1398,5331 11,026,666) Net current liabilities 1266,8831 1889,6071 Total assets less current liabilities 2,393,593 1,765,730 Creditors.. amounts falling due after more than one yèar 19 1855,8831 1149,8561 Net assets 1,537,710 1,615,874 Capital funds Endowment funds - gener81 Incomè funds nres General unrestricted funds Revaluation reserve 21 10,722 10,722 1,474,378 52,610 1,552.542 52,610 1,526,988 1,605,152 1,537,710 1,615,874 The nancial s st any Registration No. 02739356 14-
DERBY GRAMMAR SCHOOL TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2022 2022 2021 Notes Cash flows from operating activities Cash (absorbed byygenerated from operations 16,3261 40,872 Investing activities Purchase of tangible fixèd assets Investment income received 182,2331 30 1200,3321 715 Net cash used in Invest5ng activities {82,2031 1199,6171 Financing activities Repayment ol borrowings Proceeds of new bank loans Repayment of bank loans Payment of obligations under finance leases 110,8231 750,000 1717,8991 18,7231 11,1731 Net cash generated fromllused inl rinan¢ing activities 21,278 19,8961 Net decrease in cash and cash equivalents 167,2511 1168,6411 Cash and cash equivalents at beginning of year 27,514 196,155 Cash and eash equivalents at end of year 139,7371 27,514 Relating to: Cash at bank and in hand Bank overdrafts included in creditors payable within one year 948 27,514 140,685} 15-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting policies Charity information Derby Grammar School Trust Limited is 8 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 ¢onv8ntlon The financial statements have been prepared in accordance with the CDmpenies Act 2006, FRS 102 "The Fin8ncial Reporting Stsndard applicable in the UK and Republic of Ireland" I"FRS 102,1 and thè Charities SORP "Accounting and Reporting by Ch8rities.' Statement of Recommended Practice applicable to charities preparing their accounts in accord8nGe with the Fin8n¢ial Reporting Standard applic8ble in the UK and Republic ol Ireland IFRS 1021" leffe¢tive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial ststements are prepared in sterling, whi¢h is the functional currency of the charity. Monetary amounts in these financial 51atemenls are rounded lo the nearest £1. The financi81 statements have been prepared under the historical CDSI convention, as modified by the revalu8tion of certain assets which are included at market value. The principal 8CCOLJnting poliaes adopted are set out below. 1.2 Going con¢8rn At the time of approving the financial statements, the trustees have a re8sonable expectation that the charity has adequat8 resources to continue in operational existence for the foreseeable future. Thus the Iru51ees continue to adopt the going concern basis of accounting in preparing the financial slalements. The School has Iradilionally met ils day to day working capital requirements through occasional use of an overdraft facility, being £500,000 in 2021, reduang lo £450,000 in 2022 with the school'5 bankers recently confirming an increase back lo £500,000 if required. Fees are generally paid by parents on a termly ba515 8nd as a result there is considerable variation in the levels of cash. Al the 31 July 2022 the overdraft balance was £40,685. The School has prepared cash flow forecasts for the period lo 31 July 2024 which indicate opef81ing within the bank facility. The School continues lo Closely monitor Its finances. As at 31 July 2022 the School had net assets of over £1.5m which havÉ decreased on the prior year. The Board of Trustees acknowledges that net current liabilities are £267k at the belance sheet date, haling reduced from £890k as al 31 July 2021, following the successful renegc>tiation of bank loan facilities during the year, as dètailed in note 17. The School also has key benefactors who have signified their willingness lo continue to support the School, although there is no expectation Ih8t this will be required based on forecast information. 1.3 Charitable funds Unrestricted funds 8re available for use 8t the discretion of the trustee5 in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be Ljsed. The purposes and uses of the restricte¢J funds are sel out in th8 notes to the fin8n¢ial statements. The endowrnent fund is in respect of ftjnds for prizes awarded on Speech Day every year. Further explanation of each fund is detailed in note 21. 16-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 Aecounting policies (Continued) 1.4 Income Income is re¢ognised when the Gharity is legally entr(led to it efter any performance conditions have been met, the amounts can be measured reliably, and 51 Is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance ¢onditions require deferral of the amourFt. Income tsx recoverable in relation lo dc)nations received under Gift Aid or deeds of coven8nl is recognised al the time of the donation. Legacies are recognise(J on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amoLJnt is not known, the legacy is treated as a contingent asset. Government and other grants are recognised in the Statement of Financial Activities in the period lo which they relete when there is 8 reasonable assurance that the ch8rity will comply with conditions 8tta¢hing to them and the grants will be received. School fees receivable represent invoi¢ed fees for education supplied and are recognised in the year to which they relate. School fees recognised are reported net of any scholarships, bursaries or other allowances granted by the charity. Income from other trading activities. including non-ancillary trading income is recogriised 8S It is eamed from any services supplied. Interest on funds held on deposit is included whèn receivable and the amount can be measured reliably by the charity., this is nomally upon notification Df the interest paid or payable by the bank. 1.5 Expanditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo thal expenditure. it 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 a¢coLJnted for on an 8c¢rua1s basis 8nd has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particu18r headings they have been allocated 10 8clivities on a basis consistent with the Ljse of resources. Grants and bursaries, all of which are made from unrestricted funds, are treated as a deduction from fee tnounts billed. More details with reg8r(Js to the charity's bursary programme can be foijnd in the Trustees. report. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost 8nd subsequently measured at cost or valuation, net ol 4Jepreciation and any impairment losses. Depreaalion is recognised so as to write off the cost or valuation of asse15 less their residual values over their Useful lives. or if held under a finance leose, over the lease terni, whichever is the shorter. on the following bases.. Freehold land and buildings Plant and equipment Motor vehicles straight line over varying numbers of years at varying rates on cost 25Yo on cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying velue of the asset, and is recognised in the statement of financial acliiqties. 17-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Accounting policies (Continued) The charity has adopted the revaluation model for properties where falr value can be rn8asured reliably. The fair value of land and buildings is usually determined from rTTarket based evidence by appraisal that is normelly undertaken by qualified valuers. revaluation gains and losses are recognised in other statement of Financial Activities and accumulated funds. 1.7 Fixed asset invèstments Fixed asset inve5tmen15 are initially measured at transaction price excluding transactlon costs, and are subsequently measured at fair value at ea¢h reporting dale. Changes in fair value are re¢ognised in nel in¢omellexpendilurel for the year. Transacllon costs ars expensed as in¢urred. Surpluses and deficiencies arising on sale are reflected in the year of disposal. 1.8 Impainnent of flxèd assets Al each reporting end dale, the charity reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an Impairment loss. If any such indication exists, the recoveble amount of the asset is estimated in order to determine the exl&nl of the impairment loss lif any). 1.9 Stocks Stocks are stated at the lower of ¢ost and nel realisable value, afttsr making due allowance for Dbsolele and slow movillg items. Net realisable value is the estimated selling price less all estimated costs of completion and costs lo be incurred in marketing, selling and dislribulion. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid investments with original maturities of three months or le55, and bank overdrafts. Bank overdrafts are shown within borrowing5 In currenl liabililies. 1.11 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Fin8ncial Instruments. 8nd Section 12 'Other Finen¢ial Instruments Issues, of FRS 102 10 all ol its financial instruments. Financial instrufflents are recognised in the charitls balance sheet when the Charity becomes paty to the contractual provisions of the instrument. Financial as5els and liabilities aTe offset, with the nel amoLJnls presented in the financial stalements, when there is a legally enforceable right to set off the recognised amounts and there is an Intention to settle on 8 net basis or lo realise the asset and settle the liability simultaneously. The charity only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Baslc financial assets Basic financial assets. which include debtors and cash and bank balances, are initially rnea5ured at transaction price including transaction costs and are subsequently carried al 8mortised cost using the effeclive interest method unless the arrangement wnstitutes a financing transaction, where th8 transaction is measured 8t the present value of the future receipts discounted at a fflarkel rale of Interest. Financial assets classified as receivable within one year are not amortised. 18-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Accounting polleies (Continued) Basic financial lffabAlities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financirlg transaction, where the debt instrument is measured at the present value ol the future payments discounted at a rnarktst rate of interest. Financial li8bilities classifie(J as payable within one year 8re not amortised. Debt instruments are subsequently carried al amortised cost, using the effedivÈ interest rale method. Trade Creditors are obligations to pay for goods or seryiGes that have been acquired in the Ordin course ol operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction PTice and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabllltle$ Financi81 liabilities are dere¢ognised when the charity's contractual obligations expire or a discharged or cancelled. 1.12 Taxation The charity is exempt from corporation tax on ils Charitable adivities, but can reclaim income lax on certain voluntary income. 1.13 Employee benefEts The cost of any unused holiday enlitlement Is recognised in the period in which the employ89's service5 are received. Termination benefits are recognised immediately as an expense when the charily is demonstrably committed lo temiinate the employment of an employee or to provide termination benefits. 1.14 Retirement benefits The Gharity participated in a multi employer pension scheme, the Govemments. Te8chers Pension Defined Bentrfils Scheme, for lis teaching staff until 31 Oecember 2019. The pension liability Is th8 responsibility of the Te8chers Pension s¢heme. As a result il is not possible to identify the assets and liabilities ol the scheme that are attributable to the charity. Accordingly, under Section 28 of FRS 102 the scheme is accounted for as if il were a defined ¢ontributions schgme. Frorn 1 January 2020 the charity has operated a defined contribution scheme for teaching staff. The d)arity also operates a money purchase scheme for non teaching stsff. Contribution5 to all schemes a charged in the Statement ol Financial Activities as they become payable in accordan¢e with the rules of the scheme. 1.15 Foreign exchange Assets and liabilities in foreign currencies are Iranslated into slerfing al the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are ITanslated into sterling at the rate of exchange ruling at the dale of the transaction. Exchange diffenceS are tak&n into account in arriving al the operaknng result. 19-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 Accountlng policies {Continuedl 1.16 Concèsslonary loans CDncessionary loans are initially rneasured at the amount received or paid. In subsequent years the carrying amount of concessionary loans will be 8djusl8d to reflect any accrued interest payable or receiv8ble, Whe such interest is charged. 1.17 Debtors Trade and other debtors are recognised al the setll8m&nl amount due after any trade discount offered. Crltlcal accounting estlmates and judgements In the application of the d)aritls accounting poliaes, the Iruslees are required lo make judgements, esb"rn8tes 8nd assurnptions about the carrying 8mount of assets 8nd liabilities that are not readily apparent from other sources. The esti'mates and associated assumptions a based on historical experience and other factors that are considered to be relevant. ActLJal results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting e5tim8tes are recognised in the period which the estimate is revised where the revisitsn affects only that period, or in the period of the revi510n and future penods where the revision affects both current and future periods. Donations and legaciés Unrestricted Unrestrictèd funds funds 2022 2021 Donations and gift5 Government grants Grft aid 10,823 759 217,358 26,500 190 11,582 244,048 Further details on amounts included within donations and gftS are given in note 12. 20-
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DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Invèstments Unrèstricted Unrèstricted fund5 fund5 2022 2021 Other investment income 30 715 22-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2022 Charitable activit185 Education Welfare Premises Support Finance Total 2022 Total 2021 2022 2022 2022 2022 2022 Staff costs Depreciation and impairment Hire of plant and machinery Rates and refuse collection Insurance 2,066,520 108,472 41,430 210,037 2,424,459 2,257,545 77,096 77.096 19,8S4 27,840 27,840 22.519 5,115 39,500 116,787 5,115 39,500 116,787 3.510 26,971 35,505 63,248 3,917 Telephone Postage and stationery Marketing Sundry expenses Motor expenses Repairs and maintenance Legal and professional fees Bank charges Other school op&rating Costs Bad debts 3,510 14,604 67.309 14,604 67,309 7,089 51,475 25,015 25,015 31,130 3,248 2,709 5,957 8,588 49,089 72,231 121,320 139,636 47,108 47,108 4,049 56,976 5,308 4.049 120.469 65,409 15,941 40,891 242,710 175.493 13,658 2,190,237 174,590 344,958 508,545 4,049 3,222,379 2,918,912 Share of governance costs (see note 71 2,452 11,520 13,972 14,135 2,190,237 174,590 347,410 520.065 4,049 3,236,351 2.933,047 Analysls by fund Unrestricted funds 2,190,237 174,590 347,410 520,065 4.049 3.236,351 2,933,047 -23-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 Charitable activities Icontinuedl For the year ènd8d 31 July 2021 Education Welfare Premises SLFPPOrt Finance Total 2021 Staff costs Depreciation and IfVlP8irment Hire of plant and machinery Rates and refuse collection Insurance Ulilities Telephone Postage and 5t8tionery Marketing Sundry expenses Motor expenses Repairs and maintenance Legal ancs professional fees Bank charges Other school operating Costs Bad debts 1,912,744 99,418 35.896 209,487 2,257,545 149,0231 88,877 22,519 19,854 22,519 26,971 35,505 63,248 3,917 7.089 51,475 31,130 8,588 139,636 56,976 5,308 26,971 35,505 63,248 3,917 7,089 51,475 30,629 501 6,392 2,196 1851 66.286 73,435 56,976 5.308 89,303 13,658 46,313 15,729 24,148 175,493 13,658 2,022,598 147,842 194,612 548.552 5,308 2.918,912 Share of governance costs Isee note 71 2,485 11.650 14,135 2,022,598 147,842 197,097 560,202 5,308 2,933,047 Analysis by fund Unrestricted funds 2,022.598 147,842 197,097 560,202 5,308 2,933,047 24-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEfvIENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Support Costs Support Governance costs costs 2022Support costs Governanc8 costs 2021 Audit fees Accountancy Insurance 8,640 2.88C> 2,452 8,640 2,880 2,452 8.720 2,930 2,485 8,720 2,930 2,485 13.972 13,972 14,135 14,135 Analysed between Charitable activits'es 13,972 13,972 14,135 14,135 Trustees None of the trustees lor any psrsons connected with thernl received any remuneration or benefi15 from the charity during the year. Employee5 The average monthly number of employees during the year was. 2022 Number 2021 Numbèr Schoo1 Catering Administration Property Marketing Sports Centre 47 48 10 Total 75 74 Employment costs 2022 2021 Wages and salaries Social security costs Other pension costs 1,924,045 252,733 247.681 1.752,441 226,758 278,346 2.424,459 2,257,545 -25-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 Employeès Icontinuedl The ch8rity participated in the Teachers. Pension Scheme IEng18nd and Wales) I'the TPS'I for ils t8aching staff until 31 December 2019. The pension charge for the year includes contributions payable to the TPS of £nil12021 £5181 and 81 the year-end £nil12021- £nill was accrued In respect of contributions to this scheme. The TPS Is an unlunded mulli-employer defined benefits pension scheme governed by the Teachers. Pensions Regulations 2014. Members contribute on a "pay as you go basis with contributions frorn members and the employer being credited to the Excheouer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set following scheme valuations undertaken by Ihe Governmenl Actuary's Department. The latest actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuation report, which w8s published in Maf¢h 2019. confirrned an employer contribution rale for the TPS of 23.60/0 from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08°/D giving a total ernployer ¢onlribulion rate of 23.68 1.. H8d the charity not left the scheme on 31 D&cember 2019 this employer rale would have been payable until the outcorne of the next actuarial valuation which was due to be prepared as at 31 March 2020, wth any resulting changes to the employer rete expected to take effect from 1 April 2023. This V81uation will also determine the opening balance of the cost cap fund and provide an analysis of the cost cap as required by the Public ServiGe Pensions Act 2013. In October 2019 the charity commenced a dsfined CDnlribulion scheme with Aviva which becam¢ the sole scheme for teaching staff from 1 January 2020. The cost for the year represents the charity's contributions lo this sfjheme of £210,01012021- £231,652). The school also administers an auto enrolmenl scheme, The People's Pension, for its non-teaching st8ff. The cost for Ihe year represents the charity's contributions to Ihe auto enrolment scheme of £10,49412021- £19.8891. The nurnber of ernployees whose annual remuneration was more than £60,000 is as follows.. 2022 Number 2021 Number £70,001 - £80,000 Pension contributions made in respect of higher paid employees totalled £6,75912021- £15,260). 10 Other Unrestricted Unrestricted funds funds 2022 2021 Financing costs 32,955 19,410 32.955 19,410 26-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 11 Taxation The charity is exempt from tax on income and gains f811ing within section 505 of the Taxes Act 1988 or section 252 of the Taxalionol Chargeable Gains Act 1992 to the extent that these are applied lo Ils charitable objects. 12 Exceptional it¢m$ Within donations and gifts receivable of £10,82312021- £217,358) is an amount of £206,848 relating lo the prior year. regarding donations from a related charity, Derby Grammar School Foundation. This donation was effecle(J on 9 July 2021 via the release from an obligation to repay loan funding received in previous years. Further details relating to this related charity are shown in note 23. 13 Tangible flxèd assets Freehold land and buildings Plant and Motor v8hlcl85 aquiprnent Total Cost or valuation At 1 August 2021 Additions 3,050,966 1,201,224 49,196 33,037 63,830 4,316,020 82,233 Al 31 July 2D22 3,100,162 1,234,261 63,830 4,398,253 Depraciation and impalrment Al 1 August 2021 Depreaakn"on charged in the year $44,129 36,127 1,083,061 38,968 61,830 2,000 1.689,020 77,095 At 31 July 2022 580,256 1,122,029 63.830 1.766,115 Carrying amount At 31 July 2022 2,519,906 112,232 2,632,138 At 31 July 2021 2,506,837 118,163 2,000 2,627,000 The school's properties were independently v81ued on an opeTallng unit basis on 17 March 2022 by Jonathan Barnett Bsc (Honsl MRICS of Lambert Smith Hampton al 8 total valuation of £2,625,000 of which £2,100,000 is attributable lo the school and £525,000 tD the sports centre. Of these valuations respe¢ty've amounts of £1,992,157 and £514,680 are attributable to land and building5 with the remaining balances being the net book values of respective plant and equipment assets. Afchough these velu8tions were carried out in March 2022 the trustees, are of the opinion that the values provided 8re a fair valuation of these assets as at the balance sheet date. At 31 July 2CTr22, had the revalued assets been carried al historic cost less 3¢¢umulaled depreciation and accumulated Impairment losses, their carrying amount would have been approximately £2,464,237 12021 £2,454,227). All freeho5d land and building5 have been pledged 10 Secure the bank borrowings of the charity- 27-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 14 Fixed asset Invèstments Unlisted investments Cost or valuatlon At 1 August 2021 & 31 July 2022 28,337 Carylng amount At 31 July 2022 28,337 Al 31 July 2021 28.337 There We no investment assets outside the UK. The unrestricted fund investments comprise histDriC assets donated to the charity. 15 Stocks 2022 2021 stocks 2.803 1,385 16 Debtors 2022 2021 Amounts falling duè within one yeJr'. Trade debtors Other debtors Prepayments and accrued Income 55,245 30,849 41,806 40,943 12,571 54,646 127,900 108,160 28-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 17 Loans and overdrafts 2022 2021 Bank overdrafts Bank loans Other loans 40,685 749.934 74.878 717,833 85,701 865.497 803.534 Payable wlthin one year Payable after one year 98,445 767,052 762,878 40,656 Amounts included above which fall due after five years.. Payable by instalments Payable Dther than by instslmentS 149,421 470,825 620,246 There is in place an ov8rdraft facility of £450,000. This facjlily carries interest at a variable rate sel at 2.25Vo above the base rate of Barclays Bank Plc. Barcleys Bank holds the following security for its loan and overdraft lacililies". a first le9al charge over the charity'5 buildings and certain property a debenture over the charity's other assets a f5TsI legal d)arye over Rykneld Spurts Centre A bank loan of £749.934 is repeyable over a period of 10 years in the first instance. repayments having started in April 2022. The bank has the right lo ask for immediate repayment of the whole of the loan outstanding if any of the terms and conditions of the loan are breached. The bank loan cariies Interest at a fixed rale fDr the initial term set at 4.79%. Other k)ans comprise a concessionary 108n of £40,656 12021- £40,656) and a benefactor loan of £34,222 12021- £45,045) The COnsSIOnary 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 fixed repayment dale. Loans from benefactors toialling £34,22212021- £45,045) are also interest free. and have have no fixed dale for repayment. 29-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 18 Credltors.. amounts fallirtg due within one year 2022 2021 Notes Bank loans and overdrafts Other borrowings Other taxation and social security Payments received on account Trade creditors Other creditors AccruaL8 and deferred income 17 64,223 34,222 46,530 63,033 96,756 75,162 18,607 717,833 45,045 42,021 52.301 81,184 59,665 28,617 398,533 1,026,666 19 Creditor5.' amounts falling due after more than one year 2022 2021 Not•s Bank loans other borrowings Olhei creditors 17 726,396 40,656 88.831 40,656 109,200 855,883 149,856 20 Secured debts Information about secured deblg is given in notes 13 and 17. -30-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 21 Endowmentfund5 Endowment funds represent assets held by the charity to fund prizes awarded on Speech Day each year. Further details of each fund are given below. Movèment In fLFnds Incoming Balance at resource5 1 August 2021 Movement in funds Incomlng Balance at resources 31 July 2022 Balance at 1 August 2020 Perman•nt endowments Prize funds 10,722 10,722 10,722 10,722 10,722 10,722 The Caroline Booth Memorial Prize Funds of £2,19612021- £2,196) were estsblished in 1997 by J H Booth in memory of his mother to fund music prizes. The Dr W R C Chapm2n Priz8 Fund of £1.07512021- £1,075) was established in 1999 by Sir Nigel Rudd in memory of a past headrnasler of B&mrose School, Derby to fund a m8lhematics priz8. The Duke Df Devonshire Prize Fund of £2,08212021- £2,082) was established in 2000 by His Grace the Duke of Devonshire to fund a prize for natural sciences. The DermDI Murray Prize Fund of £2,65812021- £2,658) was established to promote inl8rest in science and lo encourage the formal presenlalion of short papers on matters of scientific interest. The Macmillan Prize Fund of £1,21612021- £1,216) was established in 2004 by Mr John Blacklon in memory of Mr H B Macmillan lo fund 8 senior mathematics prize. The Thomas Dakin Prize Fund Df £97212021- £9721 was established in 2004 by Mr S Crilchell-ward to fund the Esprit de COTPS prize. The Roger Waller Fund of £523 12021- £5231 was estsblished in 2008 by a former headmaster lo fund a chem15try prize. 22 Analysls of net asset5 betwéen funds Unreslrleted Endowment funds funds 2022 2022 Total Unrestricted Endowment funds funds 2021 2021 Total 2022 2021 Fund bal8nces at 31 July 2022 are represented by.. Tangible assets Investments Current assetsllliabilib'esl Long term liabilities 2,632,138 27,609 1276,8761 1855,8831 2.632,138 2,627,000 28.337 27,609 1266,8821 1941,8971 1855,8831 1107,5601 2,627,000 28,337 1889,6071 1149,8561 728 9,994 728 9,994 1,526,988 10,722 1,537,710 1,605.152 10,722 1,615,874 31
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 23 Related party transactions Transactions with related parties During the year the charity entered into the following transactions with related parties.. As al the balan sheet dale amc>unts owed lo the affiliated charitable organisation, as noted in Ihe Report of the Trustees, totalled £40,65612021- £40,656). In the prior year the charity was released from the obligation to repay loans trj a total of £206,848 as referred in note 12. Al the year end the ch8rlty owed £34,222 12021- £45,045) to former Iruslees. During the year loans amounting to £10,82312021- £10,270) were forgiven by these individuals and are refiected in don81ions and gifts in the statement of financial activities. Two govemors have children who attend the School. No fee discounts or benefits are provided to those families due to their positions on the 808rd of Trustees. 24 Cash generated from operations 2022 2021 ID8ficilllsurpus for the year 178,1641 113,500 Adju51ment5 for". Investment income r8cognised in statement of financial activities Depreciation and impairment of tangible fixed assets 1301 77,095 17151 19,854 Movements in working capital.. Ilncreaselldecrease in stocks {Increaselldecre8se in debtors Increaselldecreasel in creditors 11,4181 119,7401 15,931 1,425 35,703 1128,8951 Cash (absorbèd byllgenerated from operation5 16,3261 40,872 32-
DERBY GRAMMAR SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 25 Analysis of changes in net Idebtllfunds At 1 August 2021 Cash flows Other nonryGa5h At 31 July 2022 hange8 Cash al bank and in hand Bank oveTdrafts 27,514 126,5661 14Ql,6851 948 140,6851 27,514 167,2511 139,7371 Loans falling due within one year Loans falling due after more than one year 1762,8781 1,408,743 140,6561 11,648,779) 1703,6251 922,383 157.7601 1767,0521 1776,D201 (307,2871 218,758 1864,5491 33-
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